Quonset, Newport to gain from Navy contract
WASHINGTON, D.C. – A $196,709,927 Navy contract award to the Electric Boat Division of General Dynamics for the servicing of various nuclear submarines will bring work to Newport and Quonset as well as Groton, Conn., according to a release from the office of Sen. John H. Chafee. According to the report the contract provides for logistical and material ship support services for the Ohio, Seawolf, Virginia and United Kingdom class trident submarines as well as the nuclear research vessel, NR-1. Most of the work will be done at Groton, 60 percent, or Newport and Quonset, 11 percent, the report stated.
CVS completes purchase of on-line pharmacy
WOONSOCKET – CVS Corp. has announced completion of its purchase of Soma.com, the Seattle-based on-line pharmacy. The value of the purchase was put at $30 million. A CVS spokesperson said the acquisition would enable the company to each new customers nationwide through the Internet. The company plans to change the name of the Web site to take advantage of the CVS name recognition, the spokesperson said.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
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Employer of 235 in RI seeks U.K. company
HAMLTON, Bermuda – Tyco International, which employs 235 persons in Rhode Island, was reported by Bloomberg News Service to be talking again to Williams company representatives about acquiring that company. Williams is reportedly the world’s largest manufacturer of fire extinguishers. Tyco, the world’s largest maker of electronic-security and fire-detection systems, which has its headquarters in Bermuda, and Williams, based in the United Kingdom, broke off talks last year after Williams rejected as inadequate offers from Tyco. With 125 workers at the Grinnell Corp. plant in North Kingstown, 80 at the Tyco Flow Control research facility in Cranston, and 30 at Grinnell Fire Protection in East Providence, Tyco has a substantial representation in Rhode Island.
Fidelity to construct second building, add jobs
PROVIDENCE — Fidelity Investments has announced plans to construct another building in Smithfield and employ an additional 1,300 people there. The announcement also became a sales pitch for a proposal favored by Fidelity. Under the plan, legislators would cut state income taxes for anyone earning over $200,000 and eliminate some capital-gains taxes. In exchange, big business would announce viable plans to add 7,500 jobs in Rhode Island. Fidelity chief of administration and government affairs David Weinstein said Fidelity would build the building and hire the employees whether or not the tax cut passes.
Mellon Ventures invests in Paramount Cards
PAWTUCKET – Mellon Ventures, L.P., an affiliate of Mellon Bank Corporation has said it has made a $12 million equity investment in Paramount Cards, Inc., which was founded in Pawtucket in 1906. Paramount management said the investment will allow the company to continue its “record growth” and exceptional customer service. Paramount creates and publishes an extensive line of greeting cards.
Energy department awards grants
The U.S. Department of Energy has awarded five grants totaling $580,477 under the State Energy Program Special Projects Initiative. Receive the grants were: The Northeast Regional Building Energy Codes Project, $320,477, to assist in the development, adoption and implementation of a commercial energy code; the Greater Providence Area Clean Cities, which includes Cranston, East Providence, Pawtucket, Providence and Warwick, $100,000 to establish an alternative fueled vehicle par-transit program for senior citizens; the Rhode Island State Energy Office, $100,000 to create energy and water conservation initiatives for K-12 public schools, under Rebuild America: Energy $mart Schools program; University of Rhode Island, $50,000 to test and adapt existing Russian-designed advanced air-aluminum batter technology for use in commercial trucks, buses and automobiles; and the Northeast Regional Industries of the Future project, $10,000 to encourage the development of regional partnerships to assist industries in achieving energy efficiency, cleaner production, and pollution prevention.
Hasbro chosen as Master Toy Licensee
PAWTUCKET — Children’s Television Workshop and Hasbro, Inc. have reached an agreement in principle under which Hasbro would be master toy licensee for Dragon Tales — a new animated fantasy series that chronicles the adventures of six-year old Emmy and her four-year old brother Max as they discover Dragon Land and meet all the fantastical dragons who live there. Through the stories, children will learn different ways to explore the daily challenges they are often faced with. The licensing arrangement would give Hasbro the rights to a wide-range of product categories, including feature and non-feature plush, games, puzzles and a variety of preschool toys. Hasbro’s Dragon Tales line is expected to begin shipping April, 2000.
Bacou announces strategic alliance
SMITHFIELD — Bacou USA, Inc. announced a strategic alliance between its Perfect Fit Glove subsidiary and Mapa Professional Corporation, a manufacturer of chemical resistant gloves. Effective July 6, 1999, the agreement will add chemical resistant gloves to the range of products sold by Perfect Fit. As a result, Perfect Fit will sell a full range of industrial gloves that guard against cuts, slashes, abrasions, punctures, caustic chemicals and extreme temperatures. Under the agreement, Perfect Fit and Mapa remain separate companies, each manufacturing its own products. Perfect Fit will handle inventory, customer service, technical support, marketing and field sales representation for both product lines.
