Debt outlook lowered for nursing home

Fitch Ratings has lowered its debt outlook for bonds about to be sold for the Tockwotton nursing home in Providence. Fitch, based in Chicago, placed on rating watch negative the “BBB” underlying rating on approximately $3.9 million of Rhode Island Health and Educational Building Corp. series 1996 bonds, issued on behalf of Tockwotton Home, due to the pending issuance of approximately $40 million to build a replacement facility. Fitch said the pending new debt issuance may result in Tockwotton’s BBB rating being lowered. Fitch expects the bonds to be issued by the end of the calendar year, but given recent market events, that could be delayed. Tockwotton Home is a long-term care facility made up of 24 assisted-living units and 42 skilled nursing beds. Total revenue in fiscal 2007 was $4.5 million.

Longs reiterates support for CVS offer

Longs Drug Stores Corp. yesterday reiterated its support for a proposed $2.7-billion purchase by Woonsocket-based CVS Caremark Corp., saying that competitor Walgreen Co. hasn’t made any changes to an “unsolicited, non-binding expression of interest.” There’s no guarantee that Walgreen’s proposal will lead to an agreement, Longs said. Walgreen on Monday told Longs that the Deerfield, Ill.-based drugstore chain would consider selling its own shops to meet antitrust requirements should it purchase the California-based pharmacy chain for $2.8 billion. Longs, which agreed to be acquired by Caremark for $2.7 billion last month, last week rejected Walgreen’s takeover attempt when Longs’ board of directors decided not to enter discussions. “If there is any confusion, we want to make clear that our commitment to divest covers the stores and assets of both Longs and Walgreens,” Walgreen chief executive officer Jeffrey Rein said in a letter to the Longs board. Walgreen offered to pay $75 a share for Longs, topping the $71.50-a-share bid by CVS. Advisory Research Inc. and Pershing Square Capital Management LP, Longs’ two largest investors, argued that the CVS bid undervalues the chain’s real estate and have refused to tender their shares to CVS. The offer by Walgreen has an increased antitrust risk, which may delay any completion of the purchase, Longs said.

Middletown’s KVH gets Russian contact

Middletown-based KVH Industries, Inc., said it is working with Unicom, a member of Sovcomflot, Russia’s largest shipping company, to equip the Unicom fleet with entertainment at sea via KVH’s satellite TV antennas. A total of 60 antennas will be installed over the duration of the project, representing the largest single maritime order in the company’s history. Installations, which are being managed by its Russian distributor, Navicom, are well under way and the project is expected to be completed within one year. The system, using a powerful, HDTV-ready satellite antenna, offers entertainment for large commercial vessels while maintaining a streamlined appearance. Powered by KVH’s exclusive technology with integrated GPS, and automatic and fully stabilized skew adjustment, the system offers passengers and crew access to high-quality satellite TV entertainment from regional services around the globe, even in the grueling conditions that are often a part of commercial maritime operations.

Textron division wins safety award

The National Safety Council has announced that it will present its Occupational Excellence Achievement Award to Lycoming Engines, a division of Textron Inc., of Providence. The award recognizes companies that, based on U.S. Department of Labor Bureau of Labor Statistics ratings, have outstanding safety records compared with similar organizations. As a winner of this award, Lycoming is acknowledged as a leader, setting an example in safety performance. Its safety achievements include passing the 1 million-hour mark without a lost-time accident twice in the last three years. In addition to Lycoming’s award, Textron is being named one of America’s Safest Companies by the National Safety Council’s Occupational Hazards magazine.

Dominion Resources honored by Defense Dept.

Richmond, Va.-based Dominion Resources, which owns the Manchester Street power station in Providence, the Brayton Point station in Somerset, Salem Harbor in Salem, Mass., and Millstone I and II in Waterford, Conn., has been awarded the Secretary of Defense Employer Support Freedom Award, the highest recognition given to employers for their support of employees who serve in the National Guard and Reserve. The company was one of 15 employers recognized by Employer Support of the Guard and Reserve, an agency of the Department of Defense, at a ceremony last week in Washington, D.C.

General Dynamics NASSCO launches ship

San Diego-based General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics Corp., the parent company of the Electric Boat shipyard in North Kingstown and Groton, Conn., has launched the U.S. Navy’s newest resupply ship, the Carl Brashear. The ship is named in honor of Master Chief Petty Officer Carl Brashear, the first African-American to qualify and serve as a master diver in the Navy. Brashear’s military career was portrayed in the 2000 movie Men of Honor. Chief of Naval Operations Adm. Gary Roughead and the Master Chief Petty Officer of the Navy Joe Campa Jr. spoke at the ceremony. Lauren Brashear, Master Chief Brashear’s granddaughter, christened the ship by breaking the traditional bottle of champagne against the bow before the ship slid into San Diego Bay. More than 3,000 people attended the ceremony, including Robert De Niro, who starred in Men of Honor.

Electronic warfare system performs well

The BAE Systems unit, in Hudson, N.H., has successfully demonstrated a surface-ship electronic warfare system as a proposed successor to the U.S. Navy’s current primary electronic warfare suite. The system consistently detected, identified, and located enemy threat signals during demonstrations off the coast of Hawaii as part of Rim of the Pacific (RIMPAC), the world’s largest international maritime exercise. The equipment will form part of BAE’s proposed solution to the upcoming Surface Electronic Warfare Improvement Program Block 2 contract to upgrade the Navy’s electronic support measures system, which provides early warning of enemy threats and dispenses chaff decoys to defeat attacks by guided weapons, such as anti-ship cruise missiles. The contract winner will upgrade the system’s receiver, antenna and combat system interface.

New Genzyme center in Framingham

Cambridge, Mass.-based Genzyme Corp. has opened a new science center in Framingham as a central site for early stage research for scientists using the most advanced technologies available to discover new treatments for devastating aliments such as Parkinson’s, cancer and heart disease. The company also announced that the center has received a gold certification under the U.S. Green Building Council’s Leadership in Energy and Environmental Design Green Building Rating System. Researchers at the science center focus on a variety of medical areas, including genetic diseases, cancer, immune diseases, kidney disease, cardiovascular disease, endocrinology and neurological disorders. In their work to develop new treatments, they use proteins, antibodies, cell therapy and gene therapy. Genzyme also has a research and development site in Waltham for polymer and small molecule research, and a facility in Cambridge, England, focused on monoclonal antibody research.

Conn. creates disaster debris plan

The State of Connecticut has hired three private contractors to manage and remove large amounts of debris in future disasters. The Federal Emergency Management Agency must now approve the state’s debris management plan. With FEMA’s approval, Connecticut will be eligible for an additional 5 percent in federal reimbursement for costs related to debris cleanup. The extra money is part of a pilot program offered by FEMA in the wake of Hurricane Katrina.