THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, August 15, 1996 TAG: 9608150326
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 86 lines
A new report from the Congressional Budget Office says killing the new attack submarine and building additional Seawolf-class subs would save the Navy $8.3 billion by 2002. In the unlikely event that the proposal is accepted, it would take submarine building away from Newport News Shipbuilding. The Seawolf class is being built exclusively at competing Electric Boat in Groton, Conn. Congress carefully crafted a deal in which two of the new attack subs will be ordered from each yard between 1998 and 2001. The Navy designed the new, smaller sub for shallow-water missions, the new focus of submarine operations. (Staff) Money woes shut down N. Carolina textile plant
Financial woes forced the shutdown of the Decotech textile plant in Marion, N.C., leaving 560 employees without jobs. Gates outside the plant were padlocked Wednesday and power to the plant was shut off. Workers were told to shut off their machines and leave Tuesday afternoon. Company officials are negotiating with The Bank of New York to pay bills and restart after what they hope will be a temporary shutdown of one of McDowell County's five largest employers. Decotech was established as Marion Manufacturing in 1909, and was sold a year ago to a group of 25 investors, most of them plant employees. (AP) Charlotte IBM plant gets postal contract
IBM's Charlotte microelectronics plant will supply electronic cash registers to post offices nationwide under a $99 million contract. The contract calls for IBM to deliver 9,100 of the machines, known as ``point-of-service terminals,'' to the U.S. Postal Service beginning in May. IBM spokesman Bob Page said the company did not expect to hire additional employees for the job. NCR Corp. won the second $119 million contract to supply another 9,100 terminals beginning in March. (AP) Quibell back on shelves in Virginia, other states
Quibell bottled water, absent for four months from markets in Virginia and other mid-Atlantic states where it developed a loyal following, is back on supermarket shelves. The mineral water disappeared in April when an unpaid supplier ceased shipping its distinctive bottles to Quibell Corp. of Roanoke. Production resumed July 22 after Matrix Capital Markets Group Inc., a Richmond investment banking firm, bought the company from the Quibell family. The company had filed for bankruptcy protection in June. (AP) NationsBank completes purchase of Chase, TAC
NationsBank Corp., based in Charlotte, completed its $280 million purchase of Chase Federal Bank and its parent company, TAC Bancshares Inc., the companies said Wednesday. Under the merger, which took effect Tuesday, Chase Federal Bank stockholders will receive about $5.24 for each of their shares. Miami-based Chase Federal has about $2.8 billion in assets. In morning trading, NationsBank shares slipped 37.5 cents to $90.37 1/2 on the New York Stock Exchange. (Dow Jones News Service) UAL to buy $2.5 billion worht of Boeing planes
UAL Corp. said it will buy $2.5 billion worth of wide-body planes from the Boeing Co. for its aging United Airlines fleet. The company also is negotiating with Boeing, Airbus and engine manufacturers for narrow-body Boeing 737s or Airbus A319s, a deal worth $600 million. UAL Corp. said it had reached an agreement with Boeing for 747s, 757s and 777s. UAL refused to provide additional details. United plans to buy 97 aircraft in the next five years to replace 93 older planes. The airline is particularly interested in wide-body planes like the state-of-the-art 777 to expand its growing business on the Pacific Rim. (AP) Newspaper ad account goes to Beach agency
Hambright, Calcagno & Downing, a Virginia Beach-based advertising and public-relations agency, has been chosen by The Virginian-Pilot to develop a ``branding campaign'' for the newspaper. Hambright said it beat out one other agency finalist, Bozell Worldwide of New York, to win the account. The agency said it will develop and produce TV, radio and outdoor advertisements for the campaign, which will be launched in September. Terms of the account weren't disclosed. (Staff) ValuJet seeks talks with lenders to avoid default
ValuJet Inc. said Wednesday it will be in violation of certain covenants related to some of its aircraft-secured debt by Sept. 30 unless it can negotiate agreements with its lenders. In a filing with the Securities and Exchange Commission, ValuJet, which suspended operations June 18 after the May 11 crash of its Flight 592, said it expects to enter negotiations with its lenders in an effort to avoid any declarations of default. As of June 30, the company's long-term debt related to asset financing was $162.4 million, on which the company's aircraft and certain other equipment are pledged as security. (Dow Jones) by CNB