THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, June 11, 1996 TAG: 9606110434
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 95 lines
Mobil Corp. in Fairfax said it will sell its real-estate development arm to an investment fund for $324 million. Westbrook Partners, a real-estate fund formed in 1994 by former executives of Morgan Stanley & Co., agreed to buy 18 of 20 planned communities owned by Mobil Land Development. The properties include Stonebridge Ranch, a 6,300-acre community near Dallas, and Windward, a 3,400-acre community north of Atlanta. Included in the Mobil sale are four developments in Northern Virginia, three in Florida and five in Texas. (Dow Jones News) Ford, UAW start 1996 contract talks
Ford Motor Co. and United Auto Workers union officials shook hands across a bargaining table and started the critical process of hammering out a new labor contract. The ceremony, which will be repeated today at Chrysler Corp. and Wednesday at General Motors Corp., kicks off three months of preliminary negotiations. The UAW will pick a ``target'' automaker in late August and try to forge an agreement with it that will serve as a pattern for contracts with the other two companies. The present contracts expire Sept. 14. (Bloomberg Business News) Westinghouse may separate businesses
Westinghouse Electric Corp. said it is considering a restructuring that would separate its industrial and broadcasting businesses, which includes CBS Inc. Michael Jordan, chairman and chief executive officer, recommended last month that the board of directors consider separating the businesses. The broadcasting and electronics conglomerate has been reducing its diversity and selling businesses to raise $5.4 billion for the purchase of CBS Inc. Earlier this year, it sold its defense-electronics business for $3 billion and Knoll Group, a furniture manufacturer, for $565 million. (AP) Virginia companies help keep Boeing flying
Virginia companies provided Boeing with approximately $58 million worth of parts and services in 1995. To assemble commercial airplanes, helicopters, defense products and space systems, Boeing purchased a wide range of supplies and services from approximately 800 companies in Virginia. This included more than 500 small businesses. ``Every time Boeing sells a product, we support thousands of American jobs from coast to coast,'' said Phil Condit, Boeing president and chief executive officer. Boeing is a leading producer of defense systems and the prime contractor for the International Space Station, which will be assembled in orbit between 1997 and 2002. (Staff) British Airways plans venture with American
American Airlines and British Airways plan to pool their resources for a network of routes covering Europe, Asia and North and South America. The two airlines plan to share marketing, sell seats on each other's planes and join their frequent-flier programs. The agreement was to be announced today. It would produce what is known as a code-sharing arrangement in which airlines try to give the appearance of single routes between distant cities that actually might require making connections on two or three separate airlines. (AP) Time Magazine lists most influential or powerful
Time magazine breaks down the difference between power and influence in its issue that hit newsstands Monday. The 10 most powerful, ranked in order of importance, were: President Clinton; Bill Gates; Federal Reserve Chairman Alan Greenspan; media mogul Rupert Murdoch; Disney's Michael Eisner; General Electric Chief Executive Jack Welch; Intel chief Andrew Grove; General Motors' Jack Smith; Fidelity chief Ned Johnson and Speaker of the House Newt Gingrich. Those on the influential list were: Al Gore, Louis Farrakhan, Jerry Seinfeld, Winfrey Gehry, Courtney Love, conservative William Bennett, digital entrepreneur Jim Clark, human-potential guru Stephen Covey, psychologist Carol Gilligan, management consultant Michael Hammer, fashion designer Calvin Klein, Nike head Phil Knight, television executive Geraldine Laybourne, jazz musician Wynton Marsalis, political consultant Dick Morris, novelist Toni Morrison, Supreme Court Justice Sandra Day O'Connor, Robert Redford, hospital company executive Richard Scott, Microsoft's head of new media Patty Stonesifer, biologist E.O. Wilson, sociologist William J. Wilson and physicist Ed Witten. (AP) Court OKs settlement in Monsanto bias case
A federal judge has approved an $18.25 million settlement against Monsanto Co. in an age, race and disability discrimination lawsuit filed by 43 former employees. The employees, who originally worked for the Chevron Corp., sued after losing their jobs as salespeople when the company sold its garden products division to Monsanto in 1993. Monsanto hired seven of the 43 workers but later laid them off as well. The employees were between 41 and 58 years old, including 10 blacks and one who was disabled. Under the terms of the settlement, they will receive amounts ranging from a high of $722,000 to a low of $201,000. As part of the settlement, Monsanto and Chevron denied any wrongdoing or that they engaged in discrimination of any kind. (AP)
by CNB