Textron appoints another new president
PROVIDENCE – Textron, Inc. has announced that John A. Janitz, 56, has been appointed to succeed Herbert L. Henckel as president and chief operating officer of the company. Henckel resigned last week, less than four weeks after he had been promoted to the position. He resigned to accept an identical appointment with Ingersoll-Rand in Woodcliff Lake, N.J. Janitz joined Textron three years ago from TRW to become head of the automotive division. He will retain that post, the company announced, until a replacement is found. The company had no explanation for Henckel’s sudden departure except to say that he was offered a “tremendous opportunity” at Ingersoll-Rand, an industrial equipment and components manufacturer.
Union Station purchased by Foundation
PROVIDENCE – The Providence Foundation is buying the Union Station complex, which had served as headquarters for Cookson America, subsidiary of Cookson Group PLC based in London, for reportedly $4.5 million. Although the foundation is a nonprofit philanthropic organization, a spokesman said in announcing the sale to the Providence Journal editorial board that no waiver on taxes would be sought. The buildings along Exchange Terrace overlook Kennedy Plaza and also include the Chamber of Commerce, the Capital Grille and Raphael’s restaurants as tenants. According to the Journal report Cookson will continue as a tenant of the Providence Foundation in a smaller space in the building until August.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Newport Creamery sale official
MIDDLETOWN – Sale of the 32-unit Newport Creamery chain has been completed, Peter W. Rector and Robert W. Swain have announced. Rector, whose family founded the chain more than 70 years ago will remain with the company for two years as vice chairman. He will be succeeded by Swain as chief executive officer of the company. Sale of the chain has been pending since early this year. The company’s announcement said the company’s employees “should not be affected by the sale.” The announcement also said that its future plans include remodeling of its restaurants, and “minor modifications” of its menus, exploration of new venues such as the co-branding operations with Anton’s Airfoods at T.F. Green Airport, and further expansion of its wholesale ice cream business.
Tiverton oil dealer indicted
TIVERTON – Steven Bigelow, owner of CWS Oil and Taraco Oil has been indicted on eight counts of tax evasion, the U.S. Attorney in Boston has announced. The indictment accuses Bigelow through his oil companies of failing to pay excise taxes that he collected while doing business in Massachusetts in 1995 and to 1996. According to the indictment, Bigelow’s companies retained $58,780 in excise taxes that should have been turned over to the Internal Revenue Service.
Dispute costs Young America team Fox sponsorship
NORTH KINGSTOWN–Young America, a Rhode Island-based challenger for the America’s Cup, which will be contested from October through next February in New Zealand, has lost the sponsorship of Fox Sports Network because of a dispute with ESPN, the cable sports network that will be televising the races. ESPN objects to Young America using a Fox logo which would be televised during the races. Young America, which has the backing of the New York Yacht Club, reports it has raised $26 million of its $40 million goal. How much of this amount is from Fox was not disclosed, but it has been regarded as the team’s largest cash sponsor. In contrast with most of the competitors who are largely corporate sponsored, the Young America team claims that 60 percent of its funds have been raised from individuals. While Fox Sports Network is not involved in televising the cup races, its agreement with Young America was to place Fox logos on the sails and hulls of its two racing yachts, until ESPN objected.
Chancellor cancels plan to acquire LIN-TV
PROVIDENCE – LIN-TV, with headquarters here in Providence, and Chancellor Media Corp., based in Irving, Texas, have agreed not to merge. Both companies are subsidiaries of Hicks, Muse, Tate & Furst, a Dallas-based acquisition company. Chancellor announced last July that it would buy LIN for $1.67 billion. That announcement triggered objections from stockholders. Last week, Chancellor announced that it was restructuring the company and that its chief executive officer had resigned. In the agreement to cancel the merger, it was decided that LIN would continue as an independent TV company and that Chancellor would concentrate on its radio and outdoor advertising business. LIN has 12 TV stations from Texas to Virginia and employs 1,400 people, about 20 of them in Rhode Island. Chancellor also assigned to LIN its agreement to purchase a Puerto Rican television station and a national advertising media company, Petry Media Corp. of New York City.
Brooks Pharmacy buys Vermont stores
WARWICK – Brooks Pharmacy, a subsidiary of Brooks Maxi Drug, Inc., announced the purchase of Vermont-based City Drug, Inc., owner of 11 stores, including two in New York state, Chestertown and North Creek. The remaining nine stores are in northern Vermont. Purchase price was not disclosed. The acquisition brings Brooks’ total to 251 stores. It also marks Brooks first entry into the New York state market and increases the company’s presence in Vermont to 30 stores. Brooks announced that it hoped to employ the majority of City Drug personnel.
