TRAC Stays, Expands At Forrestal Center
TRAC Intermodal, a nationwide transportation company with headquarters on Independence Way and College Road East, has announced it will move to a larger headquarters at 750 College Road East rather than leave the state, after receiving a $9.8 million economic incentive package from the New Jersey Economic Development Authority.
David Hamm, senior manager of communications for TRAC, says the company employs 525 people nationwide, many of them at the headquarters offices. He says the company’s explosive growth over the past two years led TRAC to look for a new, larger headquarters and to consider leaving the state.
“We’ve been growing 20 percent a year,” he says. “Two years ago, we had 250 employees.” The new 82,000 foot space at 750 College Road East leaves room to add more, Hamm says, and is more than 23,000 square feet larger than the previous two office spaces combined.
TRAC is in the business of leasing trailer chassis that allow 18-wheelers to tow the shipping containers used on trains and cargo ships. “We have field offices virtually in every port and rail terminal in the country,” Hamm says.
The benefits are spread over 10 years, so the company must remain in the state for the next decade in order to receive the full benefits of the tax credit. The incentive package also contains a provision that TRAC must hire employees in New Jersey.
Trac Intermodal, 211 College Road East, Princeton 08540. 609-452-8900; fax, 609-452-8211. Keith Lovetro, CEO. www.tracintermodal.com.
Two former salesmen for Integra LifeSciences at 105 Morgan Lane have admitted in federal court to defrauding local hospitals. Daniel Metz, a regional manager and Charles B. Carey Jr., a product specialist, pled guilty August 12 to charges of conspiracy to commit wire fraud, according to the U.S. Attorney’s Office.
The medical device sales representatives attended surgeries at various hospitals while carrying trays of Integra products available to surgeons. Integra billed the hospitals for the products used. The two men admitted to overcharging the hospitals and surgery centers by charging for greater quantities, or more expensive products than were actually used.
With the title of Northeast Regional Manager, Metz supervised 16 sales representatives in Massachusetts, New Jersey, New York, and Pennsylvania. In the plea, he admitted to teaching fraudulent methods to Carey, who reported to Metz, and others. Metz was fired in April, 2013, and Carey resigned in 2011. The two admitted to overcharging facilities by $800,000.
Integra LifeSciences is a multinational medical technology company headquartered on Morgan Lane. It employs about 3,300 people worldwide.
Integra said in a statement to the SEC that it fired Metz for not cooperating with the federal investigation of fraud charges, and that the company itself did cooperate with the investigation. Integra said it has reimbursed the hospitals for the money that was overcharged in the scheme.
The Attorney General’s office said in an e-mail that the names of the victimized hospitals were “not part of the public record.”
Integra LifeSciences Corporation, 105 Morgan Lane, Plainsboro 08536; 609-275-2700.
Princeton HealthCare System: University Medical Center of Princeton at Plainsboro, 1 Plainsboro Road, Plainsboro 08536; 609-853-7000; fax, Barry Rabner, president. www.princetonhcs.org.
University Medical Center of Princeton at Plainsboro has laid off 19 full-time staff due to a Medicare budget cut.
Hospital spokesman Andrew Williams said the hospital had to cut the staff because of a 2 percent reduction in Medicare reimbursement rates. The federal programs Medicare and Medicaid make up about 50 percent of the hospital’s revenue, and Medicare payments were reduced under the “sequester” budget cuts following the government shutdown standoff of 2011.
Williams said support staff and management positions were cut, but not physicians, who are typically self-employed with admitting rights to the hospital.
“An increasing number of patients are using PHCS’s services, but our costs to provide care are also increasing. Like many healthcare institutions, we have been impacted by significant decreases in reimbursement rates. We have reduced our costs in many areas, and recently we eliminated 19 full-time equivalent positions at the hospital. We are adjusting our staffing levels in areas where we are confident that we can redesign our processes and continue to deliver outstanding levels of care,” Williams said in an e-mail.
Williams said the layoffs were less than 1 percent of employees of Princeton Healthcare System.
Business Intelligence Solutions Inc., 5 Vaughn Drive, Suite 310, Princeton
Business Intelligence Solutions, a technology consulting firm, has moved from Carnegie Center to 5 Vaughn Drive. The company employs six people.
Connotate Technologies, 100 Albany Street, New Brunswick 08901; 732-296-8844; fax, 732-296-0330. www.connotate.com.
Connotate, an Albany Street-based data mining company, has hired Richard J. Kennelly as CEO.
“This is the perfect time to join Connotate,” Kennelly said. “The web is the largest data source ever. The biggest brands are moving quickly to leverage that data to drive competitive advantage and create new revenue streams. Connotate’s patented technology, scalability, and deep technical expertise make us the natural choice for these companies.”
Kennelly has more than 20 years of experience in the high tech field and was previously president of Ipswitch’s file transfer division.
Hexaware Technologies Inc., 1095 Cranbury-South River Road, Suite 10, Monroe Township 08831; 609-409-6950; fax, 609-409-6910. R. “Keech” Srikrishna, CEO. www.hexaware.com.
Hexaware Technologies, a Mumbai-based IT consulting services company with its American headquarters on Cranbury South River Road, has appointed R. “Keech” Srikrishna as CEO, replacing P.R. Chandrasekar.
Chandrasekar, who will retire as CEO after six years in charge of the company, will continue as vice chairman.
“I am proud to become a Hexawarian, and humbled by the opportunity given to me by the employees and the board to lead this great organization,” Srikrishna said in a statement. “Hexaware has a great foundation of highly talented employees, deep customer relationships and differentiated solutions. We will build on this foundation to create a powerful organization for the future, a future where insights from data, consumerism, mobility, sensors, security and cloud take center stage.”
Srikrishna has more than 20 years of experience in the global information services and technology fields.