THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, April 26, 1995 TAG: 9504260569
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 61 lines
NORFOLK SOUTHERN RAISES STAKE IN PREFERRED STOCK
Norfolk Southern Corp. raised its stake in preferred stock issued by its primary railroad subsidiary to 17.40 percent from 16.22 percent of the total outstanding. The parent company purchased 14,201 Norfolk Southern Railway Co. Series A cumulative preferred shares, according to a Schedule 13D filed Tuesday with the Securities and Exchange Commission. The shares were purchased for a total of $531,662, or an average of $37.43 a share, from Oct. 8 to April 19, Norfolk Southern reported in the filing. Norfolk Southern and its subsidiaries now hold 208,342 of the 1.2 million outstanding preferred shares. (Bloomberg Business News)
HUGHES AIRCRAFT TO MOVE PART OF HEADQUARTERS TO VA.
Defense contractor Hughes Aircraft Corp. plans to move part of its headquarters near the Pentagon in Alexandria next year, company officials announced Monday. The move includes between 60 and 80 jobs. The company is part of Hughes Electronics Corp. and makes military missiles, sensors and radar. ``We want to be near our customers in the Pentagon,'' said David Shea, a company spokesman. Part of the headquarters will remain in Los Angeles. Other defense companies also have moved to Washington to be nearer to the Pentagon. Lockheed Corp. merged last month with Martin Marietta Corp. and set up headquarters in Martin's Bethesda, Md., home. In 1992, General Dynamics Corp. moved its headquarters to Falls Church. (Associated Press)
RICHMOND SEEKS NEW AIRLINE WITH $5 MILLION EXPANSION
Richmond International Airport finished a $5 million expansion of passenger gates Tuesday that officials hope will attract a new airline or expanded service. The expansion adds three new gates for passenger jets, bringing the airport total to 14, and increased space for ticketing and baggage handling. The new space will not open to passengers until an airline signs a contract to use the space, officials said. Before the expansion, the airport had only one gate not used by an airline. Having only a single gate made it hard to attract new airlines to the airport, officials said, and left little expansion room for carriers already there. ``It's ready for the first airline to step up to the plate,'' said William Dale, the director of planning for the airport. (AP)
NEWPORT NEWS CONSIDERS SECOND ENTERPRISE ZONE
Newport News officials say they want to create a second enterprise zone in the city to stave off economic blight along parts of Jefferson Avenue, Warwick Boulevard and other mid-city streets. A bill signed into law by Gov. George F. Allen earlier this month allows the state to provide a new tax credit based on real property investment. It also creates new job grants for businesses locating within enterprise zones and increases the number of zones allowed in Virginia from 25 to 50. Local municipalities typically provide smaller financial incentives in the zones, such as an abatement of business license fees or a refund of utility taxes, as their contribution to the program. (Knight-Ridder Financial News) by CNB