Recycling firm gets city contractChesapeake Paperboard...

BUSINESS DIGEST

July 01, 1994

Recycling firm gets city contract

Chesapeake Paperboard Co., a South Baltimore recycling company, has received a one-year contract to handle Baltimore City's curbside paper recycling, which will help boost the prospects of the financially troubled company.

Under the contract, which was approved by the Board of Estimates Wednesday, the cost of handling the paper will be tied to fluctuations in wastepaper prices, said Murrell E. Smith Jr., chief operating officer of the company.

The plant at Fort Avenue and Woodall Street, which makes paperboard out of waste paper, had been scheduled to close June 30. But the company decided to stay open until at least July 18 as it talks with city and state agencies about financial assistance.

Dollar down below 98 yen

The dollar slid below 98 yen this morning in Tokyo, touching a new post-World War II global low of 97.80 yen, despite efforts by Japan's central bank to prop it up. The U.S. currency immediately began falling after opening at 98.61 yen.

Quaker Oats restructuring

The Quaker Oats Co. said yesterday it will consolidate its various grocery sales organizations into a single sales force operating out of eight centers nationwide, including one in or near Baltimore.

The restructuring will close as many as 15 field sales offices, resulting in layoffs of 300 salaried workers, the company said.

Other sales centers will be in or near Atlanta, Boston, Chicago, Dallas, Detroit, Los Angeles and San Francisco.

Martek stock jumps 25%

Martek Biosciences Corp. stock leapt 25 percent yesterday after the Columbia-based biopharmaceuticals company said that the U.S. Patent and Trademark Office has issued it a patent for Celtone, a cell growth medium for bacteria and yeast that is used in developing new drugs.

Martek stock gained $2 per share, to $10, in trading on the Nasdaq system.

Nike shares up 2.4% on report

Nike Inc. shares rose 2.4 percent yesterday amid speculation retired basketball star Michael Jordan plans to leave baseball at the end of this season and rejoin the Chicago Bulls.

Nike shares climbed $1.375, to $59.75, its highest level since June 14, after the Chicago Sun-Times reported Mr. Jordan, 31, will leave the Double-A Birmingham Barons and return to basketball in October. Mr. Jordan, a fixture in Nike advertising, announced his retirement from the National Basketball Association last Oct. 6.

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