Jorgensen sets closing, layoffsEarle M. Jorgensen Co., one...

BUSINESS DIGEST

December 22, 1992

Jorgensen sets closing, layoffs

Earle M. Jorgensen Co., one of the country's largest steel distribution companies, will close its steel service center on New Ridge Road in Hanover Dec. 31 and terminate 30 of its 40 !B workers, according to plant Manager Vince Coyne.

The other 10 workers, consisting primarily of the sales force, will be transferred to another company operation in Langhorne, Pa., he said.

The closing is part of the California-based company's strategy to consolidate, following the 1990 merger with the Kilsby-Roberts Holding Co., the company said.

EDS to run Bethlehem computers

Bethlehem Steel Corp., which operates the Sparrows Point mill in Baltimore County, announced yesterday that it has an agreement with Electronic Data Systems Corp. to run and maintain the steel company's computer system during the next 10 years. Terms of the agreement were not disclosed.

The 450 Bethlehem employees who operate the company's computer system will be offered jobs with EDS at the same wages and benefits they now receive, according to Bethlehem spokesman Henry Von Sprecklesen. That includes 50 workers at Sparrows Point, he said.

EDS, which provides computer services to other companies, is a subsidiary of General Motors Corp., but its stock trades separately.

UPS to order Boeing B767s

United Parcel Service is negotiating to buy as many as 50 of Boeing Co.'s new B767 all-cargo planes in a deal that could be worth as much as $4.4 billion, company and independent sources confirmed yesterday.

Under the agreement, which could be announced as early as this week, Atlanta-based UPS will place an order for 20 planes and options for 30 more. One industry source said UPS ultimately may order as many as 100 planes, which cost $88 million apiece. Deliveries would begin in 1995.

$500 million offering by C&P

The Chesapeake and Potomac Telephone Company of Maryland has registered with the Securities and Exchange Commission for a shelf offering of up to $500 million of debt

securities. The company plans to use the proceeds to repay debt, for construction and for improvement of its facilities, according to the filing.

McCormick raises dividend

McCormick & Co. Inc., the international spice and flavors company based in Sparks, yesterday announced a 10 percent increase in its quarterly dividend, pushing it up to 11 cents per share from 10 cents. The dividend is payable Jan. 15 to shareholders of record on Dec. 31.

The dividend has been raised 10 times since April 1988, increasing it by more than 250 percent, according to Bailey A. Thomas, McCormick's president and chief executive.

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