THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, December 30, 1994 TAG: 9412300468
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 35 lines
Railroads help pull Virginia's economy: Freight railroads contribute $672 million annually to the Virginia economy, according to a report by the Association of American Railroads. Payrolls for the 7,900 active Virginia railroad employees total $316 million a year plus benefits of about $113 million. In addition, railroads in Virginia pay $243 million in retirement benefits to 25,000 railroad retirees and their families. Railroads also pay to the state substantial income, property and other taxes, which are not included in the $672 million calculation. Virginia ranks 31st among all the states in the number of operating railroads with 11, and 21st in total track miles with 3,251. (Staff)
Work on big new Navy contract to occur in Norfolk: Martin Marietta Corp. has received an $81.2 million contract from the Navy to provide engineering and repair support for Aegis weapons-control systems. Some of the work on the contract will take place in Norfolk. The contract runs through October 1999. If all options are exercised, the contract's total value will rise to $132.5 million. Work required by this contract will also be performed in Moorestown, N.J., home of Martin Marietta's Government Electronics Systems division; Port Hueneme, Calif.; Bath, Maine; Pascagoula, Miss.; Pearl Harbor, Hawaii, and Mayport, Fla. Two of those locations - Bath and Pascagoula - are home to the shipyards making the Navy's new destroyers. Many of those ships will incorporate the Aegis system. The other locations are largely Navy bases. (Bloomberg Business News) by CNB