Worcester Business Journal

wbjournal.com | October 28, 2024 | Worcester Business Journal 19 35th Anniversary WBJ The best bank for your business is actually a credit union. #ICBusinessBanking | Insured by NCUA At IC, we want your business to grow just as much as you do. That's why we offer the same level of business solutions you'd expect from a bank. The difference is that you also get the personalized attention that a credit union can deliver. Come chat with one of our Solutions Advisors and let us help you get your business to the next level. We're with you. Commerical Lending Payment Processing Digital Banking Solutions Business Online Banking percent of its market cap for fiscal 2011. Sinovel was found guilty in January 2018 of stealing trade secrets and wire fraud. It was sentenced in July to a $1.5 million fine and paid more than $58 million in restitution to AMSC and other victims. While AMSC never fully recov- ered, it reported $146 million in revenue for fiscal 2023. 2012 • TJX makes Marlborough home – TJX Cos. agreed to buy the former Fidelity Investments campus in March after Fidelity began phasing out its operation in early 2011, moving out some 1,100 em- ployees. TJX planned to bring 1,600 employees to Marlbor- ough. Later in the year, TJX bought its Framingham HQ for $117 million and secured tax breaks to expand both sites. • Commerce Bank expands – In an effort to compete with larger banks, Worces- ter's Commerce Bank & Trust bought Boston-based Mercantile Capital Corp. and its subsidiary Mercantile Bank & Trust Co. in March for $26,5 million. 2013 • Jabil acquires Nypro for $665M – Founded in 1955 in a converted Clinton mill, Gordon Lankton's Nypro Inc. was acquired in July by Jabil Circuit Inc. Later in the year, the company announced the addition of about 100 jobs and an expansion to a new facility at Devens, which opened in late 2014. Jabil Healthcare consolidated Nypro in early 2020 and as of 2023 reported $34.7 billion in annual revenue. • Central Mass. casino hopes go bust – Milford vot- ers overwhelmingly defeated a proposal by the owners of Foxwoods Resort & Casino to develop a 200,000-square- foot casino and 500-room hotel at the November ballot box. Three months later, the state gaming commission chose Plainville over Leomin- ster and Raynham as the final sites allowed under the state's 2011 gaming law. 2014 • UMass Memorial loses millions, slashes jobs – The region's largest employer and leading healthcare provider, UMass Memorial Health Care, finished its 2013 fiscal year with a $55-million operating loss. The April elimination of 103 full-time equivalent posi- tions came on the heels of 285 job cuts from October 2013 through February. • Cytiva moves HQ to Marl- borough – Then known as GE HealthCare Life Sciences, a global leader in biopharma- ceutical and life sciences tech- nologies, Cytiva announced in August it would relocate its base of operations from New Jersey, bringing with it 500 "highly skilled" jobs, including more than 200 new positions. The 210,000-square-foot facility opened in June 2016. Cytiva was rebranded in April 2020 after Danaher Corp ac- quired GE for $21.4 billion. 2015 • Boston Scientific stays busy – The Marlbor- ough-based life sciences giant agreed in March to settle a lawsuit with jilted rival Johnson & Johnson for $600 million in the wake of Boston Scientific's acquisition of Guidant Corp. nine years earli- er. Johnson & Johnson alleged Guidant broke a merger deal with them and had sought $7.2 billion in damages. BSX bought Guidant in 2006 for $27.2 billion. Later that month – riding high from a surge in its stock price – Boston Scientific made its largest acquisition since … 2006 when it purchased Guidant. In a $1.6 billion cash deal BSX bought the urology division of American Medical Systems. 2016 • SWIP sells out – After more than two decades of fits and starts, South Worcester Industrial Park sold its final parcel to Chacharone Properties for $65,000. Chacharone, which planned a 7,500-square- foot manufacturing facility at 26 Southgate St., already had skin in the game after agreeing to develop a 50,000-square-foot facility for Table Talk Pies. • Banking on synergy – Marlborough Savings Bank and North Middlesex Savings Bank agreed to a merger creating a mutual bank with nearly $1 billion in assets and 14 regional branches. The banks were rebranded Main Street Bank in February and the merger was finalized in April. • WBJ MIlestone: Print edition redesign featuring current WBJ flag 2017 • Groundbreaking development – Insulet, an insulin pump maker, broke ground on a $100-million, 350,000-square-foot manufacturing facility and company headquarters in October in Acton. Insulet, previously based in China, purchased the 26-acre property in February for $9.25 million. • New life for Spag's site – Where Spag's once stood, a new generation of shopping center, the mixed-use development, took its place. Lakeway Commons held a grand opening in October. The 375,000-square-foot development would be anchored by Whole Foods grocery store and feature a bank, a coffee shop, 250 apartments, 14 townhouses – and a memorial sculpture honoring the Spag's legacy. Continued on next page Boston Scientific headquarters

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