Hartford Business Journal

www.HartfordBusiness.com • November 30, 2020 • Hartford Business Journal 5 CT's unemployment trust fund goes broke The state's unemployment insurance trust fund has gone broke, forcing the state to borrow hundreds of millions of dollars from the federal government to pay jobless claims as the coronavirus pandemic continues to inflict harm on Connecticut's economy, state officials said. That money will eventually have to be repaid by employers, who will face higher unemployment insurance taxes and fees in the years ahead. The state's unemployment insurance trust fund, which typically raises $800 million a year via employer taxes, ran out of money in August, forcing the state to borrow more than $402 million from the federal government to date to help pay jobless benefits, officials said. Manchester-developed medical device enters U.S. market Manchester-based Woven Orthopedic Technologies is bringing its surgical screw sleeves, in development since 2013, to the U.S. market. The U.S. Food & Drug Administration granted a so-called "de novo classification" to Woven's OGmend Implant Enhancement System (pronounced similarly to "augment") over the summer, allowing it to market the product for use during long bone-trauma surgeries. OGmend is a special biotextile sleeve that provides surgical screws with a better grip into bones. It's a significant milestone for Woven, which has been navigating surgery postponements and other challenges caused by COVID-19 in Europe, where OGmend has been in use for spine surgeries since 2019. Antimicrobial startup joins UConn's TIP incubator A startup that seeks to "disrupt the antimicrobial marketplace" is completing its move to Connecticut to join UConn's Technology Incubation Program (TIP). DeBogy Molecular, a bioengineering startup with a focus on antimicrobial surface modification technology, will gain access to UConn's research facilities and other early-stage innovators in biotech and life sciences. Founded in Pittsburgh, DeBogy has patented technology that transforms the molecular surface structure of a wide range of materials to permanently destroy microbes on contact. The process works on textiles, wood and plastics and affects bacterial, viral and fungal cells. CT manufacturer to expand after $1.6M Rocky Hill property purchase A Rocky Hill industrial building has been purchased for $1.6 million by a Connecticut-based manufacturer of automobile and cleaning products. The 32,600-square-foot property at 299 Dividend Road sold Nov. 16, to Bolton-based Simoniz USA Inc., according to CoStar. The company plans to expand its manufacturing operations in the building, which is currently vacant, according to a source familiar with the deal. Simoniz will also maintain its Bolton headquarters at 201 Boston Turnpike, the source said. Hartford-based Sentry Commercial handled the sale. Westfarms adds new retail, seasonal shops ahead of uncertain holiday season Westfarms mall is reopening a restaurant next month, and adding a new retail store early next year, as three seasonal stores debut there for the holiday season. BRIO Tuscan Grille, a tenant at the Farmington mall that shuttered operations due to the COVID-19 pandemic, will reopen Dec. 7, and eyewear store Warby Parker will open in early 2021. Westfarms reopened its doors in May, after temporarily closing in March due to COVID-19. Five retailers there have shut down since the pandemic started (David's Tea, Spanx, the Microsoft Store and Bare Essentials). The seasonal shops opening for the holidays include See's Candles, Christmas Treasures and Yamaha Pianos. People's United Bank sells Farmington office for $340K Bridgeport-based People's United Bank has sold a Farmington office it acquired through its acquisition of Farmington Bank. People's United on Nov. 11, sold a 3,200-square-foot office building at 28 Main St., for $340,000, according to listing broker CBRE. The buyer is listed as Viswanath Nayunipati, the founder and CEO of IT and staffing firm Niktor LLC, which is based in Plainville, according to CoStar. The property served as a longtime office space for Farmington Bank, until the community lender was purchased by People's United Bank in 2018 for $544 million. CT outmigration continued pre-pandemic While Connecticut has become a hot spot for New York City residents fleeing to the suburbs amid the pandemic, the state once again lost population last year, although fewer residents left the state compared to 2018. Connecticut lost a net of 15,199 residents in 2019, new U.S. Census data show. That compares to a net loss of nearly 30,000 residents in 2018, which was one of the highest outmigrations Connecticut experienced over the last decade. Overall, 90,044 people moved into Connecticut in 2019 from another state, while 105,243 Connecticut residents moved elsewhere, Census data show. Connecticut has consistently lost population over the last decade, shedding a net of 178,572 residents since 2010. However, it will be interesting to see how the pandemic impacts the state's population trends. The movement of people out of New York City to Connecticut has been well documented in recent months, and the state's residential real estate market has been red hot of late. Middlebury's Timex Group sells majority stake to Boston investment firm Middlebury watch maker Timex Group has sold a majority stake in the company to Boston-based investment firm the Baupost Group. Under the deal, Timex's shareholders will retain significant ongoing interest in the business, but the company didn't disclose specific details. The deal should close before the year's end, following regulatory review, according to Timex. Tobias Reiss-Schmidt, who will remain Timex's CEO following the transaction, said the deal will enable Timex to expand its business. "With the involvement of the Baupost Group, we can accelerate market penetration in key regions and product segments," Reiss-Schmidt said. Former news anchor Dennis House takes new job at Univ. of St. Joseph Longtime Eyewitness News anchor and "Face the State" moderator Dennis House accepted a position at West Hartford's University of St. Joseph teaching digital media. House, who announced his exit from his anchor job at WFSB-TV in September, will start his new position as a visiting fellow in digital media and communication in January. LATEST HEADLINES An overhead shot of Westfarms mall in Farmington Dept. of Labor Dep. Commissioner Daryle Dudzinski (left) and Commissioner Kurt Westby. HBJ FILE PHOTO HBJ FILE PHOTO PHOTO | MARK PAZNIOKAS : CTMIRROR.ORG Former local TV news anchor Dennis House has a new teaching job.

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