Unisys to cut retirees' insuranceComputer maker Unisys...

BUSINESS DIGEST

November 05, 1992

Unisys to cut retirees' insurance

Computer maker Unisys Corp. will phase out health insurance for retirees by 1996, a move that will save $100 million a year and cost those affected up to $3,120 in annual premiums.

The move is the latest attempt among major corporations to cut the impact of a new accounting rule that requires them to account for future retiree health expenses now, rather than as they are paid.

Fed OKs rule on foreign banks

The Federal Reserve Board approved yesterday a final rule requiring foreign banks to have strong domestic regulation before they can get permission to operate in the United States.

The rule puts into place a law Congress passed last December following the global bank fraud scandal of the Bank of Credit and Commerce International. The rule has been in place on an interim basis since April. About 300 foreign banks with $650 billion in assets operate in the United States.

Volvo plans to close 2 plants

The Swedish automaker Volvo said yesterday that it will close two manufacturing plants in Sweden and lay off 4,500 workers in its truck, car, industrial engine and administrative divisions. Volvo employs about 61,000 people worldwide.

The car plant shutdowns will eliminate 1,600 jobs. Another 2,000 administrative and assembly line workers are being laid off by Volvo Truck Corp.

Grace erecting new building

W.R. Grace & Co. said yesterday that it is building a $4.2 million Process Development Building at its Washington Research Center in Columbia, which consists of 29 buildings with a work force of 520. The 34,000-square-foot building is expected to be completed in the spring.

GSA leases new space for IRS

Constellation Real Estate Inc. said yesterday that its once-troubled Constellation Centre office project in Oxon Hill has leapt to 98 percent occupancy after the federal General Services Administration agreed to lease 83,253 square feet of the 10-story building.

Columbia-based Constellation, a unit of Baltimore Gas & Electric Co., said the GSA leased the space on behalf of the Internal Revenue Service, which will move more than 350 employees to the Prince George's County building from downtown $ 1/8 Washington by next spring.

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