Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, December 4, 1993 TAG: 9312040149
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Hercules Inc. of Wilmington, Del., said it will sell its packaging-films plant in Covington and a sister plant in Terre Haute, Ind.
The planned sale is part of an announced divestiture of the company's packaging-films and liquid-molding-resins businesses, which is part of extensive organizational and management changes underway within Hercules.
The Covington plant has 350 employees.
Hercules will continue operating the plant until a buyer is found, said Dusty Rhodes, a company spokesman. It's "business as usual," he said.
The Covington plant makes about 30 million pounds of packaging film a year. The plastic film is used primarily in packaging snack foods and tobacco products.
"Packaging films was a profitable venture for Hercules, but officials thought it did not fit the company's future plans," said another spokesman, Donald Kirtley. "Liquid-molding resins, commonly used in golf cart and snow-mobile chassis, was not profitable."
Hercules also transferred three other businesses within Hercules Materials Co. to other Hercules divisions and will dissolve the materials company.
Kirtley said Hercules, which also operates the Radford Army Ammunition Plant, will continue to analyze other businesses for divestiture.
- Staff and Associated Press
Briefly . . .
The United Co., a Bristol-based coal company with commercial real estate holdings in Roanoke, said it has distributed $2.2 million in Christmas bonuses to its employees, the 24th year it has paid the benefit. Since the company's founding in 1970, United has paid employees $61 million in holiday bonuses.
The former Radisson hotel at 601 Main St., Lynchburg, has become the Holiday Inn Crowwne Plaza Lynchburg with the signing of a franchise with the Holiday Inn Worldwide division of Bass Plc. The 238-room hotel has renovated its fitness center and expects to add a concierge level.
A Wise County company has petitioned the U.S. Bankruptcy Court for the Western District of Virginia in Roanoke, seeking protection from creditors during liquidation. Russell Wade Branham and Brenda Kay Branham, doing business as Branham Masonry in Pound, reported assets of $13,338 and liabilities of $8,932.
Federal-Mogul Corp., Southfield, Mich.-based operator of an engine bearings plant in Blacksburg, on Friday filed a registration with the Securities and Exchange Commission for the possible future sale of up to $300 million of securities. Federal-Mogul said it intends to use the net proceeds of any future securities sales for general corporate purposes, including refinancing of bank debt.
by CNB