Westinghouse to sell two unitsWestinghouse Electric...


April 29, 1993

Westinghouse to sell two units

Westinghouse Electric Corp.'s top managers heartened investors yesterday at its shareholders meeting, saying that they expected to sell two of the company's business units within the next few months.

Gary Clark, Westinghouse's president and acting chief executive officer, said he expected agreements to sell Westinghouse Electric Supply Co., known as Wesco, and the firm's Distribution & Control unit by midsummer. The meeting for the Pittsburgh-based company was fairly quiet, despite its $1.29 billion 1992 loss and a 50 percent decline in its share price since 1991.

Continental out of bankruptcy

Continental Airlines Inc. emerged from bankruptcy protection yesterday, completing a reorganization plan that gives a majority interest to Air Canada and Air Partners LP. Under the deal, Air Canada and Air Partners, a group of Texas investors, have put up $450 million to acquire approximately 60 percent of the common stock of the reorganized airline.

Nutri-System to shut 283 centers

Nutri-System Inc. said late yesterday that it was shutting down 283 company-owned weight-loss centers after a bank seized its cash and bank accounts during restructuring talks.

Nutri-System, based in Blue Bell, Pa., said 857 franchised centers and its Canadian operations will stay open. Roughly 1,800 employees at the company-owned centers were told not to report to work today.

Software for the road unveiled

Motorola Inc. yesterday unveiled software that will act as a universal highway for a hodgepodge of mobile and wire telephone systems, letting a computer user dial by cellular phone and send data anywhere. The software, known as Mobile Networks Integration Technology, is billed as the company's answer to dozens of incompatible mobile and wire phone systems that hinder data communication on the road.

Home Federal earnings rise

Home Federal Corp., the Hagerstown-based parent of Home Federal Savings Bank, earned $138,000, or 10 cents a share, in the first quarter of 1993, contrasted with a loss of $624,000, or 46 cents a share, a year earlier. The most recent earnings included $245,000 from a one-time accounting change.

Super Strike Eagle sold out

MicroProse Inc. said it had sold out its first printing of its new Nintendo Super Strike Eagle video flight simulator and was reordering cassettes to keep up with demand.


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