GM appeals plant-closing ruling
General Motors Corp. said yesterday that it had asked the Michigan Supreme Court for a speedy review of a lower court ruling that blocked it from closing an assembly plant in Ypsilanti, Mich.
On Feb. 9, a Circuit Court judge stopped GM from transferring production of Chevrolet Caprice and Buick Roadmaster cars to an assembly plant in Arlington, Texas, because Ypsilanti had given GM millions of dollars in tax abatements.
Lego to get $800,000 in severance
Paul Lego, the Westinghouse Electric Corp. chairman who retired under pressure, will receive an $800,000 severance payment, according to a proxy report circulated yesterday.
Mr. Lego, 62, also will receive a two-year consulting contract worth $1.2 million. His annual pension will increase from $710,000 to $910,000, the amount he would have received if he had stayed at the company two more years. He will continue to be eligible for a $1.1 million bonus, payable in 1995 if Westinghouse meets unspecified performance goals. He retains options to buy 50,000 shares of stock at $16.25 a share.
Wholesalers post strong Jan. gain
Wholesalers posted their strongest sales gain in seven months during January, the Commerce Department said yesterday, and stocks of unsold goods fell as demand stayed firm after Christmas.
Also, productivity of the average U.S. worker spurted ahead in the fourth quarter, the Labor Department said, registering the largest gain in more than six years and suggesting the economy remained highly competitive in the global arena.
Blues recover more from fraud
Blue Cross and Blue Shield of Maryland said its special fraud unit recovered $2.4 million in suspect claims last year, a 50 percent increase over 1991. The state's largest health insurer credited a new tracking method for the increase.
Universal makes deal with China
Universal Security Instruments said its joint venture in Hong Kong, in which it owns 50 percent, will start an operation with China to develop and make cellular telephones in China. Universal's joint venture has also received a $3.5 million contract from the new entity to design and develop the telephone.
Universal, based in Owings Mills, designs, makes and sells security, video and telecommunication products.
S&P; devalues Westinghouse debt
Standard & Poor's Corp. lowered ratings on $5.1 billion of debt issued by Westinghouse Electric Corp. and its credit unit, citing the company's weakened finances because of losses in its financial-services operations.