Business Digest

BUSINESS DIGEST

March 22, 2006|By THIS COLUMN WAS COMPILED FROM DISPATCHES BY SUN REPORTERS, THE DETROIT NEWS AND BLOOMBERG NEWS

Maryland: Acquisitions

Justice Department OKs Duratek sale

The acquisition of Columbia-based Duratek Inc. by another company involved in the disposal of radioactive and hazardous waste has cleared a Justice Department antitrust review, Duratek said yesterday, adding that no further review is required. EnergySolutions agreed last month to pay $396 million for Duratek. Duratek's stockholders must approve the deal. The deal is expected to close during the second quarter.

Hanah Cho

Regulation

Time to pay about $4.5 million

The publisher of Time magazine has agreed to pay nearly $4.5 million to end investigations by 23 states, including Maryland and Delaware, into whether it deceptively marketed and billed people for subscription renewals, Pennsylvania Attorney General Tom Corbett said yesterday. Time Inc. also agreed to make about $4.3 million available in refunds.

Education

Deadline is Friday for college trust

The enrollment deadline for Maryland's prepaid college plan is Friday. The Maryland Prepaid College Trust allows families to prepay tuition and fees at the state's public schools, private schools or out-of-state institutions. Contract prices this season rose 3 percent to 5.4 percent, the smallest increase in years. Beginning in July the accounts will be considered an asset of the parents when determining need-based financial aid. The result is students could be eligible for more need-based aid. Information is available at collegesavingsmd.org.

Eileen Ambrose

Economy

Ciena to close N.J. plant

Linthicum-based Ciena Corp., a maker of telephone and networking equipment, said yesterday that it would close its Shrewsbury, N.J., plant by April 29, cut 62 jobs and take a charge of $3.8 million to $8.1 million for severance and other costs.

Travel

BWI launches parking initiative

Baltimore-Washington International Thurgood Marshall Airport began an initiative called "Park Happy @ BWI" yesterday to encourage customers to use alternatives to the long-term lots. Coupons available on the airport Web site, bwiairport.com, and valid through June 21, will offset the cost of using the closer options. The hourly garage will be reduced $5 to $15 a day, the express lot will drop $4 to $10 a day and the daily garage will be discounted $2 to $8 a day.

Pennsylvania: Media

InBev NV might sell Rolling Rock brand

InBev NV might sell the Rolling Rock beer brand to focus on faster-growing imports such as Stella Artois. The U.S. unit "is examining opportunities" for the Rolling Rock brand and a brewing plant in Latrobe, Pa., a spokeswoman said yesterday. InBev USA will spend more on sales and marketing of its import beers such as Beck's and Bass, which are more profitable than domestic brews, the company said.

Nation: Personnel

Citigroup picks a new chairman

Citigroup Inc.'s board said yesterday that it has chosen chief executive Charles O. Prince III to succeed Sanford I. Weill as chairman when he retires April 18 at the annual meeting of the nation's largest financial institution. Prince will retain his CEO title. The bank's board also gave Weill the honorary title of chairman emeritus. Weill's retirement will end a reign that began in 1986, when the former American Express Co. president moved to Baltimore to take over Commercial Credit Co., a consumer lender.

Automakers

GM retirement offer may affect 113,000

General Motors Corp. is expected to announce as early as today that it will offer retirement incentives - ranging from $35,000 to more than $100,000 - to nearly all of its 113,000 U.S. hourly workers. GM also is preparing to take back thousands of former workers at Delphi Corp., the auto parts maker it once owned, allowing them to retire as GM employees, sources said.

This column was compiled from dispatches by Sun reporters, The Detroit News and Bloomberg News.

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