Exports by Maryland firms riseExports by Maryland...

BUSINESS DIGEST

October 06, 1994

Exports by Maryland firms rise

Exports by Maryland companies grew 12.7 percent during this year's first half, as transportation equipment and electronic and electrical equipment set the pace, the state reported yesterday.

In all, companies in the state exported products valued at $2.946 billion in the six months through June, compared with $2.614 billion a year earlier, according to the Maryland International Division of the state's Department of Economic and Employment Development.

Transportation equipment exports recorded the largest increase for the period, climbing 31.1 percent, to $1.52 billion.

American Express may cut 6,000

The American Express Co. said yesterday that it would eliminate as many as 6,000 jobs by closing four credit card-processing facilities and merging overlapping functions. The cost-cutting had been expected, although the total number of jobs to be eliminated -- 8 percent of its total work force -- is higher than initial reports.

A person close to the company expects the moves to eliminate at least $500 million in expenses, which were $11.8 billion last year.

AAI to refurbish MARC rail cars

The Maryland Department of Transportation has awarded AAI Corp. a $2.4 million contract to refurbish 28 rail cars used on the state's MARC commuter rail service.

Under terms of the contract, workers will refurbish the wheel assemblies, air conditioning system, brakes, door controls, electrical wiring on the cars and install an electrical monitoring system that provides the operator with information on how the equipment is functioning. The work will be performed at AAI's plant in Cockeysville and at the Mass Transit Administration's facility in Middle River.

Md. Federal Bancorp profits fall

Maryland Federal Bancorp of Hyattsville yesterday reported a 22 percent decline in earnings in the fiscal second quarter, which ended Sept. 30. The company's profits fell to $2.4 million, or 73 cents a share, from $3.1 million, or 90 cents a share a year ago. Assets rose almost 11 percent from a year ago, to $965 million.

Catonsville Caldor to open Nov. 6

Discount chain Caldor Corp. said its department store in Catonsville Plaza will open Nov. 6. The 114,000-square-foot store replaces a location in Westview Mall, just west on U.S. 40. The old store will close Nov. 5. The Catonsville Plaza location will be Caldor's third Baltimore-area store to open in the last year. Caldor has 10 Baltimore-area locations, a company spokesman said.

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