Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 1, 1995 TAG: 9507030047
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Jacuzzi Whirlpool Bath of California apparently has postponed plans to open a manufacturing plant in Salem. The plant, which was scheduled to open by today, will not begin hiring employees until September or October.
Although the company's official spokeswoman, Michelle Peterson, did not return calls, a woman who answers the phone at the future plant site, 2050 Cook Drive, is telling callers that the company will delay two to three months before it begins hiring workers.
Jacuzzi announced Jan. 20 that it will manufacture whirlpool baths, spas and shower units in Salem for customers in the East, the Midwest, Central America and Latin America. Officials said they will hire 150 people to start and eventually 300. The plant will make 150 to 200 units per day, officials said.
- Staff report
Columbia/HCA completes sale
Columbia/HCA Healthcare Corp. will complete its purchase of Alleghany Regional Hospital today, giving the Nashville, Tenn., company 15 hospitals in Virginia, including Lewis-Gale Hospital and Lewis-Gale Psychiatric Center in Salem.
Since Alleghany Regional, a 204-bed facility in Low Moor, was a not-for-profit hospital, a condition of the purchase was the establishment of a foundation to administer funds to area projects. Proceeds of the sale will be used to pay off the hospital's debt and to establish the not-for-profit foundation, which will have assets of more than $30 million, said an Alleghany spokeswoman.
The former board members of Alleghany Regional Corp. will be the new foundation's board.
- Staff report
Philip Morris, ABC may settle
RICHMOND - Capital Cities/ABC Inc. and Philip Morris Cos. are negotiating a possible settlement in the tobacco company's record $10 billion libel lawsuit, a network spokeswoman said Friday.
``Our discussions are very preliminary,'' said Patricia Matson, vice president of corporate communications for Capital Cities/ABC.
Philip Morris sued ABC for airing a ``Day One'' newsmagazine segment accusing the company of spiking cigarettes with extra nicotine to hook smokers. Trial is set for Oct. 10 in Richmond Circuit Court.
- Associated Press
BellSouth takes $2.7 billion charge
ATLANTA - BellSouth Corp. said Friday it will take a $2.7 billion second-quarter charge for an accounting change that speeds equipment depreciation to make the telephone company more competitive.
BellSouth, the largest of the seven regional Bell telephone companies and parent of BellSouth Communication Systems of Roanoke, said the charge will probably result in a final loss of $2.2 billion in the quarter.
The company's stock is unaffected by the charge because it is an expected move to upgrade equipment and doesn't represent any negative news, analysts said.
The Atlanta-based telephone company said second-quarter profit from operations will be about $500 million, or $1.10 a share, compared with $516 million, or $1.04 a share, in the year-ago quarter.
The second-quarter charge will amount to $5.47 per share, the company said.
- Bloomberg News Service
Bankruptcies
Three bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke.
Virginia South-West Inc. of Radford filed for protection from creditors during liquidation. The company listed zero assets and liabilities of $6,096,995.
Sam Inc. of Riner filed for liquidation, listing zero assets and liabilities of $6,891,275.
Both Virginia South-West and Sam listed Sammy C. West as president and, according to documents filed with the court, both are defendants along with Coca-Cola Bottling Co. of Roanoke and its parent, Coca-Cola Bottling Co. Consolidated of Charlotte, N.C., in a lawsuit stemming from a Sept. 2, 1993, highway accident in Florence County, S.C. Sam Inc. was described as agents of the two soft-drink bottling companies providing delivery of products.
Appalachian Motor Repair Inc. filed for liquidation, estimating assets of less than $50,000 and estimated liabilities between $100,000 and $499,000.
- Staff report
by CNB