Manufacturing growth surgesThe nation's purchasing...


February 02, 1994

Manufacturing growth surges

The nation's purchasing managers yesterday reported the healthiest manufacturing growth in 5 1/2 years in January, exceeding economists' expectations.

The National Association of Purchasing Management's monthly index of manufacturing activity surged to 57.7 percent in January, from 57.1 percent in December. It was the highest level since a 58.2 percent reading in July 1988.

Separately, a report on December construction spending from the Department of Commerce provided evidence that the recovery is reaching the depressed office and industrial building sector. The department said construction spending rose an unexpectedly high 2.6 percent in December, to finish the year with a 7.9 percent annual increase.

Wal-Mart buys Leedmark site

Wal-Mart Stores Inc., the nation's largest retailer, completed the purchase of the former Leedmark site in Glen Burnie on Monday, according to Gerard Leval, an attorney who represents Invesdis Corp., the owner of the building. He would not disclose the price.

Wal-Mart spokeswoman Sandy Brummett would not confirm the purchase of the 250,000-square-foot building.

TCI to reacquire Liberty Media

Tele-Communications Inc. reached a definitive agreement to reacquire Liberty Media Corp. yesterday.

TCI also said that it hopes to sign a definitive merger agreement with Bell Atlantic Corp. within two weeks. Bell Atlantic and TCI have resolved major issues regarding the estimated $33 billion merger, the companies said.

It is the second time a definitive agreement between the two companies has been delayed since the merger was announced last year. A letter of intent regarding the agreement expired Monday.

UNC buys Anadite assets

UNC Inc., an Annapolis-based aviation service company, has acquired certain assets and the contract backlog of the Aerospace Products Division of Anadite Inc., which builds structural components for commercial aircraft manufacturers. The purchase price was not announced.

UNC plans a transfer of the work over the next few months from Anadite's plant in Hurst, Texas, to its own existing manufacturing facilities located in Everett, Wash., and Weatherford, Texas.

Biotechnology firm listed on Amex

Chesapeake Biological Laboratories, Inc., a Baltimore manufacturer of genetically engineered drugs and specialty medical devices, announced yesterday that it has been approved for listing on the Emerging Company Marketplace of the American Stock Exchange. The stock will be offered for sale beginning Feb. 10 under the symbol PHD.EC.


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