The Burlington Free Press du lieu suivant : Burlington, Vermont • Page 6

Peurltngtonlfrcc press 10) For updated quotes, send text message with STOCKTICKER (such as IBM) or FUND TICKER (such as AGTHX) to 44636 (4lnfo) Friday, September 21, 2007 865-0942 or (800) 427-3124 business bfp.burlingtonfreepress.com Page 6A Vermont Plywood of Hancock out of business The state provided financial support to Vermont Plywood to buy the plant. It received a $640,000 loan from the Vermont Economic Development Authority, a $730,000 Community Development Block Grant and a $150,000 tax credit from the Vermont Economic Progress Council In 2006, Vermont Plywood had $4 million in revenues, but lost money on the year, Davis said. Part of the company's recent revenues included a 400-sheet, $40,000 order to help build the Dudley Davis Center at the University of Vermont. "We got really good at breaking even here, but just didn't have the volume to break it loose," Davis said. "We had some good people.

It was a pretty sad day to tell everybody that we weren't going to make it." Contact Dan McLean at 651-4877 or dmcleanbfp.burlingtonfreepress.com failure. Vermont Plywood is the largest employer in Hancock, a town of 371 people, according to the U.S. Census' 2006 estimate. Hancock Town Clerk Christine Farr said the town relied on the business for taxes over the' years. "It does have a big impact on the town," she said of the plant's closure.

"There's not a lot here. "It used to run three shifts, all the time, at full force," she said of the 80-year-old plant. "I know things have changed. I just think it could have worked." Vermont Plywood purchased the facility from Virginia-based Chesapeake Hardwood Products in 2004. Davis doesn't anticipate a buyer anytime soon.

"Time will tell," he said. "My crystal ball doesn't work real well at this point." Reaction from workers was mixed, he said, noting some thanked him for trying to keep the plant running. "There were a couple of others that were clearly upset," he said. Several investors did not reply to Davis' e-mail seeking more funds. "They all pretty much knew that it was heading this way," he said.

Vermont Plywood folded, Davis said, because the housing market is down, mobile-home manufacturers use less plywood and there is steep competition by plywood imported from China. The laid-off employees will not receive severance pay but will receive money for unused vacation days. Davis said he is working with the Vermont Department of Labor to secure extended unemployment benefits because foreign competition played a part in the company's Stocks of Local Interest 35 workers to lose jobs By Dan McLean Free Press Staff Writer Vermont Plywood LLC has gone out of business three years after buying the Hancock operation. After failing to satisfy mid-August bank demands for a cash infusion or a new buyer, CEO Dan Davis IIonrrrk told his compa- JldniUUS. ny's 35 employ- ees Sept.

4 the plywood mill was closing. "The bank has taken over the assets. It's just what they call an 'orderly We may yet have to file for bankruptcy. There is no Vermont Plywood left at this point," Davis said in a telephone interview Thursday. St.

Michael's College professor John Ambrose (back right) and a group of senior business and accounting students greet and applaud ING Group executives during a video conference Thursday. The students interviewed the ING Group leaders on their successful marketing strategies. ING Group, a Dutch company, is one of the 20 largest financial institutions worldwide and Is worth $90 billion. Ambrose, a finance specialist from Canada, developed a course called financial services marketing. Business students study companies with unique marketing strategies.

S. Burlington's Custom software development firm plans technology center By Terrl Hallenbeck Free Press Staff Writer MONTPELIER South Burlington-based iTech was honored this week as the fastest-growing technology company in New England by Deloitte Touche, an international consulting firm. The software firm em Khandavalli years. company's Vermont Gov. ploys Kimball Invested interest 'A iTech honored Stock Volum Clou Chg.

AmlntGplf 90204 67.14 ApWMatl 194539 21.02 ArrowFn 152 23.04 Belden 6053 51.53 1.92 BonTon 2657 25.50 CasellaW 2681 12.37 .39 CVtPS 966 36.23 Chittenden 1707 35.20 CitzComm 22039 13.73 Costco 39479 61.15 OistEnSy 2020 .87 .02 Enefgizer 2484 111.40 EnPro 1062 42.10 EthanAI 4338 33.19 Fastenal 4895 44.60 Gannett 12927 44.94 GenDynam 11221 83.22 .22 GenElec 318934 41.24 Goodrich 6824 65.92 GreenMts 2468 33.86 HomeDp 194904 35.32 IBM 57902 116.86 .19 JetBlue 33282 9.47 Keycap 21438 34.18 LockhdM 15883 101.04 MaceSecur 96 2.22 McDnlds 82128 54.87 MerchBsh 10 23.51 MylanLab 20422 15.25 Penney 31271 66.43 RockAgs 130 6.06 .04 RurlCellA 623 43.31 SearsHldgs 16417 133.18 Spherion 7947 8.12 StdRegis 847 13.37 .32 TelData 4499 66.64 1.54 TorDBkg 2882 72.86 .80 UnionBksh 20.22 VereonCm 94415 43.80 .02 VermontP 57 1.85 WalMart 163122 44.32 Westaff 90 3.90 Whrlpl 12513 93.00 Wyeth 75543 44.92 DARIA BISHOP, or the Free for fast growth 285 at its facility on Avenue. President Bush answers questions at the White House on Thursday. Bush speaks of rough economy By Jeannine Aversa The Associated Press WASHINGTON The American dream of owning a home has turned into a nightmare not only for homeowners, but also for politicians and regulators under pressure to ease the credit crunch. President Bush, at a news conference Thursday, was confronted by questions about whether the country was headed toward recession. Bush acknowledged "some unsettling times" in the troubled housing and credit markets, but said he believed the economy was still on solid ground.

Also on the hot seat, Federal Reserve Chairman Ben Bernanke was pumped for answers at a congressional hearing about what regulators could do to help struggling homeowners. The housing slump, the worst in 16 years, is likely to drag on well into 2008, when the nation will be voting for a new president and Congress. Home foreclosures now at record highs and delinquencies are likely to get worse, Bernanke told the House Financial Services Committee. Against this backdrop, the Fed and other banking regulators, the Bush administration and Capitol Hill are scrambling to provide relief. Proposals in Congress would expand federal backing of mortgages.

The House on Tuesday passed legislation that would give more leeway to the Depression-era Federal Housing Administration, which insures mortgages for low- and middle-income borrowers. The Senate has its own bill. The administration, meanwhile, is working with the FHA to help squeezed homeowners. Bush said at a White House news conference Thursday "there is no question" these are "some unsettling times" in the housing and credit markets. "That's why I look forward to working with Congress to modernize the FHA loans so that people can refinance their homes." Treasury Secretary Henry Paulson, who also appeared at the House hearing, signaled that the administration would consider letting the mortgage giants Fannie Mae and Freddie Mac temporarily buy, bundle and sell as securities any loans exceeding $417,000, known as "jumbo" loans.

Dollar and precious metals Key currency exchange rates i nursaay in New YorK. Khandavalli said he wants to establish the firm's own technology center in Vermont in the next year or so. The center would allow the company to have its software developers, who now travel to customers' sites, work under one roof. The company creates custom software for other companies. Customers include Microsoft, Qualcomm and Pitney Bowes.

Contact Terri Hallenbeck at 651-4887 or lighted iTech's growth at a news conference Thursday, citing it as an example of the type of business growth the state would like to foster. Khandavalli said he chose Vermont because he likes the state and because it has a relatively high rate of employee retention. He said the state poses challenges by its lack of a large pool of technology employees. Khandavalli said the company is looking to hire more software developers. He Vermont Press Association presents annual awards President and Chief Executive Officer Kishore Khandavalli said the com-pany has grown 1,474 percent in the last three established the headquarters in in 2003.

Jim Douglas high Days won six awards including sweeping the arts criticism category and the Valley News earned 11 first-, second- or third-place awards in a variety of categories. List of winners: Qanaral Excatlenca (dally nawpa-para)t 1. The Burlington Free Press; 2. Rutland Herald; 3. Valley News (West Lebanon, N.H.).

Aanaral Excelloneo (non-daily nawepo-para)i 1. Seven Days (Burlington); 2. Stowe Reporter; 3. Vermont Woman (South Burlington). Tha Mavia Doyla Award (excellent In Statahoute covaraga, dally and nan-daily combined! 1.

Nancy Remsen, The Burlington Free Press John D. Donoghua Award for Aria Crlt-Iclam (daily and non-daily): 1. Elisabeth Crean, Seven Days; 2. Margot Harrison, Seven Days; 3. Casey Rea, Seven Days.

Editorial (dally and non-dallyh 1. Jim Fox, Valley News; 2. James Therrien, Bennington Banner; 3. J.B. McKintey, News Citizen (Morristown).

Rookio of tha Yaar (dairy and non-dairy 1. Peter Jamison, Valley News; 2. Mariana La-maison Sears, The Burlington Free Press; 3. Clover Whitham, Bennington Banner. Press for the business community, can be found by going to 't dependent; Chris Preston, Shelburne News; Amy Kolb Noyes, The Transcript (Morristown).

Haadllno writing (dairy): 1. Ernie Kohlsaat, Valley News; 2. Brattleboro Reformer copy desk; 3.The Burlington Free Press copy desk. Haadllno writing (non-daily): 1. Margaret Michniewicz, Vermont Woman; 2.

Greg Elias, Williston Observer; 3. Kim Howard, Williston Observer. Photo sports (daily)i 1. Ryan Mercer, The Burlington Free Press; 2. Glenn Russell, The Burlington Free Press; 3.

Stefan Hard, The Times Argus. Photo sports (non-daily): 1. Trent Campbell, Addison Independent; 2. Trent Campbell, Addison Independent; 3. Glenn Callahan, Stowe Reporter.

Photo gonoraJ nowa (dally): 1. Jennifer Hauck, Valley News; 2. Vyto Starinskas, Rutland Herald; 3. James Patterson, Valley News. Photo gonoraJ nowa (non-daily)i 1.

Tim Calabro, The Herald of Randolph; 2. Glenn Callahan, Stowe Reporter; 3. Margaret Michniewicz, Vermont Woman. Photo foaturo (daily): 1. Jeb Wallace-Bro-deur, Times Argus (Barre); 2.

Jennifer Hauck, Valley News; 3. Vyto Starinskas, Rutland Herald Photo foaturo (non daily): 1. Dave Schmidt, Williston Observer; 2. Matthew Thorsen, Seven Days; 3. Robert Eddy, Herald of Randolph.

ergy usage. Free. 338-7664, www.vgbn.orgevents, Sept. 24 Managing Emotions Under Prea-aura: Holiday Inn, 1068 Williston Road, South Burlington. $79; for groups of five or more, $74 each.

Registration, -(800)780-8469, or online Code 881912. www.CareerTrack.com opt 28 Coaching Center of Vermont, Winoosld. Includes breakfast and lunch. Reservations. 654-8787, e-mail charlottee coachingcenterofvtcom porta writing (dally) 1: Adam White, Bennington Banner, 2.

Patrick Garrity, The Burlington Free Press; 3. Pete Hartt, Times Argus (Barre). Sports writing (non-daily): 1. Andy Kirkaldy, Addison Independent (Middlebury); 2. Dave Morse, Hardwick Gazette; 3.

Mickey Smith, News Citizen (Morristown). Bast stata story (daily and non-daily): 1. Candace Page, The Burlington Free Press; 2. Valley News Staff (Kristen Fountain, Steve Gordon, John Gregg, Jodie Tillman); 3. Kevin O'Connor and Louis Porter, Rutland Herald.

Boat local story (dally)i 1. The Burlington Free Press News Staff; 2. David. Corriveau and Peter Jamison, Valley News; 3. Kristi Ceccarosi, Brattleboro Reformer.

Bast local story (non-daily)i 1. Sandy Cooch, The Herald of Randolph; 2. Scott Monroe, Stowe Reporter; 3. Mickey Smith, News Citizen; Honorable mention: John Flowers, Addison Independent; Lisa Loomis and Katrina VanTyne, Valley Reporter (Waitsfield); Marina Knight, Stowe Reporter. Foaturo writing (daily)i 1.

Kevin O'Connor, Rutland Herald; 2. Steve Gordon, Valley News; 3. Carolyn Lorie, Valley News. Foaturo writing (nort-daily)i 1. Mary Elizabeth Fratini, Vermont Woman; 2.

Cathy Resmer, Seven Days; 3. Kim Howard, Williston Observer; Honorable mentions: John Flowers, Addison In VPA president prepares to relinquish position Free Press Staff Report Sabina Haskell, editor of the Brat-tleboro Reformer, was honored Thursday for her three years directing the Vermont Press Association at the association's annual luncheon and awards banquet. Haskell will step down from her role as president of the organization, which represents the interests of the 10 daily and four dozen non-daily newspapers circulating in Vermont. The Burlington Free Press, Seven Days and the Valley News of West Lebanon, N.H., led the award winners. The Free Press claimed first-place honors for general excellence, top local story, top state story and best Statehouse coverage.

Seven PEOPLE John King of Colchester, president and CEO of Vermont Public Television, was elected to three-year term on the PBS board of directors. The board is responsible for governing and setting policy for PBS. King joined VPT in 1987 as chief financial officer and was promoted to vice president of finance and administration, then to senior vice president and chief operating offi- cer. He was appointed president VERMONT BUSINESS HIGHLIGHTS CALENDAR Hosted by Vermont Mortgage Bankers Association and New England Mortgage Banking Conference. www.massmba.com SATURDAY Tight an Ing Your Building to Save Energy:" Workshop, 1-3 p.m., part of the RK Miles Homeshow at Riley Rink, Man- 3 Chester Center.

Presented by Vermont Green Building Net- work. To prepare homes and office buildings to achieve signifi- -cant energy savings, with air i sealing, insulation, windows and heating systems to reduce en- TODAY Burlington Sunrlaa Rotary; 7:15 a.m, fifth floor, Waterman Building, UVM. Champlain Connections BNI: 7:30 a.m., Hickok Boardman, Burlington. 846-9536. QuIckBooks for Beginner and Advanced Beginners aomman Sponsored by The CertifiedQB Group LLC.

8 am to noon, Holiday Inn, South Burlington, Cost, $150. For information. www. certifiedqb.com or 865-105L Now England Mortgaga Bankers Conference: Providence, RX Exchange Dollar equals rate Yen 114.44 Euro 0.7104 Pound 0.4975 Canadian dollar 1.0007 Price Metal (troy ez.) NY Merc Gold $732.40 NY Merc Silver $13,321 Treasuries 30-year bond 4.95 and CEO in 1998. He holds a master's degree in public administration from Harvard University; a bachelor's degree in business administration from Johnson State College; and an ate't degree in business administration from Champlain College..