GlobalFoundries is selling its chip design business Avera Semiconductor to Marvell Technology Group Ltd. in a deal valued at up to $740 million.
Officials said Marvell will pay $650 million in cash for Avera at the deal’s closing, plus another $90 million in cash if certain business goals are met within the first 15 months. The acquisition includes most of Avera’s revenue base, design agreements with several large OEMs, and a new supply agreement between Marvell and GlobalFoundries.
Pioneer Bank Acquires Employee Benefits Group And HR Consultants Jaeger & Flynn
Pioneer Bank plans to acquire Jaeger & Flynn Associates, an employee benefits brokerage, insurance, third-party administrative services, and human resources consultant which has offices in Saratoga Springs, Clifton Park and Glens Falls.
New Co-Working Space, Palette Cafe, Also Offers Coffee, Baked Goods And Other Snacks
©2019 Saratoga Photographer.com
by Andrea Palmer
Catherine Hover, owner of Saratoga Paint & Sip, has opened a new cafe and shared workspace in the heart of downtown Saratoga Springs.
The Palette Cafe, at 493 Broadway, features co-working space. It serves kru coffee, alcohol beverages, snacks, desserts, meat and cheese plates and the New Orleans specialty doberge cake. The cafe carries specialty doughnuts by Darling Doughnuts.
U.S. Small Business Association Gives Award To Berkshire Bank At Annual Lenders Meeting
The U.S. Small Business Administration’s Office of International Trade has honored Berkshire Bank for its entrepreneurial approach, customer relations and distinctive culture.
44 Business Capital, a division of Berkshire Bank, as named as the 2019 SBA Export Lenders of the Year at the 12th annual SBA Export Lenders’ Roundtable. During the event, both lenders were recognized for their efforts to increase access to capital for U.S. companies providing international trade financing to small businesses.
Jim Malatras Named President Of Empire State College By SUNY Board Of Trustees
Jim Malatras, the current president of the Rockefeller Institute of Government, was named president of Empire State College by the SUNY
Courtesy Empire State College
Board of Trustees.
His appointment is effective July 15.
“Dr. Malatras has dedicated his career to serving the state of New York, and he has a keen focus on public education as a path to ensure social mobility for our citizens,” said SUNY Chairman H. Carl McCall.
“Empire State College offers a highly individualized education and in doing so it provides a unique opportunity for a campus president,” said SUNY Chancellor Kristina M. Johnson. “We are confident in Dr. Malatras’s abilities to move the campus forward in its mission to provide a high-quality academic experience.”
Saratoga Hospital To Proceed With Building New Medical Facility Near Northway Exit 18
By Susan E. Campbell
Saratoga Hospital is proceeding with plans to construct a medical building at Exit 18 following unanimous approval by the Queensbury Planning Board at its April 30 meeting.
“The Planning Board process is now complete,” said a spokesperson for Saratoga Hospital. “The site plan has been approved and a SEQRA negative declaration prepared.”
Fifth Annual Adirondack Wine & Food Fest To See A Record 120-Plus Vendors In Late June
Courtesy Adirondack Wine & Food Festival
The Adirondack Wine & Food Festival will return to the Charles R. Wood Festival Commons in Lake George on Saturday, June 29, and Sunday, June 30.
The fifth annual, family friendly wine and food tasting event will feature a record 120-plus vendors, according to Sasha Pardy, festival owner and co-owner of the presenting sponsor, Adirondack Winery in Lake George.
It includes producers of New York state wines, craft beverages, artisan foods, 11 food trucks, arts and crafts and more.
Nonprofits Can Apply For Grant Applications
The Adirondack Trust Co. Community Fund is accepting grant applications from eligible nonprofit charities headquartered in the Saratoga, Warren and Washington counties.
The grant window is open until Aug. 30, according to Caroline Putman, chair of the Community Fund’s independent advisory committee.
Grants are to be used during calendar year 2020. Grant information and application forms may be obtained from the Adirondack Trust Co. Community Fund website at ATCCF.org/Nonprofits.
Local Group Production Earns A ‘Telly’ Award
A recent Upstate Masonry Institute (UMI) industry video titled “For a Future That Matters” has been selected as a Telly Award winner.
It was produced by Galileo Media Arts of Saratoga Springs.
The video won in the General Branded Content in Video Advertising category.
Affordable Housing Money From NYS Will Help Proposed Saratoga Apartment Complex
The state has awarded $15.2 million to four affordable housing developments in the Capital Region that it says will create or preserve 218 affordable homes. One is in Saratoga Springs and one in Glens Falls.
The funding is part of $175.4 million the state is awarding to build or preserve more than 2,185 affordable apartments and revitalize communities across New York’s 10 regions.