Bethlehem to sell mills at 2 sitesBethlehem Steel Corp...

BUSINESS DIGEST

December 23, 1993

Bethlehem to sell mills at 2 sites

Bethlehem Steel Corp. said yesterday that it had signed an agreement to sell its shuttered rolling mills and bar mills in Johnstown, Pa., and Lackawanna, N.Y., to an affiliate of New York-based Veritas Capital Inc.

The sale does not include the rod mill at Bethlehem's Sparrows Point plant, which is being marketed separately, the company said. Bethlehem closed the rolling mills division, including the Sparrows Point rod mill, in August 1992, idling about 1,700 workers in all. About 340 lost jobs here.

CHAMPS liquidation is approved

Capital Housing and Mortgage Partners Inc. of Rockville said that at a meeting yesterday shareholders approved the company's plan to liquidate and dissolve.

CHAMPS will sell or otherwise dispose of its remaining mortgage investments and investments in limited partnerships, pay its expenses and distribute the net proceeds to shareholders of record as of today. The company will be out of business by Dec. 31, with the final distribution slated to be paid early next month.

Navy awards Pioneer contract

The Navy has awarded a $6.55 million contract to build Pioneer Remotely Piloted Vehicles to Pioneer UAV Inc., a joint venture of AAI Corp. of Cockeysville and Israel Aircraft Industries, Rep. Helen Delich Bentley, a Baltimore County Republican, announced yesterday.

The Pioneer, which carries a television camera in its belly, was used by U.S. forces during the Persian Gulf war.

Half the work will be done at Pioneer UAV's Hunt Valley facility, and half will be done in Israel. The work is scheduled to be completed in 1995, Mrs. Bentley said.

Travelers, Primerica get merger OK

The Travelers Corp. and Primerica Corp. have received all regulatory approval needed to complete their merger, the companies announced yesterday. Shareholders of the two companies must now vote on the merger at meetings Dec. 30. It is expected to take effect Dec. 31.

In September, Primerica struck a $4.2 billion deal to acquire The Travelers, the Hartford, Conn., insurance company, in a move that will produce one of the country's biggest financial services firms. Primerica will more than double its size, to more than $100 billion in assets. The combined company will be called The Travelers.

Exxon and Texaco win tax case

Exxon Corp. and Texaco Inc., two of the world's biggest oil companies, won a U.S. Tax Court case yesterday that bars the Internal Revenue Service from claiming billions of dollars in back taxes from them.

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