Quonset Davisville board rejects container port
NORTH KINGSTOWN – The Quonset Davisville Management Corporation has unanimously rejected a proposal by Quonset Point Partners to build a container cargo port at the Quonset/Davisville location. It is the first official rejection of the proposal and will be passed on to the Rhode Island Economic Development Corporation which is scheduled to meet Wednesday (Sept. 8) at which it is expected to act on the QPP plan. QPP, representing investors from Boston and Seattle, submitted a plan for development of a 290- to 390-acre port to handle container cargo from overseas to Governor Lincoln Almond on June 30. Almond said the plan failed to meet his expectations, especially since it did not include a commitment by any steamship lines to bring container cargo to the port.
AFC Cable agrees to bid by Tyco International
PROVIDENCE – After being rejected by Thomas & Betts of Memphis, Tenn. when it began talking to another bidder, AFC Cable Systems has agreed to be acquired by that second bidder, Tyco International Ltd. for about $575 million in stock, Broomberg new service reported. Tyco, based in Hamilton, Bermuda is reportedly the top maker of electical connectors in the world. Thomas & Betts had offered about $35 a share earlier, according to the Journal, and AFC had agreed to that offer before the later offer surfaced. Although Thomas & Betts had announced its withdrawal from the bidding when it learned of the higher bid, AFC announced last Monday that it was canceling its agreement to be bought by Thomas & Betts. AFC, whose headquarters is in Providence, produces a variety of reinforced communications cable at its plant in New Bedford. Thomas & Betts is a manufacturer of connectors and components for the electrical industry.
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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Textron acquires two companies
PROVIDENCE – Textron, Inc. announced that it is acquiring Aylesbury Automation Limited, a manufacturer of self-piercing and cold-forged rivets and automation systems, and Green Tree Financial Servicing Corporation’s aircraft and franchise commercial finance divisions. Aylesbury is a subsidiary of Roxspur plc in the United Kingdom. Terms of that acquisition were not disclosed. The acquisition is subject to approval by the shareholders of Roxspur plc. Textron expected completion of the acquisition by the end of September. Textron said it has added 12 fastener companies since 1994. Textron Fastening Systems now lists 94 locations in 18 countries making up a $2 billion subsidiary. Textron financial to purchase Green Tree financial
Green Tree is a subsidiary of Conseco, Inc., headquartered in Carmel, Ind. Terms of the agreement were not disclosed. The companies expect the transaction to be completed by the end of the third quarter this year. The announcement said the aviation finance business will continue to serve owner operated customers while the remainder of TFC’s aviation finance business will continue to be handled through its Fort Worth, Texas office. Green Tree’s franchise finance business will be consolidated with Textron’s franchise finance operation at Tempe, Ariz.
Log On America acquiring another Internet source
PROVIDENCE – Log On America announced that it has an agreement to purchase another Internet service provider, NetQuarters, Inc. of Brunswick, Maine. An LOA spokesperson said NetQuarters had 1,700 subscribers. Together with the subscribers for the recently acquired UcoNets LLC of Waterford, Conn., LOA said it has added 3,900 subscribers. Terms of the acquisitions were not released.
Pier Bank is now Washington Trust
WESTERLY – Washington Trust Bancorp. announced that it had completed its acquisition of Pier Bank of Narragansett. Pier Bank branches in Narragansett and South Kingstown have changed their name to the Washington Trust Co. Customer deposit and loan accounts will be changed later this month, Washington Trust announced.
Ground broken for Bristol waterfront development
BRISTOL – Ground has been broken for the Thames Street Landing development. According to the developer, Lloyd Adams, the project eventually will include a hotel, two restaurants, office and retail space. The site of the former DeWolf’s wharf and coal yards was reportedly contaminated by arsenic, lead and other chemical residues. The developer reports that the site will be cleared of contaminants.
Judge orders forfeit of Saccoccia gold bars
PROVIDENCE – A federal judge has ordered the forfeiture of 83 gold bars found by government investigators at the home of Stephen Saccoccia’s mother in 1997. Saccoccia is serving a 660-year term in federal prison for laundering the profits of Colombian drug dealers. The forfeiture is to help satisfy a $136 million forfeiture order against Saccoccia, U.S. Attorney Margaret E. Curran said. The U.S. Attorney filed the motion for the order in 1997 after FBI agents recovered the gold bars. Besides Stephen Saccoccia. 11 other persons, including his wife, Donna were convicted in federal court, Rhode Island for their roles in the money laundering operation. Stephen Saccoccia was also fined $15,790,000 and ordered to forfeit $136,344,231 for racketeering. The U.S. Attorney’s office then began an investigation which led to the discovery of 82 bars and seven bags of gold on Saccoccia’s mother’s property in the Knightsville section of Cranston. The pellets found in the seven bags were melted down for the 83rd gold bar. At the conclusion of the forfeiture process, federal forfeiture law calls for the U.S. Marshal to sell the gold, the value of which has declined to $1.5 million from the $2.1 million it was worth when it was discovered.
