Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, October 26, 1995 TAG: 9510260065
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
MEMPHIS, Tenn. - Federal Express Corp. rejected a mediated settlement with its pilots union over a contract dispute, triggering a 30-day ``cooling-off'' period to begin at midnight.
The company's 2,800 pilots could strike or stage other work actions after the cooling-off period ends. That's when the express delivery company could also lock out pilots from their jobs and hire new pilots or simply impose its own work rules.
The period ends on Nov. 25, the beginning of the peak holiday package-delivery season. Federal Express and its pilots union have been in contract negotiations for more than 17 months, since May 19, 1994.
Federal Express shares fell 2 1/4 to 81 5/8.
- Bloomberg Business News
SWVA Bancshares to rebuy its shares
SWVA Bancshares Inc., parent of Southwest Virginia Savings Bank of Roanoke, will buy its own shares on the open market to fund its management stock bonus plan and trust agreement. The agreement was approved Wednesday at the annual shareholders' meeting, subject to approval by the Office of Thrift Supervision. The shareholders also elected F. Courtney Hoge and Barbara C. Weddle of Roanoke directors.
- Staff report
ETS plans to buy 2 more companies
ETS International Inc. of Roanoke said Wednesday that it expects to announce in the next two weeks plans to acquire two companies.
Chairman John McKenna said the ETS board discussed the potential acquisitions Wednesday after its shareholders' meeting in Richmond. He said ETS, an environmental services company, is acquiring a laboratory and a utility construction company. He declined to give details.
ETS shareholders elected eight directors: McKenna, John Mycock, David Tompkins and Billy Branch of Roanoke; Coleman Lyttle, Navin Sheth and Lee Raver of Richmond; and Thomas Marmon of Grand Rapids, Mich.
The board chose McKenna president, Tompkins vice president and Mycock secretary- treasurer.
- Staff report
Earnings
DuPont Co., Wilmington, Del.-based chemicals maker operating a nylon plant at Martinsville, reported third-quarter earnings of $769 million, or $1.38 a share, on sales of $10.2 billion, compared with year-earlier $647 million, or 95 cents a share, on sales of $9.8 billion. For nine months, earnings were $2.6 billion, or $4.47 a share, up from $2.08 billion, or $3.05 a share, a year ago. Revenues for the period were $31 billion, up from $29 billion.
Sara Lee Corp., Chicago-based operator of knitwear mills in Martinsville and a L'eggs distribution center and PYA/Monarch food service in Salem, reported net income of $186 million, or 36 cents per share, on sales of $4.66 billion, for its first quarter ended Sept. 30, compared with year-earlier $165 million, or 32 cents per share, on sales of $4.29 billion.
WLR Foods Inc., Broadway, Va., turkey and chicken processor, reported net earnings of $4.3 million, or 25 cents per share, on sales of $250.8 million for its first quarter ended Sept. 30, compared with year-earlier $6.5 million, or 38 cents per share, on sales of $210.3 million.
by CNB