Vought Aerospace is closing plants in Florida and Tennessee and consolidating those operations closer to its headquarters in Dallas. The changes won’t affect Vought’s Contour Aerospace division in Everett, a spokesman said. The company said Thursday it had received a $35 million grant from the state of Texas, which it will use to create 3,000 jobs. The two plants to be closed employ a total of 1,375 people.
Seattle Genetics Inc. of Bothell said one of its experimental anti-cancer drugs has received a second “orphan drug” designation from the U.S. Food and Drug Administration. The federal agency granted the status to SGN-30 for the treatment of T-cell lymphomas, a type of cancer that affects about 54,300 people a year. The designation means the biotechnology company can receive federal research funds and special protection against generic competitors for the drug.
Epoch Biosciences Inc. said sharply lower sales of its molecular testing products resulted in a net loss of $427,000, or 2 cents a share, for the fourth quarter of 2003. That compared to a net income of $64,000 in the same period of 2002. For all of 2003, the Bothell-based firm lost $4.7 million, compared to a $3.2 million loss in 2002.
A California jury has decided Bank of America illegally raided the Social Security benefits of a million customers and awarded damages that could exceed $1 billion. The San Francisco Superior Court jury verdict requires Bank of America to pay $75 million to the entire group, plus $1,000 in special damages to each customer who proves the bank’s actions caused substantial emotional or economic harm. Charlotte, N.C.-based Bank of America predicted the verdict will be overturned in a planned appeal.
Strong sales at Victoria’s Secret and Bath &Body Works helped Limited Brands Inc. report a 10 percent rise in fourth-quarter profits. The company also announced plans Thursday to buy back $1 billion in stock directly from shareholders. The company said it earned $387.6 million for the quarter that ended Jan. 31, compared with $352.8 million a year ago.
Confirming one of the worst-kept secrets in retailing, J.C. Penney Co. said Thursday that it is negotiating to sell its troubled Eckerd drugstore chain, and the impending sale dragged the retailer to a $1.07 billion loss in its fourth fiscal quarter. But the retailer said its earnings from continuing operations were higher in the quarter and beat analysts’ expectations. Penney shares rose nearly 5 percent.
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