Roundup: Lockheed, Gannett, LandAmerica, Alex. Brown
From staff and wire reports
*Lockheed Martin said it received a $1.2 billion contract from the Transportation Security Administration to manage its human resources program. Under the contract, for as many as eight years, the Bethesda company said it will develop a human resources system that will be used to hire and manage all TSA employees.
*Gannett bought out partners Tribune and McClatchy to acquire the rest of ShopLocalR, the owner of a marketing database for retailers. Tribune sold its 42.5 percent stake of the Chicago-based company, and McClatchy gave up its 15 percent stake, Gannett said in a statement. The purchase price for the McClatchy stake was $7.88 million, McClatchy said in a separate release. ShopLocal, whose customers include Target, Best Buy and Home Depot, will work with Gannett's PointRoll Internet ad provider.
*LandAmerica Financial Group chief executive Theodore Chandler said that he cut jobs in May and June and that he plans to close offices amid sluggish title insurance sales. LandAmerica, the third-biggest insurer of U.S. home titles, announced last month it would shut offices in Colorado and put salespeople to work out of their homes. That reorganization will soon extend across the country as LandAmerica slashes expenses, Chandler said.
LandAmerica, of Glen Allen, cut 4,000 jobs, nearly 30 percent of its workforce, in the 16 months through April. It cut the number of offices to 800 from 1,100 and plans to save more on rent, utilities and equipment, Chandler said.
*Two former Alex. Brown divisions are merging to form a company that will manage $18 billion in assets. The two former affiliates will operate as Brown Advisory. Alex. Brown Investment Management's 25 employees will move from their downtown offices to Baltimore's Fells Point waterfront, joining Brown Advisory's 170 employees. The deal is to become final in August.
Both companies began as affiliates of Alex. Brown & Sons, which was founded in 1800 and organized the country's first initial public offering of stock. Alex. Brown was acquired by Bankers Trust New York Co. in 1997 and two years later the new firm was bought by Deutsche Bank.
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