New Bedford plant to stay open
NEW BEDFORD – Thanks to a last-minute agreement, Warnaco has agreed to sell its plant here to Aris Industries which is owned by Arnold Simon who had operated the plant as Designer Holdings before selling it 18 months ago. Warnaco had been producing Calvin Klein jeans in the plant before it announced plans to close it and plants it operates in Pennsylvania and South Carolina. The company announced it had also rescinded its plans to close those plants. As part of the sales agreement, Warnaco agreed to allow Arnold Simon, who had signed a no-compete clause when he sold the property 18 months ago, back into the apparel business.
Top New England mall developer negotiating sale
NEWTON – Stephen R. Karp, who has assembled and built New England’s largest collection of malls over the last 25 years, is negotiating their sale with two of the largest mall owners in the country, The Boston Globe has reported. Simon Property Group Inc. of Indianapolis and General Growth Properties Inc. of Chicago are reported to be negotiating with Karp. The principals either were unavailable for or would not comment on the reported negotiations, the Globe reported. An observer estimated the sale could bring Karp as much as $2 billion. Karp is reported to be considering ventures in other areas, including a proposed hotel-retail complex in South Boston and the proposed Red Sox replacement for Fenway Park. Among Karp’s malls are the CambridgeSide Galleria and The Atrium at Chestnut Hill.
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Analog buying two processor makers
NORWOOD – Analog Devices Inc., manufacturer of high-speed communications chips, has agreed to buy two processor makers, White Mountain DSP, Inc. and Edinburgh Portable Compilers for a total of less than $100 million in stock and cash, Analog, reportedly the third largest maker of high-speed chips, has announced. White Mountain is located in Nashua, N.H., and Edinburgh is in Scotland.
Navy jets purchase benefits GE and Raytheon
LYNN/LEXINGTON — The Navy’s decision to award the Boeing Company a $1.84 billion contact for an additional 30 F/A-18E/F jet fighter aircraft will benefit General Electric Co. ‘s Aircraft Engine division in Lynn as well as Raytheon’s Sensors & Electronic Systems division in El Segundo, Calif. GE will make the engines for the so-called Super Hornets and Raytheon will make the radar units in El Segundo. The Navy had already ordered 32 of the Boeing jets and announced plans to order at least 548 over the next decade, according to Bloomberg news service .
Emmanuel College plans major expansion
BOSTON – Emmanuel College has proposed a $190 million construction plan for three research and development buildings, three new classroom buildings, two new residence halls and a new gymnasium. The college wants to build the three R&D buildings on its Fenway area site and lease them to pharmaceutical companies doing business with Harvard-affiliated medical community in the nearby Longwood area. The proposal has been submitted to the Boston Redevelopment Authority and the permitting process is expected to take about a year, the Boston Globe reported. Opposition to the proposal by neighborhood civic groups has already surfaced. Meanwhile the college also proposes to add to its campus academic buildings. Costs are estimated at $150 million for the research buildings and $40 million for the college buildings. No fixed timetable has been set for the construction, though the college announced that it would be done in phases, starting with the research buildings being done first. Emmanuel is run by the Sisters of Notre Dame and has an enrollment of 1,600 full and part-time students, 300 of whom live on campus. The construction would increase the number of dormitory rooms to 1,100, the
Globe reported.
NBX Corp. being acquired by 3Com Corp.
ANDOVER – NBX Corp., a developer of telephone systems that run on small-business networks is being acquired by 3Com Corp. for $90 million. The deal will permit NBX to expand its marketing and sales operations through 3Com’s distribution facilities, The Boston Globe reported. A 3Com spokesman said none of NBX’s 87 employees would be laid off as a result of the acquisition, but some might be offered jobs at 3Com’s new East Coast headquarters which will be opened next month in Marlborough. The company employs 1,000 persons in Massach
Treasury Dept. employee charged with bribery
BOSTON – John Trischitta, 47, a 20-year employee of the Massachusetts Treasury Department has been charged with taking bribes in an embezzlement scheme that allegedly siphoned $6.5 million from the state’s unclaimed check fund. Trischitta, 47, pleaded innocent to bribery and was ordered held in lieu of $10,000 bail. Prosecutors said he accepted $50,000 in bribes and was promised an additional $2 million. Prosecutors said Trischitta helped in the theft of money from the check fund, which he oversaw. The fund consists of state-issued checks outstanding for more than a year. His alleged accomplice, Martin Robbins, 51, who the attorney general’s office said worked as an “heir finder” was charged with larceny, forgery and passing bad checks. Attorney General Tom Reilly said $6.5 million earmarked for the Economic Development Investment Corp. of Boston in 1994 found its way into the unclaimed check fund. Robbins allegedly claimed the money for the Cambridge Economic Development Corp., for which he said he had power of attorney. Authorities said Trischitta issued two checks on Nov. 6 to Robbins. Authorities said the Cambridge Economic Development Corp. has been defunct for a decade. Reilly said the money came to the attention of the state when Robbins tried to withdraw it last week.
(Compiled from news reports and releases, print and electronic.)
