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HARTFORDBUSINESS.COM | FEBRUARY 5, 2024 3 Biz Briefs Deep Sha, manager of Ranch House restaurant (shown above), said three to five food trucks will sometimes park near his property during lunch hours. Food fight: East Hartford considers buffer between restaurants and food trucks E ast Hartford officials may impose a buffer between food trucks and restaurants after hearing complaints of unfair competition from some brick-and-mortar establishments. Mayor Connor Martin has asked the town council to create a buffer, suggesting a 200- or 300-foot distance, in order to avoid friction between restaurant owners paying leases or taxes for a physical place, and food trucks that can pull up to the curbside in front of them. The suggested change comes a little more than a year after East Hartford officials adopted an ordinance intended to welcome food trucks into town. The 2022 ordinance streamlined the food truck application process and outlined the major arteries where they could operate. "It did what it was supposed to do, bring food trucks to town and promote that we are food-truck friendly," Martin said. "It almost worked a little too well." Webster Financial closes $350M purchase of insurance claims settlement administrator Webster Financial Corp. said it has completed its $350 million acquisition of a company that administers medical funds from insurance claim settlements. Webster Financial, the Stam- ford-based parent company of Webster Bank, has acquired Ametros Financial Corp. from Long Ridge Equity Partners. Ametros, based in Wilmington, Massachusetts, is the nation's largest professional admin- istrator of medical insurance claim settlements, according to Webster. It administers funds to thousands of members receiving workers' compensation and liability settlements. Webster said the acquisition provides it with a "fast-growing source of low-cost and long-dura- tion deposits," allowing the bank to diversify its deposit base and noninterest income. Amphenol to acquire Florida company for $2B Wallingford-based manufacturer Amphenol Corp. announced that it has agreed to acquire Carlisle Interconnect Technologies (CIT) for $2 billion in cash. CIT produces interconnect products tailored for harsh environ- ments, including the commercial air, defense and industrial markets. Headquartered in St. Augustine, Florida, CIT is owned by publicly traded Carlisle Cos. Inc. Amphenol, which produces electronic and fiber optic connec- tors, said CIT's products, including wire and cable, cable assemblies, contacts, connectors and sensors, complement Amphenol's existing product line. CIT is expected to have sales of about $900 million in 2024, the companies said. Amphenol Corp., led by CEO Adam Norwitt, has been busy on the M&A front. Since July 2023, it has acquired four manu- facturing companies based in Illinois, Oregon, California and New Hampshire. AdvanceCT names new board co-chairs AdvanceCT, the state's nonprofit business recruitment arm, has named new co-chairs of its board of directors. Adam Norwitt, CEO of Amphenol Corp., and Judy Olian, president of Quinnipiac University, will lead AdvanceCT's board. Norwitt has served as CEO of Amphenol, a Fortune 500 company based in Walling- ford that produces electronic and fiber optic connectors, since 2009. Olian, who has a Ph.D. in indus- trial relations from the University of Wisconsin, Madison, became the ninth president of Quinnipiac University in 2018. Both served on AdvanceCT's board for several years. They will succeed current co-chairs Margaret Keane, former CEO of Synchrony, and Jeffrey Sonnenfeld, senior associate dean for leadership studies and Lester Crown Professor in Management Practice at the Yale School of Management. Keane and Sonnen- feld will continue to serve as board members. In addition, Louis Lu, senior vice president at semiconductor production equipment manufac- turer ASML in Wilton, will join AdvanceCT's board. CT social service groups seek $180M to offset some inflation loss Undaunted by warnings of a tight state budget, the hundreds of nonprofits that deliver most state-sponsored social services have a big financial ask. But it's only to offset a fraction of what they're already losing to inflation. The CT Community Nonprofit Alliance is asking the General Assembly and Gov. Ned Lamont to boost spending on their services by nearly $180 million in the fiscal year that begins July 1. Connecticut already spends roughly $2.1 billion hiring nonprofits to treat people with disabilities, mental health or addiction issues, and to help incarcerated individuals transition back into the community. Nonprofits argue that largely stag- nant state funding for decades has left many agencies in a fiscal hole, cutting programs and paying low salaries that push annual employee turnover above 20%. Keith Phaneuf | CT Mirror Amphenol headquarters in Wallingford. HBJ PHOTO | MICHAEL PUFFER Judy Olian Adam Norwitt 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 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. 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