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COLUMN: BUSINESS BRIEFS

TELEGRAM & GAZETTE

Bloomberg Index

Central Massachusetts

+0.68

178.40

Volume: 43,697,926

Up: 12

Down: 14

Unchanged: 6

Gainer: Arrhythmia Research Tech Inc. $29.04 +$2.65 (volume of 102,400 shares)

Decliner: Sepracor Inc. $61.70 -$0.46 (volume of 2.3 million shares)

People

Group names Cole

WORCESTER - David G. Cole of Boylston has been elected president of Big Brothers Big Sisters of Central Massachusetts/Metrowest Inc.

Mr. Cole is president of Arthur Cole Painting in Worcester. Other officers elected at the nonprofit's 44th annual meeting were: Vice President Kevin W. Martin of Framingham, principal, KWM Consulting, Framingham; Secretary Colleen L. O'Brien of Charlton, assistant vice president, group customer loyalty, UnumProvident Corp., Worcester; and Treasurer Christopher T. Brunell of Groton, assistant vice president, commercial banking group, Middlesex Savings Bank, Hopkinton.

Local

IPG gets order

OXFORD - IPG Photonics Corp. has received an order from an automotive supplier for 10 of its 1,000-watt fiber lasers used to cut hydroform parts, the company reported yesterday in a news release.

Hydroforming is a technique using high-pressure liquid to push metal into shapes. It is used to create parts for trucks and sports utility vehicles. IPG declined to name the customer or disclose the dollar value of the order.

IPG makes fiber lasers and amplifiers used in different applications. The company said that under the order announced yesterday, its lasers would replace diode-pumped crystal rod lasers previously used by the customer. IPG expects to deliver the lasers in the first quarter this year.

IPG, which has manufacturing plants in Europe and sales offices around the world, issued its initial public offering of stock in December.

Bank purchase

BURLINGTON, Vt.-The parent company of Flagship Bank and Trust Co. has agreed to buy a Maine chain of banks.

Chittenden Corp. said yesterday in a news release that it planned to acquire Merrill Merchants Bancshares Inc. of Bangor, Maine, for about $111.4 million in cash and stock. The deal, which must be approved by Merrill shareholders and regulators, is expected to close in the second quarter this year.

Chittenden operates a number of banking subsidiaries in New England, including Worcester-based Flagship. Chittenden said that Merrill, with $449 million in assets and 11 banking offices in central and eastern Maine, would operate as a separate unit of Chittenden.

In related news, Chittenden reported net income of $22.5 million, or 48 cents per diluted share, for the fourth quarter ended Dec. 31, up from $21.8 million, or 46 cents, in the fourth quarter of 2006. Assets totaled $4.7 billion, up from $210 million.

Boutique opens

STERLING - Kathy R. Fiorentino and Jennifer Harpin, have opened Wild Honey, a boutique featuring clothing and home goods in The Cider Mill, 15 Waushacum Ave.

The store offers honey products, antiques and decorative items. The store is open from 11 a.m. to 5 p.m. six days a week. On Thursdays, the store is open 11 a.m. to 8 p.m.

ART: PHOTO

CUTLINE: David Cole
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Title Annotation:BUSINESS
Publication:Telegram & Gazette (Worcester, MA)
Date:Jan 20, 2007
Words:506
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