Hartford Business Journal

HARTFORDBUSINESS.COM | MAY 19, 2025 3 Biz Briefs Barnes Group creates new CEO role in charge of aerospace division Barnes Aerospace, part of the Bristol-based Barnes Group, which was sold in a private equity deal earlier last year, has appointed a new CEO. George Whittier will lead the company, which provides component repair services and highly engineered parts to the aerospace industry. Current Barnes Aerospace President Ian Reason will remain with Barnes Group as a senior vice president through December 2025, to help with the transition. Whittier most recently served as CEO of Fairbanks Morse Defense, a defense contractor based in Wisconsin that operates principally in marine engines. Barnes Group was acquired in January by private equity firm Apollo Global Management in a $3.6 billion sale. The group has since announced it will close its corporate headquar- ters in Bristol, cutting about 28 jobs. It still has a maintenance, repair and overhaul facility in East Granby, and a presence in Windsor. in New York. Together, they have a $22.6 billion operating budget and employ over 104,000 employees. As part of the merger agree- ment, Northwell Health said it will invest at least $1 billion in Nuvance Health hospitals. ConnectiCare exiting self-, level-funded business in CT Nearly three years after exiting the state's small group fully insured health insurance market, Farmington-based insurer Connec- tiCare has told brokers it plans to end its self- and level-funded business here beginning in July. In an email to brokers, Connec- tiCare, which was acquired by California-based Molina Health- care Inc. for $350 million in 2024, explains that the decision means it will terminate existing administrative service agreements and non-renew stop-loss poli- cies "upon their next scheduled renewal," beginning July 1. In an emailed statement, a ConnectiCare spokesperson said the decision "affects less than 5% of our total membership." Self-funded insurance is a type of plan in which an employer takes on most or all of the benefit claims costs. A level-funded plan is a type of self-funded plan in which the employer contributes a monthly payment to cover the costs for administration, claims payments and stop-loss insurance. Major CT bioscience company announces 'mass layoff' New Haven-based biotech company Arvinas Inc. announced that it's cutting 131 employees, or about a third of its workforce. The layoffs, which include 92 Connecticut residents, are intended to "streamline opera- tions across the organization and enable the efficient progression of the company's portfolio." The layoffs include employees who work at the company's office at 5 Science Park in New Haven, as well as remote workers. According to the company's annual report, as of Dec. 31, it employed approximately 430 full-time workers. Arvinas, a clinical-stage biotech- nology company working on treatments for breast and prostate cancers, also said it is removing two Phase 3 trials from its vepde- gestrant development plan in the wake of "mixed data." Vepdegestrant, a breast cancer treatment, is being jointly devel- oped by Arvinas and Pfizer Inc. Arvinas signed a blockbuster $2.4 billion deal with Pfizer in 2021. (Left) Dr. John M. Murphy, president and CEO of Nuvance Health, and Michael Dowling, president and CEO of Northwell Health. CONTRIBUTED PHOTO Nuvance Health completes merger with Northwell Health After reaching a settlement agree- ment last month that was approved by Connecticut regulators, nonprofit health systems Nuvance Health and Northwell Health said they have officially merged. The combined regional health system now serves 13 million people via 28 hospitals in commu- nities across greater New York and Connecticut. The system includes 21 New York- based hospitals owned by Northwell Health, and Nuvance Health's hospi- tals in Danbury, Norwalk, Sharon and New Milford in Connecticut, and three The Goodspeed Opera House in East Haddam. Goodspeed among hundreds of theaters nationwide to have NEA grants canceled L ocal organizations, including Goodspeed Musicals in East Haddam and Yale Repertory Theater in New Haven, are losing major support from the National Endowment for the Arts after the Trump administration started canceling grants earlier this month. Hundreds of theaters across the country received notifications on May 2 that NEA grants they had been awarded were being canceled. Donna Lynn Hilton, Goodspeed's artistic director, said she was notified that the NEA's $60,000 grant for a new musical, "Little Miss Perfect," which Goodspeed has been developing with another theater in Maryland for several years, was rescinded. Now, Goodspeed needs to find other funding sources in order for development of the musical to proceed. "We've been at it for quite some time, and had hoped to program it in the next year, but I think with this news, that's on hold," Hilton said. The Yale Repertory Theater was informed it had lost a $30,000 grant from the NEA to develop and produce a stage adaptation of the Zora Neale Hurston short story "Spunk," according to the New York Times. 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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