Teamsters, UPS settle disputeThe Teamsters and United...

BUSINESS DIGEST

February 08, 1994

Teamsters, UPS settle dispute

The Teamsters and United Parcel Service settled their package-handling dispute late yesterday, even as a hearing was proceeding on a company claim for damages stemming from the union's partial walkout.

The drivers had objected to a new company rule requiring them to handle up to 150-pound packages. The previous limit was 70 pounds.

The agreement, read in court by U.S. District Judge Joyce Hens Green, spelled out that no Teamster be required to handle more than 70 pounds without help from another employee.

Although thousands of the Atlanta-based company's 165,000 unionized workers had walked off the job yesterday, many locals -- including Local 355 in Baltimore -- took no action.

The Teamsters said its members would be back on the job today.

BG&E narrows bidders to six

Six finalists have made the short list of power plant builders competing to supply Baltimore Gas and Electric Co. with 140 megawatts of electricity for 25 years.

In its first effort at seeking electrical capacity through competitive bidding, BG&E selected six contenders from 28 bids: American National Power, Ark Energy, Energy Initiatives, J. Makowski Associates Inc./Duke Energy Corp., National Power, and PECO Energy. A decision on the supplier is scheduled for March 11.

Insured quake loss $2.5 billion

Property and casualty insurers estimated yesterday that insured losses from the Jan. 17 Los Angeles earthquake will top $2.5 billion, making it the nation's most costly quake.

Estimates of total property damage range as high as $30 billion, much borne by uninsured home and business owners.

The industry expects about 230,000 claims from the earthquake, adding to its $725 million burden from the brutal cold, snow and ice in the Midwest and East in January. Among the expected biggest losers in California are Allstate Corp. and SAFECO Corp., analysts said.

Black & Decker to redeem bonds

Black & Decker Corp., the Towson-based power tool and--appliance company, is redeeming $100 million worth of 8.375 percent bonds three years early to take advantage of the lower interest rate charged on its 5.50 percent revolving line of credit. The redemption, which occurs April 1, will save the company $9 million in interest charges during the next three years, the company said.

Alex. Brown to open Chicago office

Alex. Brown Inc. will open its first Chicago office by the end of this month, the firm said yesterday.

The Baltimore-based brokerage firm and investment bank currently operates 20 offices in 12 states. Last month, Alex. Brown reported that 1993 was the most profitable year in its 193-year history, with net income rising 52 percent, to $89.2 million.

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