Stock repurchase cuts Times Mirror's net
Times Mirror Co. said yesterday its third-quarter earnings will be reduced by an unspecified amount because of the repurchase of stock.
The parent of The Baltimore Sun Co. said it purchased more than 3.8 million shares of its Series B preferred stock from an institutional investor in a private transaction. Terms weren't disclosed.
"This purchase will reduce the company's earnings in the third quarter of 1995 to the extent that the price exceeded the stated value of $21.13 per share," the company said, without revealing how much it paid for the shares.
The charges associated with this purchase, along with restructuring and other one-time charges, will be reported with the company's third quarter earnings.
Eastalco workers ratify 6-year contract
Eastalco Aluminum Co. near Buckeystown and its 600 union workers have agreed on a new six-year contract. The contract, ratified by a 4-1 margin, includes three pay raises, two bonuses and increased benefits.
Workers will get a 20-cent an hour raise in the third and fifth years and a 30-cent an hour raise in the sixth year. Workers will get a bonus for signing the contract and another bonus in the fourth year.
Lockheed Martin in recycling partnership
Bethesda-based Lockheed Martin Corp. and Molten Metal Technology Inc. of Waltham, Mass., have reached an agreement in principle to combine a Lockheed Martin environmental services unit with M4 Environmental L.P., a jointly owned limited partnership formed by Lockheed Martin and Molten Metal last year.
Under the preliminary agreement, Lockheed Martin Environmental Systems & Technologies, in Houston and M4 Environmental L.P. in Waltham will combine to form a new limited partnership to be known as ECO-21 Technologies L.P. Terms of the agreement were not disclosed.
The partnership will recycle waste on polluted Department of Defense and Department of Energy facilities and industrial sites.
MCI expands Comsat contract
Bethesda-based Comsat World Systems said yesterday that MCI International has expanded its contract for trans-oceanic satellite capacity to meet growing telecommunications demand to and from Cuba, North Korea and Vietnam.
Under the new contract, which will run for at least seven years, MCI agreed to activate new long-term commitments with the Comsat Corp. unit by late 1996 in exchange for volume discounts and service flexibility.
The deal expands a seven-year contract the companies signed in 1994. Terms were not disclosed.
Federal Realty acquires Conn. Shopping Plaza
Federal Realty Investment Trust said yesterday in Bethesda that it has acquired Bristol Shopping Plaza in Bristol, Conn., for approximately $19 million. The trust assumed a mortgage with a balance of approximately $11.3 million and issued 337,527 common shares valued at $21.75 per share.
Bristol Shopping Plaza is 20 miles southwest of Hartford and 10 miles southwest of the trust's Main Street retail properties in West Hartford Center.
Permit to microbrewer in time for festival
The Mount Airy Planning Commission has approved a temporary use and occupancy permit for a new microbrewery, allowing it to open for the town's fall festival next weekend.
Owner Reid Allison said more time is needed to work on the old firehouse on Main Street where the Mount Airy Brewing Co. and Firehouse Grill is housed.
Barred by Chrysler, Detroit News says
The Detroit News reported yesterday that Chrysler Corp. executives, angered by the newspaper's coverage of the company's battle with investor Kirk Kerkorian, have barred it from Chrysler events and said Chrysler employees will not talk with News reporters.
A front-page story in yesterday's News said Chrysler Vice JTC Chairman Thomas G. Denomme summoned News Auto Editor Bradley A. Stertz to his office Monday and said, "From now on, you, your editors and your journal cease to exist as far as this company is concerned."
The action was triggered by a front-page article Sunday that said Chrysler Chairman Robert J. Eaton warned company employees that quality could be a weak spot in its battle with Mr. Kerkorian.
Detroit News Editor-Publisher Robert H. Giles said the paper would continue to cover Chrysler and Mr. Kerkorian aggressively despite the company's dictum and stands behind the Sunday article.
UAW denies report Cat strike will end soon
The United Auto Workers may end its strike and send members back to work at Caterpillar Inc., the Peoria (Ill.) Journal Star reported yesterday. Union officials immediately denied the report, which said a union committeeman told workers they will be back on the job by the end of next week.
The Peoria local is advising members on what to do if the company does not accept all returning strikers and is distributing leaflets on the issue, the newspaper said.
"That's not being discussed around here. That's pure nonsense," said Dave Risinger, vice president of Peoria Local 974. About 9,500 UAW members in three states are striking.
Dial to lay off 700, phase out Purex bleach