Issue link: https://nebusinessmedia.uberflip.com/i/1536326
HARTFORDBUSINESS.COM | JUNE 16, 2025 3 Biz Briefs Hartford's XL Center has a new name, sponsor After nearly two decades as the XL Center, Hartford's roughly 16,000-seat sports and entertain- ment arena has a new name: the PeoplesBank Arena. Holyoke, Massachusetts-based PeoplesBank has acquired the naming rights for the arena as part of a new sponsorship deal. The bank, with $4.5 billion in assets, has been rapidly making inroads in Connecticut, opening its fifth Connecticut branch earlier this year in Avon. It expects to open a Reno announced that it has acquired TM Industries LLC from Manches- ter-based Pursuit Aerospace, which was formed in 2023 by the merger of Whit- craft Group and Paradigm Precision. TM Industries operates a 55,000-square-foot manufacturing facility that develops and produces power-generation components. Reno focuses on large-scale aero- space, defense and research and devel- opment projects. Its existing customers include aerospace companies Sikorsky, Pratt & Whitney and Collins Aerospace. Following the acquisition, Reno said it's capable of producing large machine components that are up to 20 feet in diameter and 60 tons in weight. Stratford-based Two Roads, 2 Penn.-based brewers partner to form national contract brewing company Paul Henney (left), general manager at TM Industries, and Antonio Occhialini, vice president of operations at Reno Machine. CONTRIBUTED PHOTO Glastonbury office later this month, and at least one additional branch, possibly in downtown Hartford, late this year or early next. PeoplesBank will pay an average of about $2 million annually for 10 years for the naming rights, with two, five- year extension options, officials said. Thomas Senecal, CEO and chairman of PeoplesBank, acknowledged putting his company's name on the 225,000-square-foot arena was motivated, in part, by a desire to distinguish his bank from the similarly named People's United Bank, a Bridge- port-based lender that was acquired by M&T Bank in 2022. The two are often confused, he noted. CT manufacturer expands with acquisition of East Berlin contract machine shop Newington-based Reno Machine has acquired a contract machine shop in East Berlin that produces components for federal contractors, including General Dynamics Electric Boat and GE Aerospace. Danbury-based FuelCell Energy's 14-megawatt fuel cell park in Derby. FuelCell Energy cuts 22% of workforce amid slow energy market D anbury-based FuelCell Energy laid off 22% of its workforce earlier this month as it continues a major cost-reduction initiative. The company announced the layoffs in its second-quarter earnings report, blaming "slower-than-expected market investments in clean energy." After the job cuts, the company had a total of 426 employees. FuelCell also said it will recalibrate its Torrington manufacturing facility schedule to align with "contracted demand, rather than forecasted demand." In addition, the company is deferring certain compensation and benefit obligations, and shifting its focus from developing solid oxide power generation technology, which uses hydrogen as a fuel source. Instead, the company will double down on its carbonate platform, which uses natural gas and biofuels. FuelCell's revenue in the second quarter of 2025 increased 67% to $37.4 million from last year, even as it lost $37.7 million. FuelCell said the restructuring plan will cut operating expenses by 30% this year. HBJ PHOTO | MICHAEL PUFFER PeoplesBank CEO Thomas W. Senecal at a press conference at the newly named PeoplesBank Arena in downtown Hartford. 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 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 Michael Juliano | Staff Writer mjuliano@hartfordbusiness.com Beat: Fairfield County 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 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 Events Kathryn Pelletier | Events Manage, ext. 136 kpelletier@hartfordbusiness.com CONTRIBUTED PHOTO Two Roads Brewing in Stratford. CONTRIBUTED PHOTO Describing it as a strategic move intended to "redefine contract beverage brewing," Stratford-based Two Roads Brewing announced that it is partnering with two Pennsylvania-based brewers to form a new company. The company, called B3 Beverage Co., will include Two Roads as well as Bald Birds Brewing Co. of Jersey Shore, Pennsylvania, and Philadelphia-based Yards Brewing Co. The new manufacturing collective will offer contract production services for beverage brands in the U.S. and internationally. Under the agreement, the leader- ship teams of all three breweries will remain in place, "continuing to operate their taprooms and nurture in-house brands while collaborating under the B3 Beverage Co. umbrella to expand contract capabilities and bolster inno- vation," the companies said. The combination is intended to meet increasing demand for scalable contract manufacturing, the companies said.