Hartford Business Journal

HARTFORDBUSINESS.COM | DECEMBER 19, 2022 3 BIZ BRIEFS Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com SUBSCRIPTIONS Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.com, or call (845) 267-3008. ADVERTISING For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 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-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. 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 Stephanie R. Meagher | 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 Matthew Anzolletti | Senior Accounts Manager, ext. 136, manzolletti@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com PRODUCTION Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com NBT Bancorp to acquire Salisbury Bank for $204M N BT Bancorp — the Norwich, New York-based parent company of NBT Bank — will acquire Salisbury Bancorp in a $204-million deal that will extend NBT's reach in Connecticut and New York's Hudson Valley region. Salisbury Bank, which is head- quartered in Lakeville with $1.51 billion in assets, has 14 offices in northwestern Connecticut, the Hudson Valley and southwestern Massachusetts. Following the merger, Salisbury locations will be renamed NBT Bank. NBT, with $11.5 billion in assets, also plans to open a regional operations center in Lakeville. "We are very excited to partner with Salisbury and to extend our footprint into their attractive and complementary markets," said NBT President and CEO John H. Watt Jr. The merger is expected to close in the second quarter of 2023, subject to shareholder and regulatory approvals. Recreational marijuana sales to begin Jan. 10 The state Department of Consumer Protection announced that the recreational marijuana market will officially launch Jan. 10. DCP said it has notified licensed hybrid retailers that they may begin selling cannabis products to all adults 21 and over beginning no earlier than 10 a.m., or as local zoning permits, on Tuesday, Jan. 10. Nine medical marijuana dispensaries have been noti- fied that they successfully completed the necessary steps for conversion to a hybrid license, which will allow them to serve adult-use customers. Stanley Black & Decker shutters downtown Hartford innovation center Stanley Black & Decker has shuttered its downtown Hartford advanced manufacturing inno- vation center and put the space on the market for sublease, the company said. Called "Manufactory 4.0," Stanley's Advanced Manufacturing Center of Excellence occupied Managing partner of local accounting firm dies The managing partner of a local accounting firm, David S. Federman, died Dec. 3. Federman, 79, worked for 25 years as a CPA in Hartford before starting his own prac- tice, Federman, Lally and Remis in Farm- ington in 1991. He was the managing partner of the firm he founded. Federman focused on closely held companies and complex tax and family matters, including succession planning. He had industry exper- tise in manufacturing, real estate and distribution, and worked with high-net-worth individuals. Federman was managing partner of the tax practice at Arthur Andersen & Co. in Hartford from 1969 to 1991. STEM jobs expected to grow in CT through 2030 High-paying jobs in science, technology, engineering and math (STEM) are expected to be the fastest-growing occupations in Connecticut through 2030, according to a report by the state. The state believes the number of jobs in those fields will increase by 201,000 from 2020 to 2030. The majority of STEM jobs (57%) are in computer-related fields, engineering, management and sales, according to the report. The largest STEM occupation in the state is software developers and analysts, which had 19,130 jobs as of 2020 and is expected to grow between 8% and 22% through 2030. Nassau Financial launches new downtown Hartford business incubator program Nassau Re/Imagine, a down- town Hartford insurtech incubator run by Nassau Financial Group, is launching a new accelerator program for insurance technology startups early next year, the company announced. Nassau Re/Imagine said its new TalentBridge23 program will begin in January with 10 startups and run for six months. The 10 participating startups are working to address retirement and seniors' health. Ahead of next month, startups will be paired with mentors from Nassau, CGI and LTIMindtree, UConn or the University of Hartford, at least one industry advisor, and an investor. The program will give the busi- nesses free access to a shared workspace at One American Row in Hartford, Nassau's headquarters. NBT President and CEO John H. Watt Jr. at Hartford Business Journal's office. HBJ FILE PHOTO Stanley Black & Decker's former "Manufactory 4.0" showroom at One Constitution Plaza in downtown Hartford. PHOTO | CONTRIBUTED 23,000 square feet of space at One Constitution Plaza. The facility debuted in 2019, right before the pandemic, to much fanfare. It aimed to make Hartford an inno- vation hub for advanced manu- facturing, and hosted startups as part of the STANLEY+Tech- stars advanced manufacturing accelerator program. However, Stanley announced in September 2021 that the Techstars accelerator program was moving to Baltimore. Stanley said it closed the down- town Hartford facility in November. The move comes amid several cost-cutting measures the New Britain-based power tools and lawn equipment maker has implemented over the past year as it faces challenges related to consumer and European demand as well as inflation. David S. Federman

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