Changes predicted at Raytheon
LEXINGTON – Both citing unidentified sources familiar with activities at Raytheon Corp., the Boston Globe and Bloomberg News Service predicted more changes ahead for Raytheon. The Globe reported that despite repeated assurances from Raytheon that it would retain a Cambridge engineering-construction company, the company is now reconsidering its position. The Wall Street Journal reported that Raytheon is looking for a buyer for the unit, but a company spokesman would not confirm that, the Globe reported. The unit which had been productive for years as the builder of many nuclear power plants has been less successful recently, posting a loss of $253 million last year and laying off 1,600 employees.
Arch Communications buying rival
WESTBOROUGH – The number two ranked paging company, Arch Communications Group, Inc. announced that it has agreed to buy its rival, the number one-ranked company, Paging Network, Inc. of Dallas, Texas, for $1.36 billion. The move was seen by observers as designed to fend off competition from wireless phone companies and a possible PageNet bankruptcy. The new company will continue to be named Arch and remain in Westborough. C. Edward Baker Jr., chairman and chief executive of Arch will retain those titles in the new company. Paging companies have been under pressure in recent years with the growth of wireless phone companies, many of which include paging capabilities. Arch also bought the bankrupt paging company, MobileMedia Corp. in April, one of 34 companies it has acquired to establish its national position.
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Polaroid predicts record sales of instant cameras
CAMBRIDGE – Polaroid Corp. is predicting sales of instant cameras this year to exceed its record nine-million sold in 1978. The company, without giving specific sales numbers, said its new I-Zone Instant Pocket Camera and the JoyCam led the sales growth, which they reported rose by double digits in the four weeks preceding to October 23. Instant film sales, meanwhile, rose in single digit percentage, Polaroid also said. As it tries to boost sales with new products, the company reported it had shipped more cameras through September than all of 1998.
Eastern Enterprises agrees to takeover
BOSTON – Eastern Enterprises, parent of Boston Gas Company, Essex Gas and Colonial Gas has agreed to a takeover bid of $2.5 billion by KeySpan Corp., which provides gas to Brooklyn and Long Island, New York. Eastern Enterprises announced a little more than two months ago that it was inviting sale bids. The chairman of Eastern, J. Atwood Ives, 63, announced he would retire after the sale closes but would take a seat on KeySpan’s board.
Stride Rite chooses new leader
LEXINGTON – Stride Rite Corp. announced it had hired David M. Chamberlain, 56, to be its new chairman and chief executive officer, replacing James A. Eskridge, who resigned four months ago, after spending less than a year in the post. Chamberlain, who takes over Nov. 15, had been with Genesco as president and chief operating officer from 1994 to 1996, and chairman until recently. He has been credited with reviving the Tennessee-based retailer and footware manufacturer. Stride Rite also manufactures a variety of footware, including Keds and Sperry Top-Sider and has recently undergone a reorganization, eliminating 125 jobs. For the quarter ending August 27, the company reported net sales of $155 million, about $13 million lower than the same period a year ago, with net income of $10.1 million, some $2.6 million below the same period a year ago. However, for the nine months ending Aug. 27, sales were $470.3 million, up from $440.7 million last year, with net income of $26 million, about $700,000 less than a year ago..
Gillette to cut 200 jobs at South Boston plant
BOSTON – Gillette Co. reports it plans to trim 100 jobs from its South Boston plant. The company, which employs 2,800 at the plant, said it hopes to complete the reduction by February with most of the job eliminations coming through early retirement and attrition. A disposable razor product is being transferred from South Boston to Mexico, the company said. The company has been in an overall job reduction phase since last fall when it announced that it would be reducing its employment by 11 percent over an 18-month period that began last January.
North End Fabric shutting down after 40 years
BOSTON – North End Fabrics, a landmark on Harrison Avenue in Chinatown, is closing. The store’s owner, discouraged by the inability to obtain qualified help, and her lease up for renewal has decided to leave the business despite its continuing success. The owner, Ellen Bick, 53, began working in the store when she was 18 and newly married and had been working there ever since. Bick bought the store after the retirement of her father who opened it in 1959 in the North End. It grew to three stores, but only the Harrison Avenue store survived. Designers, manufacturers and individuals who sew bemoaned the impending departure of a reliable source of high quality fabrics.
Biotech PR firm, Feinstein Kean purchased
CAMBRIDGE – Feinstein Kean Partners, Inc., a public relations and consulting firm that specializes in biotech start up companies has been bought by Ogilvy Public Relations Worldwide of New York City. Financial terms were not disclosed. Ogilvy has renamed its acquisition Feinstein Kean Healthcare, which it plans to operate along with its consulting unit, Kendall Strategies, as a wholly owned subsidiary.
