Strike threatens GM plantGeneral Motors Corp. faces a...

BUSINESS DIGEST

January 11, 1995

Strike threatens GM plant

General Motors Corp. faces a possible strike at an Inland Fisher Guide division plant in Vandalia, Ohio, today, union officials said yesterday.

Officials with the United Rubber Workers Union said workers at the plant, which supplies air bags, steering wheels and instrument panels for a variety of vehicles, are threatening to walk off the job when their contract expires just before midnight tonight unless GM agrees to abandon attempts to speed up production and keep some work from moving to other companies.

Last year, strikes at two parts factories cost the automaker $150 million in profits.

Spin-off schedule announced

Interstate General Co. Ltd. Partnership yesterday announced that it will complete the spin-off of its horse racing interests on Feb. 6, after distributing units of the newly created and publicly traded Equus Gaming Co. L.P. to holders of record on Jan. 25. St. Charles-based IGC plans to provide unit holders with one Equus Class A unit for every two IGC units held.

Equus will hold a majority interest in an IGC-controlled partnership that owns the El Comandante race track in Puerto Rico.

Dees transaction completed

Bearings Inc., a Cleveland-based distributor of bearings and mechanical and electrical drive systems has completed its acquisition of the assets of Dees Corp., an Essex company that distributes industrial fluid power systems. The purchase price was not disclosed.

Dees, which has 30 employees, also has outlets in Philadelphia and Richmond, Va.

F&M reports higher earnings

F&M Bancorp, the Frederick-based parent of Farmers and Mechanics National Bank, yesterday reported higher earnings for the fourth quarter and year.

For the three months ended Dec. 31, net income was $2.15 million, or 55 cents per share, compared with $1.80 million, or 46 cents per share, in the 1993 period. For the year, net income was $7.96 million, or $2.02 per share, compared with $7.6 million, or $1.94 per share, in 1993.

Pensabene gets BGE post

Baltimore Gas and Electric Co. announced yesterday that Judith K. Pensabene has been named director of federal affairs for the utility.

Ms. Pensabene will be responsible for all BGE federal lobbying activities.

Before joining BGE, Ms. Pensabene was counsel for the minority for the U.S. Senate Committee on Energy and Natural Resources.

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