Saudi plane order worth billionsSaudi Arabia has agreed to...

BUSINESS DIGEST

February 16, 1994

Saudi plane order worth billions

Saudi Arabia has agreed to buy billions of dollars' worth of commercial aircraft from Boeing Co. and McDonnell Douglas Corp., and President Clinton will announce the deal today, a White House official said.

Industry experts have valued the expected Saudi airliner purchases at up to $6 billion. The sale, reportedly involving 50 to 75 aircraft, had also been sought by Europe's Airbus Industrie.

United HealthCare buying HMO

United HealthCare Corp. said yesterday that it will buy Ramsay-HMO Inc., Florida's third-largest health maintenance organization, for about $500 million in stock.

Under the agreement, Minneapolis-based United HealthCare will exchange 5.9 million new common shares for all of the outstanding stock and options of Ramsay-HMO. At yesterday's closing prices, the transaction values Ramsay at $501.5 million, or about $57 a share.

Shares of Coral Gables, Fla.-based Ramsay jumped $9.375, to $55.25, while shares of United HealthCare slipped 62.5 cents, to $85.

Martin wins more AEGIS work

Martin Marietta Corp. has been awarded a $163 million contract modification to supply to the U.S. Navy three AEGIS Weapon Systems for installation aboard destroyers, the Bethesda-based company said yesterday.

Work pertaining to the contract modification will be done by Martin Marietta Government Electronic Systems, based in Moorestown, N.J. AEGIS is a shipboard system of computers, sensors and weapon systems.

Kitchen Bazaar leaves Chapter 11

Kitchen Bazaar Inc. of Rockville, which has 11 cookware and accessories stores in Maryland, Virginia and Washington, announced yesterday that it has emerged from Chapter 11 bankruptcy protection with the approval of a reorganization plan by the U.S. Bankruptcy Court.

Under the arrangement, 80 percent of the company's stock is owned by Remsen Partners Ltd., a New York-based investment firm. The company sought Chapter 11 protection in October 1992.

Lenox realigns Kirk Stieff

Lenox Inc., the parent company of the Baltimore-based Kirk Stieff silversmith operation, yesterday announced that it is rearranging its corporate structure, shifting Kirk Stieff to a new division.

The moves will not affect employment or operations at the Kirk Stieff factory on Wyman Park Drive, which has 165 workers, said Phil Lynch, a spokesman for Lenox. The action will move Kirk Stieff and the company's Gorham subsidiary to the Lenox China and Crystal division. Previously, the Baltimore silversmith was in a division with the Dansk subsidiary.

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