Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, September 3, 1993 TAG: 9309030162
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Ingersoll-Rand Co., Woodcliff Lake, N.J. company operating its Rock Drill Division in Roanoke County, has named James E. Perrella its chairman and chief executive on Wednesday, effective Nov. 1.
Perrella, 58, got his start as a novice trouble-shooter in one of the company's drill factories in 1962.
He has served as president and been a member of the company's board for the last year. He will retain his previous duties in addition to succeeding Theodore H. Black.
Black has been chairman and chief executive since 1988 and plans to retire Oct. 31 when he becomes 65.
- The New York Times
Skinnier pigs, leaner bacon, fatter profits?
Smithfield Foods Inc., parent of Valleydale Foods Inc. of Salem, said Thursday it has been raising a new, leaner pig that it hopes will fatten its profits.
Company executives said the pig, which Smithfield has been raising for two years, is part of the meatpacker's plan to campaign for leaner pork products that would be sold by speciality retailers.
The company's profits slid dramatically, from $21.6 million to $3.9 million for the financial year ended May 2. Officials blame the drop on an overcapacity in the industry that squeezed profits on fresh meat and on Smithfield's costly expansions.
Company officials said the pig should help Smithfield break into international markets, particularly Japan.
Smithfield is developing the lean pig under a licensing agreement with the National Pig Development Co. of England. The Smithfield-based meatpacker is producing 1,200 of the pigs a week, and in three years the leaner hogs will represent 20 percent of Smithfield's production, said Robert W. Manly, executive vice president.
Bacon from the new pig is 65 percent lean. Most bacon is 43 percent lean.
Lea Industries gets $260,000 from state
MARION - Gov. Douglas Wilder presented a $260,000 check Thursday to the president of Lea Industries, which is locating two furniture plants in Smyth County.
The money is from the Governor's Economic Opportunity Fund, approved by the legislature two years ago to provide financial incentives for new or growing companies.
Lea has bought the American of Martinsville Furniture Co. plant in Marion, which American is closing this month. Lea will reopen it in January as part of its Design Horizons Furniture Division, which makes and markets correlated youth and second-bedroom furniture.
American also is closing its Chilhowie plant, which Lea will take over in January. It will manufacture Charter House bedroom furniture.
Lea President John N. Foster Jr. said the company will employ more than 600 workers at the two plants by 1996. That will be about 100 more jobs than are being lost by the American closings.
Lea says it will invest more than $4 million in computer-controlled high-speed panel production equipment at the Marion plant, and hire about 125 people by mid-1994 and as many as 180 by the end of 1996.
Another $2 million is to be invested in the Marion plant during 1995. Lea will invest $3.8 million in 1994 to upgrade and expand the Chilhowie plant. Lea is a subsidiary of High Point, N.C.-based LADD Furniture Inc.
- Southwest bureau
Note to readers
U.S. stock and financial markets will be closed Monday for the Labor Day holiday. The Roanoke Times & World-News will not publish financial tables as part of its business report on Tuesday. Financial tables will resume in Wednesday's edition.
Also, because of the holiday, Monday's auction of Treasury bills will be postponed until Tuesday. Results of the auction will be reported Wednesday.
by CNB