ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Saturday, December 9, 1995 TAG: 9512110062
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
The two sales will enable Westinghouse to pay down $3.2 billion to $3.5 billion of the CBS debt by the end of the second quarter, Westinghouse Chairman Michael Jordan said.
The company will keep most of its industrial businesses: refrigeration equipment, nuclear energy systems, power-generation and government and environmental services. Some analysts expect the company to eventually sell all the nonbroadcast assets.
A sales agreement is expected to be reached during the first quarter of 1996.
- Associated Press
Fieldcrest to shut 2 yarn facilities
EDEN, N.C. - Fieldcrest Cannon Inc. plans to close two of the bed division's four yarn facilities and will contract to purchase yarn from outside vendors, the company announced.
The purchases from vendors are expected to cut annual costs by about $7 million. The two yarn facilities, located in Kannapolis, N.C., and Salisbury, N.C., have about 400 employees. The company expects to offer alternative employment to a large number of them. Company officials did not say when the closings would occur.
No changes are anticipated at Fieldcrest's Dumaine towel mill in Fieldale, said Jerry Hairston, a business agent at the Union of Needle Trades, Industrial and Textile Employees, which represents the plant's employees.
The company said Thursday that it expects to report a substantial loss from operations for the fourth quarter and nearly break even for the full year before non-recurring charges.
- Associated Press
Meeting to tackle tobacco's future
The future for tobacco farmers, facing uncertainty about their crop, is the focus of a town meeting on Tuesday at the Hotel Roanoke.
Tobacco farmers, health-care professionals, university researchers, state lawmakers and others are expected to gather for the meeting, which is sponsored by the Tobacco Communities Project. A coalition of farmers, farm organizations, researchers and state agencies, the project is studying economic development issues and alternative farm products for tobacco-producing regions of the state.
The meeting begins at 7 p.m. At 9:30 a.m. Wednesday, also at the hotel, the project will present recommendations to a joint subcommittee of the Virginia House of Delegates and Senate that is studying alternatives for tobacco growers. The recommendations will be in the areas of technology for growing tobacco, economic diversification strategies, access to financing for alternative businesses, and economic development and job training strategies.
- Staff report
Bankruptcy filing
One business bankruptcy was filed this week in the U.S. Bankruptcy Court for Western Virginia at Roanoke. It was filed as 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.
Martin E. Hellkamp, a Roanoke developer, filed for a wage earner plan, the personal equivalent of seeking protection from creditors during financial reorganization. Hellkamp's petition listed assets and liabilities both of less than $50,000. However, he listed secured and unsecured claims by creditors totaling $1.4 million.
- Associated Press
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