Economic Council receives $50,000 grant
NEW BEDFORD – The New Bedford Economic Development Council has received $50,000 from Citizens Bank of Massachusetts, the largest grant given the council by a financial institution, the council announced last week. The grant will be awarded over two years, providing the council with proof of local resources in an application it is submitting to the U.S. Treasury Department to become a Community Development Finance Institution (CDFI). By earning that designation, the council said it will have the potential to create new loan pools of millions of dollars to finance new business growth. The council said the CDFI designation application process takes some six months.
Harvard Pilgrim reports loss of 215,000 members
BOSTON – Harvard Pilgrim Health Care has lost 215,000 members this year, state regulators reported. That is 40,000 more than had been anticipated, the regulators said, who also reported that the HMO’s deficit for the first two months of this year, $8 million was less than the $10 million anticipated. That was attributed to higher than anticipated investment income. Regulators have asked the state’s Supreme Judicial Court to lift the receivership from the HMO. Harvard Pilgrim has been in receivership since January 4. Public hearings were scheduled in Boston and Taunton to consider the proposed lifting of the receivership.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Old carousel auctioned off
LUNENBERG – Officials at Whalom Park have auctioned off an antique hand-made carousel -piece by piece–after failing to find a buyer for the intact amusement ride. They said they were selling it because it was too expensive to maintain. Sold in 56 pieces, the carousel brought $457,150 to the sellers. The carousel was reported to be more than 100 years old.
Protesters disrupt FleetBoston meeting
BOSTON – Some 100 people protested against FleetBoston Financial Corp’s account fees last week outside the firm’s annual shareholders meeting. Activist groups accuse FleetBoston of raising fees and account minimums on lower income customers. The bank, the eighth largest in the United States with $190 billion in assets, says its new fees are “revenue neutral,” although it conceded about a third of former BankBoston customers will see some increase in fees. Bank officials said the charge that the fees impact lower income customers more than others is “bogus.” Many protesters wore yellow T-shirts with the slogan “Stop Loan Sharks.” The bank said it hired extra security for the meeting and about a dozen Massachusetts state troopers joined the security guards in the jostling with demonstrators. The bank also announced a $2 billion common share buyback program.
Converse losses continue
NORTH READING – Converse, Inc. announced a fourth quarter loss of $26.2 million after it reserved its entire deferred tax asset of $63 million after recording noncash income tax provision of $24.8 million in the quarter. The loss compares to a $15.9 million loss of the same period a year ago. Net sales of the quarter were $43.6 million, down 22.8 percent from the same period last year. For the year, the loss was $43.6 million, compared to $22.8 million a year ago. Revenues for the year were $231.8 million, compared to $308.4 million a year ago.
Bruker Daltonics files for IPO
BILLERICA – Bruker Daltonics, Inc., which makes scientific tools used by drug and biotechnology companies, is seeking to raise $125 million through an initial public officering. The company filed wit the Securities and Exchange Commission to sell the stocks. The company, which specializes in tools that make use of mass spectrometers, devices that measure wavelengths and provide precise data about molecules, had net income of $1.2 million for 1999, compared to a net loss of $505,000 the previous year. Revenues were $64.7 million, compared to $42.2 million a year ago.
Raytheon selling engineering unit
BOSTON — Raytheon Co. said it is selling its engineering unit to construction giant Morrison Knudsen in a deal valued at $800 million. The sale will not reduce Raytheon’s net debt, which stands at about $10 billion, said a spokesman for the Lexington, Mass. based defense giant. The deal is expected to close at the end of May. Raytheon will get $10 million in cash at the closing and retain $250 million of cash collected during the first quarter as well as $185 million of billed receivables, $50 million of other working capital and net pension assets of $320 million.
Nancy Young receives first ATHENA award
ATTLEBORO – The Chamber of Commerce of the Attleboro Area announced last week that Nancy Young of the Attleboro Jewelry Outlet, is the chamber’s first recipient of its “ATHENA” Award for achievement, service, assistance to others, and for actively and generously assisting women in their attainment of professional excellence and leadership skills. Young is involved in the Southeastern Massachusetts Manufacturing Partnership, the Attleboro-Providence Jewelry Network, the Manufacturing Jewelers and Silversmiths of America, and Women Jewelers of America. She is the founder of the Attleboro Jewelry Outlet.
