THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, September 7, 1996 TAG: 9609070426
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: 57 lines
Ford Motor Co. is recalling 87,485 police cars, taxis and limousines for a lubrication problem that could cause a loss of steering. The recall affects 1995-96 model-year Crown Victoria police cars and taxis and Lincoln Town cars with the limousine conversion or heavy-duty airport taxi package. It was the same model that drew scrutiny from the North Carolina Highway Patrol for a similar problem. About 78,000 of the cars are police cruisers. It is not the first steering problem that has plagued Crown Victoria police cruisers. In 1995, Ford recalled 62,800 1993-94 models to inspect or replace bolts that attach the steering system on the vehicle frame. (Associated Press)
McDonnell Douglas, strikers reach agreement
McDonnell Douglas Corp. and its Machinists union reached tentative agreement Friday afternoon on ending a 3-month-old strike by 6,700 workers at the aerospace company's St. Louis plant. The tentative agreement, announced by McDonnell Douglas vice president Vince DeBlaze, followed marathon meetings at House Minority Leader Dick Gephardt's office. Talks had broken off Aug. 16 in St. Louis. They resumed last week at the urging of federal mediators and Gephardt, a St. Louis Democrat. The Machinists went on strike June 5, largely over the issue of job security. (AP)
First Union to buy
Keystone Investments
First Union Corp., parent of First Union National Bank of Virginia, said it agreed to buy a Boston investment concern with 45 mutual funds and $11.6 billion of assets under management. First Union, which already manages 24 mutual funds with combined assets of $15 billion, said its acquisition of Keystone Investments Inc. will make it the third-largest fund organization advised by a bank. The transaction, due to close late this year or in early 1997, involves an exchange of shares worth $183 million. First Union said it also will assume $106 million of Keystone's long-term debt. (Staff)
Heilig-Meyers to
move corporate office
Heilig-Meyers Co. has broken ground on a $22 million office building in Goochland County. The furniture chain is building new corporate offices because it has run out of space at its 88,000-square-foot headquarters in Richmond. The new building will have 210,000 square feet and should be completed by next September. The chain has more than 750 stores, up from 374 five years ago. Troy A. Peery Jr., president and chief operating officer, said the company looked at several sites in the Richmond area before choosing the West Creek office park. (AP)
KEYWORDS: RECALL by CNB