March 3, 2008
Central Mass In Review
Acton
Psychmedics Sees Record Revenues, Profit Drop
Psychmedics Corp. of Acton saw record revenues in 2007, but net income for the year was down 9 percent from 2006, to $4.5 million. The company said its revenue increase was below historical trends largely because of a reduction in business from a major auto-related client. Psychmedics technology allows employers, schools and parents to run drug tests using hair rather than urine samples.
Framingham
Staples Bid Rejected
Corporate Express NV swiftly rejected an unsolicited $3.67 billion buyout offer from Framingham-based Staples Inc. as too low, but some analysts expect the strategic advantages of combining the two office products suppliers will yield an eventual agreement. Staples disclosed it had offered to pay a hefty premium in an all-cash bid for the Netherlands-based Corporate Express. The acquisition would expand Staples' profitable segments serving business customers and overseas clientele after recent slow sales at Staples' U.S. stores.
TJX Reports Strong Year, Quarter
Framingham-based discount retailer TJX Cos. reported fiscal year 2008 net income of $772 million on sales of $18.6 billion, a 7 percent increase over 2007. The company also reported fourth-quarter net income of $301 million on net sales of $5.5 billion, an increase of 8 percent. Same-store sales increased 4 percent over the previous year.
Fitchburg
Seven Hills Purchases Fitchburg Properties
Worcester social services nonprofit Seven Hills Foundation has purchased two properties on John Fitch Highway in Fitchburg for $1.055 million, according to Kelleher & Sadowsky Associates Inc. of Worcester, brokers of the sale. Seven Hills will move its day care operations from Day Street in downtown Fitchburg to the new properties once current tenants are out and construction work is completed by the end of 2008, the brokers said.
Hopkinton
Smaller Loss, More Revenue At Caliper
Hopkinton-based Caliper Life Sciences Inc. continued its slow climb toward breaking even in 2007, posting a net loss of $24 million for the year, compared to a loss of $29 million the previous year. For the fourth quarter, the company reported a net loss of $5.7 million compared to a net loss of $8.9 million in the fourth quarter of 2006. Revenue for the year was $83 million compared to $69 million in 2006. Fourth quarter revenue was $28 million compared to $24 million in 2006.
Marlborough
Marlborough Merger Meltdown
Boston-based Bain Capital Partners LLC and China's Huawei Technologies have put their proposed $2.2 billion purchase of Marlborough-based 3Com Corp. on hold. According to 3Com, the three parties will continue discussions, but have withdrawn their joint filing from the Committee on Foreign Investment in the United States (CFIUS), which had reportedly raised national security concerns surrounding the deal.
Software Firm Gets $4.25M
Proficiency Inc., a Marlborough-based software developer, has raised $4.25 million in a funding round led by Israel-based Catalyst Investments. Two of the company's current funders, Carmel Ventures and Pitango Venture Capital, both also of Israel, took part in the funding as well.
Natick
BSX Completes Sale Of Two Businesses
Natick medical device manufacturer Boston Scientific Corp. has completed the $425 million sale of two of its businesses to New York and Texas-based Avista Capital Partners.The fluid management and venous access businesses were sold to Avista for $425 million in cash, following a December agreement between the companies.
Cognex Earnings Down In 2007
Natick-based Cognex Corp. reported net income for 2007 of $26.9 million, down 33 percent from 2006. Fourth quarter net income was up 51 percent from the previous quarter, to $9.5 million. The company said it spent time and money over the year on product development and sales force changes. It said its fourth-quarter revenues got a boost from increased sales to the factory automation and surface inspection markets.
Oxford
IPG Purchases Patent Portfolio
Oxford laser-maker IPG Photonics Corp. has purchased more than 440 U.S. and foreign patents from British Telecom. The company said the patents were part of a portfolio of "pioneering" laser patents held by British Telecom dating back to the early 1990s. The patents are related to current and future photonics components, systems and devices.
Southbridge
Harrington Hospital To Build Cancer Center
Harrington Memorial Hospital will partner with Radiation Therapy Services Inc. (RTSI) of Fort Myers, Fla., to construct a free-standing cancer center in Southbridge. Harrington has also entered into an agreement with Boston's Beth Israel Deaconess Medical Center to offer radiology services from BIDMC radiologists, as well as remote imaging capability to BIDMC in Boston.
Webster
Commerce Shareholders Approve Merger
Shareholders of Webster-based Commerce Group Inc. have approved the $2.2 billion sale of the company to Spanish insurance giant MAPFRE. The two companies agreed to the merger in October. Commerce expects the deal to close before the end of the second quarter. Commerce shareholders will be entitled to $36.70 per share when the deal closes.
Worcester
Condo Project In Bankruptcy
HE&PG Realty LLC of Hopkinton, the owner of the University Park Lofts complex at 21 Illinois St. in Worcester, has filed for Chapter 11 bankruptcy. An auction for 29 one- and two-bedroom condos at University Park was scheduled for Feb. 28.
Lincoln Square A 'Growth District'
The state has chosen Worcester's Lincoln Square/North Main area as its first "Growth District." The program allows state and local officials to identify areas for major commercial, residential or mixed-use development. Identification as growth districts qualifies those areas for state help in permitting, site preparation, infrastructure improvements and marketing.
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