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Former Global Crossing CEO earned $11.5 million last year
Global Crossing Ltd.’s former CEO collected more than $11.5 million in cash and bonuses in 1999. The compensation included a $10 million signing bonus. Robert Annunziata, who left the firm March 2 after just one year at its helm, transformed Global Crossing from a start-up with 150 employees to a firm with 14,000 employees. He […]
New entrants put fire under fast-ferry plan
With new private-money interest in developing a Rochester-Toronto fast ferry, the project is virtually guaranteed to launch, Rochester Deputy Mayor Jeffrey Carlson said this week. The proposed ferry has been under development for some two years by Toronto-based Lake Ontario Fast Ferry Inc. The company’s president, William Wilkenson, came up with a plan to run […]
Xerox,Heidelberg set to clash at trade show
Call it the shoot-out in Dusseldorf. In less than two weeks, Heidelberg Digital LLC and Xerox Corp. go toe-to-toe in the German city at DRUPA, the once-every-five-years printing and graphics trade show. Some 500,000 commercial printers and graphic artists from virtually every point on the globe flock to DRUPA to scope out what is new […]
Hubbard leads efforts to buy out Genesee brewery
A local effort is under way to take Genesee Brewing Co. private after plans for a sale fell through this week. “Management is prepared to lead a buyout of the brewery assets,” said Samuel Hubbard Jr., president and CEO of Genesee Corp. “The sale of the brewery assets is certainly the best for share owners […]
CVC set to merge with Veeco in $450 million deal
CVC Inc. today is slated to become part of Veeco Instruments Inc. when company officials sign a roughly $450 million merger deal in New York City. The exact price depends on the stock value on the day the merger takes place. “We are very excited about our merger with Veeco Instruments,” said Christine Whitman, chairman, […]
Global Crossing sees fast sale of unit
Global Crossing Ltd. expects to find a buyer within six weeks for the former Rochester Telephone Corp. While officially the company is conducting a strategic evaluation of the 10th-largest local telephone company in the United States, CEO Leo Hindery Jr. Wednesday left little doubt about the results. “It’s a nice little asset but it does […]
Utilities pose chief hurdle to Elmgrove deal
Separating the utilities at Kodak Elmgrove-a more than $5 million project-poses the final hurdle in the sale of a major portion of the facility to Heidelberg Digital LLC. “I am convinced Heidelberg would have taken (the) place months ago if this issue on the utilities hadn’t come up,” said Ralph Esposito, Gates town supervisor. The […]
Cut costs,Kodak tells suppliers,or run the risk of getting cut off
Eastman Kodak Co. has delivered a blunt message to suppliers: Help us cut costs by 10 percent a year or we will find someone who will. CEO Daniel Carp and his executive team delivered the tough love message-along with lunch and a gift bag containing purple Kodak umbrellas-at a suppliers convention here. Kodak aims to […]
Lucid devices designed to tap huge market
There is a heady sense of excitement at Lucid Inc., fueled by plans to double revenues and build its staff by more than 50 percent this year. A developer and manufacturer of laser-based confocal microscopes, the company aims to revolutionize the market by combining its medical imaging techniques with the Internet. “Our mission is to […]
Top sales exec exits Xerox for GartnerGroup
The Xerox Corp. executive charged with revitalizing the document company’s ailing sales force has left to head operations for a high-tech consulting firm. William McDermott, named president of U.S. major account operations for Xerox’s North American Solutions Group in January, will become GartnerGroup president May 15, the Connecticut-based consulting firm said this[...]
Irish Firm acquires Domine Builders
Domine Builders Supply Corp., one of the area’s oldest and best-known building supply firms, has been acquired by an Irish company. A leader in the local market, Domine will meld with the former Rochester Block & Products of Fishers, Ontario County, which Oldcastle Inc. acquired some 16 months ago. Oldcastle, based in Dublin, on April […]
PaeTec turns to IPO for next phase of expansion
PaeTec Corp.’s nearly two-year race toward an initial public offering reached its final leg last Friday with the filing of a registration for a $100 million IPO. But PaeTec’s most recent capital-raising plan likely will not be its last. Documents filed with the Securities and Exchange Commission state the IPO proceeds, along with existing funds […]
