GM boosts moving incentive planGeneral Motors Corp...


August 05, 1994

GM boosts moving incentive plan

General Motors Corp., facing a shortage of workers at several parts plants, said yesterday that it will offer laid-off auto workers sweeter incentives to move to understaffed plants.

The plan, which includes a variety of moving assistance programs, such as subsidized mortgages, is aimed at reducing the number of GM workers -- now at about 2,200 -- laid off by various plant closings but still collecting paychecks .

Because some of these workers were located in shuttered plants that are not close to existing GM factories, the automaker has been forced to offer incentives to lure workers to move. Not enough have taken the offer, and GM has hired about 5,000 temporary workers this summer to fill in during vacations.

MedImmune loses $4.2 million

MedImmune Inc. said its second-quarter loss widened because of higher research and development costs for its CytoGam and RespiGam drugs.

The loss was $4.2 million, or 29 cents a share, compared with a loss of $3.4 million, or 25 cents, a year ago. Revenue for the quarter rose 70 percent, to $4 million.

The Gaithersburg-based maker of drugs for the treatment and prevention of infectious disease said its CytoGam antibody product, used to prevent cytomeglaovirus disease in kidney transplant patients, logged strong sales for the quarter and half.

CytoGam sales rose 67 percent, to $3.1 million, in the second quarter and 64 percent, to $5.6 million, in the first half.

MedImmune shares gained 25 cents yesterday, to close at $5.25, in Nasdaq trading.

TWA plans to cut 500 jobs

Financially struggling TWA said yesterday that it was eliminating 500 jobs now -- most of them at Kansas City's overhaul base -- and up to 2,800 more worldwide within a month.

The cuts will total about 13 percent of TWA's global work force.

Oncor loses $5.3 million in quarter

Oncor Inc. reported a 28 percent gain in sales during the second quarter, but its net loss for the quarter doubled because of a one-time charge of $2.5 million for the purchase of software technology.

Sales for Gaitersburg-based Oncor rose to $2.7 million in the three months that ended June 30, compared with $2.1 million in the same period last year. The company lost $5.3 million, or 27 cents a share, in the second quarter, compared with $2.7 million, or 17 cents a share, in the previous quarter.

Oncor develops, manufactures and markets genetic test systems and related products for treatment of cancer and genetic diseases. Its shares closed yesterday at $5.125, unchanged.


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