BICC has sold its 50% interest in Optical Fibres of Deeside, North Wales, a partnership company with Corning, for £26m. Corning will assume Optical Fibres’ £28m net debt. It makes single-mode optical fibre used in the manufacture of optical cables. In the first half of 1998, Optical Fibres made pre-tax profits of £5.1m on sales of £36m. BICC and Corning have signed long-term supply, strategic marketing and partnership agreements.
Pay rises in engineering have fallen, according to the Engineering Employers’ Federation. Its November pay bulletin shows the average settlement for the three months to 31 October down 0.2% to 3.2%.
QAD’s soft line
QAD has acquired UK and Dutch software distribution operations and assets of TRW Integrated Supply Chain Solutions for $20.7m.
All tied up
A design guide for deepwater fibre moorings is to be published next month by Noble Denton Europe and Tension Technology following a project sponsored by 31 international organisations. Phone: 0171-606 4961.
Back to money
Quadramatic, the vending and coin handling group, is expected to change its name to Money Control Group once it has sold peripheral businesses. Its instruments division is being sold to venture capital group 3i for £27.4m.
Managing directors do not get fat cat salaries according to a survey by the Institute of Directors. It says the average salary last year for managing directors of companies with turnover up to £35m was £55,000, with a bonus of £12,500. In the £25m £200m range, the average salary was £87,750. For £200m plus, managing directors averaged £140,000.