Hartford Business Journal

www.HartfordBusiness.com February 16, 2015 • Hartford Business Journal 7 manuFaCturing Lighting maker to close Wallingford plant Acuity Brands Inc. will soon close its Wallingford plant where it makes lighting sensors, it disclosed in a filing. The approaching closure of the Northrop Road facility in April will mean the loss of 93 hourly and salaried positions, a human resources manager for the Georgia-based company wrote in a WARN notice to town and state officials dated Feb. 4. The company said in the letter that employees don't have "bump- ing" rights, which would allow them to take jobs from other workers at other Acuity facilities. The company did not disclose the reason for the closure. Acuity, which is publicly traded, acquired the plant when it bought Sensor Switch in 2009 for $205 million. The company reported first-quarter earnings last month, post- ing a profit increase of nearly 15 percent. It disclosed a pre-tax charge of $10 million, partly for sever- ance and other costs related to consolidation of production ac- tivities. Acuity said it wants to increase investment in other areas. teleCom Frontier's Verizon play puts it on 'negative' ratings watch Fitch Ratings said it has placed Frontier Communications' long- term debt on a "negative" ratings watch after the Connecticut- based company announced plans to buy Verizon's California, Texas and Florida wireline operations for $10.5 billion. Fitch's announcement means that there's at least a 50 percent chance it will downgrade Frontier's credit rating, which is cur- rently at "BB." Frontier plans to finance the Verizon deal mostly with debt and equity. The rating decision will depend on how much equity Frontier issues in the transaction, how much cost savings it can achieve, and competitive pressures, Fitch said. Frontier paid $2 billion for AT&T's Connecticut wireline opera- tion last year. what'S ahead: ■ 2/23 Focus: nonprofits ■ The List: largest Foundations ■ Nonprofit Profile: Ct Bar Foundation Calendar Wednesday, FeB. 18 Change Management & Survival in Today's Complex Workplace The Human Resource Association of Central Connecticut is hosting a seminar Feb. 18 to help managers and C-level executives better understand how to contend with the rapidly changing workplace. The event, which runs from 4:45 p.m. to 8 p.m. at the Windsor Marriott, 28 Day Hill Road, Windsor, will discuss how emerging social and digital technologies are fundamentally altering the way in which consumers relate to vendors, and to one another and what businesses - and their leaders - need to be doing to survive. The featured speaker will be Bill McKendree, founder of the Clarion Group, who is an expert in organization design, strategy development and implementation, management and executive alignment. He has diverse experience as a line executive managing large, complex companies in a consultant capacity. Cost to attend is: $40 for members; $50 for nonmembers or guests. For more information or to register contact Andy Thiede, administrator@ hracc.org or go to http://www.hracc.org/events. tranSportation CT Republicans propose toll-less transportation plan Connecticut House and Senate Republicans last week jointly proposed a long-term transportation funding plan that doesn't include tolls. The Republican proposal calls on Connecticut to invest $5.3 billion over the next decade to beef up the entire state transportation system. The state would issue general obligation bonds to fund the investments, starting with $441 million in fiscal year 2016 and increasing to $708 million over 10 years. This bond proposal is in stark contrast to what Democrats are likely to pitch to fund future transportation projects: tolls. Gov. Dannel P. Malloy said he would support tolls on Connecticut highways, as long as there is a lock box that prevents the legislature from raiding transportation funds to pay for non-transportation programs. The Republican proposal also calls for no tax increases, filling all vacant positions at the state Department of Transportation, and re-establishing the Transportation Strategy Board to assess proposed transportation needs. Bill McKendree hat's stopping us from realizing that potential? Why does our economy struggle to keep pace with the rest of the country? Connecticut has tremendous economic assets—world-class companies, a skilled, educated, productive workforce, and a proud legacy of innovation. Yet we're not seeing the investment and growth we need. Too many people, particularly young people, are finding good jobs elsewhere. Independent studies and reports constantly rank our economic competitiveness in the bottom tier of states. Those rankings reflect decades of policy decisions that increased business costs and jeopardized jobs and opportunities. Connecticut faces tough challenges. Fiscal problems, aging transportation systems, high energy costs, and burdensome regulations and mandates all hold us back. And we must to do more to develop the talent to meet workforce needs. CBIA is fighting for change. Not just for our thousands of member companies, but for everyone in the state. This is about changing mindsets and making good policy choices. For having lawmakers consider every legislative proposal for its impact—positive or negative— on our economy. And making them understand that real change creates an environment of opportunity, builds economic vitality and prosperity, and benefits everyone. We can do better. We have to do better. P H O T O | H B J F i l e

• Cover