Worcester Business Journal

wbjournal.com | November 11, 2024 | Worcester Business Journal 5 B R I E F S Graduate Degrees in Finance clarku.edu/business The Clark MBA Fintech | Finance | Accounting Accounting Analytics Generous Scholarships for Central Massachusetts Residents Business Driven. Socially Focused. School of Business C L A R K U N I V E R S I T Y Lifeward to close two U.S. facilities, lay off 15 Lifeward, a mobility device manufac- turer formerly known as ReWalk Robot- ics, will close two of its U.S. facilities in a consolidation effort expected to save the Marlborough-based firm $3 million in operating expenses. Lifeward will close its locations in Fremont, California, and Islandia, New York on Dec. 31, said Kathleen O'Don- nell, Lifeward vice president of market- ing and new business development, in an email Nov. 4 to WBJ. Approximately 15 employees in manufacturing-facing roles at the company's Fremont facility will be laid off. e U.S. closures will complete inte- gration of Lifeward's 2023 acquisition of AlterG, a California-based medical de- vice company specializing in technology for physical and neurological rehabilita- tion, according to a Nov. 4 press release from Lifeward. Lifeward expects the closures will save the company $3 million in operating expenses, improve its gross margins by approximately 2 percentage points, and reduce its headcount by more than 35% since its AlterG acquisition. Key tasks at the shuttered facilities will either continue remotely or be moved to Marlborough while manufac- turing operations will be transitioned to Cirtronics Corp., a New Hamp- shire-based contract manufacturer. Insulet to expand with 110 new jobs in Mass., as Watertown life sciences firm looks to add 20 Two Central Massachusetts life sciences companies are expanding their presence in the state, committing to a total of 130 new jobs as part of a state tax incentive program designed to bol- ster the life sciences industry. Acton-based medical device manu- facturer Insulet received $1.92 million with a commitment to create 110 jobs, according to an Oct. 15 joint press release from the office of Gov. Maura Healey and the Massachusetts Executive Office of Economic Development. e majority of Insulet's new posi- tions will be in manufacturing, includ- ing engineering and quality technician jobs with additional roles in sales and marketing; research and development; and customer support. Having already started its hiring process, Insulet plans to spend a portion of its funding on employee training, said Angela Geryak Wiczek, Insulet senior director, corpo- rate communications. Watertown-based EyePoint Phar- maceuticals received $500,000 with a commitment to create 20 jobs. EyePoint's incentive funding will be used to create jobs primarily in manufacturing, supply chain, quali- ty, and engineering at the company's 40,000-square-foot commercial man- ufacturing facility in Northbridge, said Jay Duker, EyePoint president and CEO. EyePoint is recruiting for the 20 posi- tions and expects to continue into 2025. e awards are provided through the Massachusetts Life Sciences Center's Tax Incentive program. e tax breaks for Insulet and Eyepoint were among 19 awards totalling $21.4 million in state tax incentives, meant to promote the creation of 1,155 total new life sciences industry jobs. Orange's 184-year-old gate manufacturer to invest $10M in once-shuttered facility Rodney Hunt, an Orange-based man- ufacturer of metal gates first founded in 1840, is set to expand its presence in Orange aer entering a memorandum of understanding with the Orange Eco- nomic Development & Industrial Corp. e deal will see the two parties work together refurbish Rodney Hunt's 30,000-square-foot manufacturing space on its 47-acre campus at 46 Mill St. e expansion will create room for addition- al manufacturing equipment, helping the company keep up with growth it has seen since being acquired by Jash Engi- neering of India in 2016, according to a Nov. 1 press release from OEDIC. Jash has committed to investing $10 million into the facility to improve infrastructure at the site. "Since the acquisition, Jash has in- vested more than $12 million in Rodney Hunt to help it become the No. 1 gate company," Jash Managing Director Pra- tik Patel said in the press release. "Under Continued on page 7 Cannabis agency needs legislative overhaul Originally published online on Oct. 29, WBJ on page 10 unveils the first part of its investigation into the leadership of the Massachusetts Cannabis Control Commission, uncovering an extensive lack of accountability, a toxic work culture, and a messy management structure, which is impeding needed progress for businesses in the struggling legal marijuana industry. Complaints about CCC have been common since it was established in 2017, from the slow rollout of licenses to an overly complex web of regulations, as well as ineffectual consumer protections. When polled online, the plurality of WBJ readers said the CCC's work regulating the industry has been unacceptable and needs a legislative overhaul. How do you rate the Cannabis Control Commission's work regulating the legal marijuana industry? Excellent, the industry is well established and growing. Acceptable, despite CCC's internal turmoil. Subpar, CCC's response to license applicants and regulation reform has been far too slow. Unacceptable, lawmakers need to completely overhaul the regulatory agency. I don't believe marijuana should have been legalized. 12% 9% 15% 40% 25% Lifeward exoskeletons

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