Worcester Business Journal

6 Worcester Business Journal | August 6, 2018 | wbjournal.com CLIENT: MUNICIPALITY This large municipality wanted to reduce pension liabili es and costs for current and future non- union par cipants. The experts at H&H delivered an innova ve solu on that lets ac ve pension plan employees 'opt-out' of the exis ng DB plan and join a new DC plan with an employer match. Plus, re ring and termina ng par cipants with vested benefits can now choose from five different plan op ons specific to their unique re rement goals. Now that's something to talk about! Get the full story at hhconsultants.com/success Put our knowledgeable and dedicated professionals to work for your business. We offer a full range of comprehensive actuarial, investment advisory and re rement plan consul ng services. We iden fy our client's needs, custom design programs to achieve the highest level of success, and consistently exceed expecta ons. ACTUARIAL SERVICES ARE THE TALK OF THE TOWN Each client's situa on is different and results may vary from those presented here T H E T I C K E R 18% Percent increase of Milford-based Water Corp.'s second quarter earnings Source: Waters Corp. Amount of a Massachusetts economic development bill proposed in the Senate $600 million Source: State House News Service $270 million Source: Boston Scientific Purchase price of California-based Claret Medical by Marlborough medical device manufacturer Boston Scientific B R I E FS New EcoTarium president hails from Texas Former Texas wildlife, museum and zoo leader Lucy Hale will replace Joe Cox as president of Worcester children's museum EcoTarium. Hale, who takes over Aug. 20, was the been director of Trinity River Audu- bon Center in Dallas since 2016. Elwood Adams building getting $2.5M upgrade A Hingham developer has purchased the former Elwood Adams Hardware building for $442,000 and plans to reno- vate it into a mixed-use property. Hugh McLaughlin, a principal of BradyMac Capital Advisory, said the top three floors of 14,700-square-foot building will be renovated into up to 14 apartments, with first floor retail. e firm will invest up to $2.5 million. Alternatives, The Bridge announce $82M merger Human services organizations Alter- natives Unlimited of Whitinsville and e Bridge of Central Massachusetts in Worcester will combine to create a workforce of more than 1,200 and more than $82 million in funds. Alternatives is known for its psy- chiatric rehabilitation and communi- ty-focused approach while e Bridge focuses on providing evidence-based treatments and services. e Alternatives site in Whitinsville will remain, but both organizations will be headquartered in Worcester with Bridge President and CEO Ken Bates leading both organizations. Dennis Rice, the former executive director of Alterna- tives, will stay on as a senior advisor. Frank Carroll sells down- town building for $2.9M A five-story office building on Main Street in downtown Worcester has sold for nearly $2.9 million, well below its ini- tial sale price. e building was put on the market early this year for $4.8 million by businessman Frank Carroll. e buyer was 554 Main Street Partners LLC, an entity regis- tered to Paul Mora- no of Worcester and Obiora Menkiti of Washington, with an address of the real estate firm Mentiki Group. e building housed the Small Busi- ness Service Bureau, of which Carroll is the CEO, and Carroll Enterprises, an insurance company run by the Carroll family. ose businesses have moved a few blocks away to 38 Austin St. IPG $215M expansion plans reduced 68% e planned expansion of IPG Pho- tonics' Oxford headquarters was reduced before voters approved a 15-year tax agreement at a town meeting. e laser manufacturer initially planned to invest $215 million to add nearly 1 million square feet, including a 460,000-square- foot parking garage and 500,000-square- foot manufacturing and office building. However, the company informed the town its manufacturing space will be 170,000 square feet, slashing its invest- ment to about $68 million. at includes $45.4 million for construction and $22.5 million for personal property. Lucy Hale, new president of the EcoTarium Continued from previous page Increase of Harvard Bioscience's second quarter revenues of $31.5 million, even as it continues to operate in the red 66% Source: Harvard Bioscience Worcester businessman Frank Carroll

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