Northwest union OKs concessionsA month after rejecting a...

BUSINESS DIGEST

July 29, 1993

Northwest union OKs concessions

A month after rejecting a similar deal, Northwest Airlines' largest union yesterday approved a package of concessions that will give the troubled carrier some financial breathing room. The givebacks were ratified by 81 percent of the members of the International Association of Machinists, the union said.

Durables orders rise 3.8% in June

Orders to factories for durable goods, such as cars and computers, rose during June at the fastest clip in six months, but analysts were less than impressed because the increase came mostly in the volatile aircraft industry.

June orders rose 3.8 percent compared with May, to a seasonally adjusted $131.6 billion, the Commerce Department said yesterday. The report followed a weak stretch in which orders dropped in four of the five previous months.

Warner-Lambert forms venture

Warner-Lambert Co. announced agreements yesterday with two other drug companies to develop and market nonprescription drugs, a growing segment of the pharmaceutical business.

Warner-Lambert said it would form a joint-venture company with Britain's Wellcome PLC, that would include existing products that had 1992 sales of $1.6 billion. In addition, Warner-Lambert and Glaxo Holdings PLC, also a British company, have agreed to seek approval together to sell Glaxo's ulcer-treatment drug, Zantac, and other products over the counter.

Primerica boosts dividend

Primerica Corp. said yesterday that it had set a 4-for-3 split of its common stock and had boosted its dividend by 4 percent.

The split and dividend are payable Aug. 27 to holders of record as of Aug. 9. Primerica split the shares 3-for-2 in February. Primerica, which owns Commercial Credit Co. in Baltimore, also raised its common stock dividend to 16 2/3 cents per pre-split share, equaling 12.5 cents a share after the split.

GM units report earnings rise

General Motors Corp.'s electronics, data processing and financing subsidiaries reported increases in quarterly earnings yesterday, with Electronic Data Systems Corp. reporting record profits. GM is to report overall earnings today.

Columbus center contracts OK'd

The Maryland Board of Public Works yesterday approved $9.6 million in contracts for four companies to build part of the $160 million Christopher Columbus Center for Marine Research and Exploration in Baltimore's Inner Harbor.

Contracts were awarded to Tomkins/Cummins/Hart of Washington, Harmon Chesapeake Joint Venture in Columbia, Baltimore Steel Erectors Inc. of Baltimore and Montgomery Elevator Co. Inc. of Baltimore.

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