Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, January 5, 1993 TAG: 9301120362
SECTION: BUSINESS PAGE: A3 EDITION: METRO
SOURCE: Staff reports
DATELINE: LENGTH: Medium
IN BUSINESS
Blues give $500,000 to health foundationBlue Cross and Blue Shield of Virginia will give $500,000 over the next two years to the Virginia Health Care Foundation.
The health insurance company said Monday the grant is to help the foundation fulfill its mission of encouraging joint public and private efforts to improve the health care delivery system in Virginia.
The foundation was established by the 1992 General Assembly as part of legislation aimed at promoting cooperative health care initiatives. State funding totaled $5 million for the initial two years, but private funding is expected to equal or exceed that amount.
The Blue Cross and Blue Shield grant comes from the company's Medical Research Foundation. - Staff report
\ Leggett to open 4th Richmond store
Leggett Department Stores said Monday it has leased 65,000 square feet at Richmond's Willow Lawn shopping center for its fourth store in the capital city.
The space, formerly occupied by Hess's department store, will be renovated. Robert A. Leggett III, manager of real estate and store development, said the company plans to open this fall.
Leggett, which has some corporate offices in Lynchburg, operates 45 stores in five states. Federal Realty Investment Trust of Bethesda, Md., owns the shopping center. - Staff report
\ Richmond company buys Marblehead
Cadmus Communications Corp. of Richmond said Monday it has acquired Marblehead Communications Inc., a Boston publisher of magazines and newsletters for a variety of clients, including Continental Airlines, Johnson & Johnson, the League of American Theatres & Producers, the Massachusetts Office of Travel & Tourism, New England Telephone, Ritz-Carlton Hotels, Union Privilege/AFL-CIO, Western Union and Whitehall Laboratories.
Marblehead, organized in 1990, has annual revenues of about $5.5 million. Terms of the purchase were not disclosed. - Staff report
\ DuPont takes major accounting charge
E.I. du Pont de Nemours & Co., Wilmington, Del.-based chemicals maker operating a nylon plant at Martinsville, said Monday it would take an after-tax charge of $5 billion against its 1992 earnings to cover the anticipated costs of providing health care to its retired employees and their survivors.
The accounting change apparently will produce a loss for the year, but Wall Street seemed unconcerned by the charge. Du Pont's stock gained $1.12 1/2 to $48.25 Monday on the New York Stock Exchange.
Du Pont also said it would shift more of the cost of health care to its employees and retirees and it would take an additional charge of $275 million as a result of a program of closing plants and offering incentives for early retirement. - Staff report