RI unemployment up slightly, still below U.S. rate
PROVIDENCE – Rhode Island’s unemployment edged up slightly from 4 percent in June to 4.1 percent in July. Last year the July rate was 4.8 percent, the state’s Department of Labor and Training reported. The state remained ahead of the nation overall where the rate of unemployment is 4.3 percent. While jobs in the state declined since last month by 5,800 (attributed by Labor and Training to “normal temporary factory shutdowns in manufacturing industries and seasonal staff reductions in local schools), the number of jobs in the state increased by 1.3 percent or 5,700 since July, 1998. All major industries in the state added jobs during the year, except for transportation and public utilities where there was a reduction of 300. Trade and services led the gains with 1,600 new jobs in trade and 1,400 in services over the year. Over the last year, the state reported, average hourly wages rose 40 cents an hour.
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Pawtucket to get $3.2 million grant
WASHINGTON, D.C. – Pawtucket will receive $3,180,000 in federal funds from the U.S. Department of Housing and Urban Development, the agency announced. The funds would be intended for neighborhood revitalization, more affordable housing and economic opportunities, and improved community facilities and services. The funds are coming from three HUD programs, the Community Development Block Grant Program, the Home Investment Partnership Program, and Emergency Shelter Funds. The CBDGP grant will be for $2,511,000. The home investment program will bring $580,000. An additional $89,000 is being provided in emergency shelter funds for private, nonprofit organizations to assist emergency shelters for the homeless.
Textron acquiring OmniQuip
PROVIDENCE – Textron, Inc. and OmniQuip International have announced a merger agreement which permits Textron to acquire the outstanding capital stock of OmniQuip for $21 a share, resulting in a $477 million transaction, including its assumption of debt. The agreement has been approved by the boards of directors for both companies. OmniQuip, of Port Washington, Wis., is a manufacturer of light construction equipment , including telescopic material handlers, aerial work platforms, and skid steer loaders. OmniQuip, which employs 1,600 at 16 locations in the United States, the United Kingdom, Australia and New Zealand, is the largest North American producer of telescopic material handlers. Textron employs 64,000 in 23 countries as a multi-industry company including aircraft, automotive industrial and financial businesses. Textron reported that since 1992 it had made 39 acquisitions with revenues of approximately $6.5 billion.
Soft Systems acquires Mediaweave
WOONSOCKET – Rhode Island Soft Systems has acquired Mediaweave of Providence, a company that produces multimedia projects and Websites. According to the Providence Journal, the two companies will move into a new location in Woonsocket. Soft Systems produces screensavers, including a take-off on the Macarena dance rage, that brought the company some publicity. The companies have a total of 10 employees. Among Mediaweave’s clients are GTECH and Lighthouse Communications. Terms of the acquisition were not disclosed.
GTECH reelects chief to board
WEST GREENWICH – GTECH’s board of directors reelected William Y. O’Connor to the board. O’Connor is chairman, chief executive officer and president of the company. The board acted at its recent annual meeting.
CVS opens Web site
WOONSOCKET – Because of its recent acquisition of soma.com, an Internet pharmacy, CVS has opened its own Web site, CVS.com, and with it offers a range of thousands of over-the-counter and prescription drugs, along with 24-hour-a-day access to a registered pharmacist via e-mail of toll-free number. The address of the Wed site is www.CVS.com.
RI tries to lure Boston high-tech firms
BOSTON — Living in the Boston area is a hassle, from monstrous traffic jams to overpriced housing. But economic development officials in Rhode Island are telling Bay State business leaders the living is easier in Little Rhody, so why not move south? “We’re not going to put Boston out of business. We’re not kidding ourselves,” John Swen, executive director of the Rhode Island Economic Development Corp. told the Associated Press. “What you’ll see in Providence is a smaller version of some of the amenities available in Boston.” Swen’s agency is three weeks into a $110,000 “Mass-Exodus” ad campaign designed to lure Massachusetts technology companies to Rhode Island. The campaign includes a billboard on Interstate 93, a glitzy Web site and even printed coasters at some of the Boston area’s trendier bars and restaurants. Massachusetts business leaders say they aren’t afraid of Rhode Island’s punchy attack. Ed Pignone, a spokesman for the Greater Boston Chamber of Commerce, pointed to a study last month by the Progressive Policy Institute, a Washington think tank, that said Massachusetts was making more progress than any other state in the transition to a “new economy” made up of fast-moving high-tech companies.
