GE division to cut 1,600 jobsGeneral Electric Co.'s jet...

BUSINESS DIGEST

June 12, 1993

GE division to cut 1,600 jobs

General Electric Co.'s jet engine division said it will eliminate 1,600 jobs in 1994 because of reduced defense work and slumping orders from commercial airlines. GE Aircraft Engines said it will eliminate 1,400 of those jobs at its plant in Evendale, Ohio, a suburb of Cincinnati; and close its specialty component manufacturing center in Seattle in early 1994, eliminating 200 jobs.

Schaefer bids for Mercedes plant

Gov. William Donald Schaefer is scheduled to meet with officials of Mercedes-Benz in Germany Monday to try to persuade the luxury-car maker to build its planned $300 million U.S. auto assembly plant in Maryland.

Joel G. Lee, deputy secretary of the Department of Economic and Employment Development, said Mercedes is considering sites in Maryland for its plant, which is expected to employ 1,500 workers and produce 60,000 vehicles a year.

ShowBiz Pizza shares plunge

ShowBiz Pizza Time Inc. shares plunged 35 percent yesterday after the company said it had lowered earnings expectations for the second quarter. ShowBiz Pizza fell $10.25, to $18.75, following a morning halt. The company attributed the lowered earnings expectation to sales drops at its Chuck E. Cheese's restaurants that have been open for more than a year.

Intelsat, Martin Marietta in accord

Intelsat and Martin Marietta have reached a tentative settlement of lawsuits connected with a communications satellite that had to be rescued by space shuttle astronauts after it was stranded in low orbit.

Firm rebuys Water Street building

An Iowa insurance company has bought back the office building at 117 Water St. in Baltimore after the partnership that refurbished the 43,000-square-foot building in 1985 defaulted on its mortgage. Principal Mutual Life Insurance Co., which held the mortgage on the building, paid $2 million to buy it. The building, redeveloped by Grant Street L.P., is about 81 percent occupied.

Maryland bars insurance firm

Maryland insurance regulators said yesterday they will bar American Integrity Insurance Co. from selling life, accident or health insurance policies in the state because of financial problems at the Philadelphia-based insurer.

The company has sold about $1.67 million in insurance premiums in Maryland, mostly for long-term care. A company spokesman said policies would remain in force and claims would be paid. In the event the company's surplus is not adequate, Maryland residents' claims could be covered by a property and casualty guarantee fund.

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