ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, February 1, 1996 TAG: 9602010028
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
ITT plant to idle 12
ITT Night Vision on Plantation Road in Roanoke County said Wednesday it will lay off 12 employees March 5 as part of cost-reduction efforts.
Ten of the people affected are in salaried jobs, and the others are hourly maintenance workers. Slower-than-expected growth in the company's commercial and consumer products segment was a factor in the layoff decision, the company said.
ITT said no further cuts are anticipated in the 650-member work force. Idled workers will be given help in finding other work.
ITT Night Vision, which makes night-vision products for the military, police and consumers, is a division of ITT Defense & Electronics of McLean. Both are units of ITT Industries Inc.
- Staff report
Lynchburg plant faces federal fines
The Nuclear Regulatory Commission has imposed a $12,500 civil penalty on the B&W Fuel Co. for what the commission says are violations at B&W's nuclear fuel production facility in Lynchburg.
Shipping packages were not built according to approved design, and the plant exceeded the amounts of a type of uranium it is allowed to have on site, an NRC official said.
Roger Hannah, an NRC spokesman, said the shipping containers, which carry uranium pellets, might fail in an accident.
He also said the company in 1993 amended its license to reduce the amount of uranium it could possess at any one time, exempting it from certain emergency planning requirements.
The company has 30 days to pay the penalty or to file a protest, Hannah said.
- Staff report
Sprint launches global network
Sprint Corp. and its European partners on Wednesday declared their joint worldwide telecommunications venture, Global One, open for business.
Global One officials touted simplicity and coverage as the strengths of an operation they expect to earn more than $800 million in revenue in its first year. After the announcement, Sprint stock rose 371/2 cents at $41.121/2 a share on the New York Stock Exchange.
The deal with France Telecom and Deutsche Telekom was announced in June 1994, but it took more than 18 months to receive the regulatory approvals. The new company, based in Reston, Va., and Brussels, Belgium, has more than 2,500 employees worldwide.
- Associated Press
Reader's Digest to end 1,000 jobs
PLEASANTVILLE, N.Y. - Reader's Digest Association Inc. said it will cut about 1,000 jobs, or 15 percent of its work force, as part of a restructuring that will result in a third-quarter charge of as much as $225 million.
The publishing company also said net income fell 10 percent this year to $94.8 million, or 88 cents a share. It attributed the earnings decline to higher paper and postage costs and weaker revenue in its European operations.
- Bloomberg Business News
Flooded taxpayers given more time
Taxpayers and businesses in the flood-ravaged counties of Alleghany, Bath, Botetourt, Shenandoah and Warren have been given an extension for filing 1995 tax forms.
Employers have until Feb. 15 to issue W-2 forms and wage and tax statements. Banks and corporations have the same extension for issuing form 1099 for interest and dividend payments.
Taxpayers have until Feb. 15 to file several forms that were due Jan. 31. Taxpayers in disaster areas may claim uninsured casualty losses on either their 1995 or 1996 tax returns.
- Staff report
LENGTH: Medium: 75 linesby CNB