Navy hires Lockheed MartinLockheed Martin Corp. has won a...

BUSINESS DIGEST

March 18, 1995

Navy hires Lockheed Martin

Lockheed Martin Corp. has won a $97.5 million Navy contract to continue work on a ship-based missile launching system at the company's Middle River plant.

The MK 41 Vertical Launching Systems was used during Operation Desert Storm to launch Tomahawk cruise missiles from American ships in the Persian Gulf. Under the contract, 40 launcher modules will be produced.

W. R. Grace chairman forced out

J. Peter Grace Jr., the legendary 81-year-old chairman of W. R. Grace & Co., was forced to resign yesterday in a sweeping downsizing of the chemical company's 22-member board.

The company said Mr. Grace decided to leave after the board, at a special meeting in New York, adopted an amendment that forces members over the age of 70 to retire by barring their renomination. The amendment was urged by the College Retirement Equities Fund, an investor that owns 8.2 percent of Grace stock.

GM delays some 1997 models

General Motors Corp. said yesterday that it will delay the launches of some 1997 model cars and trucks by a few months to make changes aimed at avoiding costly production glitches. GM spokeswoman Linda Cook said the delays would not put the company at a competitive disadvantage.

USAir, British Airways extend pact

The U.S. Department of Transportation took no action yesterday to extend or terminate USAir Group Inc.'s code-sharing agreement with British Airways PLC, allowing the joint marketing and flight cooperation deal to remain in force.

The airlines had applied to extend the arrangement for another year in January, USAir spokeswoman Andrea Butler said.

Bethlehem chief's pay $1.35 million

Bethlehem Steel Corp. Chairman and Chief Executive Curtis Barnette received salary and perquisites valued at about $1.35 million last year, an increase of 4 percent from 1993.

Mr. Barnette, 60, received a salary of $550,000, a 10 percent raise from $500,000 a year earlier. He also got a cash bonus of $121,000, after receiving no bonus in 1993, Bethlehem Steel said in its proxy statement to shareholders.

In 1994, Mr. Barnette also received a restricted stock award valued at $611,250, miscellaneous compensation of $66,237 and stock options to purchase 50,000 Bethlehem Steel shares at a price of $20.375 a share.

Postal contract to Robotic Systems

Robotic Systems Technology in Westminster has received a $2.2 million contract from the U.S. Postal Service to produce 620 modification kits to be used on automatic mail sorting machines.

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