THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Monday, September 5, 1994 TAG: 9409030379
SECTION: BUSINESS WEEKLY PAGE: 15 EDITION: FINAL
SOURCE: BUSINESS WEEKLY STAFF
LENGTH: Short : 43 lines
``The odds are long, I think.''
That was Rep. Herbert Bateman, assessing the chances for passage of the maritime subsidy bill.
Bateman, the 1st District Republican who represents much of the Peninsula, commented last week after the measure was mired in the Senate. The lack of action appears not to favor Hampton Roads.
The House version contained $1 billion in federal support for more than 50 U.S.-flag merchant ships as well as $300 million for shipyards in the nation attempting work on ships other than the Navy's.
Federal maritime subsidies became controversial after Washington pressed for trade measures in other nations that dismantle maritime, agriculture and other subsidies.
Planters Peanut Co. is here to stay.
At least that was the sentiment among Suffolk officials last week. The manufacturer, based in Suffolk, dedicated a $35 million plant covering 220,000 square feet on the west side of Hampton Roads.
The new plant secures 400 jobs and shows the commitment of Planters owner RJR Nabisco to the Suffolk area, officials said.
There was no great sigh of relief heard from Joseph W. Luter III.
Certainly the head of Smithfield Foods Inc. had some reason to be content at the company's annual meeting last week.
The west Hampton Roads meatpacker and processor reported net income of $20 million in its latest budget year. Profits were a scant $4 million a year ago.
Luter worried, however, that the future will hold only slight sales growth for the food industry. In response, Smithfield Foods is looking for niche sales. by CNB