Hedge fund Pirate Capital apparently won its proxy battle with Seattle sportswear maker Cutter & Buck.

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Hedge fund Pirate Capital apparently won its proxy battle with Seattle sportswear maker Cutter & Buck.


Cutter & Buck issued a statement yesterday saying it has moved up its plan to change its board structure and eliminate a takeover “poison pill,” all demands by Pirate Capital, its largest shareholder. In return, Pirate Capital has agreed to drop its proxy battle.


Cutter & Buck, which announces its first-quarter earnings today, said it spent $235,000 on the dispute; Pirate received $60,000 of that amount.

Triumph Composite

Boeing strike leads


to supplier layoffs


The walkout by thousands of Boeing Machinists and subsequent halt of jet production is causing layoffs at a parts factory in Spokane.


Triumph Composite Systems laid off about 45 workers yesterday, and up to 200 could be out of work by week’s end, said Triumph President MaryLou Thomas.


Triumph is a major supplier to Boeing since buying the Spokane plant several years ago from the aircraft giant. Employees manufacture flight-deck components, air ducting and floor panels for Boeing.

Albertsons

Profit up 3%, short


of analyst forecast


Boise, Idaho-based Albertsons said yesterday its second-quarter earnings edged up 3 percent to $107 million, or 29 cents a share, from $104 million, or 28 cents a share, a year ago.


Sales at the nation’s second-largest supermarket chain grew to $10.19 billion from $10.17 billion a year ago.


The results missed analysts’ consensus forecast for profit of 34 cents a share on sales of $10.3 billion, according to a poll by Thomson Financial.


Washington Mutual

New ad agency


sought for account


Washington Mutual is shopping for a new primary advertising agency after 14 years with Interpublic Group’s Sedgwick Rd. unit in Seattle. “We feel it is the right time to re-evaluate our advertising account and to put it up for review,” said WaMu spokesman Adrian Rodriguez.


Sedgwick Rd., one of Seattle’s largest advertising agencies, is not competing for the business, but Interpublic Group’s McCann Erickson is. Rodriguez declined to say how many other firms are in the running. WaMu expects to choose by year-end.


Its advertising account is reportedly worth more than $100 million a year.

Microsoft

Program in works


to rival Salesforce


Microsoft plans to sell an Internet-based customer-management program to compete with Salesforce.com, Chief Executive Steve Ballmer said yesterday.


“We’re going to give Salesforce a very effective run for their money,” Ballmer said, adding more details would come in the next year.


Compiled from Seattle Times staff, The Associated Press and Bloomberg News