Allegro MicroSystems appoints Mike Doogue as President & CEO
Allegro MicroSystems, Inc. (Nasdaq: ALGM) a global leader in power and sensing semiconductor solutions for motion control and energy-efficient systems based in Manchester, announced the appointment of Mike Doogue as president and CEO and as a member of the board. He succeeds Vineet Nargolwala, who is stepping down as president and CEO and as a member of the board.
Doogue has risen through the ranks at Allegro over the course of 27 years, where he helped enable many of the company’s disruptive technologies, both as an engineer and later on as a leader in the firm.
Prior to his promotion, Doogue served as Allegro’s executive vice president and its first chief technology officer (CTO), leading technology development and worldwide operations, which includes manufacturing, procurement and quality. He also previously served as the company’s senior vice president of technology and products, which included direct oversight of each of the company’s business units. In addition, Doogue personally holds 75 semiconductor-related U.S. patents.
“Mike has been instrumental in shaping our strategy, developing our technology road map and creating new, innovative products that drive customer value, and we are confident that he is the right person to drive Allegro to the next level,” said Joseph Martin, lead independent director of the board of directors. “The leadership transition we are announcing today represents the culmination of a long-term and thoughtful succession planning process led by our board. Allegro is extending its technology leadership position and is poised to capitalize on the catalysts for growth across the auto and industrial markets. Mike’s deep knowledge of our business, leadership experience, and vision for the future will help drive Allegro’s success.”
Itaconix announces trading update
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a leader in plant-based specialty polymers based in Stratham, reported unaudited 2024 revenues of $6.5 million, with gross profit margins increasing to approximately 35% from 31% in 2023.
The company successfully diversified its revenue streams, with growth in the cleaning, hygiene and beauty sectors, despite a slight decline in North American cleaning sales.
Increased purchases by Croda and Nouryon contributed to revenue growth in the hygiene and beauty sectors, while the Formulated Solutions segment expanded as the company provided new products to North American brands.
The SPARX program is expected to generate at least 10 new products and additional revenue in 2025. Itaconix’s balance sheet remains strong with $6.7 million in net cash and investments as of December 31, 2024. The company continues to focus on sustainability, with positive ESG impact.
Looking ahead, Itaconix is optimistic for 2025, driven by growing awareness of its products’ cost efficiency and sustainability, despite potential macroeconomic and geopolitical risks.
The company will provide further details when it announces full-year 2024 results in April.
Unitil shares vision following BNG purchase
Unitil, an energy provider in New England, acquired Bangor Natural Gas (BNG) in January, adding approximately 8,500 gas customers, 351 miles of distribution pipelines, and nine miles of transmission pipelines to its system.
Headquartered in Hampton, NH, Unitil serves 97,600 natural gas customers in Maine, Massachusetts and New Hampshire. The company also provides electricity to 109,400 customers in Massachusetts and New Hampshire.
As part of its community outreach effort, Unitil External Affairs Director Alec O’Meara recently met with representatives from the company’s service territory to outline resources that the company will be able to bring to its relationship with Bangor area customers.
These meetings allow Unitil to reassure local leaders that existing relationships with BNG will be maintained. The company emphasized its commitment to local communication, offering dedicated contacts for municipalities and outlining its plans to hold a regional safety breakfast for first responder.
Unitil also highlighted its use of new technologies to improve safety and sustainability, such as the Advanced Mobile Leak Detection system to identify emissions and Zero Emission Vacuum and Compression units to safely capture and transfer natural gas.
Compiled by NH Business Review staff from press releases and news reports.
