Quaker State moving to Dallas
Quaker State Corp. announced yesterday it will move its headquarters to the Dallas area, joining a long list of corporate migrants from the Northeast to the Sun Belt.
The motor-oil maker, which has been based in Oil City, Pa., since its founding 64 years ago, said it hopes to choose a site within two to three months. It expects to complete the move by early 1996.
Week-long layoffs at Chrysler
Chrysler Corp.'s assembly plant in Newark, Del., will put workers on an unscheduled layoff for a week due to sluggish sales and an overload of cars, the company said yesterday.
About 3,000 hourly workers at the plant will be laid off for a week, beginning May 1. They also were laid off the first week of April for similar reasons.
Robert Coy, state economic development director, said officials
are concerned about the plant's future, but don't believe it to be in "imminent danger." There has been no word from Chrysler on the status of a report being prepared about the future of the Delaware plant, which will stop producing the LeBaron convertible in July, he said.
Lockheed gets Air Force deal
Lockheed Martin Corp. received a $57.2 million contract for upgrades to Air Force C-130 transport airplanes, the Defense Department said yesterday.
The Bethesda-based company's Marietta, Ga., employees have until September to upgrade the radar-warning systems and the navigation systems on 12 C-130Hs operated by the Air National Guard and the Air Force Reserve.
Ulcer drug cleared by FDA
Pepcid, a powerful ulcer drug, has been cleared for over-the-counter sales for heartburn, the Food and Drug
Administration said yesterday.
It is the first drug of its class -- H2 antagonists -- to win government approval to be sold without a prescription. Pepcid is similar to another top-selling ulcer drug, Tagamet, that the FDA also is considering converting from prescription to over-the-counter status. Pepcid AC Acid Controller is being jointly marketed by Johnson & Johnson and Merck Consumer Pharmaceuticals Co.
Columbia Gas open to takeover
Columbia Gas System shareholders rejected a proposal to discourage takeover attempts, outgoing Chairman John Croom announced yesterday.
The adoption of a "poison pill" or shareholder rights plan would have discouraged any takeover attempts for 18 months after the company emerges from Chapter 11 bankruptcy, whenever that occurs. Columbia Gas and its pipeline subsidiary, Charleston, W.Va.-based Columbia Gas Transmission Corp., both filed for protection under Chapter 11 of the Federal Bankruptcy Code on July 31, 1991.