Carothers to chair university presidents council
DURHAM, N.H. – Robert L. Carothers, president of the University of Rhode Island, has been selected by the Council of Presidents of New England Land-Grant Universities to be chairman starting January 1. He will succeed Joan Leitzel, president of the University of New Hampshire. Leitzel praised Dr. Carothers for his “effective efforts to assess program costs, to renew the curriculum, and to reduce substance abuse.” The president or chancellor of the six land grant universities of Connecticut, Maine, Massachusetts-Amherst, New Hampshire, Rhode Island and Vermont, together serve as the governing board for the New England Council of Presidents consortium.
Speidel closing Providence plant
PROVIDENCE – After nearly 100 years in this city, the Speidel watchband company, now known as Hirsch Speidel is moving most of its operations to China. The company is selling the building it has occupied since it opened in Providence and laying off about half of its remaining employees, approximately 200 people, in a process that began last summer. The company said it was making the change because it could no longer compete with companies that have shifted their manufacturing processes overseas. Hirsch Speidel, which makes metal and leather watchbands, chains, identification bracelets, and children’s jewelry, will continue to operate a small manufacturing and marketing-sales operation in East Providence, the company announced. Speidel was bought by Hirsch, an Austrian manufacturer more than a year ago from Textron.
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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Rhode Island employment at record high
PROVIDENCE – With the addition of 7,200 jobs over the last year, Rhode Island reached an all-time high employment level for the month of October of 475,000, the state Department of Labor and Training reported. Meanwhile, the DLT reported seasonally adjusted unemployment was down to 3.7 percent in October, compared to the 4.7 percent of a year ago. This compares favorably with the national unemployment rate, which was at 4.1 percent in October. The national rate in October, 1998 was 4.5 percent. The state also reported that as the number of unemployed declined by 4,900 over the year, the number of employed over the same period increased by 8,200. Services and trade (retail) led the increases in jobs at 2,700 and 2,500 respectively, while manufacturing continued to lag, showing a loss of 700 jobs through the year. Between September and October, however, Rhode Island manufacturers reported the addition of 500 jobs, distributed among lumber/furniture, nonelectric machinery, jewelry/silverware, miscellaneous manufacturing and textiles.
Hasbro names McGrath head of toy sector
PAWTUCKET – Hasbro, Inc. announced that Tom McGrath has been appointed general manager of its toy sector. With Hasbro for 15 years, McGrath will be responsible for U.S. toy development, marketing and sales. Before his promotion McGrath had been responsible for Hasbro’s worldwide boys’ toys business.
Bryant names business center for Chafee
SMITHFIELD – Bryant College, in ceremonies last week, renamed its international business center for the late Sen. John H. Chafee. The center, which coordinates the college’s international outreach programs, is also a resource center for those interested in international trade, providing advanced technological access to international economic data.
40 to be terminated at FleetBoston
PROVIDENCE – FleetBoston Corp. has notified about 40 persons employed at its consumer loan and collections department here that their jobs are being eliminated, the
Providence Journal reported. The job eliminations are the result of FleetBoston’s sale of $600 million in consumer loans to Sovereign Bancorp of Pennsylvania. About 5,000 jobs are being eliminated because of the merger of Fleet and BankBoston. As many as 2,500 of those jobs are expected to be eliminated through attrition, a hiring freeze and the sale of branches. Sovereign is expected to hire some of the people whose jobs are eliminated at FleetBoston, but that number is still to be determined.
Gilbane is 50th among biggest private companies
Gilbane Building Co. of Providence, is the 58th biggest private company in America, according to the latest issue of Forbes Magazine. Gilbane, which ranks first on Providence Business News’ top private companies list, jumped from 80th place on the Forbes list last year. According to the magazine the company’s revenues were $2.295 billion, up slightly from the $2.249 billion reported by the company to PBN in August, representing 1998 sales. Forbes estimates Gilbane’s net income at $10 million, with 1,238 employees. According to PBN at least one other company would have qualified for the Forbes list, excluding insurance, health care, or not-for-profit companies that appear not to be included on the Forbes list. Warren Equities, a conglomerate that distributes petroleum and operates convenience stores, among other enterprises, reported sales of $911.22 million for 1998 in our list of top private companies, ranking it fourth. On the Forbes list, Warren Equities would have ranked 238th. The insurance, health care, and not-for-profit companies whose revenue would have qualified for the list are: MetLife Auto & Home ($1.4 billion) and second on the PBN list, Lifespan ($912 million) and third on the PBN list, Blue Cross Blue Shield of Rhode Island ($863.1 million) and fifth on the PBN list, Amica Mutual Insurance Co. ($840 million) and sixth on the PBN list, and FM Global ($607 million) and seventh on the PBN list.
Duffy & Shanley recognized for interactive service
PROVIDENCE – Duffy & Shanley has been chosen as one of the top 100 interactive companies in the country by The Industry Standard magazine. D&S is the only Rhode Island firm to make the list, the magazine reported, although it added that 55 percent of the companies picked for the top 100 list are from the Northeast. Duffy & Shanley is a marketing communications firm.
