Elkton, Md., a town better known for attracting eloping couples than manufacturing industries, has been chosen as the headquarters of a New Jersey company.

Majestic Industries Inc., a maker of loose-leaf binders, is moving its headquarters and primary manufacturing plant from Teterboro, N.J., to Elkton because New Jersey "is very expensive," said Charles D. Benjamin, president of the $35 million-a-year company.

"New Jersey is a white-collar state. And the cost of doing business here makes it impossible to compete against foreign competition," Benjamin said in a telephone interview from Teterboro.

By moving to Maryland, Majestic will save $80,000 a year on rubbish removal, 50 percent on its electricity bill and up to 2 percent on unemployment insurance, Benjamin said.

Last December the firm started searching for a new location, checking sites in six states, from Connecticut to Maryland.

This month, it bought the former 19.3-acre former Pirelli Cable facility in Elkton, for $13.4 million. The 205,000-square-foot plant has been vacant for more than a year.

Majestic has begun installing eequipment, a process expected to cost $3.3 million, and plans to invest another $1.5 million to expand the facility to 250,000 square feet.

The Elkton plant will use advanced robotics equipment and will serve as a model for the company's future expansion plans. "We want to keep production up, unit costs down and quality high," Benjamin said.

"We chose Maryland because it is dead center in the New York-Washington corridor, the state has a positive business attitude, and the people of Cecil County have a good, old-fashioned American work ethic," Benjamin said.

Maryland offered Majestic an attractive package: a tax freeze for its first three years in the state, a guarantee on $3.4 million of the company's $8.2 million bond offering through the Maryland Industrial Development Finance Agency, and funds for training employes.

Majestic expects to hire 450 employes by next spring and 700 by 1991. All the current employes at the Teterboro plant are being offered positions in Elkton, but Benjamin estimated that only 30 or 40 managers and senior clerical workers will move.

After a two-year battle, CMP Corp. of Fredericksburg has won a $900,000 contract to maintain computers at the Red River Army Depot in Texarkana, Texas.

The depot traditionally has used a number of vendors to maintain its systems, but four years ago began soliciting single vendors to bid on a contract to maintain all of it. The government canceled its solicitation when two low bidders resulted instead of one.

CMP, one of those low bidders, protested the government's cancellation. Last week the General Services Administration ordered the government to award the contract to CMP.

CMP is a private, minority-owned firm with revenue of about $1 million.

Mueller Co., a subsidiary of Mueller Holdings Corp. in Annapolis, is buying its distributors.

Mueller is probably best known for making fire hydrants. It also manufactures valves, fittings and other flow control devices for water and gas distribution industries.

The company is now buying Trans-Tex Supply Co., Municipal Pipe & Fabricating Co. and Utility Supply Co., all based in Houston and all distributors of Mueller products.

Acumenics Research and Technology Inc., a subsidiary of Hadron Inc., has been awarded a $40 million contract to help the Justice Department process lawsuits.

Under the five-year contract, Acumenics will organize materials used for evidence and design a computerized data base for document and information retrieval for the department's Land and Natural Resources division. Thes contract continues work begun by Acumenics for the Justice Department three years ago.

Martin Marietta Corp. has been awarded two contracts to examine techniques for landing a spacecraft on Mars.

Martin Marietta Space Systems in Denver is one of two companies chosen by the National Aeronautics and Space Administration to study mobility and rendezvous techniques on Mar's rugged surface.

NASA's Johnson Space Center also awarded Martin Marietta an 11-month contract to study aerobraking, the directing of a spacecraft from Mars orbit to its surface.

NASA envisions placing a spacecraft in orbit around Mars that will be equipped with a lander vehicle, which will descend to the surface. Once the lander is on Mars, it will release a rover vehicle to collect surface and subsurface soil samples.

Martin Marietta designed, built and tested the twin Viking spacecraft that landed on Mars in 1976 and 1977. The Viking landers transmitted data and photos from Mars for more than six years.

Chesapeake Corp. in Richmond has signed an agreement in principle to purchase Distinctive Printing and Packaging Co. of West Des Moines, Iowa, and Assemblers Inc. of Marion, Iowa, in a move to expand its production and sales contacts in the Midwest.

Distinctive Printing and Packaging produces point-of-purchase packaging materials and displays. Assemblers provides packaging assembly and fabrication services.

Point-of-purchase packaging consists of store displays that advertise the product at the place of purchase. Display packaging advertises and protects a product.

Point-of-purchase and display packaging have been a strategic focus for Chesapeake, according to Robert S. Argabright II, Chesapeake's group vice president.

Chesapeake is a paper and forest products company that manufactures tissue products, printing and specialty papers, containers and displays.

The Richmond law firm of Mays & Valentine has merged with the Tolbert & Smith law firm in Arlington. The combined firm, which will continue to practice under the name of Mays & Valentine, has 108 lawyers.

James R. Roberts, chairman of the Mays & Valentine executive committee, said the merger provides "an excellent opportunity to extend and expand our services to both existing and new clients in northern Virginia and Washington."

North American Housing Corp. has bought Continental Homes of Virginia and Continental Homes of New England, both subsidiaries of The Marley Co. of Kansas City, Mo., for an undisclosed amount.

North American Housing is a modular housing manufacturer with facilities in Point of Rocks, Md., Front Royal, and Georgetown, Del. The Continental Homes companies make residential and commercial structures.

With the acquisition, North American's market covers 21 states and projects with annual sales of $81 million, according to Carl Benna, president of North American.

ERC International, a technical services firm in Fairfax, and W.J. Schafer Associates, a defense research and development firm in Arlington, have signed a merger agreement.

According to the agreement, ERCI will make an initial payment of $13.8 million in cash and stock, with additional payments of up to $22.5 million based on W.J. Schafer's profit performance over the next two years.

The merger requires the approval of the shareholders of both companies, which is expected later this year.

Blue Cross and Blue Shield of the National Capital Area has acquired a controlling interest in the Blue Cross Plan serving the island of Jamaica.

"Blue Cross is already the largest health carrier in Jamaica," said Uriel Salmon, vice chairman of Blue Cross of Jamaica.

The D.C. area group covers more than 12,000 employes of the government of the American Virgin Islands and has established a claims processing center on St. Thomas. The Jamaican organization covers 270,000 people.

"This merger will make us potentially the strongest health insurance company in the Caribbean," said Salmon.

Under the agreement, Blue Cross of Jamaica will use the health management expertise, training facilities, information systems and rate setting of the D.C. group. The organizations will continue to operate separately.

The board of Blue Cross of Jamaica will be made up of eight board members from the present D.C. area board and four Jamaican representatives.

Joseph P. Gamble, president, executive director and chief executive of the area group, will be chairman of Blue Cross of Jamaica.