MARION, Mass. – Lockheed Martin Corp. announced that it has entered into an agreement to acquire Sippican Holdings Inc. – a Marion, Mass.-based supplier of naval electronic systems – from the global private equity firm The Carlyle Group.
Terms of the acquisition were not disclosed. Closing is expected to be completed later this year, upon regulatory approval, both companies said.
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Sippican specializes in development and production of surface ship countermeasures, anti-submarine warfare training and submarine communications systems, as well as meteorological and oceanographic instruments, according to the company statement. The acquisition, according to Lockheed, will enhance its global capabilities in naval warfare, unmanned underwater vehicles and low-cost manufacturing.
Sippican currently has a warehouse in El Paso, Texas, and a manufacturing facility in Mexico. The company’s headquarters is located on 70 acres in Marion along Buzzards Bay. The company currently employs more than 400 at all three locations.
According to Sippican officials, employment levels will not change as a result of the merger, nor will operations or the location of the company’s headquarters. Sippican also includes a wholly owned subsidiary, Polaris Contract Manufacturing.
Narragansett Electric seeks 8.3 percent hike
PROVIDENCE – Just weeks after Narragansett Electric cheered its customers with news of a rate decrease, the company has asked the Public Utilities Commission to raise electricity rates by 8.3 percent, effective Jan. 1, saying that without a hike, high fuel costs would leave it with a $59-million deficit.
The PUC has already approved two rate hikes for the utility’s 459,000 Rhode Island customers this year, of 2.6 percent as of Jan. 1, and 6.9 percent as of Aug. 1. The commission also approved a 4.4-percent rate decrease as of Nov. 1.
If the utility’s new request is approved, the cumulative increase would be 13.6 percent. The biggest part of the increase would come from hiking Narragansett Electric’s standard-offer rate to 7.5 cents per kilowatt hour, up from 6.7 cents, but the utility is also increasing its transmission charges.
Not all customers pay the standard-offer rate. Customers who have left Narragansett Electric, then returned, pay a “last-resort” rate, now averaging 7.261 cents per kilowatt-hour for commercial and industrial customers.
R.I. apartment rents rising fast, survey says
ALBANY, N.Y. – The rents in Rhode Island’s larger apartment complexes are rising rapidly, up an average of $41 per unit in the first half of the year alone, according to a fall market report by Sunrise Management & Consulting.
The company, which manages multifamily housing, surveyed nearly 1,900 apartment complexes in New York and New England, including 59 in Rhode Island with 10,607 units, and compared rents for different-size units and per square foot.
The average Rhode Island rent was $1,082, or $1.26 per square foot – but ranging from a low of $931 in Newport County, to $1,190 in Washington County, the survey found. Rents rose statewide, with the biggest hike in Providence County, where the average rent rose from $1,073 in the first quarter, to $1,129 in August.
Average rents in the eastern half of Massachusetts rose by $31, and in the western half, by $7. New Hampshire rents rose by $19.
The survey includes only apartment complexes, not multifamily houses. The Rhode Island properties had an average of 180 units, and the smallest, 24 units.
Mass. home sales set quarterly record
WALTHAM, Mass. – Sales of single-family homes and condominiums reached their highest-ever levels for one quarter in Massachusetts’ history during the three months of July through September, according to the latest report from the Massachusetts Association of Realtors.
The unprecedented demand led to a 45th consecutive quarter of home price gains, and if the market maintains its pace, 2004 will be the best year for home sales in the state, the association said. Regionally, sales dropped in southeastern Massachusetts and on Cape Cod, compared to last year.
Carousel Industries makes Inc. magazine list
PEACE DALE – Inc. Magazine, a publication geared to entrepreneurs, has included Carousel Industries in its “Inc. 500” list of the fastest-growing private companies in America, ranking it No. 447.
The Inc. 500 ranks privately held companies based on their average year-to-year sales growth over the past four years. To qualify for this year’s list, companies had to be independent and privately held through their fiscal year 2003, have had at least $200,000 in net sales in 2000 (for new entries), have over $2 million in net sales in 2003, and have increased sales from 2002 to 2003.
Inc. verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials.
The full Inc. 500 list is part of a special issue that will be on newsstands until Dec. 21. It is also posted online at www.inc.com.
Carousel Industries designs, builds, and manages business communications networks. It is one of the largest Avaya Platinum Certified dealers nationwide.
General Dynamics’ network used by Army
TAUNTON – U.S. Army soldiers at Fort Stewart, Ga., have completed training on General Dynamics’ Joint Network Node mobile communications system that went from design to fielding in less than six months.
The system was designed as a collaborative effort between the Army’s Project Manager for Tactical Radio Communications Systems and General Dynamics’ Taunton-based C4 Systems, and other Army organizations. According to General Dynamics, the Army has started using the equipment in mission readiness exercises before using the system in an upcoming deployment to Iraq.
Lockheed to acquire southeastern Mass. Sippican Holdings
MARION, Mass. – Lockheed Martin Corp. announced that it has entered into an agreement to acquire Sippican Holdings Inc. – a Marion, Mass.-based supplier of naval electronic systems – from the global private equity firm The Carlyle Group.
Terms of the acquisition were not disclosed. Closing is expected to be completed later this year, upon regulatory approval, both companies said.
Sippican specializes in development and production of surface ship countermeasures, anti-submarine warfare training and submarine communications systems, as well as meteorological and oceanographic instruments, according to the company statement. The acquisition, according to Lockheed, will enhance its global capabilities in naval warfare, unmanned underwater vehicles and low-cost manufacturing.
Sippican currently has a warehouse in El Paso, Texas, and a manufacturing facility in Mexico. The company’s headquarters is located on 70 acres in Marion along Buzzards Bay. The company currently employs more than 400 at all three locations.
According to Sippican officials, employment levels will not change as a result of the merger, nor will operations or the location of the company’s headquarters. Sippican also includes a wholly owned subsidiary, Polaris Contract Manufacturing.
Narragansett Electric seeks 8.3 percent hike
PROVIDENCE – Just weeks after Narragansett Electric cheered its customers with news of a rate decrease, the company has asked the Public Utilities Commission to raise electricity rates by 8.3 percent, effective Jan. 1, saying that without a hike, high fuel costs would leave it with a $59-million deficit.
The PUC has already approved two rate hikes for the utility’s 459,000 Rhode Island customers this year, of 2.6 percent as of Jan. 1, and 6.9 percent as of Aug. 1. The commission also approved a 4.4-percent rate decrease as of Nov. 1.
If the utility’s new request is approved, the cumulative increase would be 13.6 percent. The biggest part of the increase would come from hiking Narragansett Electric’s standard-offer rate to 7.5 cents per kilowatt hour, up from 6.7 cents, but the utility is also increasing its transmission charges.
Not all customers pay the standard-offer rate. Customers who have left Narragansett Electric, then returned, pay a “last-resort” rate, now averaging 7.261 cents per kilowatt-hour for commercial and industrial customers.
R.I. apartment rents rising fast, survey says
ALBANY, N.Y. – The rents in Rhode Island’s larger apartment complexes are rising rapidly, up an average of $41 per unit in the first half of the year alone, according to a fall market report by Sunrise Management & Consulting.
The company, which manages multifamily housing, surveyed nearly 1,900 apartment complexes in New York and New England, including 59 in Rhode Island with 10,607 units, and compared rents for different-size units and per square foot.
The average Rhode Island rent was $1,082, or $1.26 per square foot – but ranging from a low of $931 in Newport County, to $1,190 in Washington County, the survey found. Rents rose statewide, with the biggest hike in Providence County, where the average rent rose from $1,073 in the first quarter, to $1,129 in August.
Average rents in the eastern half of Massachusetts rose by $31, and in the western half, by $7. New Hampshire rents rose by $19.
The survey includes only apartment complexes, not multifamily houses. The Rhode Island properties had an average of 180 units, and the smallest, 24 units.
Mass. home sales set quarterly record
WALTHAM, Mass. – Sales of single-family homes and condominiums reached their highest-ever levels for one quarter in Massachusetts’ history during the three months of July through September, according to the latest report from the Massachusetts Association of Realtors.
The unprecedented demand led to a 45th consecutive quarter of home price gains, and if the market maintains its pace, 2004 will be the best year for home sales in the state, the association said. Regionally, sales dropped in southeastern Massachusetts and on Cape Cod, compared to last year.
Carousel Industries makes Inc. magazine list
PEACE DALE – Inc. Magazine, a publication geared to entrepreneurs, has included Carousel Industries in its “Inc. 500” list of the fastest-growing private companies in America, ranking it No. 447.
The Inc. 500 ranks privately held companies based on their average year-to-year sales growth over the past four years. To qualify for this year’s list, companies had to be independent and privately held through their fiscal year 2003, have had at least $200,000 in net sales in 2000 (for new entries), have over $2 million in net sales in 2003, and have increased sales from 2002 to 2003.
Inc. verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials.
The full Inc. 500 list is part of a special issue that will be on newsstands until Dec. 21. It is also posted online at www.inc.com.
Carousel Industries designs, builds, and manages business communications networks. It is one of the largest Avaya Platinum Certified dealers nationwide.
General Dynamics’ network used by Army
TAUNTON – U.S. Army soldiers at Fort Stewart, Ga., have completed training on General Dynamics’ Joint Network Node mobile communications system that went from design to fielding in less than six months.
The system was designed as a collaborative effort between the Army’s Project Manager for Tactical Radio Communications Systems and General Dynamics’ Taunton-based C4 Systems, and other Army organizations. According to General Dynamics, the Army has started using the equipment in mission readiness exercises before using the system in an upcoming deployment to Iraq.
