ELECTRIC CO-OP BOARD OKS CAPITAL CREDIT PAYMENTS TO MEMBERS

The NH Electric Cooperative’s board of directors has approved the return of $4 million of equity to members.

Under the arrangement, current NHEC members will receive a portion of the equity payments, called capital credits, as a credit on their July 2022 electric bills. It is the second consecutive year NHEC will be returning capital credits to its current and former members.

The equity NHEC builds over time is used to fund capital projects.

NHEC’s members are allocated a portion of the equity generated each year based on their electric usage. Members’ accrued equity in NHEC is represented by capital credits that are accounted for in NHEC’s financial records and returned to members when the co-op’s finances allow, officials said.

ALLEGRO MICROSYSTEMS GETS NEW CEO

Allegro MicroSystems CEO Ravi Vig announced plans to retire on June 12 and be replaced by Vineet Nargolwala, a former executive at Sensata Technology in Massachusetts.

“The decision to retire was one of the most difficult decisions of my career, yet it is the right time for me personally and for the company,” said Vig.

Vig, who has been with the Manchester power and sensing semiconductor company since 1984, became CEO in 2016, and saw it through its initial public offering in October 2020.

The announcement coincided with a strong earnings release for both the last quarter and the fiscal year, which ended on March 25.

Nargolwala previously was executive vice president of sensing solutions at Sensata Technologies, an industrial technology company that develops sensor-based solutions for the automotive, heavy vehicle and offroad, industrial and aerospace industries.

CLEARCHOICEMD TO OPEN GILFORD URGENT CARE

A new ClearChoiceMD Urgent Care facility is set to open its 18th center statewide this summer at the Gilford Airport Plaza.

According to The Laconia Daily Sun, construction, which began in March, is expected to be finished later this spring, time to handle locals and vacationers who have previously flocked to emergency rooms, or driven to urgent cares in Belmont, Alton and Tilton, according to ClearChoice representatives.

The Concord-based company, started by an emergency room physician in 2014, currently has locations throughout New Hampshire, Maine, Vermont and Massachusetts. Designed to take some of the load off emergency rooms, urgent care diverts patients with acute needs but not life-threatening conditions to less pricey standalone clinics that can assess and treat them more efficiently, with fewer delays and lower overhead costs.

CITIZENS LEADS NEW CREDIT FACILITY FOR 1A AUTO, INC.

Citizens Bank is leading a new senior secured credit facility for Nashua-based 1A Auto Inc., a specialty e-tailer of automotive products.

The company, which provides aftermarket automotive parts to end-user consumers, will use the new funds for an employee stock ownership plan as well as ongoing working capital and to support future growth of the business, Citizens said.

SURVEY: LONG-TERM GLOBAL LABOR SHORTAGE IS UNDERESTIMATED

A survey conducted by Lebanonbased Appcast, along with two firms in Germany and the United Kingdom, has found that the global labor market will soon stop growing.

By 2030 alone, the survey found, the five largest industrialized nations — China, Germany, the U.S., the U.K. and Japan — will lose about 30 million people of working age.

However, the survey also found, in the U.S. only 10 percent of the general public is aware of what has been labeled an impending labor crisis.

The global survey was conducted by the German recruiting platform StepStone, the British job platform Totaljobs and U.S. recruitment technology provider Appcast. They surveyed a total of 20,000 people, including more than 1,500 corporate decision-makers, the companies said.