BearingPoint Lays Off Workers
BearingPoint laid off a group of employees on Friday. The McLean consulting firm did not say how many workers were affected. A spokesman said layoffs were unrelated to the accounting troubles that have prevented it from filing its 2004 financial results.
The firm has about 17,000 employees. Most of the eliminated positions were held by managing directors and senior managers.
Shares of BearingPoint closed at $7.84 yesterday, down 5 cents.
Gas Prices Continue Month-Long Climb
The average cost of a gallon of regular gasoline reached $2.69 in the Washington area yesterday, the 11th time in August alone a new high was reached, according to AAA.
The average price in the District was $2.72, followed by Maryland at $2.67 and Virginia at $2.57. The national average was $2.61 -- 72.8 cents a gallon more than the same time a year ago. Pump prices were highest on the West Coast and cheapest in the Rocky Mountain region.
Motorola Expects Gain From Sprint Nextel
Motorola, a large shareholder in Nextel, said it expects to post a $780 million gain from its investment in newly created wireless provider Sprint Nextel.
Motorola will receive about 69.3 million shares of Sprint Nextel stock and $46.3 million in cash in exchange for the 54.7 million shares of Nextel that it held, according to a filing with the Securities and Exchange Commission. The after-tax gain will be booked in the third quarter.
MERGERS & ACQUISITIONS
AAA Networks Bought by Convergence
AAA Networks, a Falls Church company that integrates voice and data networks, was acquired by Convergence Technologies of White Plains, N.Y. Terms of the deal were not disclosed.
Convergence said the two privately held companies will have a combined revenue of about $50 million. The acquisition of AAA Networks, which was founded in 1992, is intended to allow Convergence to expand into the Washington area.
In the past eight months, Convergence has bought network integrators in Clifton Park, N.Y., and Reading, Pa.
Compiled from staff and news service reports.