Shipyard gets $27 million contract
Bethlehem Steel Corp.'s shipyard in Sparrows Point was awarded a $27 million contract yesterday by the U.S. Maritime Administration, according to Sen. Barbara A. Mikulski.
Foreign chips in Japan decline
U.S. and Japanese officials announced yesterday that the market share of imports in the Japanese computer chip market, a widely watched trade figure, had dropped again, to 19.2 percent in the second quarter.
The lower market share for computer chip imports provoked immediate dismay from U.S. government and industry officials.
System Integrators in Chapter 11
System Integrators Inc. and its parent SI Acquisitions Corp. filed for Chapter 11 bankruptcy protection yesterday in Delaware.
The unit listed assets of $30.1 million and liabilities of $85.1 million. The parent company listed assets of $10.6 million and liabilities of $8.6 million. Sacramento, Calif.-based System Integrators makes and sells computer-aided publishing systems for worldwide distribution.
S&P; may downgrade RJR Nabisco
RJR Nabisco Holding Corp. might lose its investment-grade bond rating from Standard & Poor's Corp. because of risks confronting the company's tobacco business.
Standard & Poor's said it had placed the giant food company's $14 billion in debt on its CreditWatch list "with negative implications." That often is a first step toward a credit downgrading.
Crestar to buy Providence S&L;
Crestar Financial Corp. said it signed a definitive agreement to buy the closely held Providence Savings and Loan Association of Vienna, Va., for $27 million in cash.
Crestar said the 12 offices of $421 million-asset Providence Savings would increase its presence in the metropolitan
Washington area, particularly Northern Virginia.
Crestar is a $13.2 billion-asset banking company with 302 offices in Virginia, Maryland and Washington.
GM says NAFTA would create jobs
A General Motors Corp. official predicted that 15,000 automotive jobs would be created in the United States if the North American Free Trade Agreement was approved by Congress.
William Hoglund, GM executive vice president, said that in the first year of NAFTA, the U.S. Big Three automakers would increase auto exports by 1 million units. That equals about 15,000 jobs at auto companies and their suppliers, he said.