Allied-Signal Aerospace Co. yesterday announced that it will reorganize its operations into two new units and create an office of the president that will be located in Rosslyn.
The announcement ended a six-month realignment that has brought an increasing number of the company's executives to Northern Virginia. There are now 170 employes in the Allied-Signal Aerospace headquarters in Rosslyn.
The move also completes the union of Garrett Corp. and Bendix, two advanced-technology companies that were acquired by Allied-Signal Aerospace's parent company, Allied-Signal Inc., in a complicated series of moves during the past five years.
Under the reorganization, the company will divide its aircraft equipment operations and defense work into two separate units. Robert L. Kirk will remain as president and chief executive of Allied-Signal Aerospace.
Kirk will be joined in the office of president by Roy H. Ekrom, who will be president of the Aircraft Equipment Co., and William C. Purple, who will be president of the Defense Systems Co.
The reorganization will not mean an immediate expansion of the Allied-Signal Aerospace headquarters staff, Kirk said. But he added that he intends to continue to increase the company's profile in the Washington area.
"This is a reconfirmation of our feeling that Washington is the right place to be," he said. "It's very much the focal point for the policy issues that affect our business."
Allied-Signal is one of several major companies that have recently announced plans to move their headquarters or large regional operations to Northern Virginia.
Mobil Corp., the nation's second-largest oil company, and Mohasco Corp., a furniture and carpet manufacturer, have announced plans to move their headquarters there within the next two years.
Xerox Corp. and TRW Inc. are among the companies that have located sizable division offices in the rapidly growing areas of Arlington, Fairfax and Loudoun counties.
About 60 percent of Allied-Signal Aerospace's business comes from military customers, and about 25 percent of its sales are to international customers.
According to Kirk, "Washington is the logical place to be. It's where our defense customers are headquartered, and it has a strong international community.
"The new organizational structure will allow us to take fuller advantage of the complementary strengths of Bendix and Garrett products in worldwide military, general aviation and commercial aircraft markets," Kirk said. "It will also enable us to structure an expanded presence in broader-scale systems for defense, electronics and space markets."
Bendix was acquired by Allied Corp. in 1982, ending Bendix's bitter takeover attempt of Bethesda defense contractor Martin Marietta Corp.
In September 1985, Allied merged with the Signal Cos. conglomerate, thereby acquiring California aerospace manufacturer Garrett Corp.
Allied-Signal underwent an intensive period of asset restructuring, paring its acquisitions to focus on aerospace, electronics, automotive and advanced materials, and chemical products.
Allied-Signal Aerospace was created in November 1986 and accounts for about half of the parent company's $11 billion in annual revenue.
In an unrelated announcement, Kirk was nominated yesterday to the board of Atlantic Research Corp. of Alexandria. Atlantic Research has had a vacancy on its board since the death seven months ago of one of its directors.
"We are very pleased to have a man of Mr. Kirk's stature and experience in the industrial community joining us," Atlantic Research President William H. Borten said.
Kirk's election will be considered at a FPROFITS,HINDEN,LI,ACT,LI/WIRE,,,Ameribanc Investors Net Up 12.7% in 2nd Quarter
Ameribanc Investors Group, parent of Ameribanc Savings Bank of Annandale, yesterday reported a 12.7 percent increase in profits for the second quarter, ending June 30.
Ameribanc said its net income rose to $2.2 million (34 cents a share) from $1.9 million (32 cents) in the comparable quarter of last year. For the first half of the year, the thrift institution reported profits rose to $4.4 million (68 cents) from $3.7 million (62 cents) a year ago, for an increase of 18.3 percent.
William H. Savage, president and chief executive officer of Ameribanc Investors, said that second quarter results included the write-off of a $126,000 secondary reserve required by the Federal Savings and Loan Insurance Corp. Kay Jewelers Inc. yesterday reported a net loss of $492,000 (6 cents) on revenue of $73.2 million during the second quarter ending June 30, compared with profits of $390,000 (5 cents) on revenue of $54.0 million during the same quarter last year.
For the six months, the Alexandria-based jewelry retail chain had a loss of $3.9 million (49 cents) on revenue of $132.6 million, compared with a loss of $775,000 (10 cents) on revenue of $95.7 million during the same period last year.
The company, with 435 locations in 34 states, had previously stated that profits for the first half of 1987 would be adversely affected by interest expense connected with its acquisition of J.B. Robinson Jewelers. The increase in revenue between 1986 and 1987 was largely a result of the acquisition, the company said. Washington Gas Light Co. reported that the net loss applicable to common stock was $6.3 million (37 cents) on revenue of $104.7 million for the second quarter ending June 30, compared with a loss of $3.9 million (23 cents) on revenue of $108.2 million for the same period last year.
For the first half of the year, income was $29.2 million ($1.74) on revenue of $411.8 million, compared with profits of $27.5 million ($1.67) on revenue of $438.3 million in the previous year. Hadron Inc., of Fairfax, a professional services company, reported a 53.7 percent increase in profits on a 28.1 percent growth in revenue for its first quarter, ending June 30.
Hadron's sales rose to $6.7 million from $5.2 million in the same period a year ago. Net income rose to $384,036 (3 cents) from $249,859 (2 cents).
Dominic A. Laiti, chairman and chief executive officer, said Hadron had turned in "11 successive quarters of profitability and additional revenue on a number of contracts."