Kmart cutting headquarters jobs
Kmart Corp., in an effort to slash expenses, said it is cutting 900 jobs at its Troy, Mich., headquarters -- about 18 percent of the 5,000 full-time jobs at the location.
The nation's second-largest retailer also said it is consolidating its North Bergen, N.J., fashion facility as part of the cost-cutting efforts. The company didn't say how many jobs would be cut at the North Bergen operation.
The layoffs are part of the company's previously announced plan to reduce annual expenses by $600 million to $800 million by 1996.
Westinghouse payment
Westinghouse Electric Corp. has agreed to pay the federal government nearly $1.9 million for not telling the Air Force about a discount it could have gotten on a radar system, the Justice Department said yesterday.
The Air Force paid the Westinghouse division in Linthicum $10.2 million for spare parts for a radar system on AWACS aircraft in 1987.
In 1992, Westinghouse voluntarily reported its overpricing to the Pentagon inspector general and paid $258,030 as a partial reimbursement.
Williams Cos. to buy Transco
The Williams Cos. said yesterday that it had agreed to buy the Transco Energy Co. in a $3 billion transaction, creating the largest supplier of natural gas in North America.
The deal would combine the natural gas pipeline system of Tulsa, Okla.-based Williams, which runs through the West and Midwest, with Houston-based Transco's system, which runs from the Gulf of Mexico to the Northeast.
AAI to buy Graphicon service
AAI Corp. in Cockeysville has signed a letter of intent to acquire the Graphicon image generation service from Star Technologies, Inc. of Sterling, Va. The price was not disclosed.
AAI uses the Graphicon computer system in a helicopter flight simulator it manufactures to provide the images that a pilot would see when looking out a window of a real craft.
Bugden named to post
Teleport Communications Group, a New York-based company that plans to begin offering local telephone service to Maryland businesses in 1995, has named veteran telecommunications executive Lawrence J. Bugden to head its operations in the state, TCG announced yesterday.
As vice president and general manager of the Maryland venture, Mr. Bugden will oversee the construction of a 30-mile fiber-optic network throughout downtown Baltimore.