Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, March 10, 1995                   TAG: 9503100063
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Virginia Gov. George Allen presented a check for $81,000 to Montgomery County officials Thursday for acquisition of a 13-acre site for expansion of the Wolverine Gasket Division of Eagle Pitcher Industries. The company, which has operations in Blacksburg, plans to spend $12 million to expand a second site in the county.

The expansion is expected to create at least 55 jobs.

The Wolverine division has been making gaskets for the auto industry since 1973 and employs about 220 people.

- Staff report

Tultex note issue given BB- rating

Fitch, a New York securities rating service, on Thursday gave a BB-minus grade to a proposed issue by Tultex Corp. of Martinsville of $110 million in senior notes to mature in 2005. Fitch noted it was the first time it had rated the company.

"The rating reflects the company's strong licensed apparel market share, relatively low fashion risk and success in expanding into higher margin brand products," Fitch said. "However, the company is highly leveraged and is smaller and has a lower degree of profitability than its primary competitors."

Proceeds from the sale are to be used to refinance Tultex debt and give the company greater financial flexibility.

- Staff report

Briefly ...

Pirelli Armstrong Tire Co. will recall more than 850 union members to work Monday and resume bargaining, ending a seven-month negotiation stalemate, union officials said Thursday. The move follows a National Labor Relations Board ruling last week that the strike was based on unfair labor practices. The ruling meant the company was required to rehire the striking workers or face fines of up to $1 million a week, union officials said.

BellSouth Telecommunications has won the 1995 Clean Air Vehicle Award given by the U.S. Department of Energy to companies operating at least five vehicles on alternative fuels. BellSouth has been testing vehicles powered by compressed natural gas for several years and is using 12 vans in Atlanta and eight in Baton Rouge, La., on a trial basis.