Hartford Business Journal

HARTFORDBUSINESS.COM | AUGUST 19, 2024 3 BIZ BRIEFS "We provide The Hand Center with efficient, user friendly services so they can focus on running their business." Daniel Bishop Commercial Banking PeoplesBank dbishop@bankatpeoples.com Member FDIC With support from PeoplesBank, The Hand Center has expanded its critical services to now six locations around the Hartford area. Commercial loans and the flexibility and security of PeoplesBank cash management services have supported the successful partnership with The Hand Center. "PeoplesBank is our partner. They're the right partner for small business." Daniel J. Mastella, MD The Hand Center The right partner for business bankatpeoples.com/businessteam 413.538.9500 Watch Video according to the listing. The diner was owned for many years by Emmanuel "Manny" Gavr- ilis and his wife Efrosini "Florence" Gavrilis. They owned it together until his death in 2001. Efrosini Gavrilis, who has family in the area, is listed as the current owner. National financial advisory firm names Windsor office head as new president National financial services firm Fiducient Advisors began a new era of leadership in May, with one co-founder taking over for another as president. Mike Goss, a managing partner and chief revenue officer at the Windsor office of Fiducient Advisors, took over as president on May 3, from fellow longtime managing partner Mark Wetzel. Fiducient Advisors is based in Chicago and has seven offices across the country. It employs about 90 people in Windsor, at 100 Northfield Drive, which is the firm's second-largest office representing about 40% of the company's employees, Goss said. Goss, Wetzel and Maureen Cooper co-founded Windsor-based Fiduciary Investment Advisors in 2006. The partners grew that firm from 10 employees to about 80 employees from 2006 to 2020, before it merged with Chicago-based DiMeo Schneider and Associates in 2020. The combined firm rebranded to Fiducient Advisors to create a national company with clients across the country, Goss said. The firm now advises over $300 billion in assets from endowments, foundations, retirement plans and wealthy families, "which makes us one of the largest investment consulting firms in the country/ world," Goss said. CT-based gun-maker discloses workforce reduction Amid slumping gun sales, South- port-based gun-maker Sturm, Ruger & Co. Inc. announced it has cut its workforce. In a second quarter earnings report, CEO Christopher J. Killoy said the maker of a variety of pistols, rifles and revolvers reorganized aspects of its business, including "a reduction in force that impacted about 80 of our employees, approx- imately half of which were reas- signed to manufacturing positions." Those changes occurred in the first quarter of this year. The company reported net sales of $130.8 million in the second quarter, down from $142.8 million in the year-ago period. Also in the second quarter, the company posted a profit of $8.3 million, or 47 cents per share, compared to $16.2 million, or 91 cents a share, a year earlier. Lower sales and profits were related to a drop-off in consumer demand, Killoy said. Sturm, Ruger & Co. has its corpo- rate headquarters in Southport, at 1 Lacey Place, where it occupies a 25,000-square-foot building that it owns. As of February, it also leased 10,000 square feet of space in Enfield, in addition to having manufacturing facilities in New Hampshire, Arizona, North Carolina and Missouri. As of February 1, 2024, the company employed approximately 1,820 full-time employees, down 3.19% from a year earlier, according to its annual report. Monroe metal distributor acquired by publicly traded Chicago company Monroe metal distributor Production Metals LLC has been acquired by Ryerson Holding Corp., a Chicago-based international metal processor and distributor. Production Metals, located at 421 Old Zoar Road, distributes bar, tube, sheet and plate prod- ucts to aerospace, defense and semiconductor customers across New England. The formerly family-owned busi- ness also has precision sawing, lasering and water jet cutting capabilities, and handles products made of aluminum, stainless and specialty steels. Ryerson Holding Corp. trades on the New York Stock Exchange and has about 4,400 employees across more than 110 locations in the U.S., Canada, Mexico and China. Electric Boat inks $1.3B submarine contract General Dynamics Electric Boat picked up a $1.3 billion contract to buy materials needed to build nuclear-powered attack submarines for the Navy, the company announced. The funding will allow the Groton- based company to purchase materials needed to build the 21st-century submarines through September 2035, according to General Dynamics Electric Boat President Kevin Graney. Mike Goss

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