THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, March 28, 1996 TAG: 9603280491
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Long : 108 lines
The Navy awarded Metro Machine Corp. a $6.1 million contract for work on the newly built dock landing ship Carter Hall. The job, known as a post-shakedown availability, will help keep the shipyard's 500 employees busy until August. The Carter Hall, based at the Little Creek Naval Amphibious Base, was recently delivered to the Navy by the New Orleans shipyard Avondale Industries Inc. With a crew of 340, the 609-foot-long vessel can carry 450 troops and landing craft in its well deck. (Staff) Companies recall blowers, chain saws, table saws
Ryobi America Corp. is recalling 150,000 table saws, including some sold under the Sears Craftsman label, because switches to lock them in the ``off'' position may not work. The 75-pound saws have 10-inch blades and a sliding miter table. The Consumer Product Safety Commission said they were sold by home centers and hardware since May 1991 and at Sears stores since July 1994 with the following names and model numbers: Ryobi BT3000 and Sears Craftsman Model 315.22185. Owners should contact Ryobi at 1-800-867-9624 to have a replacement switch installed at no cost. (Associated Press) Norfolk Southern goes on World Wide Web
Norfolk Southern Corp. announced that it has established a site on the Internet's World Wide Web. The site is designed to improve service to customers with an interactive presence and to help investors, journalists and others learn more about the company. The site includes a company history, financial information, news releases and executive speeches and corporate history. The Norfolk-based railroad expects to eventually allow customers to track shipments, request rates and handle billing via the Internet. The Internet address for the site is http://www.nscorp.com (Staff) Columbia Gas Systems moves to Virginia
Columbia Gas System Inc. will move its corporate headquarters and other operations to a site near Reston in Northern Virginia. About 140 of the 200 jobs at its Wilmington, Del., headquarters will be moved to the facility. About 125 people will make the move. About 150 of the 1,000 jobs at the offices of the pipeline subsidiary, Columbia Gas Transmission Corp., in Charleston, W.Va., will be transferred to the headquarters when it is finished in late 1997. People working in Wilmington, where Columbia Gas has been based since 1970, will move in August to temporary quarters in Reston. (Bloomberg Business News) Simon Property to buy DeBartolo Realty
Simon Property Group Inc. agreed to acquire DeBartolo Realty Corp., creating North America's largest real-estate company. The transaction joins two of the country's largest shopping-center operators, family-run companies that were among the earliest mall developers. Indianapolis-based Simon Property will pay about $1.5 billion in stock and take on DeBartolo's debt of about $1.5 billion, giving the transaction a total value of $3 billion. The acquisition will allow Simon Property to expand in the fast-growing Sunbelt and cut costs against a backdrop of dismal retailer earnings and a string of chain-store bankruptcies. DeBartolo owns Chesapeake Square Mall. (Bloomberg) Drug makers questioned in price-fixing probe
The Federal Trade Commission is investigating whether 22 leading drug makers have conspired to overcharge independent pharmacies for drugs, The Wall Street Journal said. The probe is in response to last month's $409 million settlement of a class-action lawsuit by pharmacy owners, the Journal said. The five-member commission is focusing on whether the companies engaged in ``unlawful concerted activities to raise, fix, maintain or stabilize the prices'' of drugs, according to a March 14 FTC order. The probe involves some of the world's biggest pharmaceutical companies, including Eli Lilly & Co., Glaxo Wellcome PLC, Johnson & Johnson, Merck & Co., Pfizer Inc. and Sandoz Ltd. Conspiracy to manipulate prices is a violation of antitrust laws. If any charges were brought as a result of the new investigation, the case would likely take years to litigate. (AP) Apple expects to lose $700 million this quarter
Apple Computer Inc. said Wednesday it expects to lose about $700 million in the current quarter after writing off millions of dollars in unsold inventory and paying for job cuts. Apple had warned it would lose money in the quarter, but the figure released far exceeds Wall Street's most dire expectations. It will be Apple's worst quarterly loss, far surpassing a $188 million loss the company reported in mid-1993. Apple, which seriously misjudged demand last year, said more than half the $700 million loss will go to getting excess inventory off the books. The loss underscores the company's continuing struggle to bolster a brand name that is seen in decline amid a sluggish market for personal computers. (AP) American President Lines to buy 1,900 containers
American President Lines said it will buy up to 1,900 domestic shipping containers for about $30 million. The freight transportation company, a unit of American President Cos., said the purchase will help it meet growing demand for domestic container shipping. The 48-foot and 53-foot containers can be used in both rail and truck shipping. Delivery of the order should be completed by mid-summer. The Oakland, Calif.-based company said 1,000 of the 53-foot containers will replace older 48- and 45-foot units now part of the company's fleet. The company will have about 2,500 53-foot containers after the purchase. (Dow Jones News Service) by CNB