Providence company gets Navy contract
NEWPORT – Maron Construction Co., Inc., of Providence has won a $7.3 million contract to build a four-story undersea battlespace facility Naval Surface Warfare Center here. Along with the construction award, the Navy Also awarded a $7.296 million contract to the Raytheon Co., of Lexington, Mass., to supply parts for the MK2 submarine combat control system. The battlespace facility is designed to replace seven outmoded World War II era buildings. It will permit simulation and visualization for testing and evaluating undersea warfare weapons systems, which would otherwise require actual sea and land testing at ranges in the Pacific and off the Bahamas.
EUA shareholders approve sale to NEES
BOSTON – In what could be their last annual meeting shareholders of Eastern Utilities Associates gathered in the 34th floor boardroom of the State Street Bank and Trust Company here agreed recently to sell the company to the New England Electric System. EUA is the parent of the Blackstone Valley and Newport electric companies. The agreed upon purchase price is $634 million. The transaction is subject to review by various regulatory agencies. When and if that occurs it will mean that NEES, based in Westboro, Mass., will control all but a tiny share of the electrical distribution capacity in Rhode Island. Still independent would be the Pascoag Fire District serving the Burrillville region, and Block Island Power. Utilities company spokespersons assert that if the deal is approved, it will mean $25 million in annual savings for customers in Rhode Island and Massachusetts.
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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EDC appointments, reappointments announced
PROVIDENCE – Gov. Lincoln Almond announced one reappointment and two new appointments to the board of the Economic Development Corporation. Reappointed is George Schuster of North Scituate, president and chief executive officer of Cranston Print Works. New appointees are Roger Vanderberg of Barrington, founder of Cariad Capital of Providence, and Douglas Sgarro of Barrington, senior vice president and legal counsel for CVS. Vanderberg would replace Edwin Furtado; Sgarro would replace Scott Gibbs. The reappointment and appointments would be until Feb. 1, 2003. All are subject to Senate confirmation.
BusinessNet Holdings acquires Omnicast Corp.
NEWPORT – BusinessNet Holdings Corp. has acquired Omnicast Corp. through an exchange of shares. Other terms were not disclosed. Omnicast is a developer of an Internet entertainment content producer and Web site. BusinessNet also announced it would provide Omnicast with at least $2 million to launch its network on the Internet.
RIPTA gets U.S. aid to provide off-hours service
PROVIDENCE – Rhode Island Public Transit Authority is receiving $1 million in federal aid to add more evening and weekend service to help welfare recipients to get to jobs. The money will come from the Department of Transportation and is one of 179 proposals approved by the DOT out of 266 submitted. Lack of public transportation at off hours is considered a restriction on welfare recipients trying to get off welfare, especially since many of them do not have cars.
Network Six reaches settlement with Hawaii
WARWICK – Network Six announced that it has agreed to pay the state of Hawaii $1 million over the next four years to settle a 1996 lawsuit over the installation of a computerized child-support enforcement system. Meanwhile, Complete Business Solutions of Farmington Hills, Mich., has agreed to pay Network Six $300,000 for its role as a subcontractor in the contract. A $20 million contract in 1993 is the source of the dispute, with Hawaii suing Network Six in 1996, charging breach of contract. Network Six countersued, charging that Hawaii was demanding more than the contract called for. Network Six also reported that Lockheed Martin IMS Corp., another subcontractor, had agreed to extend a promissory note by “several years” and to reduce the interest on the principal by about $742,000. Network Six provides information technology, primarily for state human services agencies. It employs about 100 workers.
Johnston mayor and power company agree
JOHNSTON – An agreement signed recently by Mayor William R. Macera and representatives of Reliant Energy could lead to the construction of a gas fired power plant in this town. The 500-megawatt plant would be located near the state’s Central Landfill on 33 acres of land Reliant would buy from the Rhode Island Resource Recovery Corporation. The agreement that would bring the town $33 million in tax-treaty payments over 17 years is subject to town council review.
General Dynamics buying aircraft manufacturer
FALLS CHURCH, Va. – General Dynamics has announced it is buying Gulfstream Aerospace, based in Savannah, Ga. In a one for one stock swap, valued at $5.3 billion. Gulstream, founded in 1978, is a very successful manufacturer of corporate jets, controlling about 60 percent of that market, according to reports. General Dynamics owns Electric Boat with its main submarine construction facility in Groton where it employs about 8,000 workers, and a hull fabrication plant at Quonset Point where it employs about 1,500.
United Health names new regional presidents
WARWICK – United Health Care of New England announced that Budd Fisher would be its new president replacing Amy Knapp who was promoted to president and chief executive officer of the Northeast region for United Health. Fisher had been chief executive officer of United Health in Kentucky since 1995.
