Hasbro chosen by Disney to replace Mattel
PAWTUCKET – Hasbro will be Disney’s new licensee to toys based on that company’s films, TV shows and videos. The Walt Disney Co. announced that Hasbro, Inc. is replacing the Pawtucket company’s biggest competitor, Mattel, not only for films and videos but also for Disney’s theme parks and resorts. Mattel, of El Segundo, Calif., has held the license agreement with Disney since 1996. Terms of the Hasbro-Disney agreement were not disclosed.
Southern Union completes purchase of Valley Resources
CUMBERLAND – Southern Union Co. of Austin, Texas, announced it had completed its purchase of Valley Resources, the parent of Valley Gas Co. and Bristol & Warren Gas Co. Southern is also in the process of acquiring Providence Energy Corp., owner of Providence Gas and North Attleboro Gas Co.
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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EDF being bought by Ohio firm
EAST PROVIDENCE – Nordson Corp. of Westlake, Ohio, announced that it is buying EDF, a manufacturer of low-pressure industrial valves and components for $280 million, the Providence Journal reported. EDF was founded in 1963 and now employs 280 in four sites– two of which are in Rhode Island–the United Kingdom and France. Nordson has 4,000 employees in 31 countries. It manufactures precision dispensing equipment and a range of consumer and industrial products. A Nordson spokesman said completion of the transaction was targeted for late October.
Retirement community to be built on site of novitiate
PORTSMOUTH – A 106-acre site overlooking the East Passage of Narragansett Bay has been purchased by Adult Assisted Care Associates, LLC for $2.25 million for development of a full-service continuing-care retirement community. The site was formerly occupied by Our Lady of Hope Novitiate. Adult Assisted Care announced plans for a 310-unit facility which would be called Freedom Bay. Located in both Portsmouth and Middletown, the complex will be a mix of independent and assisted living facilities.
GTECH signs pact with China
WEST GREENWICH – GTECH has signed an agreement to provide a turnkey lottery system to the Beijing Welfare Lottery System. The company reported that it would provide hardware and software for the system and will install and maintain the system. Operation of the online system is expected to begin in February 2001. Other terms were not disclosed.
$3.2 million “earmarked” for RIDOT projects
WASHINGTON, D.C. – Congress has “earmarked” $3,231,728 for distribution to the Kennedy Plaza Intermodal Terminal and the Rhode Island Public Transportation Authority’s maintenance garage on Elmwood Avenue. Of that amount $1,631,728 will be allotted to the terminal. The balance is headed for the garage. RIPTA has deferred the start on construction of the $8.2 million terminal pending re-evaluation of the bids which came in higher than anticipated.
New deputy tax collector appointed in Providence
PROVIDENCE – Robert P. Ceprano is the new deputy tax collector for the city of Providence. He replaces Rosemary Glancy who has been sentenced to federal prison for her involvement in the payoff scandal in the tax collector’s office. Ceprano has submitted his resignation as senior investigator for the Rhode Island Ethics Commission. He was scheduled to take over the deputy tax collector’s job on Sept. 29. He was also a special agent for the Criminal Investigation Division of the Internal Revenue Service in Providence from 1972 to 1998. According to a press release from the office of Mayor Vincent Cianci announcing Ceprano’s appointment, he also was senior fraud investigator for Citizens Bank, Quincy, Mass. He also served on active duty with the United States Army from 1968-1971 and with the Reserve and National Guard from 1971 to 1996, retiring with the rank of lieutenant colonel. He holds a bachelor’s degree in finance and insurance from the University of Rhode Island and studied accounting at Johnson & Wales University.
Innovative Clinical reports completion of restructuring
PROVIDENCE – Innovative Clinical Solutions, Ltd. announced it had completed its financial reorganization by recapitalizing its $100 million debt into common equity, a plan confirmed by the U.S. Bankruptcy Court in August. The company also announced it had obtained $10 million in so-called “exit financing” from Ableco Finance LLC. Innovative Clinical plans to use its strengthened financial position to expand and integrate its core businesses, clinical studies, network management and health care research, the announcement said. Meanwhile the company reported a net loss of $14 million or 38 cents per share for the quarter ending July 31, 2000. That compares with a net loss of $30 million or 89 cents a share for the corresponding quarter in 1999.
EPA AWARDS Rhode Island $7.4 million for clean water
WASHINGTON, D.C. – The United States Environmental Protection Agency has awarded $7,463,800 to the Rhode Island Clean Water Finance Agency for the state’s Safe Drinking Water Revolving Fund. According to the announcement from the office of Sen. Jack Reed, the money will be used to install, upgrade or replace infrastructure to continue to ensure the availability of safe drinking water. Project that are eligible for funds include installation and/or replacement of failing treatment facilities, storage facilities and transmission and distributions systems. Through the Safe Drinking Water Revolving Fund Program, money will be loaned to communities to improve water quality, and as money is paid back to the fund, new loans will be made. States are required to match the federal funds with a 20 percent contribution.
(Compiled from news report and releases, print and electronic)
