Local companies to build new state ferry
Companies in Everett and Whidbey Island will help build the state's new 144-car ferry, US Fab announced Wednesday. The team will include Vigor Marine of Everett, the former Everett Shipyard; Nichols Bros. Boat Builders on Whidbey, Jesse Engineering of Tacoma; and Eltech Electric of Seattle. The multi-company, multi-town approach supports more than 500 direct jobs around Puget Sound, including many new workers, and will support an estimated 2,000 additional indirect jobs in the state, said US Fab, a new-build subsidiary of VIGOR Industrial.
Everett port to refurbish cranes
The Port of Everett will spend nearly $1 million to replace the field controls for its two major container cranes on the waterfront. The port commission agreed to pay Autron Industrial Automation $998,580 for the work, expected to keep the older cranes operating efficiently for another five to 10 years. One crane will be refurbished in May, the other in June.
Costco CEO pay drops 38 percent in 2011
Costco Wholesale Corp. CEO James Sinegal saw his compensation fall 38 percent to about $2.2 million for the company's 2011 fiscal year, according to a regulatory filing. The executive had total compensation valued by the company at $3.5 million in fiscal 2010. Costco, the nation's biggest wholesale club operator, maintained Sinegal's fiscal 2011 salary at $350,000 and increased his bonus by 4 percent to $198,400, according to documents filed with the Securities and Exchange Commission. Costco has seen its profitability grow during the economic downturn as it focused on prices and shoppers turned to its clubs for deals on food and necessities. The Issaquah-based company reported that its fiscal 2011 net income rose 12 percent to $1.46 billion, or $3.30 per share, while revenue climbed 14 percent to $88.92 billion. The 75-year-old Sinegal received stock and options with an estimated value of nearly $1.6 million, which was 46 percent lower than the approximately $2.9 million a year ago. He also received $81,206 in other perks like insurance premiums and a car allowance.
From Herald news services
MORE HBJ HEADLINES
Lynnwood accounting firm finds formula for success Record Washington wine grape harvest in 2014 Briefs: New Lynnwood acupuncture clinic holds open house Boiling Point restaurant, Harbour Freight Tools opening in Edmonds Get a sneak peek at the new Jeep Renegade, Ram ProMaster City and Chrysler 300 Germany tempers market hopes of quick Greece deal
Our new comment system is not supported in IE 7. Please upgrade your browser here.