Hartford Business Journal

4 HARTFORDBUSINESS.COM | DECEMBER 11, 2023 TOP HEADLINES CT wants semiconductor suppliers to seek CHIPS Act funding Paul Lavoie, the state's chief manufacturing officer, said the Department of Economic and Community Development is trying to make contact with semiconductor suppliers around Connecticut in order to build a "consortium" of companies that might work together as the industry gains momentum. The federal CHIPS and Science Act, signed by President Joe Biden in August of last year, made $53 billion available to expand semiconductor manufacturing, research and workforce training; it also offered a 25% tax incen- tive for capital investments in the sector. A department within the Depart- ment of Economic and Community Development known as the Federal Funds team is offering advising and support to companies interested in applying for CHIPS Act funding. Hundreds of companies applied for the first round of funding, announced in February. A second round of funding, announced in September, aims to support smaller supply chain companies that make components and materials for larger manufacturers. This is where Connecticut's economic development officials see a big opportu- nity for the state's manufacturers. "I think it's a very, very healthy sector of our manufacturing ecosystem," Lavoie said. Erica E. Phillips | CT Mirror KKR to fully acquire Hartford- based Global Atlantic for $2.7B New York investment firm KKR & Co. Inc. said it will acquire the remaining 37% of Hartford-based insurance company Global Atlantic Financial Group LLC for $2.7 billion in cash, the companies announced. The deal, which is expected to close in the first quarter of 2024, will allow KKR to take 100% ownership of Global Atlantic, one of the largest fixed-rate and fixed-annuity providers in the United States. Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand. The insurer, with $158 billion in assets under management, recently expanded its footprint in Hartford's Gold Building to the entire 10th and 24th floors, adding 11,500 square feet of office space to accommodate about 100 new employees. Armstrong Rockwell Jewelers closing downtown Hartford location after 47 years After almost 50 years in business, Armstrong Rockwell Jewelers is set to permanently close in downtown Hartford at the end of this year, the owner announced. Al Armstrong, founder and owner of Armstrong Rockwell Jewelers, announced that his 1,600-square- foot store at 150 Trumbull St., will close for good Dec. 29, after 47 years in business. The business is selling its in-store inventory, and a curated selection of inventory will also be available by appointment at Armstrong's private office in 2024. "It's time," Armstrong said of the closure. "I've traveled the globe more times than I can remember. I've met the most interesting and amazing people, from industry experts to well- known celebrities. I've represented and sold the most exclusive time- pieces and diamonds in the world. I'm ready for new endeavors." Mass. company to relocate testing facility from Willington to Bloomfield A privately held Massachusetts company that provides packaging and testing services for medical device manufacturers announced that it will relocate its testing facility from Willington to Bloomfield, expanding its footprint by 400%. The company, Millstone Medical Outsourcing, said the move is set to take place in the second quarter of 2024. The Willington facility operates under the name MycoScience. Mill- stone Medical acquired MycoScience and another testing company, Ethide Laboratories, in December 2022. The new 25,000-square-foot labo- ratory at 35 Griffin Road South will include state-of-the-art upgrades, the company said. Kainen, Escalera & McHale is a full-service employer defense law firm committed to providing outstanding representation and personalized legal services to each of our clients. We welcome the opportunity to serve your business. 21 Oak Street, Suite 601, Hartford, CT 860-493-0870 | www.kemlaw.com | Attorney Patrick J. McHale is responsible for the content of this advertisement. Your workplace is our business. SM Connect with us today! 860-448-4295 NMLS #402928 You manage your Business. We'll help improve your cash flow. ChelseaGroton.com/GrowThatBusiness Paul Lavoie, the state's manufacturing czar. The storefront at 150 Trumbull St., Hartford. HBJ FILE PHOTO PHOTO | CONTRIBUTED

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