Jobless rate still high in Southeast Mass.
NEW BEDFORD – While Massachusetts boasts the lowest unemployment rate in the country -2.8 percent in March – the southeastern corner of the state still has 10.2 percent of its population out of work, according to the state’s AFL-CIO. In an economic report released last week by the labor organization, manufacturing employment in New Bedford reportedly has dropped from 20,528 in 1985 to 9,648 in 1997, a 53 percent decline. According to the Bureau of Labor Statistics, upon whose information the report was compiled, Fall River during the same period suffered a 28 percent reduction in manufacturing jobs. The statistics also show that while New Bedford has lost 25 percent of its labor force since 1985, Fall River lost only 3 percent. Labor leaders attributed the region’s problems to low educational attainment (32 percent of Southeastern Massachusetts residents 25 years old or older have an education level below the ninth grade), the decline of the textile, jewelry, and apparel industries, the lack of development programs, and few public works projects.
Celtics lose money over three quarters
BOSTON – A $9.3 million loss over the nine month period that ended last March 31 has been reported by a partnership that controls 48.3 percent of the Boston Celtics. But during the last three months of that period , the partners report the team earned $1.4 million. The loss was attributed in part to the NBA lockout which caused the season to be delayed from last fall to February. The partners also reported that a one-time charge of $2.3 million to retire debt early was also taken during this period.
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On-line grocer extends service
SOMERVILLE – HomeRuns has extended its on-line grocery service from its Boston and nearby suburbs core to the more distant suburbs such as Belmont, Dedham, Lexington, Medford, Milton, Needham, Quincy, Waltham, Watertown, Wellesley, Weston and Winthrop. The chain is based in Scarborough, Maine.
Photoelectron cutting work force in half
LEXINGTON – Photoelectron Corp. reported that it would cut its staff by50 percent to reduce operating costs by about 65 percent. The company also said it plans to hire an adviser to evaluate strategic alternatives and seek ways to raise additional funds. Photoelectron said the cutbacks would enable the company to continue operations through Dec. 31. Its main product is the Photon Radiosurgery System used primarily to treat brain tumors.
Genzyme to form surgical products unit
CAMBRIDGE – Genzyme General Corp. has announced plans to form a surgical products unit with its own common shares, which will be distributed as a dividend to Genzyme shareholders by the end of the second quarter. The company also said it plans to develop, in conjunction with two doctors, enzyme replacement and gene therapies for Niemann-Pick disease, a genetic disorder.
Charrette sold to Spanish firm
CAMBRIDGE – Charrette Corp. which started as a supply store here for architects 35 years ago has been sold to Grupo Picking Pack S.A. of Barcelona, Spain for $107 million. Charrette operates 23 stores with 810 employees selling supplies, modeling software, and services to architects, engineering firms and advertising agencies. Grupo Picking does approximately the same thing in Europe. Charrette will operate as an independent subsidiary. The combined companies will be expanding into Canada and Latin America, as well as the Internet. according to a spokesperson.
Wang Global being sold to Dutch company
BILLERICA – Wang Global, a major provider of network data services in North America, Europe and Asia, is being sold to Getronics NV of the Netherlands for $2 billion in cash. Getronics, an information service provider hopes to expand into a worldwide factor in its field through the acquisition of Wang.
Laura Ashley staying in Boston – for now
BOSTON – The headquarters of Laura Ashley, the women’s fashion company, will remain in Boston for the time being, the company announced. Earlier plans had been announced to move the company’s headquarters to Charlotte, N.C. Boston had been the company’s North American headquarters since 1992. More recently the company’s fortunes have slipped considerably. Its North American stores were sold not long ago to an investor for $1. About 60 people work in the company’s Boston office.
Troubled Harvard Health loses top executives
BOSTON – Embattled Harvard Pilgrim Health Care lost two of its top executives recently after reporting record losses of $94 million last year. The company’s chief financial officer, Thomas J. Brophy resigned just one day after the chief executive officer, Allan Greenberg submitted his resignation. According to the state Division of Insurance, Harvard Pilgrim controls about 38 percent of Massachusetts’ HMO market, making it the largest such organization in the state. It was recently hailed by a national magazine as the best run HMO in the country. That was before the announcement that it had experienced record operating losses. The company attributed its losses to lower than expected reimbursement from the federal government for Medicare and higher than expected expenses.
Planet Hollywood building sold; Fidelity seen tenant
BOSTON – The Boylston Street building originally being constructed to accommodate a Planet Hollywood restaurant has been purchased by an affiliate of Atlantic Retail Properties of Waltham for $6.75 million, according to the Boston Globe. The new tenant is expected to be a Fidelity Investment Center, according to the Globe. Planet Hollywood restaurants have been retrenching since January.
Medical device exports up in Massachusetts
BOSTON – Massachusetts manufacturers of medical devices exported 68 percent more of their products from 1995 to 1998, the Medical Device Industry Council reported. A study for the 150 member council reported that medical device exports last year alone totaled $424.1 million, compared with $251.5 in 1995 The survey was conducted among 350 Bay State companies, 77 percent of which responded.
ACT Manufacturing buys California firm
HUDSON – ACT Manufacturing Inc., assembler of electronic equipment, has acquired CMC Industries Inc. of Santa Clara, Calif., for $59.3 million in stock. CMC makes telecommunications and personal computer equipment. The acquisition is subject to shareholder approval and regulatory review.
(Compiled from news reports and releases, print and electronic.)
