Textron Inc., the Providence-based company that’s divesting some units to stem losses and boost liquidity, agreed yesterday to sell its actuation business to Woodward Governor Co. for $365 million in cash. The sale will generate about $265 million in net proceeds and will reduce 2009 earnings by about 5 cents a share, Textron said in a statement. The unit, HR Textron, provides systems for military aircraft, and is part of the defense division.
Textron this week cut its quarterly dividend for the first time ever to conserve cash as the recession hurts demand. Textron has said it may have to sell more units if liquidity doesn’t improve by early next year.
Grocery to open in downtown :A 24-hour gourmet grocery with restaurant seating and wi-fi is set to open in mid-March at 173 Weybosset St. in Providence. Buff Chace of Cornish Associates, collaborating with the Rhode Island School of Design, which owns the building, has arranged to sub-lease the space to a Connecticut greengrocer, Chung Cho, which has two Gourmet Heaven stores in New Haven.
Grocery to open in downtown :A 24-hour gourmet grocery with restaurant seating and wi-fi is set to open in mid-March at 173 Weybosset St. in Providence. Buff Chace of Cornish Associates, collaborating with the Rhode Island School of Design, which owns the building, has arranged to sub-lease the space to a Connecticut greengrocer, Chung Cho, which has two Gourmet Heaven stores in New Haven.
The store will offer groceries ranging from milk, bread and cereal to specialty candies and imported teas. It will also have household items, flowers, produce, dairy and a deli. A kitchen will prepare hot and cold dishes and desserts for sale by weight, and there will be a sandwich station as well as grilled bagels and coffee. The Downcity Partnership and the Providence Revolving Fund both helped with the project, as did the design-build team of Site Specific and the architects at Durkee, Brown, Vivieros &Werenfels.
N. Smithfield company gets grant :
Ion Signature Technology Inc., of North Smithfield, yesterday received a $69,989 grant from the Environmental Protection Agency for the research and development of green technology. Ion will develop a thermal extraction detection system for rapid, accurate, quantitative analysis of environmental pollutants in the subsurface. The goal of this technology is to provide data to better manage pollution site investigations and cleanup. The EPA grant to Ion was part of $210,000 handed out by the EPA in New England under its Small Business Innovation Research program.
Fishing lawsuit continues :
New England fishermen are headed back to court in an effort to ban industrial herring trawlers from fishing grounds. Represented by the public interest law firm Earthjustice, the Midcoast Fishermen’s Association is proceeding with its lawsuit to evict the high-volume herring ships from areas identified as spawning grounds and sanctuaries for the region’s dwindling groundfish populations. Contending agency inaction in the face of evidence that herring ships are catching haddock and other groundfish stocks in their nets, the group filed papers signaling its intent to proceed with its federal court case. “Many fishermen in New England have made sacrifices to preserve a livelihood for future generations.
N. Smithfield company gets grant :
Ion Signature Technology Inc., of North Smithfield, yesterday received a $69,989 grant from the Environmental Protection Agency for the research and development of green technology. Ion will develop a thermal extraction detection system for rapid, accurate, quantitative analysis of environmental pollutants in the subsurface. The goal of this technology is to provide data to better manage pollution site investigations and cleanup. The EPA grant to Ion was part of $210,000 handed out by the EPA in New England under its Small Business Innovation Research program.
Fishing lawsuit continues :
New England fishermen are headed back to court in an effort to ban industrial herring trawlers from fishing grounds. Represented by the public interest law firm Earthjustice, the Midcoast Fishermen’s Association is proceeding with its lawsuit to evict the high-volume herring ships from areas identified as spawning grounds and sanctuaries for the region’s dwindling groundfish populations. Contending agency inaction in the face of evidence that herring ships are catching haddock and other groundfish stocks in their nets, the group filed papers signaling its intent to proceed with its federal court case. “Many fishermen in New England have made sacrifices to preserve a livelihood for future generations.
But the current rules are undermining our hard work,” said Glen Libby, a commercial fisherman and chairman of the Midcoast Fishermen’s Association. “If our region’s groundfish populations are ever going to recover, we need to fix this problem. And it looks like the only way to do it is through the courtroom.”
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