Kmart may sell drugstore unitKmart Corp. confirmed...


August 05, 1993

Kmart may sell drugstore unit

Kmart Corp. confirmed yesterday that it was exploring the possibility of selling its PayLess drugstore unit. A published report said the retailer hopes to get as much as $1 billion for it.

The Wall Street Journal, citing unidentified people familiar with the situation, said Merrill Lynch & Co. was conducting an auction for PayLess, and a handful of bidders were involved.

McCormick to settle complaint

McCormick & Co. Inc., the Sparks-based spice and flavorings company, has agreed to sell about $100,000 worth of low-water onion seeds to a new competitor in the dehydrated onion business to settle an antitrust complaint brought by the Federal Trade Commission.

The complaint was sparked by McCormick's acquisition in March of a dehydrated onion processing plant owned by Haas Foods Inc. of Yakima, Wash.

Court says GM can close plant

A state appellate court ruled yesterday that General Motors Corp. has the right to close its Willow Run assembly plant in Michigan and lay off 4,500 workers. The Michigan Court of Appeals said GM's acceptance of $13.5 million in local tax abatements doesn't mean the automaker promised to keep the plant open indefinitely.

U.S.-made vehicle sales drag

Sales of domestically built cars and trucks shifted into low gear in late July, dragging the entire month's sales to the lowest level since March, automakers reported yesterday.

With sales figures from virtually all automakers tabulated, domestic cars and trucks sold at an annual rate of 11.4 million units in the last 10 days of July, up from 10.5 million in the same period last year but below analysts' estimates.

First Union to close branches

First Union National Bank will close about one-third of its 184 branches in the Washington area, as it consolidates operations following the purchase of four banks. About 300 workers will be ** laid off or transferred when the 70 offices close.

ITT gets radar network contract

ITT Corp. has won a $40 million, five-year contract -- previously held by the Westinghouse Electronic Systems Group in Linthicum -- for operation and maintenance of the Air Force's Caribbean Basin Radar Network. A Westinghouse spokesman said 20 to 30 engineers who worked on the project will be reassigned to other positions.


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