Sales of U.S.-made vehicles upSales of domestically built...

BUSINESS DIGEST

March 25, 1993

Sales of U.S.-made vehicles up

Sales of domestically built vehicles rose 10.7 percent in mid-March, despite East Coast storms that dumped several feet of snow and temporarily closed many showrooms.

Sales of light trucks -- pickups, minivans and sport utility vehicles -- continued to outpace cars, based on sales reports released yesterday for the March 11-20 period. Truck sales were up 24.6 percent, compared with a 1.6 percent improvement for cars.

B&D to lengthen debt maturity

Power tool and appliance maker Black & Decker announced yesterday that it was offering $500 million in 10-year corporate notes in a move to lengthen the maturity of its debt. "Most of our debt is five-year bank debt. This enables us to take some of that debt out to 10 years at a comparable rate," a spokeswoman said.

Yields on 2-year Treasuries fall

Yields on two-year Treasury notes fell in yesterday's auction to the lowest level on record. The high yield was 3.92 percent, down from 3.94 percent at the last auction, on Feb. 23. It was the lowest rate since regular auctions of two-year notes began in September 1974.

Pratt & Whitney wins contract

Pratt & Whitney won a contract worth $600 million to build fighter engines for the Saudi air force. It was a rare bit of favorable news yesterday for the Connecticut-based jet-engine

maker, which has been hard hit by declining defense spending and slumping commercial aviation sales. But it won't change Pratt's plan to cut 7,600 jobs by October and an additional 3,000 by the end of 1994.

Merrill Lynch shake-up

Merrill Lynch & Co. Inc. announced a realignment of senior management yesterday, which it said was intended to focus attention on clients but sparked speculation about who will be the next president of the biggest U.S. broker.

Wall Street sources said three of five people named to an Office of the Chief Executive are likely contenders for the presidency when Daniel Tully decides to give up that title.

Landfill meets Md. requirements

F&E Resource Systems Technology Inc. reported that its landfill project in St. Mary's County has met the requirements imposed by the state of Maryland Department of the Environment for receipt of its operating permit. All other necessary permits and zoning were previously received.

@

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.