February 4, 2008
Central Mass In Review
Acton
Two Worcester Execs To Join Biotech Board
Stephen J. DiPalma, CFO for Worcester-based RXi Pharmaceuticals Corp., and Michael Henry, vice president of business development at Athena Diagnostics Inc. of Worcester, will join the board of directors of Acton-based Neuroptix Corp. Neuroptix specializes in developing tests for Alzheimer's Disease.
Auburn
Credit Union Leases Space To W. Mass. Agency
The Southbridge Credit Union in Auburn has a new neighbor. According to Worcester commercial real estate firm Glickman Kovago & Co., which brokered the lease, the credit union has leased 2,200 square feet of its 7,500-square-foot building at 732 Southbridge St. to Nonotuck Resources Associates of Florence. The credit union's Auburn branch is in the same building.
Devens
AMSC Inks $3M In Deals With Chinese, Canadians
Devens-based American Superconductor Corp. said it has received more than $3 million in orders for its wind turbine core electrical components and systems from two AMSC Windtec customers in China and Canada. AMSC will provide its electrical systems, including the proprietary PowerModule power converter to China's CSR Zhuzhou Electric Locomotive Research Institute and Canada's first wind turbine manufacturer, AAER Inc.
Fitchburg
Fitchburg Co. Products To Set Sale
A Fitchburg company has won a multi-million dollar contract to make products for use by the U.S. Navy. Micron Products Inc., a wholly owned subsidiary of Arrhythmia Research Technology Inc., announced the multi-year deal with Woburn-based KaZaK Composites. Micron will mold, fabricate and assemble KaZaK's lightweight, quick-release stanchions for Navy combat logistics force ships.
Framingham
Former Staples Exec Jailed
A former vice president of Framingham-based Staples Inc. was sentenced to 3 1/2 years in prison for embezzling nearly $600,000 from the office products company. James Dorman, formerly of Westborough, will also have to pay $585,000 in restitution to Staples. The former marketing executive pleaded guilty to mail fraud, wire fraud and money laundering charges for submitting invoices for nonexistent vendors and misusing corporate travel funds to pay for personal travel for himself and three women.
Franklin
Ben Franklin Bank Takes Loan Hit
Despite dips in construction and home lending, Franklin-based Benjamin Franklin Bancorp Inc., the holding company for Benjamin Franklin Bank, reported net income of $1.15 million for the fourth quarter and net income of $3.64 million for the full year. In the fourth quarter of 2006, the bank reported net income of $1 million.
Gardner
GFA Approved For MHA Lending
The Massachusetts Housing Agency has approved Gardner-based GFA Federal Credit Union as an MHA lender. With the approval, GFA will be able to provide mortgages to low- and moderate-income homebuyers and homeowners in Massachusetts. GFA's MHA mortgage programs will include low down payments, affordable mortgage insurance and competitive rates, the company said.
Leominster
'Outstanding' Rating For LCU
Leominster Credit Union's lending and community development operations have earned "outstanding" Community Reinvestment Act ratings from the state Division of Banks. This is the fourth time the credit union has earned the CRA's top rating. The rating recognizes LCU's responsiveness to community credit needs and specifically commends the credit union's involvement with various area organizations.
Marlborough
Irish Co. Expands In Marlborough
Ireland-based Creganna, a medical device company with a manufacturing facility in Marlborough, said it had doubled the size of the Marlborough facility to 20,000 square feet. The facility makes specialized needles and micro tubing for minimally invasive catheter applications. Production commenced at the newly expanded Marlborough facility this month and the facility will be the company's global manufacturing base for specialty needles.
Southborough
ViryaNet Shareholders Revolt
A group of Southborough-based ViryaNet Inc. 's shareholders want to terminate the company's executive chairman and do away with the chairman of the board position, and they want it done at the company's annual meeting. The meeting was scheduled for Jan. 31, but the group was pushing for the postponement of that meeting so changes to the company's proxy statement can be made. In a press release, the shareholders claim that company executive chaiman Samuel HaCohen "continues to enjoy a high salary and reimbursements of $500,000" even though they claim the company "cannot afford it."
Wayland
Candela Can't Remove Red Ink From Balance Sheet
Wayland-based Candela Corp. reported a second-quarter loss of $4.6 million on revenue of $36.1 million compared to income of $1 million on revenue of $37.4 million for the same period a year ago. The company, which makes lasers and related equipment for the cosmetic surgery industry, said the second quarter results include a $2.5 million charge for the write-off of the company's holdings in OccuLogix Inc.
Worcester
The Hanover Insurance Group Inc. of Worcester reported that its fourth-quarter net income was $75.8 million, or $1.44 per share, compared with $45.5 million, or 88 cents per share, for the same period a year earlier. For the year, the insurer reported a profit of $253.1 million, or $4.83 a share. That's an 48.6 percent increase over the results for 2006.
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