Sovereign seeks to defer Bay State entry
PHILADELPHIA, Pa. – Sovereign Bancorp, which is scheduled to close March 27 on $1.4 billion deal to buy 284 bank branches in New England resulting from the merger of Fleet Bank and BankBoston, announced it will delay its move into Massachusetts until this summer. Sovereign said it would go ahead with its plan to open a new bank in Rhode Island next month. In Massachusetts, Sovereign said, it would split its purchase of 192 banks, buying half of them by mid June and the rest by the end of July, by which time the company said it expects to complete its acquisition of all 284 banks in the region.
Logan is eighth most congested airport, survey says
BOSTON – Logan International Airport, struggling with a major overhaul of highway access roads along with an extensive modernization and expansion, has been found to rank eighth in congestion although ranked only 17th among the nation’s busiest airports, according to a Boston Globe survey. The Globe analysis was reportedly based on daily averages, not on peak-hour congestion. The survey measured the number of passengers occupying terminal space. Dallas-Fort Worth airport was the leader in this dubious distinction with 25.27 passengers per square foot, followed in descending order through St. Louis, Newark, New York/LaGuardia, Philadelphia, Los Angeles, Minneapolis-St. Paul, and finally Boston, with 16.14 passengers per square foot. Even Chicago, which is a much busier airport than Boston is less congested at 14.80 passengers per square foot, The Globe reported.
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International Paper buys into PaperExchange
BOSTON – An Internet startup company based here has a new and influential partner, the International Paper, the world’s largest paper company. PaperExchange.com is an online marketplace for the buying and selling of paper products. International Paper announced that it would list its products on the PaperExchange Website as well as investing in the company. The chairman of PaperExchange is Robert Kraft, owner of the New England Patriots professional football team, as well as the family paper and packaging company, the Kraft Group, of which his son is chief executive officer. PaperExchange, which went online in 1998, has more than 3,000 businesses registered to use the Website to trade any variety of paper.
Necco offers concession to N.D. candy maker
CAMBRIDGE – New England Confectionery Company, manufacturer of the Clark Bar and Necco wafers, eased up on its demand that a North Dakota candy maker give up its trademark for its Lewis and Clark Bar. Without agreeing to dismiss the matter altogether, Necco informed the Mandan, N.D. candy maker during a conference call arranged by a North Dakota senator that it would drop its demand that the company give up its trademark and that the company could continue to sell the candy bar in North Dakota. However the dispute continues because the Mandan company, Lindy Sue’s Candies sells the candy bar all along the Lewis and Clark trail, including Illinois, Missouri, Idaho, Montana and Washington.
Nortel agrees to install Internet links at Northeastern
BOSTON – Nortel Networks has reached an agreement with Northeastern University to install a high-speed campus network link to the Internet and will also make connections to the new Internet2 project. The multimillion dollar contract signed by Northeastern calls for the project to be completed by the end of the year providing 100 megabit-per-second download access to desktops on campus. The networks will link 36 campus buildings, 20 residence calls, and 12 satellite campus sites.
Raytheon gets contract extension from Air Force
LEXINGTON — Raytheon Co. reported that it had received a contract extension from the U.S. Air Force worth $108 million over two years to construct 5,345 more towed decoys. The decoys would be built at the Goleta, Calif., site of Raython’s Electronics Warfare Operation unit. The extension brings Raytheon’s decoy supply contract to more than $200 million. The decoys towed behind combat planes are used to distract enemy missiles.
John Hancock reports slight revenue increase
BOSTON — John Hancock Financial Services announced a slight increase in total revenue for 1999 over 1998, but sharp declines in net income and income per share because of costs associated with the company’s demutualization. Total revenue was $7.65 billion in 1999, up from $6.75 billion in 1998, the company reported. After-tax operating income was $613.2 million in 1999, up from $500.8 million in 1998. Net income was $153.2 million in 1999, down from $448.5 million in 1998. The company blamed the decline on costs associated with its transformation from a mutual insurer to a publicly held company. The company estimates that 317 million common shares will be issued to eligible policyholders once the demutualization is complete. Using that estimate, net income for 1999 would have been 48 cents per share, down from $1.41 per share in 1998.
