News Briefs
Development
Worcester Crossing signs Wal-Mart
WORCESTER – A developer has proposed a Wal-Mart Supercenter, planned for 44 acres in Quinsigamond Village, at the former site of U.S. Steel. The plan, called "Worcester Crossing," would contain a a 209,000 square foot Wal-Mart Supercenter as part of a larger complex of more than 350,000 square feet containing eight buildings. Other occupants would feature a mix of retail and restaurant businesses and a bank. The developer, Madison Worcester Holdings LLC, has also agreed to donate land that runs through the site for an easement to facilitate the extension of the Blackstone River Bikeway into Quinsigamond Village. The property is in an area bounded by Route 146 to the east and the Blackstone River to the west.
GKN to close shop
WORCESTER – The GKN Sinter Metals plant in Worcester’s Green Island neighborhood will close this fall, and city officials will likely decertify the company’s tax increment financing package. The company, based in Auburn Hills, MI, cited weakness in the automotive industry as the reason for the closure. It also announced plans to sell the manufacturing complex, paving the way for the property to be redeveloped. The closing will affect about 150 workers. GKN Sinter Metals had a TIF agreement that dated to 1997, requiring the company to invest at least $8.5 million and hire 40 additional workers. GKN Sinter invested a reported $14.8 million in the plant but did not meet the employment requirements.
Aro Poultry Farm up for sale
LUNENBURG – A plan to sell Aro Poultry Farm on Howard Street to Andover-based O’Brien Homes Inc. for $2.7 million will have to wait for a decision from the town, which has the right of first refusal on the property. The 143-acre poultry farm is currently under Chapter 61A classification, an agricultural restriction that reduces its tax burden. The town has until June 28 to decide whether to buy the property. The farm will continue operations as a poultry farm until it is transferred to a new owner.
March 6 auction set for Worcester's TiNovo
WORCESTER – The Pearl Street property housing the TiNovo restaurant is slated to go up for auction on March 6. At press time, restaurateur Mitchell Terricciano, who borrowed $195,000 from the Digital Federal Credit Union, which rescheduled a foreclosure auction for the TiNovo property. The credit union held off on a Feb. 6 auction while Terricciano worked with it on a financing plan but at press time, no agreement had been reached. The city License Commission also unanimously voted to rescind the establishment’s liquor license.
High tech
Proficiency lands $5M more in venture funding
WESTBORO - Proficiency Inc. will receive an additional $5 million from its two major venture capital groups, Carmel Ventures and Pitango Venture Capital. The cash will allow Proficiency to broaden its market reach, and will allow its customers to share product designs between different systems. Proficiency is a supplier of software products used in the automotive, aerospace and defense industries. Proficiency’s customers include the Ford Motor Co., Boeing, Bombardier and the European Aeronautic Defense and Space Co.
EMC to open customer service center in Ireland
HOPKINTON – Data storage developer EMC Corp.’s Vmware unit will expand its facilities in Cork, southern Ireland, to include a customer service center that will add 369 jobs to its existing base. The center will add technology, human resources, sales and finance operations to the site, over a period of five years. Vmware commands about 80 percent of the market for server-virtualization software programs for networked computers.
Biomedical
Nypro launches new "insulin pen" for Lilly
CLINTON – Nypro Inc. is manufacturing an insulin documentation device for Indianapolis-based Eli Lilly that keeps detailed records of insulin injections for diabetics. The device, the HumaPen Memoir, has a digital display allowing patients to review the time and size of their last 16 doses. It sells for $100, though Lilly reportedly will distribute coupons. Unlike other insulin pens on the market, HumaPen is refillable and it looks like a real writing utensil. Nypro makes two other diabetes-related products for Lilly: an earlier version of its insulin pen, and a pen that injects a drug called Byetta. Nypro and Lilly have worked together for 14 years.
Genzyme ends venture with Dyax
CAMBRIDGE – Genzyme Corp., which has operations in Framingham and Westboro, and Dyax Corp. have ended a collaboration on their development of a drug called DX-88. Dyax said it will receive all the assets of the joint venture, full ownership of the drug, and a $17 million cash payment. DX-88 is aimed at treating angioedema which causes swelling under the skin.
Cytyc to buy contraceptive maker
MARLBORO – Cytyc Corp. is acquiring California-based Adiana Inc. for as much as $215 million over the next four years. Cytyc, the company will pay $60 million cash up front for Adiana, plus "milestone payments." Milestone payments could include a payment when Adiana’s main product – a no-incision alternative to tubal ligation for women – is approved by the FDA. According to the terms of the agreement, total payments, including the four-year earn-out, will not exceed $215 million. In light of the acqusition, Cytyc is narrowing its 2007 diluted earnings per share guidance to the range of $1.30 to $1.35 per share. Cytyc expects the business to break even within three quarters after receiving FDA approval for Adiana’s product. Cytyc is the manufacturer of NovaSure, a surgical system designed to treat heavy menstrual bleeding.
Finance
Hanover expands policies to address rise of fraud
WORCESTER – The Hanover Insurance Group Inc. is expanding its insurance offerings to combat increases in commercial fraud, which now accounts for more than $600 billion in losses each year. Fraud encompasses everything from stolen computers to missing cash. The insurer’s fidelity/commercial crime policies include coverage for employee theft and computer theft. In addition, policies cover employee theft of client assets when those employees are working on the premises of a client.
Gardner and Fitchburg credit unions to merge
GARDNER and FITCHBURG – GFA Federal Credit Union of Gardner and Fitchburg Community Federal Credit Union are planning to merge effective this spring. Upon completion, FCFCU’s office at 166 Boulder Drive in Fitchburg will become a GFA branch office. All three current employees of FCFCU will be offered employment by GFA. The National Credit Union Association has approved the merger. As this issue went to press, members of Fitchburg Community Federal Credit Union were to cast their ballots on March 5 and hold a meeting later in the day.
Shepherd & Goldstein to merge with Northboro firm
WORCESTER and NORTHBORO – The accounting firm of Shepherd & Goldstein in Worcester has merged with Kyriakis & Carney LLP of Northboro. With the union, Shepherd & Goldstein said Christos A. Kyriakis will be a principal with S&G, based out of its Framingham office. The absorption of Kyriakis & Carney "further expands S&G’s strategy to strengthen its presence in the MetroWest area," according to a written statement from the firm.
Some of the material in the News Briefs and Small Business sections was originally reported by Banker & Tradesman, The Boston Business Journal, The Boston Globe, Boston Herald, The Clinton Courier and Lancaster Times, The Griffin Report of Food Marketing, IndUS Business Journal, Mass High Tech, The MetroWest Daily News, New England Real Estate Journal, Sentinel & Enterprise, Southbridge Evening News, Telegram & Gazette, and/or Worcester Magazine. If you have a news tip, please call 508-755-8004 ext. 256, fax it to 508-755-4734Corrections
The February 19 issue miscredited two photographs. The cover photo of Laurie and Bruce Bender was taken by Jeff Loughlin. The photo of John Rainey was taken by Julie Wilson.
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