Issue link: https://nebusinessmedia.uberflip.com/i/1527718
HARTFORDBUSINESS.COM | OCTOBER 14, 2024 3 Biz Briefs PHOTO | COSTAR Aetna's Hartford headquarters. CVS to lay off 416 employees tied to Hartford-based Aetna CVS Health, parent company of Hartford health insurer Aetna, said it will cut 1% of its workforce, or about 2,900 employees. The job cuts will impact 416 employees who report to Aetna's Hartford headquarters. The majority of those Aetna employees (323) work remotely and are based outside the state; the rest live in Connecticut. Meantime, CVS' board of direc- tors is performing a full assess- ment of the company, which has struggled financially in recent firm McElroy and Deutsch, has joined McCarter & English as a partner. He brought with him his four-member team, which includes Special Counsel Alexander J. Grodski, two probate paralegals and a legal assistant. Jaconetta joins former colleagues James A. Budinetz and Peter J. Zarella, who also joined McCarter's Hartford office in August from McElroy and Deutsch. Budinetz and Zarella are civil and commercial litigators. McCarter & English also recently added 10 lawyers from Boston law firm Burns & Levinson, six of whom are in the trusts, estates and private clients group, expanding the geographic reach of the now 21-member practice. Fintech planning Stamford office seeks to be regulated under state's newly named innovation charter A fintech company is seeking a novel Connecticut banking charter as it searches for a new office in Stamford. Moneycorp hopes to be regulated under the state's innovation charter, formerly known as the uninsured banking charter. The company offers international money transfer and online foreign exchange services. Founded in London in 1979, it first established a U.S. presence in Rhode Island. The charter is designed to permit financial technology companies that do not offer retail banking services to be regulated and operate in all 50 states without seeking Federal Deposit Insurance Corp. insurance. Majority of work on Pratt's $1.3B F135 engine contract will be done in CT quarters, including the possibility of breaking it up, according to the Wall Street Journal. This is the latest round of layoffs for CVS and Aetna. Just over a year ago, CVS said it would cut about 5,000 jobs nationwide, including hundreds of jobs at Aetna. The layoffs were announced as CVS CEO Karen Lynch met with a major investor — Larry Robbins, founder of hedge fund Glenview Capital Manage- ment — to discuss ways to improve the company's operations. McCarter & English adds 5 to its trust/estates team; group comes from another Hartford firm The Hartford office of law firm McCarter & English has added five members to its trusts, estates and private clients practice. Joseph P. Jaconetta, formerly a partner in the Hartford office of law PHOTO | COSTAR Barnes Group's Main Street headquarters in Bristol. Barnes Group to be acquired by private equity firm in $3.6B deal O ne of the most recognizable names in Connecticut manufac- turing, Barnes Group, is to be acquired by private equity firm Apollo Global Management in a $3.6 billion deal. The deal is expected to close by the end of the first quarter of 2025, subject to shareholder approval. The company says it will seek a shareholder meeting as soon as possible. Barnes will be delisted and become a privately held company. Richard J. Hipple, chairman of Barnes' board of directors, described the deal as providing "immediate and certain" cash value to shareholders. "The Board and management team carefully reviewed a range of potential opportunities and determined that this transaction with Apollo Funds maximizes value for our shareholders," he said in a statement. "We see opportunities to further invest in and grow Barnes' busi- nesses, which are positioned to benefit from long-term aerospace demand trends, as well as the need for high-performance compo- nents and solutions for a range of end-markets," said Antoine Munfakh, a partner at Apollo. Barnes Group's history stretches back to 1857 in Bristol. Its predecessor company, Associated Spring, was taken public in 1946. It has some 5,700 employees across its global operations. The company makes precision components for aerospace and a range of other industries. There's no clarity yet on how the sale may affect Barnes' headquarters in Bristol, leadership structure or workforce. Joseph Jaconetta A F135 engine at Pratt & Whitney. CONTRIBUTED PHOTO Continued on next page More than 60% of the work on Pratt & Whitney's new $1.3 billion fighter jet engine contract will be carried out in Connecticut. That's according to the contract issued by the Department of Defense, which says that 53% of the work on the F135 engine core upgrade will be carried out at Pratt's home base in East Hartford, with 7% in Middletown and 6% in Windsor Locks. 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. 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. Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Beat: Energy 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 David Krechevsky | Staff Writer, ext. 702 davidk@hartfordbusiness.com Beats: Health Care, Bioscience Harriet Jones | Staff Writer, ext. 145 hjones@hartfordbusiness.com Beats: Manufacturing, Cannabis, Professional Services Stephanie R. Meagher | Research Director Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Jessica M. Quinn | Associate Publisher, ext. 137 jquinn@hartfordbusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Donna Hogan | Senior Accounts Manager, ext. 101, dhogan@hartfordbusiness.com Sadie Bride | Senior Accounts Manager, ext. 141, sbride@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com