Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, January 4, 1994 TAG: 9401040083
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
RICHMOND - Two-thirds of the 1,200 employees at a Reynolds Metals Co. plant in McCook, Ill., will be laid off when the company discontinues a portion of its aluminum-sheet production by late April, Reynolds said Monday.
C. Stephen Thomas, vice president and general manager of Reynolds Mill Products Division, said most of the products being eliminated use alloy sheet, which is used to make durable goods such as appliances. The plant will continue to supply rolled products for the automotive industry and aluminum plate for the aerospace and defense industries.
The company said it will begin laying off about 800 workers after expiration of the 60-day notification period required by federal law.
The cuts are part of a previously announced restructuring plan to improve productivity and focus on potential growth markets. Reynolds estimates it will result in after-tax charges for 1993 of $200 million to $225 million, or $3.35 to $3.75 per share. - Associated Press
Video game makers to create ratings
WASHINGTON - Makers of video games will begin development next weekend of a rating system to help consumers detect those meant for adults, the Software Publishers Association said Monday.
About 200 members of the interactive electronic game industry will meet in Las Vegas on Saturday to draft the rating system during the Consumer Electronics Show.
The video game industry has come under fire by lawmakers for violent themes that are part of some games. - Associated Press
ITT forms venture with Korean firm
ITT Corp., New York operator of a night-vision products plant and a gallium arsenide technology center in Roanoke County, said Monday it has formed a joint venture with Kia Motors Corp. and Kia Precision Works in Korea to manufacture and supply ITT Automotive Teves anti-lock brake systems, traction-control and brake components to the Korean automotive market.
- Staff report
by CNB