Dynamic staff pace continues
PROVIDENCE – The Providence area’s “dynamic staffing pace” will extend in the summer season, with 43 percent of local employers expected to add jobs and only 7 percent anticipating reductions, according to Manpower, Inc.’s third quarter employment outlook for July, August and September. The Manpower survey found that employment potential was strongest in construction, durable and non-durable goods manufacturing, wholesale/retail trade, education and services.
Infinite Group expands division
WARWICK – Infinite Group, Inc., parent of Express Tool, has announced that it has acquired two companies serving plastics injection molding and has formed a third, giving it four injection molding divisions. Infinite Group (NASDAQ-IMCI) said it acquired Osley & Whitney of Westfield, Mass., a 49-year-old, 54-employee plastics injection moldbuilding company; and Materials & Manufacturing Technologies, Inc., of West Kingston, a metallurgical firm. Infinite has also formed Express Pattern in Buffalo Grove, Illinois, specializing in rapid prototyping. The two newly acquired companies, the newly formed company and Express Tool have combined to form Infinite Plastics Group. Terms of the acquisitions were not disclosed.
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RI unemployment rate below national level
Rhode Island’s seasonally adjusted unemployment rate of 3.1 percent in April, a slight increase from 3 percent in March, remained below the national average, which in April was 4.3 percent, according to the state Department of Labor and Training. The department said the number of jobs in Rhode Island increased by 7,200 over the year, hitting an all-time April high of 460,600.
Financial proposal for Alpha-Beta building buyer
PROVIDENCE – The state Economic Development Corporation has submitted a plan to issue up to $25 million in bonds backed by the moral obligation of the state to finance Collaborative BioAlliance Inc.’s acquisition of the former Alpha-Beta Technology facility in Smithfield, the department announced. The proposed financing package includes the $20 million sale price for the building, equipment and intellectual property; a one-year capital reserve ($2.8 million); and additional costs associated with the issuance of the bond. Collaborative was the high bidder for the biotechnology manufacturing facility. Earlier this year, Alpha-Beta defaulted on a $30 million RIEDC bond. The plan was expected to be approved by the EDC’s board of directors, before submission to the General Assembly for approval. Collaborative plans to employ 54 skilled workers at the plant initially and increase employment to 150 in five years. The company manufactures drugs and cosmetics.
AG approves Kent VNA affiliation
PROVIDENCE — The attorney general has approved the affiliation of Kent County Visiting Nurse Association with the Care New England hospital network. The alliance ensures the financially troubled nurse association, which serves 6,000 patients, will survive. Those patients won’t notice a change in services from the affiliation, which was previously approved by the Health Department. But they and the home care agency’s 150 employees will no longer have to worry about its future, The Providence Journal reported. The VNA lost $300,000 last year due to changes in Medicare reimbursements and could not have survived alone indefinitely, said Chief Executive Officer Nancy Roberts.
Rocky Point seller targets state as buyer
WARWICK — The 123-acre former Rocky Point Amusement Park is for sale, at a price of some $10 million. The real estate firm that is selling the property is targeting the state government, although Gov. Lincoln Almond does not like the price and seems lukewarm to purchasing the land, according to
The Providence Sunday Journal. Warwick Mayor Lincoln Chafee said he favors allowing homes to be built on the land in exchange for preserving public access to the plot’s mile-long shoreline. The company that owns the amusement park filed for bankruptcy protection last year. The sale has been ordered by the U.S. Bankruptcy Court.
Clarifying Network Six Hawaii settlement
WARWICK – The settlement announced last week by Network Six in its dispute with the state of Hawaii that settles a three-year-old law suit, was incorrectly reported by this and other area publications. Ken Kirsch, Network Six chief executive officer, said the error involved an agreement with Lockheed Martin IMS Corp., a subcontractor, regarding a promissory note. Kirsch said that Lockheed has agreed to reduce the interest rate on the remaining principal (about $742,000), reducing the interest by less than $25,000.
Bank Rhode Island to offer Internet banking
EAST PROVIDENCE – Bank Rhode Island announced that it has signed an Internet banking agreement with nFrontTM, a leading provider of Internet technology to community banks. Bank Rhode Island will become the fourth bank in the state to offer Internet banking, expecting to offer the services to businesses in the fourth quarter and personal consumers next year.
