Changes at Kidder envisionedGeneral Electric Co...

BUSINESS DIGEST

October 04, 1994

Changes at Kidder envisioned

General Electric Co., acknowledging that its 8-year-old acquisition of Kidder, Peabody & Co. hasn't met expectations, is preparing to strip down the 129-year-old securities firm.

Stung by losses that have totaled more than $300 million this year, Kidder will announce layoffs of several hundred workers this week, an executive at the firm said yesterday.

Kidder plans to quit business lines that haven't been profitable or central to its operations, such as foreign exchange, the executive said.

Becton Dickinson sets layoffs

Becton Dickinson and Co. will lay off 42 workers in Baltimore County on Nov. 27 as it consolidates its advanced diagnostic operation into two local divisions in Sparks and Cockeysville, according to Jerry V. Hurwitz, director of human resources for the company's microbiology systems operation. The medical equipment company, based in Franklin Lakes, N.J., has 1,800 workers in Baltimore County.

Economic reports mixed

The third straight drop in spending on interest-sensitive, single-family housing helped shrink national construction outlays slightly in August, the first decline in six months.

Outlays for single-family homes, about one-third of total spending, fell 1.2 percent, the Commerce Department reported yesterday.

In another report yesterday, the National Association of Purchasing Management said its September business activity index climbed to 58.2 percent from 56.2 percent, the 13th consecutive month the survey has shown an expanding manufacturing sector.

Cecil Federal selling stock

Cecil Federal Savings Bank of Elkton, a two-office thrift with $45 million in assets, plans to raise $5 million from the sale of 500,000 shares of stock at $10 a share. The savings bank will be offering the stock through a subscription offering that closes Oct. 31.

The Office of Thrift Supervision recently approved the conversion of Cecil Federal to a federally chartered stock savings bank and formation of Cecil Bancorp Inc., its new holding company.

Controlled Demolition contract

Controlled Demolition Inc., a Baltimore County-based demolition company, has won a $6.2 million contract to dismantle a partially built Soviet radar site in Latvia.

The 14-month to 16-month contract, funded through the federal Project for Peace Program, will boost the 14-person work force of the Phoenix company by about seven or eight people, according to company President Mark Loizeaux.

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