Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, May 29, 1993 TAG: 9305290095
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
For the fourth consecutive year, Norfolk Southern Corp. has been recognized as the safest railroad in the country.
The company was awarded the Gold Medal E.H. Harriman Memorial Safety Award on Friday in Washington. CSX Transportation Inc., an NS competitor, received the Silver Medal.
Awards are given to railroads on the basis of the lowest casualty rates per 200,000 employee-hours worked, a formula that takes into account the volume of work performed as well as the number of fatalities, injuries and illnesses reported to the Federal Railroad Administration. - Staff report
McCulloch recalls 40,000 leaf blowers
TUCSON, Ariz. - McCulloch Corp. is recalling 40,000 of its hand-held leaf blowers and blower-vacuums.
The fuel tanks might leak under prolonged use during extreme heat, although there have been no reports of fires or injuries, the company said.
The recall applies to units bought after Sept. 1 under brand names McCulloch, Eager Beaver, Pro Stream and Silver Eagle. Units with serial numbers beginning with 15 and above are not subject to the recall.
Recalled units should be taken to McCulloch service dealers, not to the stores where they were bought. - Associated Press
Circuit City parts ways with Mitsubishi
Circuit City Stores Inc. said Friday it will end its 22-year national distribution relationship with Mitsubishi Electronics America Inc. on Tuesday because Mitsubishi has become uncompetitive on price and technology.
"This termination reflects the disappointment of both companies with the declining volume of Mitsubishi sales at Circuit City despite our continuing rapid sales growth," said Richard L. Sharp, Circuit City's president and chief executive officer.
Mitsubishi's share of Circuit City's video business was expected to be 2 percent in fiscal 1994, Sharp said.
The Richmond-based retailer's decision followed Mitsubishi's announcement Friday that it has revised its business strategy and would not authorize dealer status to new Circuit City stores in metro Chicago, Wisconsin and Minnesota.
Circuit City is the nation's largest speciality retailer of brand-name consumer electronics and major appliances. Mitsubishi is one of the leading marketers of big-screen television and home entertainment electronics. - Staff report
Briefly . . .
\ Heilig-Meyers Co., a Richmond-based home furnishings retailer, has closed on a 2-million-share issuance of common stock at $33.87 1/2 per share. The underwriters also have exercised their option to buy 300,000 additional shares to cover overallotments. Proceeds will be used to reduce debt, to support planned growth and for general corporate purposes.
\ Thor Inc., a Roanoke general contractor and engineer, has been awarded contracts for two school projects: $763,000 worth of interior work at Alleghany High School and a classrooms addition at Falling Spring Elementary School, and a $370,600 classrooms addition at Mason's Cove Elementary School.
\ The Roanoke Regional Chamber of Commerce said Friday it has extended its annual membership campaign until June 10. The drive to recruit 600 new member firms was to have ended this week. The chamber is nearly half-way to its goal, said Daniel "Bud" Oakey, a chamber vice president. More than 200 new members have been recruited for about $45,000 in dues, he said. Most of the new member companies have 20 or fewer employees, he said.
\ Phoenix Financial Corp. of Virginia has moved to a new office at Smith Mountain Lake, on Virginia 122 at the Hales Ford Bridge. The business previously was at the Captain's Quarters.
\ Ina Wilson Newman, trading as Wilson's Restaurant, near Elliston, has filed a wage-earner petition in U.S. Bankruptcy Court in Roanoke, estimating the restaurant's debt at less than $500,000 and assets at less than $1 million, court papers said. The restaurant continues to operate.
\ Dibrell Brothers Inc., Danville tobacco and wholesale flower distributor, on Friday elected Joseph L. Lanier Jr. chairman and chief executive officer of Dan River Inc., a Danville-based textile manufacturer, to its board of directors. The board also increased Dibrell's quarterly cash dividend 20 percent, to 18 cents a share from 15 cents. Lanier also is on the boards of SunTrust Banks Inc., Flowers Industries Inc., Torchmark Corp. and Trust Company of Georgia.
\ U.S. stock and financial markets will be closed Monday for the Memorial Day holiday and the weekly auction of Treasury bills will be delayed until Tuesday. The Roanoke Times & World-News will publish business news pages but no market report on Tuesday. Regular financial tables will resume in Wednesday's editions.
by CNB