Kodak to lay off 2,000Eastman Kodak Co. will lay off about...

BUSINESS DIGEST

January 20, 1993

Kodak to lay off 2,000

Eastman Kodak Co. will lay off about 2,000 workers, Chief Executive Kay R. Whitmore announced. Kodak will also reduce spending on research and development, cut administrative expenses and consolidate equipment manufacturing operations at several sites to save the company more than $200 million in 1993, Mr. Whitmore said yesterday.

Boeing engineers strike 1 day

Boeing engineers, intent on getting the airplane maker back to the negotiating table, staged a one-day strike to draw attention to their plight.

The walkout yesterday by the Seattle Professional Engineering Employees Association, which represents about 28,000 Boeing Co. engineers, scientists and technical workers, was the first against the company. The engineers contract expired Dec. 2.

Chrysler turns another profit

Chrysler Corp. yesterday projected fourth-quarter 1992 earnings of more than $300 million, placing the automaker in the black for the third consecutive quarter and for the year.

Sparrows Point line restarts

The No. 1 halogen tinplating line at Bethlehem Steel's Sparrows Point mill was restarted yesterday, 40 days after being damaged by a three-alarm fire Dec. 10.

Trans-Tech to expand

Trans-Tech in Adamstown has plans to expand and hire about 140 new employees during the next five years, officials with the electronic ceramic manufacturer said.

Major banks report profits

Wells Fargo stock soared $13, to $99 a share, yesterday after the bank reported fourth-quarter earnings of $58 million against a loss of $231 million for the fourth quarter in 1991.

Citicorp earned $280 million for the October-December period, up from a loss of $133 million during the same period in 1991. Chemical turned in a $304 million profit, up from a $420 million fourth-quarter 1991 loss, while Chase Manhattan's earnings rose 25 percent and Banc One's grew by 28 percent.

PaineWebber profit down

PaineWebber Group Inc. posted an 11.8 percent fourth-quarter profit decline yesterday, marring an otherwise robust year of record earnings and revenue.

Discount broker Charles Schwab Corp. said its quarterly profit leaped 57 percent despite a 2 percent gain in revenue. For the year, Schwab reported double-digit gains in revenue and earnings.

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