COLUMN: BUSINESS BRIEFS
TELEGRAM & GAZETTE
Gainer: RXi Pharmaceuticals Corp. $4.19 +$0.18
(Volume of 25,976 shares)
Decliner: Hanover Insurance Group Inc. $40.38 -$2.19
(Volume of 879,140 shares)
Bose plans layoff
FRAMINGHAM - Bose Corp., known for its high-end audio equipment, is cutting 1,000 jobs - about 10 percent of its work force, the privately held company announced yesterday. Bose spokeswoman Carolyn Cinotti cited the decline in the global economy as the main reason for job reductions.
"We have been staffed for a growing economy, not a global recession," she said in a statement e-mailed to the Telegram & Gazette.
Cinotti said the layoffs would occur in "select areas, including manufacturing" and in its Massachusetts headquarters.
Massachusetts Institute of Technology graduate Amar Bose started the company in 1964 using a $10,000 bank loan to pursue commercial and military applications for acoustics technologies. The company has an estimated $2 billion a year in sales. (Associated Press)
LARGO, Fla. - GeoPharma Inc., a generic drug company, said it has reached agreements with Sepracor Inc. of Marlboro, the University of Massachusetts and Schering Corp. settling patent litigation over the allergy drug Clarinex.
Under the agreement, GeoPharma received a license to sell generic Clarinex tablets. The settlement is one of several agreements reported recently between Sepracor, Schering and generic drug producers over rights to sell generic Clarinex.
DEVENS - American Superconductor Corp., which develops energy technologies, said it expects to report revenue of $40 million to $41 million in the fiscal third quarter and a loss of $8 million to $9 million, or 18 to 21 cents per share.
American Superconductor said the...