THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, May 15, 1996 TAG: 9605150550
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 85 lines
Lockheed Martin Corp. said it received a contract potentially worth $1 billion to provide communications and intelligence systems for the U.S. Navy's new attack submarine. The company said its Lockheed Martin Federal Systems subsidiary, of Manassas, will deliver the first system in November 2000. The new submarine is scheduled to begin sea trials in 2004. Subcontractors for the project are Northop Grumman Corp. and Raytheon Corp. Major contract work will be performed at Lockheed Martin Federal Systems in Manassas and at a Raytheon facility in Portsmouth, R.I. (Dow Jones News) Mariners' Museum agrees to photo image artifacts
The Mariners' Museum in Newport News said it signed an agreement with Bellevue, Wash.-based Corbis Corp. that allows Corbis to create digital photographic images of archival items, library volumes and artifacts from the maritime museum's collections. Terms of the deal weren't disclosed. The images will be licensed to publishers and communications professionals and may be included in computer software created by Corbis. Other museums that have signed such agreements with Corbis include The National Gallery in London and the Philadelphia Museum of Art. (Staff) Freedom Ford agrees to buy Thompson Ford
Freedom Ford in Norfolk has agreed to buy Thompson Ford, a Hampton dealership. Thompson Ford will be renamed Freedom Ford Hampton. The dealerships need to get the green light from Ford Motor Co. Thompson Ford has 90 employees and Freedom Ford, owned by Scott Rigell, has about 180. Freedom Ford has one lot, on North Military Highway in Norfolk, and Thompson Ford has one lot, on Mercury Boulevard. Freedom Ford's property was assessed at more than $1.6 million. Thompson Ford's property, including Thompson Ford Rent-A-Car, was assessed at more than $1.9 million. (Knight-Ridder/Tribune) Tenneco not in talks with General Dynamics
Tenneco Inc. is not in talks to sell Newport News Shipbuilding to General Dynamics Corp., Tenneco Chairman Dana G. Mead said Tuesday. ``There's been no discussions on a sale,'' Mead said following Tenneco's annual meeting. A spinoff of the yard is still in the stockholder's best interests, he said. General Dynamics Chairman James Mellor has said his company would be interested in buying Newport News Shipbuilding, if the price was right. General Dynamics is the parent of Electric Boat, the submarine-building competitor of Newport News. (Staff) ConAgra to eliminate jobs and close plants
ConAgra Inc. said it will eliminate about 6,500 jobs and close or reconfigure 29 plants in a restructuring designed to make the huge food company more efficient. Omaha, Neb.-based ConAgra said the restructuring will bring pretax charges of $505 million in the fiscal quarter ending May 26. That will reduce its fiscal fourth-quarter profit by about $360 million. ConAgra is a diverse company that produces food for consumers under brand names like Healthy Choice, La Choy, Armour and Swiss Miss. It also supplies feed and fertilizer to farmers and produces commodities like grain and beef. The jobs cuts will reduce its work force of more than 90,000 by about 7 percent. ConAgra said it would not identify the production plants to be closed until it can notify employees. Beyond those closures, ConAgra said it would exit or restructure nine smaller businesses. (AP) Corning spinning off lab, drug businesses
Corning Inc. opted Tuesday to steer out of the highly competitive health care arena by spinning off its lab-testing and drug-services units, which account for nearly 40 percent of its sales. Hurt by growth in managed care and changes in how the federal government reimburses payments, the struggling laboratory-services division has dragged down the company's profits in recent years. Rather than sell it to another company, Corning is turning the $1.6 billion business over to shareholders along with the fast-growing pharmaceutical-services unit, which has revenues of more than $400 million. The businesses employ 22,500 people worldwide, but no layoffs were anticipated. Names have not yet been chosen for the two new independent companies that will be created from the spinoff. (AP) by CNB