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Wednesday, Aug. 5, 1998
Business Briefs
Hanover Compressor Co. reports record earnings
From staff and wire reports
Houston-based Hanover Compressor Co. reported record revenue and earnings for the quarter ended June 30, 1998, as it capitalized on the trend of outsourcing natural gas compression, the company said. Second-quarter revenue was $68.9 million, or 40 percent higher than the $49.2 million in the same quarter last year, the company said.
The successful reorganization of Hanover began at a lunch meeting in Corpus Christi, said investor Mel Klein of Corpus Christi, who sits on Hanover's board of directors and has a controlling interest in the company. Net income increased 101 percent for the second quarter from $3.5 million to $7.0 million, the company said.
Hanover's growth, during a time when commodity energy prices are low, shows that the company's business is driven by the consumption of gas and not commodity pricing, and that Hanover is benefiting as more companies outsource their compression needs, said Michael McGhan, president and chief executive officer of Hanover.
Goodyear to cut jobs in Texas, other states
AKRON, Ohio - The Goodyear Tire & Rubber Co. will lay off 580 workers at three plants as it grapples with a glut of tires because of the recent strikes at General Motors. The layoffs will be at Tyler, Gadsden, Ala., and Fayetteville, N.C..Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web