TWA agrees on pension setupTrans World Airlines Inc. said...

BUSINESS DIGEST

October 30, 1992

TWA agrees on pension setup

Trans World Airlines Inc. said yesterday that it had reached an agreement with unions, creditors and a federal agency on pension liabilities that could pave the way for the troubled carrier to emerge from bankruptcy. The agreement was a condition of $75 million in fresh financing approved earlier in the day by a bankruptcy judge in Wilmington, Del. TWA is operating under Chapter 11 bankruptcy protection.

Bristol-Myers cutting 2,000 jobs

Bristol-Myers Squibb Co. announced plans yesterday to eliminate about 2,000 jobs in its pharmaceutical and nutritional group. Bristol-Myers alerted employees about the layoffs in an internal memo yesterday. The job cuts will take place between now and the end of 1993.

Coors wins beer-label battle

Adolph Coors Co. has won a court ruling that says brewers may display the alcohol content of their beers on product labels. U.S. District Court Judge Zita Weinshienk ruled Wednesday that Coors' commercial free-speech rights had been violated by a federal law that prohibits the promotion of alcohol content on labels and in advertising.

Pittsburgh paper buying rival

The Pittsburgh Post-Gazette has agreed to buy its afternoon rival, the Pittsburgh Press, in a deal that could mean only one newspaper survives a bitter 5-month-old strike, officials said yesterday. Terms of the deal were undisclosed, but sources at the Press estimated the strike-crippled property had sold for $95 million.

Electric-car contracts awarded

A government-industry partnership awarded more than $53 million in contracts yesterday to three commercial battery companies and three national laboratories for the development by the end of the decade of a battery that would allow an electric car that is as affordable as and performs as well as a gasoline-powered vehicle.

Amway to build plant in China

Amway Corp. plans to spend $29 million on a manufacturing plant in China and a distributor network there for its detergents, cleansers and personal-care products. Since Chinese regulations won't allow Amway to import its products into the country, the company has agreed to build a plant in Guangdong province near Hong Kong, which has a population of about 60 million.

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