AAI gets $4.5 million contract
AAI Corp. in Cockeysville has been awarded a $4.5 million contract from the Army Missile Command to produce a target simulator to teach North Dakota National Guard members how to shoot down enemy aircraft with a shoulder-fired Stinger missile without actually firing the weapon.
The simulator is built like a movie theater, with a panoramic view of a battle area. When the image of a jet fighter streaks across the sky or an attack helicopter comes charging in, the soldier has to quickly take aim and "fire." An infrared beam "destroys" the electronic image on the screen.
AlliedSignal profits gain 16%
AlliedSignal Inc. reported yesterday that fourth-quarter profits rose 16 percent on strong sales gains as it introduced new products.
The Morris Township, N.J.-based company, which has aerospace operations in Towson and Columbia, earned a record $205 million, or 73 cents per share, in the three months ended Dec. 31, compared with earnings of $178 million, or 63 cents per share, in the same period a year earlier.
The aerospace unit also had record operating profits as sales grew 9 percent, to $1.31 billion.
KLNB volume rose 30% in '94
Commercial real estate brokerage and management firm KLNB Inc. yesterday reported a 1994 transactional volume of $327 million, a 30 percent jump from the year before. KLNB's 427 retail and industrial transactions last year included the leasing of 4.3 million square feet and sales of 170 acres and 29 buildings.
Signet to distribute shares
Signet Banking Corp. said yesterday it will distribute one share of Capital One Financial Corp. common stock on Feb. 28 for each share of Signet Banking Corp. common stock held as of Feb. 10, 1995, finalizing the spinoff of the credit card company. Beginning March 1, the two companies will operate as independent corporations and will trade separately on the New York Stock Exchange under ticker symbols SBK (Signet) and COF.
2 railroads OK merger
Shareholders of Burlington Northern Inc. and Santa Fe Pacific Corp. yesterday approved the companies' $3.8 billion merger that would create the nation's largest railroad company.
The merger still requires approval from the Interstate Commerce Commission.
PetsMart to buy Petstuff
PetsMart Inc. said it will buy competitor Petstuff Inc. for about $100 million in stock, strengthening its position as the nation's largest chain of pet superstores.
Both chains have stores in the Baltimore area.