Newspaper article THE JOURNAL RECORD

Steinbrenner's American Ship Building Goes Bankrupt

Newspaper article THE JOURNAL RECORD

Steinbrenner's American Ship Building Goes Bankrupt

Article excerpt

TAMPA, Fla. _ American Ship Building Co., a century-old contractor headed by New York Yankees owner George Steinbrenner, sought bankruptcy protection after the Navy scrapped a key contract and threatened to cancel another. It wasn't immediately clear how or whether Steinbrenner's other ventures would be affected by the Thursday bankruptcy filing, which also covered the company's Tampa Shipyards Inc. subsidiary. Mobil Exits Solar Energy Business

FAIRFAX, Va. _ Mobil Corp. is getting out of the solar energy business after 19 years, closing its solar research and production facility in Massachusetts, the company said Thursday. Mobil said that while there have been technological breakthroughs and solar cells have become less expensive, "the market for solar energy is small and is unlikely to grow to large-scale in the near term." "Our photovoltaics technology is good, but it does not provide us a reasonable business opportunity, either now or in the foreseeable future," the company said in a statement. Production operations at the Mobil Solar Energy Corp.'s demonstration plant in Billerica, Mass., will cease, although support activities will continue until the subsidiary and proprietary technology is sold, it said. The move will lead to layoff of 164 workers.

The decision by Mobil to abandon the solar energy field comes as the solar industry is undergoing a revival amid increased government research support and expanding interest in solar as a viable alternative power source. "Our industry is really booming in sales," said Scott Sklar, executive director of the Washington-based Solar Energy Industries Association. He said two new solar manufacturing plants are being built and others upgraded, with expanding markets expected to emerge both overseas and in the United States. Sklar said he saw Mobil's action as a corporate decision not to compete "in a crowded field" of large corporations, as well as "a very aggressive set of entrepreneurs" seeking to gain a foothold in the industry. Clinton Offers Grants to Silicon Valley Firms

BURLINGAME, Calif. _ The Clinton Administration expanded its cozy relationship with Silicon Valley on Thursday with $60 million in federal grants to help develop risky ventures in America's high-tech heartland. …

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