Printer Friendly

HUGHES AIRCRAFT WILL KEEP HEADQUARTERS IN CALIFORNIA

 LOS ANGELES, Sept. 13 /PRNewswire/ -- The chairman of California's largest industrial employer today said that since the state has taken steps toward improving business conditions, he is committed to keeping the Hughes Aircraft Co. headquarters in the state.
 C. Michael Armstrong, chairman and chief executive officer of Hughes Aircraft Co., told Gov. Pete Wilson, State Senate Minority Leader Ken Maddy, Speaker of the Assembly Willie Brown, and State Assembly Minority Leader Jim Brulte in a morning meeting at Hughes that the company would maintain its headquarters here.
 "The Governor and the Legislature are generating a new atmosphere of cooperation in addressing the issues facing business in California," said Armstrong. "This gives us a sense of optimism that California intends to make its business environment more competitive, and as the state's largest industrial employer, maintaining the headquarters here is recognition of that effort."
 He cited the state government's ability to bring the current budget in on time, the passage of a significant workers' compensation reform and the major tax legislation passed over the weekend as a sign of stability and a desire to renew the relationship with businesses in California.
 "Given the passage of this legislation, we are changing from criticism to commitment," said Armstrong. "While there is still much to be done, the state has come a long way in making it easier for business to want to stay in California."
 Armstrong said that after Hughes put its headquarters on the real estate market in October 1992, the company received relocation proposals from several states.
 He cautioned, however, that unless the state Government continues to make progress in improving the business environment, it is likely more jobs and businesses will leave California.
 Hughes, with annual revenues exceeding $8 billion, is California's leading industrial employer with nearly 40,000 employees and an annual payroll exceeding $2 billion. The company in 1993 will contract with California businesses for about $1 billion in goods and services, pay more than $85 million in state and local taxes and donate about $8 million to charities through employee payroll deductions and corporate contributions.
 -0- 9/13/93
 /CONTACT: Richard Dore, Hughes Aircraft Corporate Communications, 310-568-6324/


CO: Hughes Aircraft Co. ST: California IN: ARO SU:

JB-EH -- LA018 -- 1322 09/13/93 12:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 13, 1993
Words:377
Previous Article:WEX MEDICAL INSTRUMENTATION CO. LTD. ANNOUNCES LETTER OF INTENT
Next Article:McDONNELL DOUGLAS ISSUES C-17 STATEMENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters