URI receives $1.5 million grant
NARRAGANSETT – The National Science Foundation has awarded the University of Rhode Island a $1.5 million grant to create a K-12 Marine and Environmental Graduate Teaching Fellows program. The three-year grant will establish the project as a collaboration among the URI graduate School of Oceanography, the URI Office of Marine Programs, and 14 URI marine and environmental academic departments. The $1.5 million will support 12 graduate teaching assistants per year for three years. Under the direction of faculty mentors the graduate fellows will be matched with elementary, middle, and high school teachers in Warwick, Providence, Westerly and Newport.
Nortek acquires Kroy Building Products
PROVIDENCE – Nortek, Inc. announced the acquisition of Kroy Building Products, Inc. of York, Nebraska. Kroy is a manufacturer of vinyl fencing, railing profiles and vinyl decking systems for residential and light commercial applications. Terms of the acquisition were not disclosed. Kroy, a privately held company, reported net sales of $26 million in the 12 months ending in June of this year. Nortek is a manufacturer and distributor of building, remodeling and indoor environmental control products for the residential and commercial markets.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Labor Dept. awards Seafood Council $286,651
WASHINGTON, D.C. – The U.S. Department of Labor announced the award of $286,651 to the Rhode Island Seafood Council to create an educational-vocational program in the marine trades industry. The grant to the Wakefield-based nonprofit organization was made through the School to Work program in conjunction with the U.S. Department of Education.
RIEDC rejects QPP plan as expected
PROVIDENCE – After rejecting the plan proposed by the Quonset Point Partners for development of a container cargo facility at Quonset Davisville Port and Commercial Park, the Rhode Island Economic Development Corporation agreed to continue pursuit of a smaller container facility in the Quonset-Davisville area. The board of directors also asked the EDC staff to identify the state agencies that must be involved in creation of a master plan for Narragansett Bay. Environmental groups have been advocating a master plan for the Bay before any decisions are made to build a container port.
Bell Atlantic agrees with state to cap rates
PROVIDENCE – After lengthy negotiations with state regulators, Bell Atlantic has agreed to lower or cap basic rates at their current levels for three years and extend toll-free calling to Providence from anywhere within the state. Also included in the agreement are a reduction of the cost of statewide calling plans for some customers and expanded local calling areas for some communities. The agreement signed by Bell Atlantic and the state Division of Public Utilities and Carriers required approval of the Public Utilities Commission. The parties estimated that it would take a year to implement all of the agreement, but that some rate changes could take place as soon as January 1.
Hasbro adds Pokemon, card games maker
PAWTUCKET – At a cost of $325 million Hasbro, Inc. has acquired Wizards of the Coast, Inc., maker of the popular trading card games, Pokemon and Magic: The Gathering. Wizards also makes Dungeons and Dragons role-playing games and has a chain of retail stores. Hasbro said the acquisition had been cleared by government regulators and would be closed by the end of the month. Wizards of the Coast is a nine-year old privately held company.
Fitch IBCA also upgrades RI credit rating
PROVIDENCE – Following the lead of Moody’s Investor’s Service, Fitch IBCA has raised Rhode Island’s financial rating to “AA” from “AA-.” Moody’s had raised the state’s rating from A1 to Aa3 earlier. Fitch said the improved rating reflects the state’s significant reduction in debt levels through its long-term capital and financial plans.
Navy trims sub plans
WASHINGTON, D.C. – Soon after celebrating the start of construction on the first of its Virginia-class submarines at Electric Boat’s Quonset facility in North Kingstown, the Navy has announced it will seek only four instead of the five boats in that class it had originally sought over the next five budget years. The Navy cited the lack of anticipated savings elsewhere in the Pentagon budget. Congressional delegations from Rhode Island and Virginia were informed of the Navy’s decision by the Secretary of the Navy. However, that decision won’t become official until President Clinton presents his fiscal-year 2001 budget request to Congress early next year. Meanwhile the rumblings in Congress have started already as members of the Congressional delegations complain that any such reduction in production of the attack submarines would disrupt the hopes and plans for both Electric Boat and Newport News Shipbuilding of Virginia for a steady and predictable flow or work, with a corresponding reduction in employment. Electric Boat and Newport News Shipbuilding are cooperative builders of the boats.
APC to buy back common stock
WEST KINGSTON – American Power Conversion Corp. announced that it will buy back up to 10 million shares of its common stock over the next two years. A company spokesperson said that would amount to five percent of the company’s outstanding shares and will help offset dilution of the stocks’ value caused by the company’s employee stock ownership program. The company said there were 192.2 million shares of stock outstanding.
U.S. allocates funds to repair Cranston Street Armory
WASHINGTON – The U.S. Department of Commerce has awarded $700,000 to Rhode Island for renovation of the Cranston Street armory. The funds come from the department’s Economic Development Agency. A new roof, windows, a heating and ventilation plant, and exterior repairs are among the armory’s needs. The state has already budgeted $377,000 for repairs to the armory. Sen. John H. Chafee has been a forceful advocate for federal assistance, having managed to insert a provision in the 1997 Commerce-State-Justice departments appropriations bill recommending the armory for inclusion among the 13 projects to be considered high priority spending targets.
Fidelity jobs notice draws 800 plus applicants
SMITHFIELD – A job fair at Fidelity Investments here recently drew 800 inquiring applicants. A Fidelity spokesman said there were 50 job openings now, but that would increase to 1,300 next year when the second building that is under construction at the Fidelity site off Douglas Pike opens. Job possibilities that Fidelity recruiters discussed with applicants included technology, sales, client services, human resources, culinary and transportation. Fidelity Investments is the nation’s largest mutual fund company and a major provider or financial services.
Consumer Credit organizations forming regional organization
WARWICK – Rhode Island, Connecticut and Massachusetts consumer credit counseling services are merging into a single regional organization, Consumer Credit Counseling Service of Southern New England. The new organization will retain local headquarters in each state and offer counseling at 37 locations throughout Southern New England. A spokesperson for the new organization said all employees of the three merging organizations would be offered jobs and that 17 new counselors would be hired.
Delta Mechanical acquired by KeySpan of New York
WARWICK – Delta Mechanical of New England, which is based here, has been acquired by KeySpan Corp., a New York based owner of natural gas and electric utilities. Cost of the acquisition was not disclosed. KeySpan, which supplies gas to 1.6 million customers in New York City and Long Island through the Brooklyn Union Gas Co., which it owns, is reported to be extending its interests into other less regulated fields which are expected to bring better profits. Delta Mechanical designs, builds and installs heating, ventilating, and air conditioning systems for businesses in New England. It employs about 100 persons.
