AMR Corp., the parent company of American Airlines and TWA, said Monday it expects a second-quarter loss of more than $100 million and will retire 22 aircraft.
Hotel and rental car giant Cendant Corp. booked itself a big investment in the electronic travel reservation business, agreeing to pay $2.9 billion in cash and stock for Galileo International, the No. 2 reservations system for travel agents behind Sabre Holdings.
Communications network operator Level 3 Communications plans to cut 1,400 jobs, or 23.7 percent of its work force, and expects to lose more this year than had been anticipated. No cuts are expected in the company's Buffalo office.
Knight Ridder, the nation's second-largest newspaper publishing company, is cutting 1,700 jobs to deal with a tough market for advertising sales. San Jose-based Knight Ridder said in April that it would eliminate positions at most of its 32 daily newspapers, but did not specify how many until Monday's announcement.
The Boston Globe said that 193 employees had accepted the paper's voluntary buyout offers, enough "to put aside the possibility of layoffs," according to a memo from publisher Richard H. Gilman. The buyouts were offered to about 800 people as part of cost-cutting program announced in April by the Globe's parent company, The New York Times Co.
Tyson Foods said Monday it would heed a judge's order and resume plans to acquire IBP Inc. in a $3.2 billion deal that would combine the nation's largest chicken and beef producers.
The agricultural cooperative Land O'Lakes is buying Purina Mills, the nation's largest feed company, for about $230 million. the Arden Hills, Mich., company will pay $23 per share in cash for each of Purina Mills' 10 million shares of common stock.