Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, June 10, 1995 TAG: 9506170006
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Long
NEW YORK - ITT Corp. agreed Friday to sell its mortgage and reinsurance businesses and a portfolio of California realty for $5.5 billion, the last of the hotel and entertainment conglomerate's financial services holdings.
The cash sales mark ITT's exit from the business of making loans to consumers and businesses. The company wants to focus on insurance, manufacturing, lodging and entertainment.
Since December, the New York-based company - which has manufacturing operations in the Roanoke area - has sold several finance units of its ITT Financial subsidiary to banks and other companies. The latest deals bring the total gross cash from all sales to $13 billion, ITT said.
The company agreed to sell assets of three businesses: ITT Residential Capital Corp., which makes first mortgages; Lyndon Insurance Group, a reinsurer; and ITT Financial's real estate loans and properties, located primarily in Southern California.
The assets were sold piecemeal in 20 separate deals. ITT did not identify the buyers.
- Associated Press
Tele-Path adopts ISO 9000 standards
Tele-Path Industries Inc., a Salem producer of telecommunications test equipment, has adopted the international quality standards of the ISO 9000 program.
Tele-Path said its program was certified May 19 by the National Standards Authority of Ireland, one of more than a dozen auditing services around the world. The standards are increasingly expected of companies that engage in international trade.
Tele-Path, which has British and Canadian trading partners, pursued certification at the behest of a U.S. customer that wanted the controls in place to ensure it would receive quality goods from Tele-Path over the long term, said Jeff Copeland, Tele-Path's quality director.
- Staff report
Hall negotiates 4 commercial leases
Hall Associates Inc. of Roanoke said it has negotiated four new commercial leases:
nAmerican Tire Distributors Inc. will occupy 1634 Seibel Drive N.E. in Statesman Industrial Park beginning July 1. This completed the releasing of the 100,000-square-foot former United Parcel Service regional warehouse. American Tire is a subsidiary of the Merchant's Group of Manassas.
Lindsay Manufacturing Co. has occupied 739 Kessler Mill Lane in Salem on a long-term lease with the owner, William J. Lemon. Lindsay will use the 18,000-square-foot building for distribution of its Ponca City, Okla.-manufactured central vacuum system equipment and bathroom fixtures.
Plywood & Plastics Inc. has committed to a 53 percent expansion of its recently leased space at 2015 Lukens St. N.E., giving the Richmond-based firm a total of 22,360 square feet in its distribution center, which serves cabinet makers and specialty construction firms. The owner is Calvin Powers.
The U.S. Postal Service has recently occupied 28,700 square feet on the Courtland Avenue side of Civic Mall on Williamson Road for use as its carrier annex. The owner is Blue Eagle Partnership.
- Staff report
Contractors, union agree on contract
Laborers' Union Local 980 in Roanoke and the Southwest Virginia Contractors Association have reached agreement on a three-year contract, a union official said Friday.
Covered workers received a 25-cent hourly raise June 1 and were promised that 5 cents per hour will be added to a training fund, said Bobby Myers, business manager for Local 980 and president of the Southwest Virginia Building Trades Council.
Next year, they will get another 25-cent raise allocated to improving health insurance and a 5-cent raise dedicated to a program that promotes union labor and companies that use union workers.
In the third year, covered workers are due a 30-cent raise and will have the option of extending the contract for two years.
- Staff report
Bankruptcies
Three bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. One of them is a personal bankruptcy that the court listed as a business because it has commercial connections and could be of interest to business creditors and customers.
Circle S Coal Co. Inc. of North Tazewell, a coal mining business, filed for liquidation, listing assets of $32,000 and liabilities of $790,257.
Ronald Leo Stidham of Wise filed for liquidation, listing assets of $167,550 and liabilities of $333,586. His business was known as Culligan Water Conditioning.
Johnnie Lee Rosenbaum of Speedwell, trading as Rosey's Mowing Service, sought a wage-earner plan for repayment of debts. He estimated both assets and liabilities at less than $50,000.
- Staff report
by CNB