GTECH board ousts top two officers
WEST GREENWICH – The board of directors at GTECH, Inc., the world’s largest lottery machine manufacturer, has accepted resignations from the company’s top two officers, William Y. O’Connor, chief executive officer and chairman, and Steven P. Nowick, president and chief operating officer. Continuing poor market performances in the company’s stock listings and displeasure with the manner in which the discovery of some defective software was handled in the United Kingdom were cited by the board as the most serious reasons for the actions. W. Bruce Turner, a member of the board since last fall, has been appointed chairman. The company also announced it was conducting a search for candidates for the president’s post as well as the chief executive and operating officers. O’Connor had been with the company since 1994 and was named chairman two years ago in the wake of the resignations of the then chairman Guy B. Snowden and the co- founder and vice chairman Victor Markiewicz after a messy libel case involving a competitor in the United Kingdom. Nowick was hired in 1997 and became chief operating officer in 1998 and president last year.
Nortek buys Eaton-Williams of U.K.
PROVIDENCE – Nortek, Inc., whose Air Conditioning and Heating Products Group produces about 30 percent of the company’s sales, has acquired the Eaton-Williams Holdings, Ltd., based in Edenbridge, England. Terms of the acquisition were not disclosed. Easton-Williams manufactures custom-made and standard humidification and air conditioning equipment.
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Cox cable announces rate boosts
CRANSTON – Cox Communications announced increases averaging 6.2 percent for standard expanded service cable customers in Rhode Island starting August 15. The company attributed the increases to increased wholesale, operating costs, specifically what producers charge Cox for their product as well as higher labor costs. Rates for basic service will not change, the company said. In announcing the increases, Cox also announced various incentive discounts linked to combined sales of its telephone and digital services, or “bundling,” as the company prefers to describe them. The cost of digital service will rise 14 percent a month.
New public defender sworn in
PROVIDENCE – Confirmed late last month by the Senate, John Hardiman has been sworn in as the state public defender. Hardiman had recently served as chief trial counsel for the Office of Public Defender. From 1982 to 1993 he was assistant public defender. He received his law degree in 1982 from California Western School of Law and his undergraduate degree in 1977 from Providence College.
DL&T gets U.S. aid for laid-off workers
PROVIDENCE – The Rhode Island Department of Labor & Training announced it had been awarded $250,000 by the U.S. Department of Labor for retraining 46 workers laid off after Holson Burnes decided to close its distribution center in North Smithfield. The grant is intended to pay the tuition of those workers seeking skills training at various schools and colleges. Holson Burnes is a subsidiary of the Newell Co. of Freeport, Ill., a manufacturer of picture frames and photo album products.
Cookson Group buys Excell Manufacturing
PROVIDENCE – Cookson Group plc announced that it had purchased Excell Manufacturing Company, Inc., and a fine jewelry chain manufacturer located here for an undisclosed amount. Under the agreement, Excell will join Cookson’s Precious Metals Division and its president Howard M. Kilguss will stay with the company in the same capacity. In addition Kilguss will become president and chief executive officer of Hallmark Sweet of Attleboro, Mass., a Cookson subsidiary, which manufactures jewelry findings and related products. Cookson, a multi-national corporation based in London, England, employs 1,500 people in the Providence, Attleboro area.
CVS to buy Bergen Brunswick unit
WOONSOCKET – CVS Corp. has agreed to buy the specialty medicine distribution unit of Bergen Brunswick of Orange, Calif., for $124 million in cash. According to Bloomberg News, Bergen Brunswick also agreed to supply CVS with $2.5 billion in drugs over the next five years. The purchase was said to demonstrate CVS’ plan to expand its ProCare stores service over the next five years.
Textron group appoints new chairman
PROVIDENCE – Textron, Inc.’s Industrial Products group has a new chairman, president and chief executive officer, Sam Licavoli. Previously Licavoli had held those posts at Textron’s Automotive Company. He replaces Frank Feraco, who left the company. Licavoli, 59, is now responsible for the five global divisions that compose the Industrial Products group: Greenlee Textron, Textron Fluid and Power Systems, Textron Golf, Turf Care and Specialty Products, OmniQuip Textron and Textron Industrial Components. The company said a successor to Licavoli at the Automotive Company would be named soon.
Liz Claiborne wins right to buy Monet
PROVIDENCE – Liz Claiborne, Inc. has won the right in bankruptcy court to purchase the Monet Group for about $39.5 million. Monet has been in bankruptcy since May.
Bacou to seek buyers
SMITHFIELD – Bacou USA and its French parent, Bacou S.A. announced they would be hiring an investment firm to pursue the possible sale of the two companies. Bacou USA manufactures workplace-safety equipment. According to the Providence Journal, the two Bacou companies will be merged into a single company for the purpose of the sale. The combined companies would reportedly be worth a total of $550 million. The purpose of the sale is to enable the companies to grow. Bacou S.A. is a family owned business and owns a substantial share of Bacou USA, which employs 371 workers in Rhode Island..
(Compiled from news reports and releases, print and electronic.)
