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Semco shedding side businesses to fix financial problems.

Publication: Crain's Detroit Business
Publication Date: 01-MAR-04 		Format: Online - approximately 773 words
Delivery: Immediate Online Access
Full Article Title: Semco shedding side businesses to fix financial problems.(News)

Article Excerpt
Byline: Amy Lane

By several measures, 2003 was a difficult year for Semco Energy Inc.

But in 2004, the Farmington Hills-based company stands to strengthen its financial footing as it sheds operations and reshapes itself around the business at its center: a natural-gas utility.

"By refocusing on the gas-distribution businesses, and with the sale of Alaska Pipeline Co. and the construction-services business, by being able to pay down debt we'll be able to greatly improve our credit profile,'' said Laurie Owens, director of customer service at Semco (NYSE: SEN).

The company hopes to close this year on the sale of its pipeline-construction services business, a major factor in 2003's losses, and its Alaska Pipeline Co.,...

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