Sale of Triangle Wire to American reported
PAWTUCKET – After about a year of negotiations and discussions, and political intervention, the sale of the former Triangle Wire and Cable Co. plant in Pawtucket to American Insulated Wire appears to have been completed. Terms of the sale were not disclosed. When the proposed sale was first reported in February, American Insulated reportedly agreed to retain the plant’s 128 unionized workers under terms of a new contact agreement with the International Brotherhood of Electrical Workers. The Electrical Workers have spearheaded the drive to keep the plant open and retain the jobs it provided, negotiating with Superior TeleCom Inc., the most recent owner of Triangle. Both Sen. Jack Reed and Congressman Patrick Kennedy were active in this campaign. American Insulated Wire was founded in 1924 and is a national manufacturer of insulated wire and cable. Its owner is Leviton Manufacturing Co. of New York, a manufacturer of electrical wiring devices, which has plants in Warwick and elsewhere. Triangle Wire has a long and complex history of ownership, at one time was owned by the Royal Electric Co.
GTECH to supply Portuguese national lottery
WEST GREENWICH – GTECH has announced it has been chosen to provide new online gaming equipment for Santa Casa da Misericordia of Lisbon, which operates the national lottery in Portugal. It is the largest off-line lottery in Europe. The agreement with GTECH will permit Santa Casa to replace its off-line system with a full online system, including both hardware and software.
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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Former Navy employee gets prison term for fraud
PROVIDENCE – Henry R. Tarbox of Jamestown, a former civilian firefighter for the Navy has been sentenced to a year in prison for federal workers compensation fraud. The sentence imposed by U.S. District Judge Ronald R. Lagueux. It was announced by U.S. Attorney Margaret E. Curran. Between 1994 and 1997, Tarbox, although collecting $97, 764 in workers compensation payments, ran a maintenance business. Tarbox, 53, pleaded guilty and is scheduled to surrender May 22 to begin serving his sentence. Tarbox’s business, Excalibur Maintenance, reportedly earned more than $230,000 from repair and maintenance services for condominium complexes in the Newport area during the three-year period.
Landmark Medical CME program reaccredited
WOONSOCKET – Landmark Medical Center’s Continuing Medical Education program has been reaccredited by the Rhode Island Medical Society’s Continuing Medical Education Committee. The hospital offers monthly educational programs in new diagnostic and therapeutic services as well as topics of general interest to the medical staff. Dr. Glen Fort is chairman of the hospital’s Library and Medical Education Committee. Patricia M. Padula is CME coordinator and health sciences librarian at Landmark.
HomeGoods coming to Lincoln Mall
LINCOLN – HomeGoods, a national home furnishings store, is opening a store at Lincoln Mall in August, Churchill & Banks, Ltd., operators of the mall, has announced. The chain has another store operating in North Kingstown as well as one in Seekonk. The HomeGoods store in Lincoln will occupy 25,000 square feet in the mall, previously occupied by the Amron Fun Center. HomeGoods is owned by The TJX Corporation of Framingham, Mass., which also operates T.J. Maxx clothing stores. A Super Stop & Shop market is scheduled to open at the mall this summer. Churchill & Banks has announced extensive alterations, including landscaping of the mall.
Brown & Sharpe picks new president
NORTH KINGSTOWN – Brown & Sharpe Manufacturing Co. announced the selection of Kenneth N. Kermes, former vice president for business and finance at the University of Rhode Island, to be president and chief executive officer. He will replace Frank T. Curtin. The appointment was made at the company’s annual board of directors meeting. Kermes more recently had been a partner in a private equity investment business. He was vice president for business and finance at URI from 1994 to 1998.
Southwest retains lead at T.F. Green
WARWICK – While the overall growth rate for air travelers at T.F.Green Airport here fell of slightly, Southwest Airlines continued to lead the pack in total passengers in March with 135,750, a 15 percent increase from March of 1999. U.S.Airways was in second place with 122,322 passengers, a dropoff of 1 percent from March, a year ago, when it carried 123,700 passengers. Overall, passenger traffic growth at the airport slipped one percent from 8 percent a year ago to seven percent this year. But two years ago in 1998, the increase was 14 percent. The biggest increase in passengers over the year was at United Airlines with 35,815 passengers, compared with 28,853 a year ago, a 24 percent increase. Just behind was American, with 29,973, a 23 percent increase from a year ago when the airline carried 24,400. Delta held third place in total passengers carried with 55,540, a one percent increase from a year ago when it carried 55,083. Continental, in fifth place for total passengers carried, at 31,715 showed a 7 percent decrease from last year when it carried 33,958. In seventh place, Northwest showed a 1 percent decline in growth to 17,088 passengers in March this year, compared with 17,245 a year ago.
Credit unions complete merger
PROVIDENCE – Coastways Credit Union and Ocean State Community Credit Union have announced their merger, effective May 2. The merged company retains the Coastways Credit Union name. However, the president of the merged company is Bill White, formerly president of Ocean State. Chairman of the revised board of directors is Mark Crevier. A spokesperson for the merged company said all six offices – three for Coastways -two in Providence, one in Lincoln–and three from Ocean State -all in Warwick–will remain open, and that no jobs were lost in the reorganization. The result is a company whose total valuation is now estimated at $140 million, compared with Coastways’ $50 million.
