Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, September 18, 1993 TAG: 9309200280
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The "battle for the customer" is becoming more important than the battle for a merger partner, the chairman and chief executive officer of First Union Corp. said Friday to a meeting of the Charlotte, N.C., company's executives. First Union in March acquired Roanoke's Dominion Bankshares Corp.
"Our customers don't give a hoot whether we're the eighth or ninth largest bank in the nation," Edward E. Crutchfield Jr. told his top 325 managers. "In fact, many of them look at our bigger size and ask themselves, `How does that benefit me? Who cares?' "
Crutchfield offered $500 "Kudzu Killer Awards" to bank employees who cut through red tape. - Wire report
GM to sell parts plants to investor group
NEW YORK - General Motors Corp. said Friday that it will sell its rear axle, propeller shaft and forging businesses to a company formed by an investor group for the transaction.
The plants include a forge and an axle plant in Detroit; a propeller shaft plant in Three Rivers, Mich.; a forge plant in Tonawanda, N.Y.; and an axle plant in Buffalo, N.Y.
These businesses are part of GM's automotive components group, which will continue to operate and expand its steering systems, steering column and front drive axle businesses.
American Axle and Manufacturing is being formed by a group of investors to make the asset purchase and to operate the plants. Richard Dauch, a former Chrysler Corp. executive vice president of worldwide manufacturing, will be president and chief executive officer. - Associated Press
5 businesses file bankruptcy petitions
Five businesses have filed petitions in U.S. Bankruptcy Court for the Western District of Virginia in Roanoke, seeking protection from creditors:
Phil's IGA of Floyd Inc. has filed for reorganization. Philip Lumsden, president of the grocery retailer, estimated both assets and liabilities between $100,000 and $499,000.
CC Mining of Cedar Bluff filed for reorganization. President Darrell Monk Jr. estimated assets and liabilities of less than $50,000.
Dennis B. and Terry D. Owens, doing business as Owens Construction Unlimited of Salem, filed for liquidation, reporting assets of $71,170 and liabilities of $83,910.
Master Radio & TV Co. Inc. of Pulaski filed for liquidation, estimating assets and liabilities at less than $50,000.
Phenix Inc. of St. Charles, a dealer in home therapy systems, filed for liquidation, with assets of $883 and liabilities of $32,460. - Staff report
Wal-Mart drops plans for store after protests
BOSTON - Wal-Mart Stores Inc. canceled plans to build a discount store in a Boston suburb, citing opposition from residents.
More than 4,000 of Westford's 16,400 residents had signed petitions opposing the store, mirroring resistance Wal-Mart has seen in other towns and cities as it expands in the Northeast.
The giant retail chain founded by Sam Walton, which has 1,954 stores nationwide, has faced similar opposition in a handful of towns, Wal-Mart spokesman Don Shinkle said from the company's Bentonville, Ark., headquarters.
"We've determined that we can better serve the trade area from a site other than Westford," Shinkle said. The rural town is 25 miles northwest of Boston. - Associated Press
by CNB