Hartford Business Journal

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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 Michelle Tuccitto Sullo | Managing Editor, ext. 127 msullo@hartfordbusiness.com Beats: Health Care, Higher Education 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 Beats: Economic Development, Arts, Culture & Tourism 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 Jessica M. Quinn | General Manager, ext. 137 jquinn@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 Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com 2 HARTFORDBUSINESS.COM | SEPTEMBER 4, 2023 Biz Briefs U.S. Marines conduct a CH-53K test flight at Sikorsky in Stratford. Sikorsky inks $2.7B helicopter contract with U.S. Navy S tratford-based Sikorsky said it has won a $2.7 billion contract to build more heli- copters for the U.S. Navy. The Lockheed Martin-owned aerospace and defense company's contract will require it to build and deliver 35 additional CH-53K heli- copters to the Navy. The company said this is the largest procurement to date for this multi-mission, heavy-lift aircraft, which will be delivered beginning in 2026. Specifically, the agreement includes 12 U.S. Marine Corps Lot 7 aircraft, 15 U.S. Marine Corps Lot 8 aircraft, and eight aircraft for Israel. Just over 40% of the work will be done in Connecticut, Sikorsky said. 704-megawatt Revolution Wind project to begin. Onshore construction will start in the coming weeks, according to an announcement from the Danish company Ørsted and utility Eversource, which are developing the project. Offshore construction is expected to begin in 2024, and the project should be operational in 2025, the companies said. Revolution Wind's 65 turbines will deliver 400 megawatts of electricity to Rhode Island and 304 megawatts to Connecticut, enough to power about 350,000 homes across the states. As part of the project, Ørsted and Eversource have already invested in redevelopment of the New London State Pier to create a heavy-lift marine terminal where Revolution Wind turbines will be staged and assembled. PURA cuts utility's revenue increase request The Public Utilities Regulatory Authority in a final decision approved a $22.96 million increase in United Illuminating's revenue require- ment, less than 18% of the $131 million increase the utility company requested over three years. Also, UI requested a 10.2% return on equity, which PURA lowered to 9.1%. Until certain performance issues identified by PURA are addressed, the return on equity will be 8.63%. UI's earned ROE could exceed 9.1%, depending on the compa- ny's management and implemen- tation of the approved rate plan, PURA said. In July, PURA released a draft decision cutting most of UI's requested increase. UI filed a response in opposition to the decision, claiming it would Ørsted North America's Block Island offshore wind farm. United Illuminating crews conduct storm cleanup in 2018. PHOTO | WIKIMEDIA COMMONS PHOTO | CONTRIBUTED PHOTO | CONTRIBUTED Aetna parent CVS to cut hundreds of jobs in Hartford CVS Health said it will lay off 521 people who work for its Hartford-based insurance subsidiary Aetna. The move is part of a broader cost-cutting effort, through which CVS said it will cut about 5,000 jobs nationwide. More than 300 of those employees are based in Connecticut, while the rest are remote workers who report to someone located in the state, the company said. The job cuts will begin on Oct. 21, CVS said. The Rhode Island-based retail pharmacy chain, which purchased Aetna in 2018 for $69 billion, announced recently that it plans to reduce costs as it "sharpens its focus on healthcare services." Sandwich chain Subway sold to private equity firm It's official, fast-food sandwich chain Subway has been sold to a private equity firm. The company, dual headquar- tered in Connecticut and Miami, said it has agreed to be acquired by Roark Capital, an Atlanta‐ based private equity firm that owns other prominent fast-food franchises, including Dunkin'. A purchase price wasn't disclosed, but the Wall Street Journal reported that Roark was nearing a deal to buy Subway for $9.6 billion. Subway is the eighth-largest U.S. restaurant chain, with $9.8 billion in domestic sales across 20,810 locations last year, according to the WSJ, which cited market-research firm Technomic. Families of Subway co-founders Fred DeLuca and Peter Buck still owned interests in the company, prior to the sale, the WSJ said. Revolution Wind receives federal approval; construction expected to begin soon The federal government has approved the state's first util- ity-scale offshore wind farm, enabling construction of the A Subway restaurant. PHOTO | CONTRIBUTED

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