Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 1, 1993 TAG: 9310010324
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
BETHESDA, Md. - Martin Marietta Corp., citing cuts in the federal defense budget, said Thursday it has eliminated more than 7,500 jobs this year and will end another 3,500 over the next 15 months.
The defense contractor's announcement came as several other companies announced major layoffs, including Chemical Waste Management Inc., a hazardous-waste disposal company, which said it would cut a fourth of its work force, or 1,200 people.
Martin Marietta said its layoffs of about 11,000 workers were "across the board" - though mostly in its defense programs - at facilities in eight states: Colorado, Florida, Maryland, Massachusetts, New Jersey, New York, Pennsylvania and Tennessee.
The defense industry giant acquired General Electric Co.'s aerospace division last April. About 2,000 of the layoffs are aimed at eliminating duplication created by the merger, company officials said.
The company's work force now is about 46,000 fewer than both Martin Marietta and GE Aerospace had in 1987. - Associated Press
Henrico getting plastic-bag plant
Work has begun on a $10 million, 70,000-square-foot plant in eastern Henrico County for a plastic grocery bag plant of St. Louis-based Vanguard Plastics Inc. The plant, to employ 100, will produce up to 2 billion bags a year.
A 50,000-square-foot building is being expanded and production should begin in late November, said Carl Reis, a Vanguard managing partner.
Privately held Vanguard, formed in 1987, has annual sales of about $100 million, Reis said. Its customers in Virginia include Kroger, Winn-Dixie and Food Lion supermarket chains. The firm also recycles used plastic bags.
- Associated Press
Investors group files own plan for Best
RICHMOND - A group of investment companies has filed a motion in federal bankruptcy court to offer its own reorganization plan for Best Products Co. Inc.
Best, a Richmond-based catalog showroom retailer, filed its reorganization plan in September in U.S. Bankruptcy Court in New York. The plan details how Best will repay its creditors when it emerges from court protection next year.
The consortium - New York-based Dickstein Partners, Oppenheimer & Co. and Farallon Capital Management Co. - bought nearly $100 million worth of debts Best owed its vendors and suppliers. The investors claim their plan should be considered because Best's plan discriminates against them.
The plan calls for consortium claimants to recover up to 40 cents in cash and stock on every $1 they are owed; trade vendors could get up to 47.5 cents on the dollar.
- Associated Press
by CNB