An affiliate of development firm The Fallon Co. has sued manufacturer Shawmut Corp. in Suffolk Superior Court, alleging that Shawmut has breached its contract with Fallon for a joint venture created two years ago to produce N95 masks during the COVID-19 pandemic. Both companies initially contributed $3.4 million for the 50-50 venture, according to the lawsuit, and procured a multimillion-dollar machine known as a Reifenhauser to make polypropylene for the masks. Developer Joe Fallon started the venture after learning about the pressing need for domestically manufactured N95 masks in the spring of 2020. The venture was announced in October 2020, and was supported by a $2.7 million state grant. Shawmut, according to the suit, had planned to start with making 5 million masks a month at its West Bridgewater plant, gradually ramping that up to 15 million a month. But Fallon claims Shawmut kept it in the dark about the venture’s finances and was surprised to learn in 2021 that Shawmut had only made a small fraction of that amount before essentially shutting down production. Fallon said it then learned that Shawmut is going into business on its own by making and selling N95 masks. Dan Tighe, a lawyer for Shawmut, said there’s no merit to Fallon’s lawsuit and Shawmut plans to fight it: “There’s another side to the story and we look forward to telling it in court.” Fallon Co. president Brian Awe issued a statement saying: “Unfortunately, our trust was misplaced and despite the grave need and significant demand, Shawmut, in breach of its commitments, failed to perform or deliver. We are deeply disappointed and unfortunately are left with no other choice but to seek resolution through the filing of this case.” — JON CHESTO
Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies are under pressure to shift away from fossil fuels even as they see soaring profits from energy prices driven up by Russia’s war in Ukraine. Taking over Jan. 1 is Wael Sawan, who has worked for Shell for 25 years and is now director of integrated gas, renewables, and energy solutions. The choice signals the focus of the London-based company to take what it calls a leading role in the energy transition despite facing criticism that it’s been slow to reduce climate-changing emissions. — ASSOCIATED PRESS
The European Union’s executive arm proposed new legislation Thursday that would force manufacturers to ensure that devices connected to the Internet meet cybersecurity standards, making the 27-nation bloc less vulnerable to attacks. The EU said a ransomware attack takes place every 11 seconds, and the global annual cost of cybercrime is estimated at 5.5 trillion euros in 2021. In Europe alone, cyberattacks cost between 180 and 290 billion euros each year, according to EU officials. — ASSOCIATED PRESS
Kanye West says he’s breaking up with the Gap. An attorney for Kanye West, who goes by Ye, told the Associated Press that a letter has been sent to the clothing chain Thursday seeking to terminate the contract between Gap and West’s company, Yeezy. The clash comes a little over a year after Yeezy’s first item— a blue puffer jacket — appeared in Gap stores. — ASSOCIATED PRESS
Bed Bath & Beyond will begin closing down and liquidating about a third of the approximately 150 stores it plans to shutter in a round of cost cuts, with the first round focused on the upper Midwest, New York, and New Jersey. The store closings come amid the retailer’s plan to let go about 20 percent of its workforce as it works to stay afloat. — BLOOMBERG NEWS
Southwest Airlines said Thursday that corporate travel is recovering more slowly than the airline had expected, although that is offset by continuing strong demand from leisure travelers even after the end of the traditional summer vacation season. Southwest said revenue from “managed” business travel in the quarter ending Sept. 30 will be down 26 percent to 28 percent from 2019 levels. That’s a retreat from Southwest’s earlier forecast of a 17 percent to 21 percent decline, which the airline attributed to “softer” last-minute business-travel bookings since late July. — ASSOCIATED PRESS
Bank of America is starting a paid sabbatical program to reward its long-term employees, starting with four weeks off for those who have spent 15 years with the company. Beginning next year, the bank will offer its workers four to six weeks off to “reinvest in their priorities in life,” according to a memo seen by Bloomberg News. The move is to recognize tenure at the company at certain career milestones, and to attract and retain talent. Sabbaticals increase over time, amounting to five weeks for those who have worked between 20 and 25 years, and six weeks for 30 years or more, according to the memo. The paid time off is in addition to normal vacation days, according to a person familiar with the program who asked not to be identified discussing the private details. — BLOOMBERG NEWS
The CEO of Amsterdam’s Schiphol Airport has quit after a summer that descended into chaos and flight cancellations amid staff shortages in the aftermath of the COVID-19 pandemic. “I’ve done my very best, but we’re not there yet. I do hope it gets better soon,” CEO Dick Benschop said in a statement released by the airport Thursday, after he told the board of his decision on Wednesday night. The busy aviation hub on the outskirts of Amsterdam has been hit by huge queues and piles of unclaimed baggage over the summer vacation months as air travel roared back after the pandemic. — ASSOCIATED PRESS
Ford Motor’s glitzy introduction of a redesigned Mustang sports car powered by fossil fuels runs counter to the industry narrative of ditching gas-burning cars to make way for electrified models. Ford is betting there’s enough life left in the 58-year-old Mustang to help pay for the company’s electric-powered future, in which chief executive Jim Farley is investing $50 billion to build 2 million EVs annually by 2026. With the Mustang, Ford is also offering a plug-in version, the Mach-E, which has seen sales soar 49 percent this year. — BLOOMBERG NEWS
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