Bell Atlantic proposes to end tolls to Providence
PROVIDENCE – Bell Atlantic proposes to eliminate toll charges on calls to Providence from anyplace in the state as well as expanded local calling areas and lower rates for some customers. The proposals were filed with the Public Utilities Commission in response to pressure from the commission itself as well as legislators and various activists to correct rate disparities. The PUC must hold at least two public hearings on the proposal before it can be approved. Hearings have been scheduled May 27 and 28 in the commission’s office Providence. Other hearings might be held in other communities.
Clariant and Hoechst eliminate 45 jobs
COVENTRY – Clariant Corporation and Hoechst Coventry Dyes have announced that about 45 salaried and hourly production, maintenance, warehouse and administrative positions here at 500 Washington Street had been eliminated in response to declining business. The decline was attributed to increased international competition, including imports. Clariant manufactures and markets specialty chemicals for various markets. Hoechst Dyes produces dyes/colorants for the textile industry.
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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Memorial Hospital ties link with Partners in Mass.
PAWTUCKET – Memorial Hospital has announced the forging of an alliance with Partners HealthCare of Massachusetts to provide extended health service to people in southeastern Massachusetts as well as northern Rhode Island. The alliance does not involve financial commitments by either party, nor does it create an exclusivity agreement. A spokesman at Memorial said the alliance would permit improved specialty health care services for residents of the Blackstone Valley. The spokesman also said the link with Partners will enhance physician recruitment and development for the area. Partners was founded in 1994 by Massachusetts General Hospital and Brigham and Women’s Hospital. It also includes a joint venture arrangement with Dana Farber Cancer Institute. Memorial is a not-for-profit health, teaching and research center affiliated with Southeastern Healthcare Systems, Inc.
Scup fishery opens with lower limits
PROVIDENCE – After the Rhode Island Marine Fisheries Council reached agreement on scup possession limits, the state reopened the scup fishery on May 1. The inshore scup fishery which runs for six months through October 31 is based on a coast-wide quota determined by the Atlantic States Marine Fisheries Commission in accordance with its scup management plan. Rhode Island’s allocation is 597,821 pounds, down 45 percent from the 1998 quota. It is 60 percent of the total Atlantic states quota. On Rhode Island the quota is divided between the floating fish trap fishery, which is 358,693 pounds this year, and all other gear types, for which 239,128 pounds has been allotted. The current trip limit for all commercial fishermen except those using floating fish traps is 2,500 pounds.
Log On America exceeds expectations of IPO
PROVIDENCE – Log On America has reported it has raised $25.3 million in its initial public offering, exceeding its expectations by $3.3 million. The company, a regional Internet service provider based in this city, had offered 2.2 million shares of common stock at $10 a share. Dirks & Co. of New York is the underwriter. The response astonished some observers, according to Reuters, the news agency. “I’m flabbergasted; you just have to shake your head, ” Reuters quoted one unidentified analyst. Another analyst, John Fitzgibbons of redherring.com offered an even more critical comment: “It just goes to underscore the insanity of ‘.com’ (mentality). It has to do with being somewhere at the right time, right place and having the right name.”
Cooley Group acquires Dutch manufacturer
PAWTUCKET – Cooley Group Companies has acquired Van Besouw Kunststoffen BV of Goirle, the Netherlands. Cooley is a privately owned company based here and produces chemical membranes for roofing, liners, fuel tanks, signs and medical uses. VBK also produces polymer membranes. A Cooley spokesperson said the acquisition was expected to help the company penetrate the European market and expand its research and marketing capacities. Terms of the acquisition were not disclosed.
PhyMatrix to sell practice, change name
PROVIDENCE – PhyMatrix, a Providence -based company has decided to sells its physician practice and focus on its drug-trial operations. After the sale, which a spokesperson for the company said was expected to generate more than $100 million, the company plans to change its name to Innovative Clinical Solutions Ltd. The company reported revenue last year of $291.3 million.
Textron Automotive acquires Indiana firm
PROVIDENCE – Textron Automotive Co. has acquired Bates Technologies of Fishers, Ind., a manufacturer and distributor of after-market products. The company reported $5million in sales last year. Terms of the acquisition were not disclosed.
