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.
Business Briefs
Discover Saratoga was recognized as Meeting Professionals International (MPI) Upstate NY’s partner of the year during a gala in April 4 at River Stone Manor. The accolade is presented to a chapter member who has consistently contributed time and experience to upstate New York’s meeting industry.
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.”
Business Report: Building A Retirement Plan: A Framework
By David L. Cumming
In the years approaching retirement, you should be thinking about whether your current plan puts you in the best position to achieve the lifestyle you envision for your golden years. For many people, the years leading into retirement are a time of not only eager anticipation, but also serious contemplation about what must be done to achieve their goals.
There are five key factors to consider when planning your retirement strategy.
Business Report: Tools Great For Father’s Day And Investors
BY Rob Snell
If you’re a dad, you may well be pleased to unwrap some tools as Father’s Day gifts. Of course, it might be a stereotype that all men are handy at repairs; women certainly can be every bit as good when it comes to building and fixing things.
In fact, the construction process is valuable for anyone to learn – and the same skills that go in to creating and mending physical objects also can be applied to financial projects – such as working toward a comfortable retirement.
Here are a few of those skills:
Diagnosing the challenge.
Business Report: The Right Health Insurance For Your Needs
By Stephen Kyne, CFP
Life insurance can be an important part of your financial plan, but do you know what kind of insurance is right for your needs? Insurance comes in many forms, and many people have the wrong type of insurance, and aren’t insuring their need in an efficient way. That means they may be needlessly overspending.
Two Local Businesses Get Excellence Awards From SBA For Innovation and Growth
Courtesy U.S. Small Business Administration
Two local small business were recognized during National Small Business Week in May at the U.S. Small Business Administration’s 21st Annual Small Business Excellence Awards luncheon in Albany.
Small businesses are selected for the Excellence Awards based on their company’s longevity, innovation, sales growth, increased employment, ability to overcome adversity or community contributions.