Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, May 14, 1994 TAG: 9405160137
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Retired General Electric Co. workers from the International Union of Electrical Workers Local 161 will picket GE Drive Systems in Salem on Tuesday over what the union sees as GE's denial of pension increases for retirees.
"There are a great number of former GE workers in desperate economic circumstances because their pensions have not kept up with inflation," IUE International President Bill Bywater said in a press release.
But GE says it has provided retirees with pension increases comparable to those at other large companies and at its competitors. Eligible GE retirees received a 5 percent increase in 1991, GE says. That and three other pension boosts since 1980 have totalled 28 percent, the company says.
- Staff report
Caterpillar tries to shake up talks
Caterpillar Inc., Peoria, Ill., heavy equipment manufacturer and parent of Carter Machinery Co. in Salem, said Friday that in an effort to restart contract negotiations with the United Auto Workers, it will remove its current offer from the bargaining table if UAW leaders allow Caterpillar employees to vote on a contract proposal after a period of negotiations.
In a letter sent to the UAW, Caterpillar said it would "withdraw our current offer and ... pledge ourselves to bargain constructively for an agreed-upon period (such as 30 days) with the intent of reaching an agreement."
First Union faces discrimination suit
Former employees of the now-defunct First American Metro Co., a former McLean, Va., banking company, have claimed in a lawsuit that they were fired by First Union Corp. because of race, age or national origin when Roanoke-based First Union National Bank of Virginia took over First American.
The class-action suit was filed in U.S. District Court by 123 former employees of First American banks in Virginia, Maryland and Washington, D.C.
They claim that First Union, the ninth-largest bank in the country, deliberately fired them because they were older or were minorities. Similar claims have been raised by former employees of Dominion Bankshares Corp. of Roanoke, though no suits have been filed.
Charlotte, N.C.-based First Union bought First American a year ago. It fired more than one-third of First American's approximately 3,000 employees.
- Staff report
Volvo GM names new president
Volvo GM Heavy Truck Corp., Greensboro, N.C.-based manufacturer operating a factory in Dublin, on Friday named Per Lindquist president and chief executive officer, effective June 1. He succeeds Karl-Erling Trogen, who has served as president and CEO since November 1991. Trogen will become president and CEO of Volvo Truck Corp. in Gothenburg, Sweden, and has also been named chairman of the board of Volvo GM Heavy Truck Corp.
Bankruptcy court receives 7 petitions
Seven petitions with business connections have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke:
Sugar Bay Associates Limited Partnership, trading as Sugar Bay Plantation Resort at St. Thomas in the Virgin Islands, filed for reorganization and protection from creditors. The partnership is based at Franklin Road in Roanoke. Samuel J. Krisch II, president of the partnership, estimated assets at more than $500,000 and liabilities at more than $1 million.
Sleepy Hollow Holding Corp., a real estate development firm at Pulaski, also asked for reorganization and protection from creditors. It estimated assets and liabilities at more than $100,000.
Daniel J. Dewitt III and Theresa H. Dewitt filed for liquidation. Daniel Dewitt trades as DDW Construction in Roanoke. They listed assets of $88,953 and liabilities of $222,347.
Ralph D. Holland of Roanoke filed a wage-earner plan for repayments of debts. He owns R.D. Holland Builders and Holland Travel, which are not involved in the bankruptcy. Holland showed assets of $137,476 and liabilities of $506,057.
Clayton Edward Long and Gloria Faye Shealor Long of Blacksburg sought liquidation, listing assets of $3,427 and liabilities of $13,839. Clayton Long is a self-employed carpenter.
Robert J. Ferrell and Linda Y. Ferrell of Roanoke asked for a repayment plan for their debts. He is in the used car business, with assets and liabilities estimated at more than $100,000.
Wallace Mitchell Walker of Roanoke also asked for a plan to repay his debts, listing assets and liabilities at less than $50,000. He is in the fencing business.
by CNB