THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, July 17, 1996 TAG: 9607170485
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 46 lines
Ford to recall 6,600 Villagers to repair latch
Ford Motor Co. is expected to recall 6,600 Mercury Villager minivans to fix a faulty latch in the third row of seats, federal traffic and safety regulators said. This is the same problem that forced Nissan Motor Co. to recall 1,750 of its 1995 Quest minivans last week. Ford and Nissan build the minivans together at an assembly plant in Avon Lake, Ohio, and sell them under their own nameplates. (Bloomberg Business News)
Ford, Chrysler offer early retirement plans
Ford Motor Co. and Chrysler Corp. denied Tuesday that a new round of early retirement programs to shed about 3,500 management and administrative jobs was in response to fears of a pending industry downturn. The companies say the programs have resulted from ongoing efficiency studies. Ford expects that by the end of the year, about 2,000 selected employees - mostly in the United States - will take advantage of its program. Chrysler plans to offer early retirement to about 1,200 salaried, nonunion employees in the United States and Canada who are at least 54 and have a decade or more experience with the company. (AP)
NationsBank planning 20 million share buyback
NationsBank Corp. said Tuesday it plans to buy back up to 20 million common shares during the next 36 months. Nationsbank, of Charlotte, N.C., said the purchases will occur from time to time in the open market or through private deals. For the second quarter ended June 30, NationsBank had an average of 300.5 million common shares outstanding. In afternoon trading, Nationsbank stock was down 25 cents at $79 a share on the New York Stock Exchange. (Dow Jones News Service)
Virginia Power names senior vice president< Lawrence E. De Simone, 48, was named senior vice president of energy services at Virginia Power in Richmond. He will head the company's energy services business unit. De Simone was vice president of strategic planning for Central & South West Corp., a Dallas-based electric utility holding company. He was also the president of two unregulated Central & South West Subsidiaries, CSW Communications and EnerShop. De Simone replaces Larry W. Ellis, who has served as senior vice president of energy services since July 1995. Ellis will serve as senior vice president of power supply and planning until his retirement in December. (Staff) by CNB