Worcester Business Journal

10 Worcester Business Journal | October 28, 2024 | wbjournal.com 35th Anniversary WBJ Congratulations Worcester Business Journal on 35 years of informing, engaging, and connecting with business owners and decision makers. care. It's what we believe in. In the wake of several major customers moving their operations to China, Mc- Donough told WBJ that he was considering opening a FLEXcon facility there aer years of resisting the idea. Polar, too, considered broadening its horizons. Telling the Telegram & Gazette in October that losing the local press was just not an acceptable possibility, Ralph Crowley Jr. led a group in a bid to buy Worcester's pa- per of record from e New York Times Co. At the time, Polar Beverages grew into a $320-million juggernaut and had acquired 34 companies over the last two decades under Crowley's leadership. e Times Co. eventually sold the T&G and the Boston Globe in 2013 to Red Sox owner John Hen- ry for about $70 million. EMC announced in January it would reduce its workforce by about 2,400 employ- ees over the next 18 months. Of its 42,000 workers worldwide, about 9,000 were em- ployed in Massachusetts and some 600 jobs were expected to be eliminated locally. While manufacturing job numbers in the state cratered, L.S. Starrett approached the recession differently. e global precision toolmaker cut local workers' hours and began taking advantage of the state's Work- Share program, which uses unemployment funds to pay a portion of workers' wages while their hours are reduced. In August, EMC's Egan died at 73 in Boston aer suffering from terminal lung cancer. 2014 FLEXcon's McDonough wasn't just think- ing about bringing his company to China. In March, the adhesive coating and laminating innovator announced the opening of FLEX- con Asia Limited in Hong Kong. Meyrowitz, the influential TJX chair and CEO, topped WBJ's list of highest-paid public company CEOs with more than $25.5 million in total compensation. She was joined in the top 20 by EMC's Joseph Tucci (No. 3, with $11.2 million) and Douglas A. Starrett, (No. 13, $827,674). EMC reported sales of $24.4 billion, but with only $2.7-million profit. By early 2015, the company had announced a restruc- turing plan, expecting to eliminate several jobs – but by the end of 2015 much bigger changes were afoot. Dell Technologies announced in October 2015 that it would acquire EMC for $67 billion, the largest tech deal in history. "You've really got to think in terms of technology hubs," Tucci said. "is new combined company will have three great, major hubs in the U.S." e deal closed in September 2016. Aer collaborating with the Glen Re- search Center, FLEXcon signed a deal with NASA in July 2015 to manufacture and market its proprietary polyimide aerogel, which is used in thermal applications like spacesuit insulation. Already known for its philanthropy and community engagement, Consigli was named Corporate Citizen of the Year by WBJ, and the brothers each received Preser- vation Massachusetts awards for their work restoring historic buildings. TJX finished its fiscal 2014 on a high note, reporting a fourth-quarter net income of $648.2 million and an annual net income of $2.2 billion. e company also announced it would raise its minimum wage to $9 an hour by June 2015 and $10 in 2016, the same year Ernie Herrman took over as CEO. Carol Meyrowitz, TJX executive chair Anthony Consigli, CEO, Consigli Construction WBJ FILE PHOTO Continued from previous page

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