TIMKEN TO BOOST PRODUCTION AT KEENE FACILITY
Precision ball bearings manufacturer The Timken Company has entered into a $13.8 million federal agreement to boost production at its Timken Super Precision facility in Keene.
The U.S. Department of Defense is partnering with the Keene plant to increase manufacturing of high-precision ball bearings for defense and aerospace systems. As part of the agreement, Timken will make an $11 million capital investment for the equipment and training upgrades, the defense department said.
EVERNORTH CLOSES FOURTH MULTI-INVESTOR FUND
Fourteen investors committed a total of over $54 million to Evernorth’s Housing New England Fund IV, its fourth multi-investor fund, which closed June 15.
The fund is aimed at providing equity to finance affordable housing in Maine, New Hampshire and Vermont. HNE Fund IV’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
Evernorth raises equity by syndicating federal Low Income Housing and Historic tax credits as well as various state, historic and affordable housing credits.
All of the projects receiving funding from the newest fund have been identified, and nine are under construction.
In all, the fund will invest in 10 developments, with five in Maine, two in New Hampshire and three in Vermont, creating 419 affordable apartments.
MERCHANTS FLEET TO ADD EV600 ELECTRIC VEHICLES TO MIX
Merchants Fleet, a Hooksett, NH-based national fleet management and rental provider, has agreed to purchase 12,500 of Ram’s forthcoming all-electric ProMaster commercial vans “over the next several years,” according to a news release.
The electric van is scheduled to make its debut later this year, becoming the first full EV from Stellantis NV in North America. The automaker expects that by 2030 EVs will represent 40 percent of its commercial sales mix as it seeks to become the world’s largest light-commercial vehicle manufacturer.
Merchants is the second major buyer announced for the van after Ram last year said Amazon.com Inc. had entered a long-term agreement to purchase thousands of ProMaster EVs every year. Ram will have additional ProMaster EV commercial customer announcements in the coming months, according to the news release.
SIG SAUER ASKS JUDGE TO TOSS SOME CLAIMS IN LAWSUIT
U.S. District Court Judge Joseph Laplante is considering a motion filed by attorneys representing Sig Sauer to throw out some claims against the New Hampshire-based gun manufacturer in a lawsuit that alleges one of the company’s handguns can fire without the trigger being pulled.
Federal agents, police officers and private gun owners from across the country are suing Newington-based gunmaker Sig Sauer. In the 143-page complaint, 20 plaintiffs allege that one of the company’s handgun models can fire on its own without the trigger being pulled, resulting in injury and damages in dozens of instances.
The plaintiffs said the company has been negligent and deceptive in its marketing practices, advertising that the guns “won’t fire unless you want them to.”
The judge is now considering Sig Sauer’s request to throw out claims that it violated New Hampshire’s Consumer Protection Act, because none of the alleged incidents happened in New Hampshire.
GYK ANTLER RETAINS NEW HAMPSHIRE TOURISM ACCOUNT
The NH Department of Business and Economic Affairs has once again awarded Manchester-based advertising agency GYK Antler a two-year contract to manage its integrated advertising and marketing efforts.
Agency of record since July 2015, GYK will continue its role through 2025, with the opportunity for an additional two-year renewal.
The agency’s job includes delivering brand strategy and planning, creative and content services, media strategy and planning, account management, social media management, and reporting.