Baldor Electric Co., which once produced batteries and generators for the Army and other federal agencies, has agreed to pay $2 million and offer 50 people jobs to settle allegations of discrimination, federal contract oversight officials said this week. The company’s applicant screening process for its facility in Fort Smith, Ark. allegedly discriminated against women and minorities, the Labor Department’s Office of Federal Contract Compliance Programs (OFCCP) said in a news release. The OFCCP found the company’s process of evaluating applicants was based on subjective standards, not an objective analysis of a person’s qualifications, an OFCCP spokesman said. As a result, 795 qualified…