Equity firm paying $100m for HomeRuns.com
SOMERVILLE – Cyprus Group, a New York-based equity company, has agreed to pay $100 million for a majority interest in HomeRuns.com, an online grocery home-delivery business. Hannaford Bros. Co., a Maine-based supermarket chain, which started the business, will retain a “significant investment” in the business, according to the report in the Boston Globe. Cyprus, which plans to expand the business over the next three years, appointed Robert J. Tarr, Jr., former chief executive of Harcourt General, Inc. and Nieman Marcus Group to head its newly acquired online company. The Globe quoted Tarr as saying that HomeRuns management team would be retained.
Cisco plans expansion into New England
SAN JOSE, Calif. – Cisco Systems, Inc., which is headquartered here has announced plans to purchase 580 acres of land in the Boxboro, Harvard and Littleton area to accommodate up to 1.8 million square feet of office space, as it continues to expand into New England. Cisco, which makes Internet support and development equipment, announced that it planned to spend $240 million over the next few years developing the land. The company has spent more than $3 billion over the last five years in acquisition and investments in Massachusetts, according to the Boston Globe.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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CyberTrust being sold to British company
NEEDHAM – CyberTrust, manufacturer of one of the leading electronic-commerce security software systems is being sold by its founder GTE Corp. to Baltimore Technologies PLC, a British company. The sale price is $150 million, according to tye Boston Globe. A Baltimore Technologies executive said that about 60 CyberTrust employees here in Needham would be laid off as a result of the purchase.
Putnam Investment’s head to retire
BOSTON – George Putnam, 72, has announced his plan to retire in June as chairman and president of the Putnam Investment firm’s funds. At the end of 2001, he said, he will retire as chairman of Putnam Management Co. Putnam’s father started the company just before World War II. George Putnam III, 47, who runs two financial services firms, will succeed his father as president. John Hill, 57, who runs an independent investment firm and is an independent Putnam trustee, will become chairman.
Cahners Business gets new boss
NEWTON – Marc Teren, head of an interactive unit of the Washington Post Co., has been chosen by the parent company of Cahners Business Information to be the chief executive of that organization. Cahners, which was based here, and still has its major operations here, has moved its headquarters to New York City in recent months. Teren, 42, will replace Bruce Barnet who left last September under pressure from Reed Elsevier PLC, the British-Dutch conglomerate which acquired Cahners last year. Teren will take over on February 1, according to the Boston Globe. Brian Nairn, who had been serving as acting chief executive, will stay on as chief operating officer, according to a Reed Elsevier spokesman.
Firefighting equipment better, but costs are high
BOSTON — Technology now allows firefighters to see in the dark, to carry lighter equipment, and to send out signals if they become trapped. Yet because the newer technology is so expensive, some fire departments are left with just hoses and water to battle blazes. “There’s a lot of talk about thermal imaging cameras, but they’re an expensive item,” said George Burke, spokesman for the Washington, D.C.-based International Association of Fire Fighters. “The bottom line is fire departments need to be well-staffed, well-trained and well-equipped in order to be most effective,” Burke said. “And effectiveness means saving lives and saving property.”
Hospital network weighs Harvard Pilgrim bid
BOSTON — The state’s largest hospital network is considering buying the state’s largest nonprofit HMO, financially-troubled Harvard Pilgrim Health Care, according to a top executive at Partners HealthCare System. “We have to responsibly look at all options,” said Ellen Zane, president of Partners Community Health Inc., a Partners subsidiary. The Boston-based Partners HealthCare Systems Inc. owns seven hospitals, including Massachusetts General Hospital and Brigham and Women’s Hospital. Harvard Pilgrim, which has 1.1 million members in Massachusetts, was put under state control Jan. 4 after it discovered its losses for 1999 would total more than $150 million. Harvard Pilgrim owes $52 million to Partners Community Health Inc., the Boston Herald reported.
Community Newspaper Co. to cut 150 positions
NEEDHAM– Community Newspaper Co. is eliminating about 150 positions as part of a company restructuring. The company notified 73 employees of the job cuts. Another 47 vacant jobs were eliminated and about 30 more workers are expected to be laid off by June. The cutbacks are part of necessary restructuring and not a sign of financial problems, said CNC President Kirk Davis. The company, owned by Fidelity Investments parent FMR Corp., publishes the MetroWest Daily News in Framingham, 88 weekly newspapers, and 14 shoppers. About 30 of the 73 laid-off employees were associated with the company’s Marshfield production plant, which is being consolidated into existing operations in Framingham and Auburn. Recently, CNC made a bid for The Telegram & Gazette of Worcester, which was ultimately sold to The New York Times. Davis denied rumors that the company is being prepared for sale.
