Hartford Business Journal

www.HartfordBusiness.com • December 3, 2018 • Hartford Business Journal 5 Briefs Kaman wins 2 more K-MAX orders Bloomfield aerosystems maker Kaman Corp. says it won orders for two more of its K-MAX workhorse helicopters to be used for farming and fighting wildfires in the Midwest and West. Kaman Aerospace said that Mountain Blade Runner Helicopters, of Montrose, Colo., and St. Louis Helicopter, of Sellersburg, Ind., are its two latest customers for its single-seat, twin counter-rotating blade aircraft. Prices for the aircraft were not disclosed. Newcomer Mountain Blade Runner Helicopters President Bryson Gray said his company will use its K-MAX for high-altitude external lifts and for fighting forest fires. St. Louis Helicopter owner Jim Robinson says his machine will expand his existing fleet used for agricultural seeding and fertilizing, as well as firefighting. Upward Hartford to expand incubator with $4M investment Upward, downtown Hartford's incubator and co-working space, will receive a two-year, $3.9 million investment to develop two new innovation labs in downtown Hartford that will focus on smart-building and aged-care technologies, officials said. The investment, from Connecticut Innovations (CI), the state's quasi-public venture arm, will help create two physical labs in the city — known as Upward Labs — that will invest in portfolio companies as well as provide support to those companies in the form of recruitment, infrastructure and other operating expenses during their time in Hartford. CVS completes historic $69B Aetna acquisition Aetna, Hartford's 165-year-old health insurer, is no longer an independent company. CVS Health on Nov. 28, completed its historic, industry-shifting $69 billion acquisition of Aetna. The deal's completion marks a new chapter for the healthcare and insurance sectors, where insurers and pharmacy- benefit managers are joining forces to try to boost preventative care services and lower costs for customers. Meantime, Bloomfield health insurer Cigna is also looking to acquire pharmacy-benefits manager Express Scripts for $67 billion. Amphenol to pay $400M for Wisc. sensor maker Wallingford electronic interconnect manufacturer Amphenol Corp. said it's agreed to buy a Wisconsin-based sensor maker for $400 million. Amphenol announced it intends to purchase the 900-employee SSI Controls Technologies from parent company SSI Technologies Inc. by early next year, subject to regulatory approvals. SSI sells its products to the automotive and industrial markets — two of Amphenol's own end markets. SSI Controls, which also has operations in the Czech Republic, has annual sales of about $180 million, Amphenol said. Plans offer glimpse of Hartford's Main-Park St. redevelopment The developers of a planned 108-unit mixed-use apartment community at the corner of Main and Park streets in Hartford have revealed site plans showing the project will include over 20,400 square feet of retail, restaurant and co-working space. The design, developed by South Norwalk's Spinnaker Real Estate Partners LLC and Hartford's Freeman Cos., shows 88,800 square feet of residential space, 13,685 square feet of retail and restaurant space, and another 6,775 square feet for co-working areas and a cafe. The site plan also shows 124 parking spaces. Both developers said they have drawn positive feedback from restaurateurs about the project. The companies took over the South End redevelopment in August after bidding on it in March. Aimed at improving a "crucial junction" of the Capital City, plans show two, four- story buildings housing studio, one- and two-bedroom apartments ranging from 624 square feet to 1,190 square feet. The first building has 81 units and the second 27. The development could also house two roof decks over 9,000 square feet and another 13,115 square feet of amenity space that may be used for an art gallery or studio. Week in Review TOP STORY Hayes: UTC investors drove split S plitting United Technologies Corp., Farmington's 84-year-old conglomerate, into three separate companies was an arduous, yet easy decision, according to its chief executive. In near unanimous support, UTC shareholders lobbied over the last year for the company to spin off its Otis elevator and Carrier building systems businesses. Shareholders also backed an aviation-focused business, led by jet-engine maker Pratt & Whitney and newly acquired avionics parts maker Rockwell Collins, UTC CEO and Chairman Gregory Hayes said recently on CNBC, just hours after the company announced plans to split into three companies by 2020. Over time, UTC has held that "balance works," with its Carrier and Otis divisions supplying extra capital to support certain aerospace investments, Hayes said. Carrier, a global provider of HVAC, refrigeration, building automation, fire safety and security products, recorded $17.8 billion in sales last year and Otis, a manufacturer of elevators, escalators and moving walkways, had $12.3 billion in sales. "And the fallacy in our thinking was that you needed cash flows from Otis and Carrier to pay for the investments in Pratt & Whitney and the aerospace systems business," he said. "That was the magic moment when the board said 'we don't really need to be together.' Then the question was 'should we be together?'" The conclusion they came to was "no." As part of the breakup, Carrier and Otis will operate as separate publicly traded companies. The largest new business will be its aerospace unit including Collins Aerospace Systems — formed through the combination of UTC Aerospace Systems and Rockwell Collins — and Pratt & Whitney. BY THE NUMBERS 18,000 The approximate number of employ- ees United Technologies Corp., which has announced plans to split up, employs in Connecticut. 3.1% The percentage decline in single-family home sales during the month of Octo- ber, when 2,868 houses traded hands, according to the Warren Group. $327M The purchase price of People's United Financial Inc.'s pending acquisition of Massachusetts-based Belmont Savings Bank. $200M The amount of new capital Hartford insurer Nassau Re says it has raised to expand its fixed annuity and life insurance businesses. TOP 5 MOST READ On HartfordBusiness.com • 1. UTC plans to split into 3 separate companies • 2. Plans offer glimpse of Hartford's Main-Park St. redevelopment • 3. Cigna-Express termination deadline delayed 6 months • 4. Upward Hartford to expand incubator, pilot programs with $4M investment • 5. CVS-Aetna deal scores final approvals STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe UTC Chairman and CEO Gregory Hayes in an interview on CNBC. PHOTO | CONTRIBUTED

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