THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, March 6, 1996 TAG: 9603060847
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: Medium: 55 lines
AmeriKing, a Burger King franchisee in Westchester, Ill., has acquired 25 of the fast-food restaurants in Virginia and North Carolina, including four in Chesapeake, from C&N Dining of Williamsburg. The total price was not disclosed but some of the properties sold in the million-dollar range, according to court records. The 25 stores have a combined employment of nearly 1,000 people, according to Joseph J. Naparlo, who heads C&N Dining. The sale brings AmeriKing's total number of Burger King restaurants to 178. The company is negotiating to buy more. (Staff)
Moon Engineering wins
cruiser overhaul contract
The Navy awarded Moon Engineering Co. Inc. a $2.9 million contract for an overhaul of the guided missile cruiser Cape St. George. The contract will help keep the small Portsmouth shipyard's 200-plus labor force busy for two months. The Norfolk-based warship will arrive in the yard in early April. Moon completed its last big Navy jobs a month ago when the guided-missile cruiser Ticonderoga and the destroyer Peterson returned to the fleet. (Staff)
Essex Bancorp has loss
in 4th quarter and for year
Essex Bancorp Inc., the thrift holding company that acquired Home Savings Bank and Home Bancorp Inc. in Norfolk last September, said it lost $341,000 for the Dec. 31 quarter and $1.21 million for 1995. In the 1994 fourth quarter, Essex reported net income of $18.22 million, or $17.36 a share, which included a one-time gain of $20.4 million from the settlement of a class-action lawsuit. For all of 1994, the company reported net income of $13.09 million, or $12.47 a share, because of the one-time gain. Essex also said it agreed to sell a Charlotte branch of Essex Savings Bank and that it expects a net gain on the sale. (Staff)
ACX Technologies Inc.
buys Va. packing firm
ACX Technologies Inc. said Tuesday it had completed the acquisition of closely held Gravure Packaging Inc. of Richmond for $30 million. The Golden, Colo.-based company, which makes packaging and metal containers, said the purchase will help expand its carton sales to the tobacco and fast-food industries. As part of the deal. ACX paid $2.4 million in cash, 911,000 shares of its common stock and assumed $12 million of Gravure's debt. ACX shares remained at $16.88 apiece on Tuesday. (Bloomberg Business News) by CNB