Worcester Business Journal

6 Worcester Business Journal • January 19, 2015 www.wbjournal.com has worked with CommerceHub for nearly 10 years, is boosting its online retail presence while scaling back its brick-and-mortar presence. It has also launched an online marketplace, Staples Exchange, which invites vendors to sell their wares through Staples' website. LEOMINSTER — The city of Leominster has received $9,800 to conduct an environmental assessment of a vacant commercial building in one of the city's oldest neighborhoods, offi- cials announced. The city-owned prop- erty at 139 Seventh St. was taken in a tax foreclosure in 2014. It has been a source of environmental and public safety hazards, including a reported oil leak and numerous fires, according to MassDevelopment, the state's finance and development agency, which award- ed the money. The property was most recently used as a plastics manufactur- ing site. WORCESTER — Pharmaceutical giant AbbVie, which has operations in Worcester, has boosted its earnings estimates for 2015 by 30 percent amid rising sales for its arthritis drug, Humira, and the launch of its treatment for the liver disease hepatitis C, the company announced. AbbVie, based in North Chicago, Ill., projects earnings per share in the range of $4.25 to $4.45 ($3.99 to $4.19 under Generally Accepted Accounting Principles, or GAAP). The company said it foresees strong growth for Humira, which treats rheumatoid arthritis and Crohn's dis- ease, among other ailments, along with the launch of its Viekira regimen to treat patients with hepatitis C. Hoping to connect the newest tech- nologies with cities and towns, which could serve as proving grounds and early adopters, Sen. Karen Spilka plans to file legislation creating a program for "innovative communities." The Ashland Democrat said the aim would be simi- lar to the Green Communities Act, which sets criteria for municipalities to qualify for government grants. Spilka solicited input from state officials, the tech industry and city officials in writ- ing the bill. "The community would now have access possibly to some of the new technology … whether it be for potholes or permitting," Spilka said. (State House News Service) Northeast Utilities and NStar, which merged three years ago, will be renamed Eversource Energy as of Feb. 2, accord- ing to sources within the provider of electricity and natural gas. The name change also impacts Connecticut Light & Power (CL&P) and natural gas utility Yankee Gas, as well as Western Massachusetts Electric Co. and Public Service of New Hampshire, according to CL&P spokesman Mitch Gross. NStar provides natural gas throughout much of Central Massachusetts, and power to most of the MetroWest-495 region. Siemens AG said it has closed a deal to begin a joint venture with Tokyo-based Mitsubishi Heavy Industries Ltd. (MHI), under a new company, Primetals Technologies Ltd. of London. Primetals will act as a provider of products and services for the iron, steel and aluminum industries, according to a statement from Siemens and Mitsubishi, a German conglomerate that makes steel mills in Worcester, among other locations. Siemens holds a 49-percent stake in the joint venture, while MHI holds 51 per- cent. With the closing of the transaction, 9,000 employees from both companies will begin Primetals operations, accord- ing to the statement. n >> Continued from previous page Washington Oregon Alaska Vermont Connecticut Rhode Island Massachusetts Minnesota California New York $9.48 $9.25 $9.15 $9.15 $9.00 $9.00 $9.00 $9.00 $8.75 $8.75 MINIMUM WAGE REGIONAL BRIEFS Source: National Employment Law Project (NOTE: Employers in 21 states abide by the federally-guaranteed minimum of $7.25.) Minimum wages in U.S., by state Massachusetts was one of nine states that saw their minimum hourly wages increase as of Jan. 1. Even so, there are four states whose minimums top that of the Bay State. Here are the top 10. Under legislation passed last year, though, the Massachusetts rate will reach $11 as of Jan. 1, 2017. (Note: The District of Columbia tops all 50 states, at $10.50.) Preferred Mutual Insurance Company One Preferred Way, New Berlin, NY 13411 The assurance your business needs to succeed. That's Preferred. www.preferredmutual.com It's the confidence you feel when the expertise of an agent meets the guarantee of a quality product. It's liberating; it's refreshing; it's Living Assured. *Annual Percentage Rate (APR) accurate as of 1/5/15. The introductory APR of 3.169% will be in effect for the first 60 months of your loan. APR is vari able and subject to change annually beginning with the 61th billing cycle and is based on the 1 year treasury bill plus a margin of 2.75%. 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