Hartford Business Journal

HARTFORDBUSINESS.COM | August 15, 2022 3 Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Hanna Snyder Gambini | Staff Writer hgambini@hartfordbusiness.com Beat: Economic Development Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Valerie Clark | Director of Audience Development, ext. 332 vclark@nebusinessmedia.com Jill Coran | Human Resources Manager jcoran@nebusinessmedia.com Megan Mason | Events Manager, mmason@hartfordbusiness.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Subscriptions Annual subscriptions are $110.00. 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Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Biz Briefs Flights to Las Vegas launch at Bradley International Airport Bradley International Airport has begun offering nonstop service to and from Las Vegas. The new service, operated by low-cost carrier Frontier Airlines, runs daily. Las Vegas is one of the most popular vacation destinations in the United States, according to Daniel Shurz, senior vice president of commercial at Frontier. Frontier Airlines offers nonstop trips from Bradley to Atlanta, Denver, Orlando, Raleigh-Durham and San Juan. The airline has been operating at Bradley since 2018. Former E. Hartford car showroom eyed by Tesla has a new owner An East Hartford auto dealership property that electric car maker Tesla was eyeing for its first Greater Hartford location, before the town pulled the plug on the deal amid a legal challenge from Hoffman Auto Group, has sold for $3.15 million, property records show. The buyers of the 30,000-square- foot showroom and service center at 300 Connecticut Blvd., were business partners Kenneth Wilson and Lindy Bigliazzi. Wilson is the former and Bigliazzi is the current owner of East Hartford-based Freightliner of Hartford Inc., a seller of heavy-duty trucks and parts. In an interview, Wilson said Freightliner of Hartford will use the property to open a new engine and parts retail and distribution center. The company will continue to sell heavy-duty trucks out of its existing East Hartford location at 222 Roberts St. Freightliner of Hartford, which has about 160 employees, is experi- encing significant growth and has run out of room at its Roberts Street location, Wilson said. UConn approves $215M for construction of new residence hall The UConn Board of Trustees has approved moving forward with the construction of a new South Campus Residence Hall, which comes with a $215 million price tag. The residence hall – which is expected to open in the fall of 2024 – will have 657 beds and a new 500-seat dining hall. The project will be financed through bonding, the school said. UConn officials said the new residence hall will include open and private lounges, common space, a game room, laundry facilities, bicycle storage, seminar rooms, meeting rooms, and multipurpose rooms. School officials said the new residence hall will create much- needed swing space for the univer- sity's housing rehabilitation and replacement program and address a shortage in on-campus, suite- style housing. Business leader Larry McHugh to replace embattled CT Port Authority official House Speaker Matt Ritter has tapped a longtime business and education leader to replace one of the Connecticut Port Authority offi- cials cited in a state ethics ruling. Ritter named Lawrence McHugh, president of the Middlesex County Chamber of Commerce since 1983 and the chairman of the University of Connecticut Board of Trustees for nearly a decade, to replace Donald Frost of Fairfield on the port authority's board of directors. The speaker said he was dismayed to recently learn for the first time that Frost was one of the officials at the quasi-public entity who had accepted illegal gifts from Seabury Maritime, a consultant hired to help find a developer for the state pier in New London. Frost's term expired in 2020, but he continued to serve on the authority since a replacement had not been named. The Office of State Ethics announced in early July that it had fined Seabury $10,000 for providing more than $3,000 in food and gifts to Connecticut Port Authority officials in 2017 and 2019. Keith M. Phaneuf | CT Mirror Amid economic headwinds, Stanley Black & Decker to slash $1B in costs by end of 2023 In response to challenging economic headwinds, New Britain toolmaker Stanley Black & Decker announced plans to implement a signif- icant cost-cutting initiative that will slash expenses by up to $200 million by the end of this year, $1 billion by the end of next year and $2 billion within three years. Part of the cost-saving measures will include consolidating the company's 120 manufacturing facilities by at least 30% and "streamlining and simplifying the organization," Stanley said. It's not clear if that will include layoffs. Stanley Black & Decker President & CEO Donald Allan Jr. said infla- tion, rising interest rates and signifi- cantly slower demand in late May and June were major headwinds. Stanley, which was buoyed during the pandemic by a boom in do-it-yourself projects as more Americans remained at home during the public health crisis, also significantly cut its 2022 earnings projections to $5 to $6 per share from $9.50 to $10.50 per share. Barnes Group plans to close Bristol production facility Bristol-based manufacturer Barnes Group Inc. announced its second major change in Connecticut operations in the last few weeks. Barnes Group said it plans to close production operations at its Engi- neered Components facility in Bristol. That operation supports the U.S. automotive industry and focuses on the manufacturing, stamping and assembly of legacy transmission springs and washers. Demand for those products is waning amid the ongoing "decline in U.S. powertrain automotive produc- tion" as auto manufacturers increas- ingly shift to producing electric vehicles, Barnes Group said. The announcement came shortly after Barnes' aerospace unit disclosed plans to expand its maintenance and repair facility in East Granby. The 30,000-square-foot showroom and service center at 300 Connecticut Blvd., in East Hartford. This is what the new South Campus residence hall will look like when it's ready for occupancy in the fall of 2024. PHOTO | COSTAR RENDERING | CONTRIBUTED Barnes Group's Main Street headquarters in Bristol. PHOTO | COSTAR Lawrence McHugh, former chair of the UConn Board of Trustees, has been named to the CT Port Authority board. PHOTO | CT MIRROR Donald Allan Jr.

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