Cranberry production cutback ordered
WASHINGTON, D.C. – The U.S. Department of Agriculture, under pressure from Ocean Spray Cranberries of Lakeville and other Bay State growers, has ordered a 15 percent cutback in the volume of cranberries brought to market by growers in an effort to avert the collapse of several companies. Cranberries are Massachusetts’ largest crop, with 1.8 million barrels harvested annually and about 14,000 acres of farmland in the state devoted to production of the fruit. Though reducing the size of the product marketed would be expected to raise the cost of the product, USDA predicted modest price increases. Ocean Spray, which produces 70 percent of the state’s product, said it planned to reduce some prices to reduce its surplus product. The USDA order, the first in 30 years in the cranberry market, was to go into effect last week. Plans to flood bogs were announced by some growers in response to the USDA announcement. But others were critical because the USDA had waited so long to act. The earlier the decision to flood, the better it is for the grower because it avoids the expensive processes of pollinating, fertilizing and treatment with pesticides, growers said. In its defense, the USDA said it delayed the decision until it was sure a consensus among growers supported the plan.
British firm paying $90 million for Forum Corp.
BOSTON – FT Knowledge, a unit of Pearson PLC, a British media giant, announced it was buying Forum Corp., based here, for $90 million in cash. The privately held Forum helps companies with their training methods, using a Web-based system. FT Knowledge specializes in developing business and finance programs for individuals and corporations, Reuters reported.
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Boston Children’s ranked first by magazine
BOSTON – Boston Children’s Hospital is ranked the number one pediatric hospital in the country, according to a nationwide survey of physicians, according to U.S. News and World Report. This is the eleventh consecutive year that Boston Children’s has been accorded that ranking -each year from the outset of U.S. News’ survey ratings. Boston Children’s Hospital, founded in 1869 as a 20-bed hospital for children, is now a 300-bed comprehensive center for pediatric and adolescent care. It is the primary pediatric teaching hospital for Harvard University Medical School.
Harvard Pilgrim cutting senior coverage
BOSTON – Harvard Pilgrim Health Care announced that it would eliminate its senior coverage in Bristol, Plymouth, Barnstable, and Worcester counties beginning January 1, 2001. That amounts to 11,000 elderly members of Harvard Pilgrim in Massachusetts, approximately 20 percent of the HMO’s senior enrollment, according to the Boston Globe. Those 11,000 elderly will from now until January 1 to find another HMO that will offer them coverage to complement their Medicare coverage or sign up for more expensive Medicare coverage. Tufts Health Plan will continue to provide Medicare coverage in the four cited counties, but simultaneously announced that it will charge seniors a premium of between $35 and $40 for continuing coverage.
Gillette confirms hiring pause
EAST BOSTON – The Gillette Co., based here, confirmed that it had recently begun a “moratorium” on much of its local hiring. The company told the Boston Globe that the policy was not related to relatively poor recent earnings reports and that it is evidently linked to the company’s efforts to sell its stationery business to Newell Rubbermaid of Illinois. Gillette reports that its stationery division employs about 3,000. Gillette employs about 39,000 people around the world, including 4,500 in Greater Boston, the company reported.
Louisiana firm claims bid for Stone & Webster
BOSTON – The Shaw Group, Inc. of Louisiana reported it had submitted the winning bid for Stone & Webster, Inc., the 111-year-old engineering and construction company that filed for bankruptcy protection last month. Shaw plans to offer cash and stock for S&W and assume its $450 million debt. Approval by the bankruptcy court is required. The Shaw Group is competing with Jacobs Engineering Group of California, the Boston Globe reported.
Keane names Keane president
BOSTON – Keane, Inc. announced it had chosen its chief executive, Brian Keane to be president of the company as well. He succeeds John Keane Jr., who has left the company to pursue his interests in wireless technology, the Boston Globe reported. John Keane Jr. will remain on the company’s board of directors. Keane, Inc. produces business application software and services.
Advanced Magnetics acquired by NJ firm
CAMBRIDGE – Cytogen Corp., of Princeton, N.J., is acquiring Advanced Magnetics, Inc., a developer of diagnostic pharmaceuticals used in magnetic resonance imaging in a stock swap estimated at $60o million, the Boston Globe reported. The combined companies will be based in Princeton.
(Compiled from news reports and releases, print and electronic.)
