ITT Corp., a White Plains, N.Y., defense contractor,
agreed to pay $100 million in fines for illegally sharing
its night-vision technology with foreign countries in
hopes of finding cheaper manufacturing opportunities
overseas. Night-vision technology, a crucial edge for
American military forces, is considered a national security
asset. The company said there would be no impact on the
1,400 workers at its Roanoke plant, which produces night-vision
devices for U.S. forces. (Richmond Times-Dispatch)
Members of the International Brotherhood of Boilermakers
Local 664 in Norfolk voted to accept a new three-year
contract with BAE Systems Norfolk Ship Repair.
The 870 workers in the bargaining unit will see wages
and pension benefits rise an average of 14.7 percent
under the new pact. (The Virginian-Pilot)
The federal Mine Safety and Health Administration has
fined Richmond-based Massey Energy Co. a record
$1.5 million for safety violations the agency said contributed
to the deaths of two miners in Logan County , W.Va. The
miners died in January 2006 after becoming lost in smoke
in an Aracoma Coal Co. mine. Aramoca is a subsidiary
of Massey Energy. (Richmond Times-Dispatch)
United Dominion Realty Trust Inc., a real estate
investment trust headquartered in Richmond, changed its
name to UDR Inc. At the end of 2006 UDR owned
70,339 apartments and had 936 under development, making
it the fourth-largest REIT in the country. (Richmond
Times-Dispatch)
