THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, June 21, 1996 TAG: 9606210635
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 125 lines
The S.S. United States, the world's fastest passenger liner, is being towed back to the United States from Turkey by its owner. Marmara Marine Inc., the owner, announced the move Thursday. The 990-foot long passenger ship left Turkey on June 15. Built by Newport News Shipbuilding, the United States was a fixture on the Hampton Roads waterfront until 1992 after she was retired from service after 17 years in 1969. New York-based Marmara is bringing the ship back to a domestic shipyard for a conversion. The company wouldn't release any specifics on the conversion or what shipyard will do it. The ship should arrive on the East Coast by the end of July. (Staff) Tenneco sells energy unit to El Paso Energy Corp.
As part of an ongoing restructuring of its business, Tenneco Inc. sold off its energy division to El Paso Energy Corp. in a $4 billion deal that will effectively put it out of the energy business. The deal was announced late Wednesday by Greenwich, Conn.-based Tenneco. Tenneco, which is spinning off Newport News Shipbuilding as well, is shedding divisions to focus on its auto parts and packaging business. The deal marks the third time in the past 15 months that Tenneco has sold off a major division. Under the deal, Tenneco shareholders will receive new shares of El Paso Energy valued at $750 million. El Paso Energy will assume existing Tenneco debt, preferred stock and other liabilities. (Associated Press) Circuit City may offer stock to finance CarMax
Circuit City Stores Inc. could conduct another stock offering during the next 12 months. The Richmond-based retailer would do so to help finance the dramatic rollout of its CarMax: The Auto Superstore used-car division, as well as to fuel the growth of its core consumer electronics business. At yesterday's annual meeting at the Jefferson Hotel, shareholders approved a measure that would allow the number of shares outstanding be increased to 250 million from 150 million. The company said the additional shares would give the chain flexibility in its corporate planning and in responding to developments. (Knight-Ridder/Tribune Business News) Richmond area among cheapest to do business
The Richmond area is drawing businesses with its low sticker price, according to an economic study. Regional Financial Associates Inc. of West Chester, Pa., ranked the Richmond area as the second-cheapest metro area in the nation in which to do business. The study affirms the decisions of high-tech manufacturers Motorola and Siemens AG, which announced plans to open plants here, economists said. The score is a measurement for the years 1990-93, which preceded the plant announcements. (Knight-Ridder/Tribune Business News) nView Corp. appoints new board member
nView Corp. said Joseph Morone, Dean of the Rensselaer Polytechnic Institute Lally School of Management and Technology, has been appointed to its board or directors. Morone received his doctorate in political science from Yale University. He has been an associate with the Keyworth Company, a consulting firm specializing in technology management and science policy. And has worked with the General Electric Company in research and development. He also served on the staff of the White House Office of Science and Technology Policy. (Bloomberg Business News) Former chairman of German shipyard arrested
The former chairman of the bankrupt shipbuilder Bremer Vulkan AG was taken into custody after police raided his home and company offices as part of a fraud investigation against former executives. Friedrich Hennemann was detained Wednesday night, said prosecutor Hans Janknecht. A court was expected to decide whether to issue a formal arrest warrant Thursday, he said. Hennemann, former board chairman of what was Germany's largest shipbuilder, and other ex-managers are being investigated for the 1993 diversion of millions of German marks in European Union subsidies to the company's western shipyards instead of to its shipyards in former East Germany. (AP) German company files suit against J&J subsidiary
Johnson & Johnson's diabetes products subsidiary encouraged workers to illegally spy on rivals and gave ``Inspector Clouseau'' and ``Columbo'' awards for those who got the most information, a competitor charged. Boehringer Mannheim Corp., a German-owned drug and medical device company, made the allegations in a federal court lawsuit against J&J and its LifeScan Inc. subsidiary. Boehringer has U.S. offices in Indianapolis. The lawsuit alleged LifeScan employees spied on Boehringer Mannheim for at least 17 months from 1992 to 1994, stole one of its products and some confidential documents. J&J responded by saying that both companies engaged in improper activities, but that LifeScan got no competitive advantages from information it got. (AP) Continental to begin Newark to London service
Continental Airlines Inc. said it will begin non-stop daytime service between Newark International Airport and London/Gatwick today. Flight 18 will depart from Newark, N.J., at 9:30 a.m. and arrive in London at 9:25 p.m., the airline said. Continental said it also flies non-stop to London daily from Houston. Continental said the flight is its only transatlantic morning flight. (Bloomberg Business News) Two key TWA executives leaving the airline
Trans World Airline's chief financial officer and another top executive have resigned over differences with the airline president and board of directors. Chief financial officer Robert Peiser, the No. 2 man at the St. Louis-based airline, and marketing vice president Mark Coleman helped guide TWA through financial restructuring in 1995. A company statement said only that their approach to implementing the next phase of the rebuilding process differed from top officials. A bankruptcy judge last year approved a plan that wiped away more than $500 million in debt for TWA. To do that, employees gave up part of their stake in the airline to creditors. (AP) Feld Productions puts more Disney on ice
Kenneth Feld, owner and CEO of Irvin Feld & Kenneth Feld Productions Inc., plans to expand his company with two entirely new productions of Walt Disney's World On Ice. Live figure skating presentations of ``The Spirit Of Pocahontas'' and ``Toy Story'' are each budgeted at $8 million and will go into rehearsals in July and August, respectively, for their August 30 and October 3 world premieres. With the debuts, the Feld organization will be touring an unprecedented nine separate figure skating shows, playing in more than two dozen countries to audiences in excess of 25 million annually. Headquartered in Vienna, Irvin Feld & Kenneth Feld Productions, Inc., employs approximately 2,500 people worldwide. (Staff) by CNB