Daily Briefing

daily briefing

April 29, 2009

GM transmission plant stops production early

The General Motors Powertrain Baltimore Transmission plant in White Marsh has stopped production earlier than expected, a spokesman said Tuesday, as the company deals with several temporary factory closings this summer because of weak sales. White Marsh's hybrid transmission line stopped last Thursday and is expected to resume production July 13. The Allison transmission line will stop production May 7 and resume July 6. The plant employs about 240 workers. A spokesman said Monday that the factory was slated to temporarily close May 18 for two months, but he added that the timeline could change.

Andrea K. Walker

Shea is named interim CEO of nonprofit EBDI

East Baltimore Development Inc., the private nonprofit group heading a large urban renewal project north of Johns Hopkins Hospital, said Tuesday that Christopher Shea will become interim chief executive officer and president May 1. EBDI, which is transforming more than 100 acres into a biotechnology park, housing, shops and offices, will conduct a national search for a chief executive to replace John T. Shannon Jr. Shea currently oversees EBDI's planning and development of 1.2 million square feet of private life-sciences space, 500,000 square feet of commercial office space and 2,100 mixed-income housing units.

Lorraine Mirabella

Textron's 1st-quarter profit falls 63 percent

WASHINGTON : Textron Inc., which makes Cessna airplanes, Bell helicopters and turf maintenance equipment, said Tuesday that its first-quarter profit fell 63 percent. It also slashed its 2009 profit outlook and said it expects more job cuts. The quarterly results reflect lower demand for Textron's large manufactured goods and smaller profits at its finance arm. Textron also said it plans to sell $300 million worth of convertible senior notes and 19 million shares of its common stock to repay debt and boost its cash. Textron owns Hunt Valley-based AAI Corp.

Associated Press

Trial resumes against four Grace executives

MISSOULA, Mont.: Testimony in the W.R. Grace trial resumed Tuesday after a judge refused to dismiss charges alleging the company and four former executives knowingly concealed health risks posed by asbestos-laced vermiculite. A day earlier, U.S. District Judge Donald Molloy had granted a prosecution motion to dismiss charges against one former executive after prosecutors said they lacked evidence to continue their case. The government alleges that Columbia-based Grace and the former executives conspired to hide health risks.

Associated Press

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