Martin to halt generator projectMartin Marietta Corp. said...

BUSINESS DIGEST

August 25, 1993

Martin to halt generator project

Martin Marietta Corp. said yesterday that it will end a project to develop a powerful space-based nuclear generator because the Energy Department and NASA have decided to halt its funding.

The demise of the SP-100 space power program in February will lead to the loss of up to 80 jobs in Valley Forge, Pa., and 110 in San Jose, Calif.

Mercedes to cut 14,000 jobs

Mercedes-Benz AG, the German carmaker, said yesterday that it planned to cut 14,000 jobs or 6.5 percent of its work force in 1994.

The company said most of the cuts would come through early retirement, voluntary buyout packages and leaving vacant posts unfilled.

Testimony in Wal-Mart suit ends

Testimony ended yesterday in an Arkansas lawsuit that accuses Wal-Mart Stores Inc. of sabotaging competitors by selling merchandise below cost. A ruling by the Faulkner County Chancery Court is not expected for several weeks.

Three Faulkner County, Ark., pharmacies have charged Wal-Mart with violating a state statute forbidding below-cost merchandising with the intent of restricting or eliminating competition.

Southwest to add 15 aircraft

Southwest Airlines Inc. said yesterday that the carrier expects to add 15 Boeing Co. aircraft to its fleet in 1994. The additional planes would translate into an increase of 9 percent to 10 percent in capacity, Chief Executive Herbert Kelleher said.

Town and Country issues bonds

The Town and Country Funding Corp., based in Baltimore, issued $232 million in corporate bonds underwritten by Goldman, Sachs & Co., according to an advertisement in the Wall Street Journal. Separately, Town and Country Trust last week conducted an initial public offering of 13.3 million shares of common stock priced at $22.

Ship apparently sold for scrap

The Advance, a rat-infested cargo ship abandoned in the Baltimore port, left Monday under tow for a return trip to Hampton Roads, Va., after being sold last week, apparently for scrap.

Ford makes right-hand-drive cars

Ford Motor Corp. began producing right-hand-drive versions of its Probe coupe yesterday in a bid to capture more sales in Europe and Japan. Ford also plans to ship right-hand-drive versions of its Taurus sedan and Explorer sport utility truck overseas, beginning in the mid-1990s.

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