Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, March 3, 1992 TAG: 9203030371
SECTION: BUSINESS PAGE: A-3 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - The U.S. Customs Service on Monday proposed levying a 2.5 percent duty on about 90,000 Canadian-made Honda Civics, saying the cars lack sufficient North American content to qualify for duty-free status.
Honda Motor Co. said it will appeal the ruling, which could cost the Japanese automaker about $16.5 million.
A Customs Service audit completed last week found the Civics did not meet the 50 percent North American content threshold set by the U.S.-Canada free-trade agreement. - Associated Press
IRS strips Atalantis offices in Roanoke
The Internal Revenue Service on Monday ordered office furniture and equipment removed from the downtown Roanoke offices of the Atalantis Group, am education services company.
The equipment was seized from the Campbell Avenue site "to help satisfy a lien" on the property, said Joy Sleigh, an IRS spokeswoman in Richmond. The IRS has liens of almost $280,000 against the company for withholding taxes it has failed to pay for employees, Sleigh said. - Staff report
Stanley to close Waynesboro plant
Stanley Furniture Co. said Monday it will close its plant in Waynesboro and lay off as many as 400 people.
Albert L. Prillaman, chairman and chief executive officer, said the closing is part of a restructuring designed to put the company back on solid economic ground. He said Stanley Furniture, its parent, Stanley Interiors Corp., and the furniture industry in general is reeling from the effects of a persistent recession.
Stanley Furniture will begin a phase-out in 60 days and will close by June, the company said.
Prillaman described the Waynesboro plant as an irreconcilable liability to the company because it serves the hotel and motel trade, which is suffering even more than the furniture industry. - Associated Press
by CNB