Newsbriefs
Real Estate
Worcester biz center sold
WORCESTER – The Worcester Business Center at 67 Millbrook St. has been sold for $10.4 million, according to Worcester commercial real estate firm Kelleher & Sadowsky Associates Inc. Brokers finalized the deal for the 245,000-square-foot building March 30. The new owners are Worcester Business Center LLC, which bought the more than 13-acre property from Worcester Millbrook LLC. Under the new ownership, the property will be managed by two Boston firms: Franklin Realty Advisors and Suffolk Ventures. According to Kelleher & Sadowsky, the building's new owners plan an extensive exterior renovation to be completed in the next nine months. Also, 75,000-square-feet of vacant space in the building will be renovated.The building is currently 67 percent leased by 40 tenants.
Staffing co. moves from Front St.
WORCESTER – CoWorx Staffing Services of Worcester is moving from its Front Street offices to space at the Worcester Business Center at 67 Millbrook St. The company has signed a lease for 1,500 square feet at Millbrook Street. CoWorx is an employee recruiting firm with 43 locations around the country.
Biotech
Abbott expands in Puerto Rico
WORCESTER – Abbott Laboratories Inc., which has a research center in Worcester, opened a $450 million factory in Barceloneta, Puerto Rico. The 330,000-square-foot factory will produce the company's leading product, the anti-inflammatory drug Humira, which is also made in Worcester. According to the company, Abbott sold more than $2 billion worth of Humira in 2006. The new factory is the largest capital investment in Abbott's history, according to the company, and was recently approved for operation by the U.S. Food and Drug Administration. The facility may also produce additional Abbott products currently in development.
EPA, Pfizer contract with Caliper
HOPKINTON – Caliper Life Sciences Inc. said it signed two new contracts, one with the U.S. Environmental Protection Agency, the other with Pfizer Inc. The contracts ask Caliper to test the effects of toxic chemicals, and drugs currently in development. Caliper's Discovery Alliances and Services division was awarded the contracts. The EPA contract is worth between $1.4 million and $69 million over the next two to five years Caliper said it would help the EPA develop new ways to predict how chemicals like pesticides will interact with the environment, humans and animals. The one-year contract with Pfizer is for Caliper to help Pfizer search for new uses for drug compounds already in development.
Health Care
St. V's strikes deal with Beth Israel
WORCESTER – St. Vincent Hospital has signed an agreement to become an affiliated hospital for the surgical training program at Beth Israel Deaconess Medical Center, a teaching hospital of Harvard Medical School. Beginning in July, Beth Israel surgical residents will start monthly rotations at St. Vincent's. The affiliation with Beth Israel comes after the University of Massachusetts Medical School said it would remove its surgical residents from St. Vincent's as of July 1.
Retail
TJX, Pier 1 settle CEO spat
FRAMINGHAM – In U.S. Securities and Exchange Commission filings, Framingham-based TJX Cos. said it had reached a settlement with Alexander W. Smith, the company's former senior executive vice president. TJX and Pier 1 Imports Inc. had been locked in a battle over whether Smith's employment at Pier 1 violated the non-compete agreement in his TJX contract. TJX had refused to pay Smith after he left the company for Pier 1. Smith is president and CEO of Pier 1.As part of the settlement, TJX said it would pay Smith $175,000, and agreed that the non-compete agreement does not apply to his employment at Pier 1. In addition to TJ Maxx, TJX owns Bob's Stores, Marsalls, HomeGoods and several other retail chains.
Manufacturing
Packaging factory to fold
FRAMINGHAM – A Framingham packaging plant, formerly owned by International Paper, will close this summer, leaving 90 employees searching for work. The beverage packaging plant's manager confirmed today that the facility would close at the end of July. He said efforts were being made to "relocate a lot" of the plant's employees, but offered no comment as to where those employees may end up. The site was formerly part of International Paper. IP sold the beverage packaging business to New Zealand-based Carter Holt Harvey for $413 million on Feb. 1.Carter Holt Harvey, a subsidiary of the Rank Group, is operating the former IP business under the name Evergreen Packaging.
Timing right for Valpey-Fisher
HOPKINTON – Timing device maker Valpey-Fisher Corp. said new orders pushed fourth quarter 2006 revenue and profit well beyond the previous year's. The company reported fourth quarter 2006 revenue of $3.1 million, a 19 percent increase over the previous year's results. Gross quarterly profit grew to $1.3 million in 2006 from $826,000 in the same quarter of the previous year. Operating income for the quarter rose to $297,000 from $88,000 in the previous year, the company said. For the year, the company reported net earnings of $669,000 on gross profit of $4.5 million. For 2005, the company reported net earnings of $244,000 on $3.8 million in gross profit. A 10 percent increase in new orders for the year, and a 28 percent increase in new orders during the fourth quarter drove Valpey-Fisher's revenue growth, the company said.
High Tech
Laser co. is for Acton packed
ACTON – Neuroptix Corp., which is developing laser eye scanning technology that can detect Alzheimer's disease, opened its new corporate headquarters in Acton. The new headquarters are in office space at 20 Main St. in Acton. The company, which employs six, is moving to Acton from Amherst. According to the company, the 3,500-square-foot Main Street office allows Neuroptix to expand operations and hire more personnel. Neuroptix said it is developing a non-invasive eye test for the early diagnosis of Alzheimer's disease. The company said its laser eye scanning equipment should be inexpensive and widely available.
Energy
Savings claims are all bluster
WORCESTER – Mass Megawatts Wind Power Inc. said improved design would allow the company to sell its wind power plants for 23 percent less. The company said it would "realize higher profits than previous expectations without sacrificing demand for its wind power plants. The company also said the changes could allow the price of generation by its wind power plants to compete with natural gas and oil-powered generators.
Insurance & Financial Services
Commerce expands into New York
WEBSTER – The Commerce Group Inc., a Webster-based property and casualty insurance company, said it completed its acquisition of SWICO Enterprises Inc., the holding company for State-Wide Insurance Co. of New York. The acquisition allows Commerce to enter the New York personal insurance market. State-Wide primarily writes private automobile insurance policies in New York, and at the end of 2006, reported $38 million in direct written premiums. Commerce's subsidiaries include the Commerce Insurance Co., and the Citation Insurance Co. in Massachusetts; the Commerce West Insurance Co. in California, and American Commerce Insurance Co. in Ohio. Financial terms of the acquisition were not disclosed.
Westboro co. buys insurance billing software line
WESTBORO – oneShield Inc. has acquired the electronic billing insurance system (EBIS) from Mellon Financial Corp., a financial service firm with offices in Boston. According to oneShield, the EBIS is an integrated billing and accounts receivable software system for property and casualty insurance. Financial terms of the agreement were not disclosed. The EBIS will become part of the oneShield's Dragon automated policy administration and workflow system. OneShield markets its products to insurance carriers and brokers.
The News Briefs are compiled from staff and wire reports.
WBJ Web Partners
Most Recent
0 Comments