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Thu. Oct. 25, 2012 Philips Healthcare is cutting jobs in Andover Nearly 150 jobs are being cut at Philips Healthcare operations in Andover as part of the company’s worldwide effort to improve its competitiveness, reduce duplications, and focus on innovation, a company spokeswoman said Thursday. At the end of 2011, the number of Philips Healthcare employees in Massachusetts was 3,000. In September, the company disclosed plans to cut 2,200 jobs worldwide, or less than 2 percent of its workforce. At the end of 2011, Philips had 121,000 employees.	Advertisement
CEOs urge Congress to take action on the national debt Chief executives from some of the nation’s biggest companies from Bank of America Corp. to ThermoFisher Scientific Inc. are urging Congress to forge a bipartisan deal to address the national debt by raising revenue and cutting spending. The group, organized by the Campaign to Fix the Debt, involves such local executives as Bank of America Corp. chief executive Brian T. Moynihan; Thermo Fisher Scientific chief executive Marc Casper; Frederick C. Maynard III, managing director of Boston investment firm HarbourVest Partners; and Scott Donnelly, chief executive of Textron Inc. in Providence.
Quest Diagnostics to open new laboratory facility in Marlborough In a major boost to the suburban Boston real estate market, Quest Diagnostics Inc. has
New York Times Co.’s revenues and profit drop The New York Times Co., which owns The Boston Globe, Boston.com, BostonGlobe.com as well as The New York Times newspaper, reported net income of about $2.3 million, a drop of nearly 86 percent from the same quarter a year ago, when the company took several one-time items, including a gain from the sale of investments and a charge for paying down debt. The Times Co. is a smaller organization than it was a year ago. In January, the company sold 16 regional newspapers, including papers in Florida, North Carolina, and California, for about $150 million.
Zmags raises $6m to fuel innovation in tablet-based commerce Zmags, a Boston-based provider of commerce-enabled digital catalogs and publications, announced Thursday that it has completed a $6 million investment led by North Atlantic Capital. Zmags’ previous investors – OpenView Venture Partners and NorthCap Partners – also participated in the round. Proceeds from the round will be used to fuel product innovation to meet the needs of large retail and consumer brands looking to engage with shoppers across mobile, social, and online channels, said Zmags, which added that this latest round brings its total to $18 million to date.
Raytheon reports 3Q earnings, boosts full-year guidance In an uncertain environment for defense contractors, Raytheon Co. reported third-quarter sales of about $6 billion, down 1 percent from a year ago, but it also raised its outlook for full-year 2012. Third-quarter net income was roughly flat with a year ago. Waltham-based Raytheon put a focus on adjusted earnings per share, suggesting that adjusted EPS is a key metric to examine in measuring the company’s recent performance. For the third quarter, adjusted EPS was $1.60 per diluted share, up 15 percent from a year ago.
The Warren Group: Median price for Mass. single-family homes falls below $300,000 again Prices of Massachusetts single-family homes slipped back below $300,000 in September, the first time since May that the median price statewide has dropped below that amount, the Warren Group said Thursday. The median price of single-family homes dropped 4.5 percent to $277,000 in September, down from $290,000 in September 2011. On a volume basis, though, sales continued to rise; 3,791 single-family homes were sold in Massachusetts in during September, up 8 percent from the same month a year ago.
iRobot is cutting 80 jobs, including 40 in Bedford Bedford’s iRobot Corp., which makes robots for both military uses and for performing household chores, said Wednesday that it will cut about 80 jobs, or 13 percent of its workforce, as part of a corporate restructuring. Of the jobs being cut, 40 are in Bedford, and another 30 are a result of iRobot’s decision to close its maritime office in North Carolina. The company expects to have a head count of 510 jobs after the restructuring is completed. Shares of iRobot were down nearly 20 percent in early afternoon trading.
EMC slides after 3Q results show slowdown HOPKINTON — EMC Corp.’s net income and revenue grew at a slower pace in the third quarter as the uncertain economy led to more cautious spending by customers for its data storage equipment. The results fell short of Wall Street’s expectations and EMC’s stock slipped in morning trading. The company said Wednesday that its net income rose 3 percent as revenue growth slowed from the double-digit gains that it’s seen in the 10 previous quarters.
Rolls-Royce facility in Walpole will work on water jets for the US Navy Rolls-Royce, a name associated with luxury automobiles, said it will develop a highly efficient water jet to propel unmanned surface craft for the US Navy, with much of the work to be done at its facility in Walpole. The company sold its automotive brand name to BMW in the 1970s and is now primarily a maker of jet engines and marine propulsion systems. Walpole is the North American headquarters for the Rolls-Royce naval business.
Chief operating officer Bertrand Loy will succeed Entegris CEO Gideon Argov Entegris Inc., a Billerica-based provider of a wide range of products for purifying, protecting, and transporting critical materials used in processing and manufacturing in the semiconductor and other high-tech industries, said that its chief operating officer, Bertrand Loy, will succeed chief executive Gideon Argov as part of its succession plan. Effective Nov. 1, Loy will be promoted to president. Argov will continue to serve as chief executive until Nov. 27 when Loy will assume the CEO post.
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