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VISHAY BUYS INFINEON UNIT

Vishay Intertechnology agreed to buy Infineon Technologies AG's infrared components business for about $120 million to gain new products.

The maker of transistors, whose customers include automobile and cell phone manufacturers, will take over Infineon's development and marketing businesses in San Jose, Calif., and a production facility in Krubong, Malaysia, it said in a release.

The acquisition will enable Vishay to bolster its position in the growing market for infrared parts, which are used primarily as interfaces in personal computers, cell phones and other electronic devices.

Infineon, based in Munich, is a subsidiary of Siemens AG.

Hanover buys compressor unit

NEW YORK (Bloomberg) -- Schlumberger Ltd. agreed to sell its businesses that compress natural gas for shipping and storage to Hanover Compressor Co. for as much as $761 million to focus on helping energy explorers extract oil and gas from wells.

Hanover will pay $270 million in cash, $283 million in stock and a $150 million note. Schlumberger, the second-biggest provider of oilfield services, also will get as much as $58 million for a joint venture Hanover will acquire, the companies said.

Schlumberger got the gas-compression unit with its $2 billion purchase of rival Camco International in 1998.

Fleming makes offer for Furr's

LEWISVILLE, Texas (Bloomberg) -- Fleming Cos., which sells food and other products to supermarkets and convenience stores, said it offered $57 million to acquire some assets of Furr's Supermarkets.

Fleming said its bid for Furr's real estate assets and certain inventory was accepted, subject to approval by the U.S. Bankruptcy Court for the District of New Mexico. Furr's filed for bankruptcy protection in February.

Fleming, which closed its warehouse and administrative operations in Cheektowaga last year, serves more than 3,000 supermarkets, 5,000 convenience stores and almost 1,000 supercenters, discount, drug, specialty, and other businesses in the U.S.

Shares of Fleming rose $1.27 to $34.45.

Firms hike stake in Plug Power

LATHAM (Bloomberg) -- General Electric Co. and utility owner DTE Energy Co. agreed to increase their investment in fuel-cell developer Plug Power by $10 million in exchange for expanded sales distribution. Plug's shares rose 8.2 percent.

General Electric owns 12 percent of Latham, New York-based Plug. The agreement will give it the right to distribute all of Plug's fuel cells outside of four U.S. states in exchange for a $5 million investment.

Plug will increase its stake in a General Electric fuel-cell unit to 40 percent from 25 percent, said Mark Sperry, Plug's chief marketing officer.

DTE, which also invested $5 million in Plug, got the right to distribute the company's fuel cells in Michigan, Ohio, Illinois and Indiana.

Fuel cells make electricity in a chemical process that combines hydrogen with oxygen from the air.

AMR, attendants resume talks

WASHINGTON (Bloomberg) -- AMR Corp.'s American Airlines and its flight attendants resume talks today in an effort to reach a contract before midnight Saturday, when President George W. Bush has vowed to delay a strike at the largest airline.

Talks between American and the Association of Professional Flight Attendants broke off June 23 after three days of negotiations in which the union said no progress was made. Bush said Monday that he would block a walkout for 60 days if the two sides don't reach an agreement by 12:01 a.m. July 1, the strike deadline set earlier by the National Mediation Board.

The airline and the union have been in talks almost three years.

Rates fall in Treasury auction

WASHINGTON (AP) -- Yields on two-year Treasury notes fell in Wednesday's auction to the lowest level in nearly eight years.

The yield was 3.990 percent, down from 4.327 percent at the last auction on May 30. It was the lowest rate since two-year notes sold for 3.94 percent on Oct. 26, 1993.

The notes will carry a coupon interest rate of 3 7/8 percent with each $10,000 in face value selling for $9,978.10.

In other business news

The Labor Department reported that the number of Americans filing new applications for jobless benefits for the workweek ending June 23 declined by a seasonally adjusted 16,000 to 388,000, the lowest point since early May.

Richard Rogers has taken control of day-to-day operations at Mary Kay, the cosmetics company founded by his mother, Mary Kay Ash, nearly 40 years ago. Rogers, 58, replaces chief executive John Rochon, who decided to leave the company.

Raul E. Cesan resigned as president and chief operating officer of Schering-Plough Corp.

VA Linux Systems will quit making computers based on the Linux operating system at the end of the year. VA Linux will cut 35 percent of its staff and take a $10 million charge against fourth-quarter earnings.

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