Issue link: https://nebusinessmedia.uberflip.com/i/1495899
4 HARTFORDBUSINESS.COM | APRIL 3, 2023 BIZ BRIEFS MONDAY, JULY 31, 2023 THE HARTFORD GOLF CLUB 134 NORWOOD ROAD, WEST HARTFORD, CT For more information contact: Suzanne Feola, 860-541-2208 ext. 2202, suzanne@hfhncc.org All proceeds from the tournament will fund homes built by Habitat for Humanity North Central Connecticut. REGISTER ONLINE AT: HFHNCC.ORG/GOLF SPONSORSHIP LEVELS Bronze $5,000 Silver $7,500 Gold $10,000 lishing and implementing an orga- nizational framework to coordinate CSCU's compliance efforts to achieve efficiencies, reduce risk and encourage ethical standards. She will also support the develop- ment of training and education programs on relevant conflict-of-in- terest areas. CSCU oversees the state's four public universities, community colleges and Charter Oak State College. Seagull served as DCP commis- sioner from 2017 to 2023, helping oversee the roll out of the recreational cannabis industry. CT lawmakers propose 5% surcharge on insurers that underwrite fossil fuel companies State legislators have proposed a bill that would impose a surcharge on insurance companies that underwrite policies for businesses "involved in the exploration and production of" fossil fuels. The bill, introduced by the Insur- ance and Real Estate Committee, would apply a 5% annual tax on premiums received by insurers licensed in Connecticut from compa- nies that produce fossil fuels, such as coal, oil, natural gas, propane or any other petroleum product. Renewable energy companies are specifically exempted. Tax revenue from the surcharge would be split between the state Department of Energy and Envi- ronmental Protection's Climate Resilience Fund and the Connecticut Insurance Premium Assistance Program. During a public hearing, the bill received support from environmental advocates, including the Sierra Club and Connecticut Citizens Action Group. The insurance industry strongly opposed it. Stanley Black & Decker announces plant closures amid $2B cost-cutting effort New Britain tool and outdoor equipment maker Stanley Black & Decker recently announced it will close manufacturing facilities in South Carolina and Texas as part of a supply chain restructuring that aims to cut $2 billion in expenses over three years. Stanley said it will transfer its Cheraw, South Carolina opera- tions to its facilities in Jackson and Gallatin, Tennessee, and discontinue operations in Fort Worth, Texas. The closures will lead to 175 job cuts at the Texas facility and 182 in South Carolina, the company said, while it will be adding 80 jobs in Tennessee. Stanley announced in July it would initiate a supply chain overhaul that would help generate $2 billion in savings over three years. The efforts include reducing inven- tory, closing manufacturing plants and standardizing product parts. Two CT bank branches slated to close; East Hartford to get new JPMorgan Chase branch Connecticut banks recently disclosed plans to close two branches, while one new branch is slated to open in East Hartford. Webster Bank and Wells Fargo Bank notified the Office of the Comp- troller of the Currency that they will close branches in Old Saybrook and Monroe, respectively. Stamford-based Webster Bank said it will close its Old Saybrook branch at 723 Boston Post Road. Wells Fargo said it will close its Monroe branch at 470 Monroe Turnpike. Meantime, JPMorgan Chase announced plans to open branches in Vernon and East Hartford. CT Lottery Corp. to end partnership with sports- betting operator The Connecticut Lottery Corp. said it is winding down its partnership with a company that operates its online and in-person sports betting, Rush Street Interactive. Connecticut Lottery said it is looking for a new operator and plans to issue an RFP soon. In 2021, Connecticut Lottery reached an agreement with Chica- go-based Rush Street to serve as its exclusive provider for online gambling, including operating the lottery's online sportsbook. Under the 10-year deal, Rush Street guaranteed a $170 million minimum revenue share from online and retail sports betting for the Connecticut Lottery. Sports betting has been legal in Connecticut since 2017, and went live in 2021. Rush Street will continue to operate in Connecticut until a replacement is found. CT Lottery declined to disclose why it's ending the partnership early. Stanley Black & Decker CEO and President Donald Allan Jr. HBJ PHOTO | SKYLER FRAZER Michelle Seagull