Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, December 17, 1993 TAG: 9312200307
SECTION: BUSINESS PAGE: A-18 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
RICHMOND - Abbott Laboratories plans to spend $58 million to expand its Altavista plant.
The expansion, with an $800,000 grant from the Governor's Economic Opportunity Fund, is expected to create more than 200 jobs during the next five years, Gov. Douglas Wilder said in a statement.
Abbott will use the state grant for site improvements and utility extensions.
The expansion is Abbott's fifth since moving to Altavista in 1972. Last year, the company added 60 jobs with a $20 million expansion.
Abbott Laboratories, a worldwide manufacturer of health care products, employs 49,000 people. - Associated Press
Pittston shuts mine, idles 700 at another
LEBANON - Pittston Coal Group says economic factors have caused it to close one of its Southwest Virginia mining operations and trim jobs at another, resulting in 70 layoffs.
Pittston shut down Clinchfield Coal Co.'s Camp Branch mine near Dante last Friday, laying off 32 employees, company spokeswoman Susan Copeland said Wednesday. The company laid off 38 of its 300 employees at Clinchfield Coal's McClure No. 1 mine in Dickenson County on Tuesday, she said.
Copeland cited several reasons for the layoffs, including a decline in the coal market, a decrease in coal prices, high operating costs and continuing costs of paying health and retirement benefits.
Pittston still operates six underground mines and three surface mines in Southwest Virginia. - Associated Press
Average home loan interest rates up
WASHINGTON - The average interest rate on 30-year, fixed-rate mortgages rose to 7.17 percent this week, the Federal Home Loan Mortgage Corp. said Thursday.
This week's average was up from 7.14 percent the previous week but down from a five-month high of 7.31 percent three weeks earlier. The average hit a 25-year low of 6.74 percent in October, but has been above 7 percent for the past seven weeks.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.2 percent, down from 4.25 percent last week.
Fifteen-year mortgages averaged 6.7 percent, up from 6.65 percent. z -
Associated Press
by CNB