U.S. won't oppose Martin-GE deal
The Justice Department announced yesterday that it will not oppose on antitrust grounds Martin Marietta Corp.'s planned $3.05 billion purchase of General Electric's aerospace business. The acquisition will create the world's largest aerospace electronics company, with more than $10 billion in annual sales. Under terms approved last week by shareholders of Bethesda-based Martin Marietta, Fairfield, Conn.-based GE will receive cash and $1 billion in convertible preferred stock in Martin Marietta.
American to lay off over 900
Layoffs are in store for about 500 pilots, 400 maintenance workers and other employees at American Airlines as the carrier concentrates on its top-performing markets, a spokesman said yesterday. On Monday, Delta Air Lines also said it would furlough about 600 pilots beginning in June and would ground 28 airplanes by January.
Intel plans $1 billion expansion
Intel Corp. said yesterday it is planning a $1 billion expansion to its computer chip fabrication plant in Rio Rancho, N.M. Construction is expected to begin immediately on the addition, which is expected to create up to 1,000 new jobs.
BG&E asks PSC to approve rate cut
The Baltimore Gas and Electric Co. has asked the Public Service Commission to reduce its electric fuel rate by 6.4 percent, which would cut 58 cents off the monthly bill of an average residential customer starting in May.
PharmaKinetics to leave bankruptcy
PharmaKinetics Laboratories Inc., a Baltimore-based generic drug testing company will emerge from Chapter 11 bankruptcy on May 1, the company said yesterday. The final plan for bankruptcy, which was approved yesterday by the Federal Bankruptcy Court in Baltimore, requires the company to pay Maryland National Bank $5.95 million in cash by May 1 and $2.4 million over the next five years. In addition, PharmaKinetics will give unsecured creditors $836,695 in cash and 1.5 million new shares of common stock, worth $1 a share, and 15 percent of the company.
mamma heads for Meadowlands
mamma ilardo's, the Owings Mills-based pizzeria chain, said yesterday that it has been offered the pizza concessions at all three sports facilities at the Meadowlands in New Jersey. Joseph Simone, the company's president, said mamma ilardo's expects open 12 pizza stands at the Meadowlands Arena, Giants Stadium and Meadowlands Racetrack.