Hartford Business Journal

4 Hartford Business Journal • September 2, 2019 • www.HartfordBusiness.com Week in Review Briefs Kaman caps $700M unit sale Bloomfield aeroparts maker Kaman Corp. says it finalized its $700 million cash sale of its distribution segment to Greenwich investor Littlejohn & Co. Kaman and Littlejohn announced June 26 that Kaman was selling operations that generated some $1.1 billion in 2018 revenue and employed 2,000 workers worldwide. The unit distributes more than six million items, including electro-mechanical parts, bearings, power transmission, motion control and electrical and fluid power components, and provides other assembly and repair services, to customers in various industries. Kaman has said it will apply proceeds to pay down outstanding debt; accelerate research and development; pursue strategic purchases focused on engineered-product markets; and continue returning capital to shareholders. Farmington supplement maker sued after abrupt layoffs A Farmington nutritional supplement manufacturer, which abruptly shutdown in August, is being sued by a former employee for unpaid wages and benefits, according to a recent court filing. Chris Kingsbury, on behalf of himself and the other 100-plus employees who were laid off on Aug. 17, filed a class action lawsuit days later against Ultimate Nutrition and its affiliate, Prostar Inc., for damages in the amount of 60 days' pay and other employee benefits for ending operations without proper notice. Kingsbury claims the maker of protein powder and other exercise supplements violated federal labor laws by not filing a WARN notice with the state Department of Labor (DOL), which requires employers with 100 or more workers planning significant layoffs to provide at least 60 days' advance written notice of termination. The legal scrum between the terminated employees and the roughly 40-year-old manufacturer and distributor began just days after employees of Ultimate Nutrition arrived to work on Aug. 19, to a locked door at the company's Hyde Road headquarters. A sign taped to the front door stated that workers there were terminated as of Aug. 17. CT, RI trading spots for most expensive electricity in the lower 48 Connecticut's electricity prices have long been among the nation's highest, but of late, a neighboring state has been nipping at its heels. In the past year, Rhode Island's electricity prices have topped Connecticut's more often. The most recent federal data show that Rhode Island had higher electricity prices than Connecticut in six out of the last 12 months spanning from June 2018 to May 2019. Rhode Island's monthly electricity prices were higher than Connecticut's just twice in each of the two prior years, U.S. Energy Information Administration data show. Alaska and Hawaii are almost always the most expensive states, due to having isolated grids and other factors. It's unclear exactly what's causing the trend, but in general, New England states are heavily reliant on imported energy from other states, particularly natural gas, which requires longer distance, more expensive pipeline shipments. Transmission, power plants, regulations and weather conditions can also play a role in energy prices, according to EIA. Units in city's 'Candy Cane Bldg.' sold at $16.8M The near-downtown Hartford skyscraper known as the "Candy Cane Building" has sold for $16.8 million, city files show. 10 Columbus Acquisitions LLC, of Chestnut Ridge, N.Y., acquired 10 non- condominium spaces in the 11-story Hartford Square North office tower at 10 Columbus Blvd., overlooking the city's Front Street entertainment district and the Connecticut Convention Center. The sale closed July 23, city land records show. 10 Columbus Acquisitions is listed as a foreign limited liability company, according to the secretary of the state's office, operated by Moshe Wechsler, TOP STORY LAZ eyes Gold Building relocation in Dec.; micro hotel considered for Lewis St. L AZ Parking, whose owner participated in last spring's $70.5 million purchase of downtown Hartford's iconic Gold Building, is looking to relocate to its new home after Thanksgiving. LAZ co-founder and CEO Alan Lazowski said interior demolition is finished and reconstruction is underway on LAZ's new office-headquarters space on all of the 14th and half of the 13th floors — about 35,000 square feet in all. Lazowski and Shelbourne Global Solutions LLC in May closed on the 26-story, glass-sheathed tower, known as One Financial Plaza, 755 Main St., from Talcott Realty Investors. It contains approximately 660,000 square feet and has an adjoining 1,140-space parking garage fronting Pearl Street. Some 200 LAZ employees will relocate from their present 30,000 square feet of space on multiple floors at 15 Lewis St., overlooking Bushnell Park, he said. Meanwhile, Lazowski said he continues exploring other uses for his 15 Lewis St. building, including its conversion to 68 mostly studio- and one-bedroom apartments. He said he also is exploring transformation of the building into a "micro-hotel,'' one with a rooftop bar-restaurant venue. BY THE NUMBERS 79 The number of Connecticut munici- palities that raised property taxes for the 2019-20 fiscal year, according to the Connecticut Conference of Municipalities. That number doesn't include cities and towns that per- formed a revaluation in 2018. $36B The value of the Connecticut Retire- ment Plans and Trust Funds assets at the end of June, which is the highest amount ever for the state employee pension fund. 100 The approximate number of stores CVS Health plans to open this year, which is down from the typical 300 stores it adds annually. TOP 5 MOST READ On HartfordBusiness.com • 1. 79 CT munis raised property tax rates for new fiscal year • 2. Blue Back Square-style development coming to Newington? Maybe • 3. CT paid out $243.3M in state-worker OT in FY 2019 • 4. Farmington supplement maker issues abrupt layoff notices • 5. UConn's freshman class size flat amid higher demand 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 The Gold Building's newest anchor tenant will soon be LAZ Parking. HJ PHOTO | JOE COOPER

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