ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, February 5, 1997 TAG: 9702050067
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Waste manager to cut 3,000 jobs
CHICAGO - WMX Technologies Inc. said Tuesday it would slash 3,000 jobs over the next three years and get rid of about $1.5 billion in operations outside its main trash-hauling business.
The company, which operates in Roanoke as Waste Management of Virginia-Blue Ridge, said most of the jobs to be eliminated are in accounting and administration. Spokeswoman Chris Combs said no decision has been made as to where and whose jobs will be cut.
The company said it would sell the remaining water services division of Wheelabrator to U.S. Filter Corp. for about $77 million. It also plans to sell Rust International's remaining domestic engineering and consulting units; non-integrated U.S. waste services; operations in France, Spain and Austria; and other assets and real estate.
WMX said it will retain Wheelabrator and its London-based Waste Management International unit.
WMX also wants to go back to its former name, Waste Management Inc., which it used until 1993. The proposal will be submitted to shareholders at its May 9 annual meeting.
Net income last year fell to $192.1 million, or 39 cents a share, from $603.9 million, or $1.24 a share. Revenue rose to $9.19 billion from $9.05 billion.
-Associated Press
Crestar to idle 400 from Citizens
RICHMOND - Crestar Financial Corp. will fire more than 400 Citizens Bancorp employees by mid-March, when it expects to complete its merger with the Maryland-based bank, a spokesman said.
About 410 Citizens employees have been told they will no longer have jobs, and another 200 could be fired later, said Crestar spokesman Barry Koling.
Crestar also will close 26 of Citizens' 103 branches, he said.
Richmond-based Crestar acquired Laurel, Md.-based Citizens on Dec. 31 for $775 million. Citizens, which had $4.3 billion in assets, employed 1,900 before the merger.
Crestar has $22.9 billion in assets and operates 503 banking sites in Maryland, Virginia and the District of Columbia.
-Associated Press
LENGTH: Short : 50 lines KEYWORDS: JOBCHEKby CNB