Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 22, 1993 TAG: 9310220369
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Galileo Electro-Optics Corp. of Sturbridge, Mass., is closing its manufacturing plant at Forest in Bedford County and relocating all operations to its Sturbridge operation.
The shutdown and move are to be completed by April 1. The company said Wednesday it expects to save $3 million annually by the move.
Susan O'Neill, a company spokeswoman, said 101 employees will be affected by the closing, including 18 who have been on temporary layoff since July.
The company moved two of its product lines to Forest in 1988 when the night-vision segment of its business was at its peak.
At the height of military night-vision purchases in 1987, the company's sales reached $22 million. This year they have fallen to $3 million. - Staff report
\ Richfield to open new retirement home
Richfield Retirement Community of Salem said Thursday it will open its new assisted-living facility, The Oaks at Richfield, on Nov. 9.
The Oaks is dedicated in honor of John B. Cocke Jr. of Roanoke, who served as the center's chairman and director for 28 years.
The $4 million building features private and shared accommodations, each 400 to 440 square feet. It has 24-hour nursing service, a safety system and a dining room.
- Staff report
Briefly . . .
Peebles Department Stores, a South Hill-based retailer, said Thursday it will open a store in Covington on Nov. 18. The company previously has announced plans to open in Rocky Mount and Christianburg.
\ Central Fidelity Banks Inc. on Thursday said William F. Shumadine Jr. has resigned as president of its principal subsidiary, Central Fidelity Bank.
\ Norfolk Southern Corp. on Thursday declared the regular quarterly dividend of 48 cents per share on its common stock, payable on Dec. 10 to stockholders on Nov. 5.
by CNB