THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, March 16, 1996 TAG: 9603160481
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: Medium: 59 lines
Pittston Co., a Fortune 500 mining, transportation and security company, will relocate its headquarters from Stamford, Conn., to Richmond later this year. Pittston chose Virginia in part because its Pittston Coal operations are based in the southwestern portion of the state, executives said. Pittston has about 26,000 employees worldwide but will bring only 100 jobs to Richmond. Most of those will be employees transferring from Connecticut. Pittston, with nearly $3 billion in revenue last year and earnings of $98 million, is the parent of the Brinks armored car and Brinks home security businesses, and owns Burlington Air Express Inc., a heavy freight shipper. (AP) Pentagon clears ValuJet to carry military fliers
The Defense Department has authorized ValuJet Airlines to carry military employees on official business. The decision gives ValuJet the same status as other airlines serving Newport News/Williamsburg Airport. The low-fare airline started operations in 1993. A team of Air Force officials audited ValuJet to determine whether it qualified for the Defense Department's Commercial Airlift Program. The review of the airline included its safety standards, maintenance procedures and the experience of its pilots. It allows ValuJet to vie for bookings of military personnel on official business. (Knight-Ridder/Tribune Business News) Judge OKs settlement in bitter U-Haul case
A federal bankruptcy judge approved a plan that effectively settles a bitter family fight over control of U-Haul International Inc. Judge James M. Marlar approved a plan by Amerco Inc., U-Haul's corporate parent, to pay the remaining $313.8 million owed on a judgment in favor of U-Haul founder Leonard S. Shoen and six of his children. The bitter family feud began in 1986 when Joe and Mark Shoen forced their father, now 79, into early retirement and began their push for control of the company. The four Shoen children will divide the $313.8 million and surrender 12.4 million shares of Amerco common stock by Oct. 1. (AP) High-speed train group to build American Flyer
A French-Canadian group will build America's first high-speed trains, scheduled to begin service in the Northeast by 1999. The new 150-mph Amtrak trains, known as the American Flyer, are planned to operate between Washington and Boston. Amtrak picked Bombardier of Montreal and GEC Alsthom of France for the $754 million project. The contract calls for 18 train sets, 15 new high-power electric locomotives and three maintenance facilities. The trains will have six-car and 345 seats each. Other areas considering rail service include Charlotte-Raleigh to Richmond; Los Angeles to San Diego; Chicago to Detroit; Chicago to Milwaukee; and Chicago to St. Louis. (AP) by CNB