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Executive Benefit Firm To Acquire Todd Administration Arm

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The Newport Group Inc. has agreed to buy the administrative services unit of the Todd Organization.

Newport, Heathrow, Fla., and Todd, Greensboro, N.C., are both executive benefits providers.

Newport wants to buy the Todd administrative services operation, which employs about 50 people in Greensboro, Richmond, Va., and St. Louis, and supply administrative services for Todd clients as well as its own clients, Newport says.

The companies are not saying how much Newport will be paying for the Todd unit, but they say Newport will hire the unit’s employees.