GM sees profit-sharing payGeneral Motors Corp. expects to...


January 05, 1995

GM sees profit-sharing pay

General Motors Corp. expects to pay profit-sharing bonuses to its workers this year for the first time in five years, the president of GM's North American operations said yesterday.

"I would expect there would be some payout," G. Richard Wagoner said at the North American International Auto Show. But he said it would not be as large as at Chrysler Corp.

Chrysler Chairman Robert J. Eaton said this week that record profits in 1994 would produce profit-sharing payments amounting to two months' pay to the average Chrysler employee.

Criimi Mae transaction planned

Criimi Mae Inc. announced plans yesterday to end its affiliation with apartment owner CRI Inc. and become a self-administered real estate investment trust.

The Rockville-based REIT, which specializes in multifamily mortgages, also said it will acquire CRI's mortgage servicing and management business, which has been an adviser to Criimi Mae and manages its investments.

The split will be accomplished by issuing stock to CRI's owners, assuming some of its debt and granting stock options. The company said the acquisition will add to its 1995 earnings, allow it to increase its dividend by eliminating fees associated with mortgage management and enhance its ability to obtain equity capital.

Biotech pact is announced

Martek Biosciences Corp. yesterday announced the signing of an agreement with Genetics Institute Inc. under which GI will screen extracts from the Columbia company's microalgal library to determine their use in the treatment of diseases. Under the agreement, Martek will receive payment for supplying the extracts and would receive royalties if a marketable product results.

BWI garage contract approved

The state Board of Public Works yesterday approved another $2.8 million for designing a 2,800-space expansion of Baltimore-Washington International Airport's parking garage.

The award to Greiner Inc. of Timonium supplemented an earlier $2.8 million contract the company received. The Maryland Department of Transportation will soon ask the state legislature to approve about $35 million for the expansion.

Cimerman to leave PSC post

Richard Cimerman, a Public Service Commission official who led the agency's telecommunications staff during a time when Maryland became one of the first states to welcome competition in the local telephone industry, will leave the PSC at the end of the month to take a job with the National Cable Television Association in Washington.

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