THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, January 27, 1995 TAG: 9501270696
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: Medium: 54 lines
The Port of Richmond said that the total tonnage moving through its James River terminal increased 6 percent in 1994. The terminal handled 508,958 tons of cargo last year, up from 477,502 tons in 1993. The port weathered shoaling problems on the James to see its total vessel calls for the year rise by four to 113. The port experienced growth in both container and bulk tonnage, though breakbulk cargo declined. (Staff)
APL to close Norfolk office: American President Lines Ltd. is closing four of its Eastern U.S. branch offices, including one in Norfolk, under an ongoing consolidation and centralization plan. The line is the nation's second-largest ocean carrier. The closures affect only about 10 employees, including a handful in Norfolk. Employees may be transferred to other offices, a spokesman said. The shipping line's parent, American President Cos., is eliminating up to 1,000 jobs, or 20 percent of its work force, in a multiyear reorganization announced in 1993. (Journal of Commerce)
Jacuzzi to build Virginia plant: Jacuzzi Whirlpool Bath, a division of the California based-Jacuzzi Inc., said it is expanding with a new plant in Salem, Va., that will initially employ more than 150. The plant will make whirlpool baths, shower systems and spas. Jacuzzi Inc. also has manufacturing facilities in Canada, Brazil, Chile and Italy. (Associated Press)
Spectrum files for Chapter 11: Spectrum Information Technologies Inc., the wireless technology firm headed briefly last year by former Apple Computer Inc. chief John Sculley, filed for federal bankruptcy court protection. The company had been beset by financial and legal troubles before and since Sculley's brief tenure, which ended about a year ago. Spectrum president Peter Caserta left a short time later under the cloud of a federal investigation. Spectrum lost $5.5 million for the six months ended Sept. 30. (AP)
Wireless bids keep climbing: Bids for licenses to provide advanced wireless communications services have climbed past $4 billion, the Federal Communications Commission reported. Ninety-nine licenses nationwide for Personal Communications Services licenses are being auctioned by the FCC. High bidders as of Thursday for two licenses in the Richmond-Norfolk territory are PCS Primeco L.P., a consortium of regional phone companies including Bell Atlantic Corp., which bid $33 million; and an AT&T Corp. unit, which bid $27.8 million. (Staff)
Scotts to buy Miracle-Gro: Scotts Co. said it agreed to acquire Stern's Miracle-Gro Products Inc. in a stock transaction valued at about $200 million. With the acquisition, Scotts will add Miracle-Gro's line of fertilizers for house plants and gardens to its own lawn care products. Scotts expects the additional business to bring sales to more than $700 million. (Dow Jones News) by CNB