Southborough business roundup: Company fighting hostile takeover, Best in Biz award, and $21K grant

by beth on January 3, 2017

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Three Southborough based businesses made news recently – one of them twice.

Globoforce in Southboro wins Event of Year award – telegram.com:

Globoforce, a provider of social recognition solutions, today announced that its WorkHuman 2016 conference was named the gold winner in the Event of the Year category at the Best in Biz Awards 2016. The Best in Biz Awards is the only independent business awards program judged by members of the press and industry analysts. (read more)

Southboro’s Sevcon growing but unprofitable – telegram.com’s Wall & Main column:

The financial analysis in this article gives context to the subsequent hostile takeover attempt in process, described in the following article.

Southboro’s Sevcon, a maker of “control and power solutions for zero-emission, electric and hybrid vehicles,” grew in its 2016 fiscal year thanks to its acquisition of an Italian battery charger company.

But Sevcon declined to answer questions regarding issues of governance and finance, so it’s hard to know whether its future is as bright as it claimed on Dec. 15.

Sevcon benefits from the popularity of hybrid vehicles. According to the company, “its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution.”

Sevcon is growing, but unprofitable. For its fiscal 2016 ending Sept. 30, Sevcon “revenues increased by 21 percent to $49.8 million – primarily because of a $13.4 million contribution from Bassi” – a Lugo, Italy-based maker of fast battery-charging equipment that Sevcon acquired in January. (read more)

Southborough electric vehicle firm fighting hostile takeover attempt – Worcester Business Journal online

A $50-million Southborough manufacturer specializing in parts for electric vehicles on Thursday began fighting back against a hostile takeover attempt by its former executive chairman, who is seeking to replace the company’s board of directors.

Sevcon, Inc. put out a press release late Thursday urging its stockholders to vote against the hostile takeover at the company’s Feb. 7 annual meeting, saying the firm is on the cusp of realizing strong revenues from electric vehicle conversion demand – a move put into motion by the existing board two years ago. (read more)

The New England Center for Children Receives $21,000 Grant from Joy in Childhood Foundation – NECC press release:

The New England Center for Children® (NECC®), a global leader in education and research for children with autism, announced [November 17th] that they have received a $21,000 grant from the Joy in Childhood Foundation (formerly The Dunkin’ Donuts & Baskin-Robbins Community Foundation.) The funds will benefit the education, research and development of technology for children with autism and their families.

“The New England Center for Children is honored to be granted this generous donation by the Joy in Childhood Foundation,” said Vincent Strully, Jr., Founder and CEO of The New England Center for Children. “One in 68 children worldwide have autism, up 119% from 2000. Now more than ever we need to focus on the under-served population of children with autism. With the help of Dunkin’ Brands and their Joy in Childhood Foundation, we can make further steps in helping transform the lives of children with autism and their families.”

“The Joy in Childhood Foundation recognizes the innovative education programs that The New England Center for Children provides to children with autism, and we are very happy to further their mission,” said Molly Wiley, Co-Chair of the local Chapter of the Joy in Childhood Foundation.

About the Joy in Childhood Foundation
The Joy in Childhood Foundation provides the simple joys of childhood to sick and hungry kids. The Foundation brings together a wide range of stakeholders—including franchisees, crew members, employees, partners and guests —and partners with food banks, children’s hospitals, and nonprofit organizations directly committed to serving sick and hungry kids to fund joyful environments, joyful experiences and joyful expressions to ensure that children whose lives are compromised by hunger or sickness have the support and essential services to find joy in their daily lives. Since launching in 2006, the Joy in Childhood Foundation (formerly The Dunkin’ Donuts & Baskin-Robbins Community Foundation), has granted more than $11 million to hundreds of national and local charities across the country.

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