Silver Line breaks ground on Fall River facility

The 200,000-square-foot facility will be located in the Fall River Industrial Park, according to a release from the Fall River Office of Economic Development. Silver Line will be manufacturing its new 3000 series double hung windows that the company says is good for New England weather.

The Silver Line expansion is expected to generate about $13.1 million in private investment and encourage growth of a vacant 15-acre parcel in the industrial park, the economic development office said. The park and neighboring Commerce Park are home to nearly 60 businesses that employ a total of 4,500 workers.

FleetBoston reports $624 million net income

BOSTON – FleetBoston Financial has reported a $624 million (59 cents per share) net income for the second quarter, a sharp contrast from last year’s second quarter net loss of $386 million (37 cents per share).

For the first half of 2003, net income was $1.2 billion or $1.13 per share. For the first six months of 2002, net income was $349 million or 32 cents per share. Fleet’s losses for last year included $1 billion in special charges related to higher commercial credit costs, problems in Argentina and charges associated with exiting businesses, the company said in a statement.

Fleet experienced higher revenues in the second quarter in a number of its fee-based services, and its U.S. personal, commercial and investment businesses also did well, the company said. Non-performing assets decreased another 12 percent or $370 million in the second quarter, and are down 25 percent or almost $900 million since the beginning of 2003.