Noise Cancellation has 2 investorsNoise Cancellation...

BUSINESS DIGEST

November 25, 1993

Noise Cancellation has 2 investors

Noise Cancellation Technologies Inc. has announced that two partners have agreed to invest a combined $5 million in the company.

Tenneco Automotive, a division of Tenneco Inc., has agreed to buy $3 million worth of Noise Cancellation stock. Foster Electric Co. has agreed to buy $2 million of common stock. Both deals are pending the completion of a public stock offering.

Va. equestrian park approved

Interstate General Co. L.P. said its Virginia Jockey Club Inc. affiliate received approval from Virginia's Prince William County to build a $45 million equestrian sports park and race course in Haymarket, Va.

The approval allows Virginia Jockey Club to meet the site approval requirements of its application to the Virginia Racing Commission to receive a pari-mutuel racing license, the St. Charles-based real estate company said.

The commission is expected to award the license to one of six applicants in early 1994.

First Maryland stock proposal rated

Moody's Investors Service Inc. said it assigned a Baa1 rating to the proposed preferred-stock issue of First Maryland Bancorp, parent of First National Bank of Maryland. About $150 million of securities were rated, Moody's said.

"The rating reflects the noncumulative nature of the preferred stock's dividend payments, as well as First Maryland's good profitability, improving asset quality, strong operating franchise in its home state and its ownership by Allied Irish Bank PLC," Moody's said.

United schedules talks with unions

At the request of United Airlines, representatives of the Air Line Pilots Association and the International Association of Machinists agreed yesterday to meet Wednesday to resume discussions concerning the unions' initiative for substantial majority employee ownership.

The unions said they agreed to the meetings after receiving assurances that the company's representatives now have the "flexibility and authority to negotiate."

VW, union back 4-day workweek

Volkswagen of Germany and its biggest trade union agreed today to conditions for introducing a four-day workweek, in what has been called a "milestone of the century" labor agreement.

The agreement came after two days of overnight bargaining in which Europe's biggest carmaker sought a 20 percent reduction in personnel costs to avoid laying off one-third of its 100,000 employees in Germany.

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