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

DATE: FRIDAY, October 20, 1995                   TAG: 9510200053
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Dayton Hudson Corp., the Minneapolis-based department- and discount-store retailer, said Thursday it has begun construction of an $85 million distribution center in Augusta County to serve the company's Target Stores chain. Completion is expected by late 1996. It will employ 500 initially and supply about 35 stores.

Target has announced plans to open its first Virginia stores at Potomac Mills and Fredericksburg in Northern Virginia, but has not confirmed speculation that it is considering store sites in Roanoke, Richmond and Tidewater.

- Staff report

First Union offers low-income loans

First Union Corp. said Thursday it is mailing more than 120,000 pre-approved loan offers to low- and moderate-income residents in the Southeast, including about 22,000 in Virginia.

The Charlotte, N.C., bank said it has developed an affordable auto loan and an installment home equity loan similar to its affordable home mortgage loan.

Key features include an extended term of up to 51/2 years, depending on the age of the vehicle being purchased. The extra six months allow smaller monthly payments than are generally available.

Other enhancements include a minimum loan amount of only $2,500, less than the standard minimum, and the age of the vehicle can be up to seven years.

The pre-approved offers for fixed-rate home equity installment loans are in amounts ranging from $5,000 to $15,000 based on the estimated amount of lendable equity in the prospective borrower's principal home. The term can be up to 180 months, and the loan origination fee is waived.

- Staff report

UPS extends stock-buying plan

United Parcel Service said Thursday it is extending the chance to buy company stock to all part-time employees with at least one year of service. The action follows the start-up Oct. 2 of a new stock purchase plan for full-time, non-management employees. Prior to that, employee ownership of stock in the privately held UPS was limited to managers and supervisors.

Between Oct. 2 and Wednesday, the company said, employees applied for nearly $20 million in stock. The company, which reported revenues of $19.6 million last year, could not say Thursday how many of its approximately 600 Roanoke-area employees are eligible under the plan.

- Associated Press

Masland Corp. names new CEO

Masland Corp., Carlisle, Pa.-based part owner of the Precision Fabrics Group Inc., which operates a plant in Vinton, said Thursday that President and Chief Operating Officer Frank Preston will succeed William J. Branch as chief executive officer Jan. 1.

Branch, who will stay on as chairman of the company's board of directors, said the change, with the exception of the timing, had been discussed before Preston joined the company in 1994. Preston had been president of Textron Automotive Interiors and before that was with Olin Corp.

In September, Masland agreed to pay $15 million for a 29 percent share of Precision Fabrics and has an option to acquire the remainder by Oct. 1, 1996.

- Staff report