THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Friday, January 17, 1997 TAG: 9701180814
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 45 lines
Shipyard board names Fricks chairman
In its first official public acts, Newport News Shipbuilding's board of directors Thursday named William P. Fricks chairman and declared a dividend. It was the first board meeting for the newly independent shipyard, which was spun off from Tenneco Inc. in December. Fricks, 52, has been the shipyard's president since 1994 and chief executive since 1995. He'll retain both titles. The shipyard's board also declared a 4 cents per share dividend, which it will likely pay every quarter. The first dividend will be payable ``on or about'' Feb. 15 to holders of stock as of Jan. 27. (Staff)
Anicom sells its local divisions to managers
Anicom Inc., a distributor of multimedia cable, said it has sold its two Virginia Beach divisions. The KITCO and Norfolk Systems units were sold to their respective managements, Carl Putnam, president of Rosemont, Ill.-based Anicom, said Thursday. Anicom officials decided to sell the division because it wanted to steer away from the manufacturing business and focus on distribution. Terms of the sale were not disclosed. (Staff)
McCrory will close 300 stores nationwide
McCrory Corp. plans to close about 300 stores nationwide as soon as possible, leaving 3,500 people out of work. The closings will leave McCrory with about 160 variety stores left nationwide, operating under several names, including McCrory, McLellan, H.L. Green, T.G. & Y., J.J. Newberry and G.C. Murphy. McCrory has operated under Chapter 11 of the federal bankruptcy code since February 1992. Most of the remaining stores will be concentrated in the eastern United States, though some ``highly profitable'' stores will remain. (Associated Press)
Airbus can't guarantee USAir deliveries
Airbus Industrie has told USAir it won't be able to guarantee deliveries of 51 jets, a decision that may raise the stakes in negotiations between airline management and pilots. Airbus spokesman Dave Venz said the European airplane manufacturer ``informed the company that we cannot reserve delivery positions for those Airbus spots because of demands other airlines are placing on us for positions.'' USAir has a memorandum of understanding with Airbus to buy up to 400 planes by 2001, but the purchase is contingent on the airline's ability to reduce costs to a competitive level. (AP)