BUSINESS BRIEFS: Owens & Minor Layoffs, Apprenticeships and Site Readiness, Kidde-Fenwal Chap 11, WatersQ1, Chamber event

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The chamber serves the communities of Bellingham, Franklin, Holliston, Hopedale, Hopkinton, Medway, Milford, Mendon, Millis, and Upton. More information is available at https://www.tricountychamberma.org

Owens & Minor Cuts Staff

While the company over all is doing well, according to published reports of Owens & Minor Q1 earnings, its Franklin operation shed about 60 jobs in March, according to reports. Owens & Minor is a Richmond-based Fortune 500 global healthcare solutions company integrating product manufacturing, delivery, and more. OM reported consolidated revenue of $2.5 billion for the quarter and reportedly employs more than 22,000 people nationally.

495/MetroWest Partnership Highlights Apprenticeship Support

Area manufacturing and healthcare businesses may be eligible to participate in a Registered Apprenticeship program supported through MassHire Metro South/ West. The 495/MetroWest Partnership is seeking interested businesses in both industries looking for apprenticeship programs. Apprenticeships are work-based training that are designed to your company’s specific needs. All apprenticeship programs consist of five core components: direct business involvement, related instruction, structured on-the-job training from an experienced mentor, rewards for skill gains in the form of wage increases, and apprenticeship completion resulting in a national occupational credential. The cost to an employer is the related instruction tuition; however, in many cases those costs may be covered by funding available through MassHire. If your company may be interested in an apprenticeship, simply reply to this email or email Executive Director Jason Palitsch at Jason@495Partnership.org to arrange a meeting with the Partnership and MassHire to learn more about the process.

Kidde-Fenwal in Chapter 11

Kidde-Fenwal, Inc., Ashland, (KFI), an industrial fire detection and suppression company, has announced that it has filed a petition for voluntary reorganization under chapter 11 of the United States Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware (the "Court"). KFI intends to use the bankruptcy process to explore strategic alternatives, including a sale of the Company as a going concern. KFI operates two industrial business lines with over $200 million in sales in 2022. The Kidde consumer and commercial businesses are not a part of the filing, and their operations are unaffected.

Waters Reports Q1

Waters Corporation (NYSE: WAT), Milford, today announced its financial results for the first quarter of 2023. Sales for the first quarter of 2023 were $685 million, a decrease of 1% as reported and an increase of 3% in constant currency, compared to sales of $691 million for the first quarter of 2022. On a GAAP basis, diluted earnings per share (EPS) for the first quarter of 2023 decreased to $2.38, compared to $2.62 for the first quarter of 2022. On a non-GAAP basis, EPS was $2.49, compared to $2.80 for the first quarter of 2022. This includes a headwind of approximately 8% due to unfavorable foreign exchange. "While the first quarter came in below our expectations, our results reflect a healthy two-year stacked growth rate of 9.4%, and our end-markets are resilient," said Dr. Udit Batra, President & CEO, Waters Corporation. "Our team continues to execute well, and our revitalized portfolio has been further strengthened with the launch of Alliance iS, which we believe is the most significant innovation to hit pharma QA/QC labs in the past decade."

Tri-County Awards Event/ Mass Sec. of Labor and Worforce Development to Speak

The Tri-County Chamber of Commerce Government Affairs and Business Awards, will be held on Tuesday, May 23rd from 10-noon with Guest Keynote Speaker Lauren E. Jones, Mass. Secretary of Labor and Workforce Development. The event, at which breakfast will be served, is being held at Grand View, 6 Nipmuc Drive, Mendon, MA 01756. Members: $45 | Non-Members $55. For more information go to www.tricountychamberma.org.