THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, January 21, 1995 TAG: 9501210233
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 74 lines
NASA to cut 2,500 positions by decade's end: NASA said it will cut at least 2,500 civil servants from its payroll before the year 2000 as part of the Clinton administration's plan to shrink the federal government. Some 1,500 civil servants were cut from NASA's 25,000-employee work force last year. The new cuts will target supervisory positions at the Washington headquarters and 10 field centers. Headquarters likely will be hardest hit, said Keith Henry, a spokesman for NASA Langley Research Center. The Hampton center has cut 170 permanent civil-servant positions in the past three years, mostly through attrition, and now has 2,759. Both NASA Langley and Wallops Flight Facility on the Eastern Shore have cut supervisory jobs. ``At this point, we don't expect any cuts,'' Henry said. ``We've known this was coming for a long time.'' (Staff and wire reports)
Rose's meets reorganization goal: Rose's Stores Inc. is digging its way out of bankruptcy. A federal judge approved a reorganization plan last month mandating that the Henderson, N.C.-based chain earn $25 million before income tax, depreciation and amortization for the 11 months ended Dec. 31. Rose's said Friday that it has exceeded that sum. ``These operating results represent a sizeable improvement over last year and a significant turnaround of our business,'' R. Edward Anderson, president and chief executive officer, said in a statement. Rose's plans to emerge from bankruptcy in the spring. Rose's now has 113 stores, nine of them in Hampton Roads. (Staff)
Defense contractor with Beach office sold: The parent of Falls Church-based Syscon Corp., which has a major office in Virginia Beach, has agreed to sell it to Logicon Inc. Syscon employs about 100 people in Virginia Beach. Brookfield, Wis.-based Harnischfeger Industries Inc., a diversified manufacturer, announced the sale of its only defense-related business Friday. With about $130 million in annual sales, Syscon specializes in defense-related systems engineering and software development. Los Angeles-based Logicon, which provides advanced-technology systems and services to defense and civilian customers, plans to operate Syscon as a separate subsidiary. Terms of the deal were not announced. The sale is expected to close within 60 days. (Staff)
Norfolk firm gets contract for work at Oceana: T.A. Sheets Inc., a Norfolk construction firm, has won a $2.7 million contract to erect two 20,000-barrel fuel storage tanks at the Oceana Naval Air Station. The contract was awarded Friday by the Atlantic Division of the Naval Facilities Engineering Command. (Staff)
Crestar completes acquisitions: Crestar Financial Corp., parent of Crestar Bank, said it has completed two previously announced acquisitions of Northern Virginia financial institutions: Independent Bank in Manassas and Jefferson Savings & Loan in Warrenton. Richmond-based Crestar said it picked up $76 million of deposits, 23,000 accounts and and $53 million in loans through its acquisition of Independent Bank. The Jefferson transaction provided $257 million of deposits, 31,000 accounts and $208 million of loans, Crestar said. The acquisition of Jefferson provided an entry into Warrenton, Culpeper, Front Royal and Luray and strengthened its presence in Charlottesville and Loudoun County. (Staff)
Peebles employees vote against union: Employees at Peebles Department Stores' distribution center have voted against joining the International Ladies' Garment Workers Union. Thursday's 61-47 vote against the union followed a two-month organizing campaign. Union officials said the chief complaint among pro-union employees at the center is low wages. South Hill-based Peebles has about 60 stores, mostly in the South and mid-Atlantic. (AP)
Cox stock trades on NYSE: Stock in Cox Communications Inc. began trading Friday on the New York Stock Exchange following the approval of the $2.3 billion acquisition of cable systems from Times Mirror Co. Cox said it expects to conclude the Times Mirror deal Feb. 1. (Staff) by CNB