Wang proposes reorganizationWang Laboratories Inc...

BUSINESS DIGEST

March 17, 1993

Wang proposes reorganization

Wang Laboratories Inc. proposed a reorganization plan that would allow the company to emerge from bankruptcy protection under the ownership of its creditors.

Under the plan proposed yesterday, Wang would focus on software and service businesses.

Britain plans tax increases

Ditching some election promises, Britain's Conservative government said it will tax home heating for the first time and raised gasoline, beer and cigarette taxes to curb a soaring budget deficit.

Chancellor of the Exchequer Norman Lamont said he put off other needed tax increases until April 1994 to avoid killing what seems to be the modest start of a recovery

Progressive's chairman cuts stake

Progressive Corp.'s chairman, Alfred Lerner, has reduced his stake in the company to 4.7 percent from 5.7 percent following his announcement last month that he won't seek re-election to the board when his term expires in April.

Mr. Lerner, who also is chairman of MNC Financial Inc. in Baltimore, sold 650,000 shares Thursday at an undisclosed price, according to a filing yesterday with the Securities and Exchange Commission. He now holds about 3.18 million shares in the Mayfield Heights, Ohio, automobile insurance company.

GTS Duratek gets nuclear contract

GTS Duratek Inc. in Columbia has received a three-year contract, with an optional fourth year, to provide quality assurance specialists and quality control inspectors to the Indian Point Unit 3 nuclear power plant near Peekskill, N.Y. The contract is estimated to be worth about $1 million.

Ryland unit to build in Mexico

Ryland Trading Ltd., a unit of the Ryland Group in Columbia, said yesterday that it has entered a partnership with Orendain Equipo Constructor, S.C., to build homes in the Guadalajara region of Mexico. The new venture's headquarters will be in Guadalajara.

Next Computer chief resigns

Next Computer Inc. president and chief operating officer Peter van Cuylenburg has resigned and will leave the company at the end of April, Next said yesterday. Mr. Van Cuylenburg will continue to work for Next as a consultant.

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