Martin Marietta sets stock splitMartin Marietta Corp...

BUSINESS DIGEST

July 23, 1993

Martin Marietta sets stock split

Martin Marietta Corp. declared a 2-for-1 stock split in the forof a stock dividend yesterday, payable Sept. 30 to shareholders of record Sept. 1.

The Bethesda-based aerospace contractor also said it was boosting its regular quarterly dividend to 45 cents a share from 42 cents, also payable Sept. 30, with a record date of Sept. 1. The increase will boost the stock's annual payout to $1.80 from $1.68 on a pre-split basis.

Personal income growth slow

Military spending cuts and the lingering effects of 1980s overbuilding are curbing personal income growth in many East Coast states and California despite the end of the recession two years ago.

The Commerce Department reported personal incomes nationwide grew at a 4.6 percent annual rate from the first quarter of 1991 to the first quarter of 1993. Maryland was among the states with the lowest average annual increase, at 3.8 percent, as declines in construction payrolls partly reflected an oversupply of commercial and residential real estate.

GM espionage probe widens

German prosecutors said yesterday that documents belonging to General Motors that were found in the home of an aide to Volkswagen's production chief, Jose Ignacio Lopez de Arriortua, included secret plans expressly copied for Mr. Lopez before he left GM for VW.

Natural-gas plans are changed

A company that would have restarted waterborne shipments of liquefied natural gas to a terminal at Cove Point in Calvert County has backed out of the deal, according to Columbia LNG Corp., the company that wants to reopen the idle facility by April 1995. It will go ahead with plans to use the terminal to liquefy and store natural gas that is delivered by pipeline.

Sunbeam-Oster settles dispute

Sunbeam-Oster Inc. repurchased 12.4 million shares for $173 million and paid $3.9 million in severance to ex-chief executive officer Paul Kazarian yesterday, settling a dispute over Mr. Kazarian's ouster.

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