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Pump Moves

FORT WAYNE, Ind. --After year after exiting from bankruptcy, gasoline dispenser giant Tokheim Corp. is vacating its high-profile headquarters on the city's northeast side, The Journal Gazette of Fort Wayne reported Tuesday.The company will move its corporate and support staff to its manufacturing plant, also located in the city.The company made the decision in order to significantly reduce operating costs, though the company declined to say how much it might save, the newspaper said, quoting Jacques St. Denis, Tokheim's vice president of strategic resources.The company emerged from Chapter 11 bankruptcy last year, but like much of the petroleum equipment industry, continues to lose money in what is considered a saturated market. Net sales fell from nearly $694 million in fiscal 1999 to $523 million in fiscal 2000, which ended Nov. 30. The company reported a third-quarter net loss of more than $14.5 million, the newspaper reported.
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