PerkinElmer Inc., a maker of airport security equipment, said it expects this month to receive Federal Aviation Administration approval to sell machines that screen bags at airports for explosives.
The Wellesley, Mass.-based company agreed in January to sell the detection-systems unit that makes the machines to New York-based L-3 Communications Holdings Inc. for $100 million, an acquisition expected to close next month, said Bonnie Bowes, a company spokeswoman.
L-3 and InVision Technologies Inc. are the only companies authorized by the FAA to make the explosive-detection systems. The machines need to be installed by the end of the year to comply with a federal law passed after the terrorist attacks.
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PerkinElmer, which also makes electronics and laboratory equipment, said its machines are appropriate for small and mid-sized airports. Federal officials have complained that the pickup truck-sized machines made by L-3 and InVision are too prone to false alarms and mechanical breakdowns. The government is also buying smaller detectors to check bags that trigger alarms by the large devices.
Barnes & Noble
first-quarter loss widens
Barnes & Noble Inc. said its first-quarter net loss widened because it took a $14.9 million investment writedown and had a loss from its Internet business. The largest U.S. bookstore chain raised its annual forecast.
Bloomberg News reported that the loss widened to $16.3 million, or 25 cents a share, from $11.5 million, or 18 cents, a year earlier, Barnes & Noble said in a statement. Sales in the quarter ended May 4 rose 12 percent to $1.13 billion from $1.01 billion.
Barnes & Noble wrote down its holdings in Gemstar-TV Guide International Inc. after the value of its shares tumbled by 75 percent in the past year. Barnes & Noble.com Inc. contributed a $4 million loss, the company said. Barnes & Noble boosted its profit
forecast for the year because of increasing earnings at its 60 percent owned GameStop video-game chain.
Raytheon receives
$53 million Army contract
Raytheon Company has received a $53 million U.S. Army contract for Horizontal Technology Integration (HTI) second-generation Forward Looking Infrared (FLIR) B-Kits for fiscal year 2002 through fiscal year 2003 full-rate production.
The multiyear fixed firm-price contract contains options for first- and second-year quantities for HTI B-Kits as well as an optional third year. Work will be performed by Raytheon’s Tactical Systems business unit in McKinney, Texas.
According to PR Newswire, the second-generation FLIR allows improved detection and engagement of tanks and other heavy armored vehicles at significantly greater stand-off ranges over first-generation FLIR systems. It is used on platforms such as the new M1 Abrams, the Bradley Fighting Vehicle, and the HMMWV.
The U.S. Army awarded the majority share of B-Kit production to Raytheon under a competitive procurement. The contracting customer is the U.S. Army Communications Electronics Command (CECOM) in Ft. Monmouth, N.J., and the Night Vision /Reconnaissance, Surveillance, and Target Acquisition (NV/RSTA), Ft. Belvoir, Va.
With headquarters in Lexington, Mass., Raytheon Company is a global technology leader in defense, government and commercial electronics, and business and special mission aircraft.
Neuberger managing
director sold Nortek shares
Marvin Schwartz, a managing director at money manager Neuberger Berman Inc. sold 147,000 common shares of his personal stake in building products maker Nortek Inc., according to a regulatory filing late last month.
He now holds 489,900 shares, or 4.7 percent, of Nortek’s approximately 10.5 million shares outstanding, according to the SEC filing.
Selling shares from March 19 through May 17 at prices ranging from $36.91 to $43.92 apiece, Schwartz’s stake is comprised of 230,400 shares in his personal account plus 259,500 shares for his family.
The company is weighing a bid from private equity firm Kelso & Co.
V. Michael Ferdinandi
named senior vp at CVS
CVS Corporation has named V. Michael Ferdinandi to the position of senior vice president of human resources and corporate communications. Ferdinandi joined CVS in 1999 as vice president of human resources.
Before coming to CVS, Ferdinandi served as vice president of operations for PepsiCo.-Canada. He has an undergraduate degree and a master’s degree in Industrial Education from Rhode Island College and holds a doctorate with a focus on Human Resource Education from Boston University.
(Compiled from news reports and releases, print and electronic.)
