Hartford Business Journal

6 Hartford Business Journal • November 9, 2015 www.HartfordBusiness.com HEALTH CARE Hospital lobby launches ad campaign opposing funding cuts The Connecticut Hospital Association last week launched a new TV, radio and digital campaign opposing Gov. Malloy's recent Medicaid cuts. The campaign details the anticipated impacts of these cuts, calls on legisla- tors and the public to intervene, and urges Malloy to restore the funding. Malloy announced a $63.3 million Medicaid cut in September, which costs hospitals just under $200 million when federal matching funds are included. In all, the CHA pegs the annual impact to hospitals at $240 million. The Medicaid funding Malloy cut is needed to support the healthcare costs of one-in-five Connecticut residents, CHA said, adding that the cuts are increasing costs, reducing access and hurting state and local economies. Malloy, who recently brought lawmakers back to the negotiating table to reassess the current fiscal year budget that is still $118 million in the red, has met criticism of the cuts by pointing to budget surpluses and executive salaries at larger hospitals. Malloy also criticized the association and its ad campaign, both of which he said are indirectly subsidized by public money provided to hospitals. CT ahead of national average for workplace injuries Connecticut finds itself ahead of the national average for workplace injuries by a slight margin. It is one of three New England states above average with Vermont and Maine posting the highest workplace injury rates nationally. The nearly 3 million nonfatal workplace injuries and illnesses reported by private industry employers in 2014 occurred at a rate of 3.2 cases per 100 equivalent full-time workers, according to estimates from the Survey of Occu- pational Injuries and Illnesses conducted by the U.S. Bureau of Labor Statistics. Connecticut has a rate of 3.5 injuries and illnesses. Maine is highest in the nation at 5.3 with Vermont second at 5. Data was not available for eight states, including New Hampshire. Private industry employers reported nearly 54,000 fewer nonfatal injury and illness cases in 2014 compared to a year earlier. MANUFACTURING GE completes Alstom acquisition Employees of Alstom Energy in Windsor and Bloomfield have a new employer. General Electric has completed its global purchase of the French company. The deal was worth a reported $13.6 billion. GE announced last week that it has completed the acquisition of Alstom's power and grid businesses. The completion of the deal follows the regulatory approval from 20 countries and regions including the EU, U.S., China, India, Japan and Brazil. It is GE's largest-ever industrial acquisition. PAS Technologies acquires Bolton Aerospace PAS Technologies of Middletown has reached across the Connecticut River to acquire Manchester-based Bolton Aerospace. No financial details were disclosed. PAS Technologies, a privately-held company, is a specialized provider of original equipment manufacturing and maintenance, repair and overhaul (MRO) products, services and solutions for the commercial and military aerospace, industrial gas turbine, and oil and gas markets. Bolton Aerospace is a sub-tier supplier of precision-machined products whose customers are direct OEM sup- pliers to commercial, aerospace and defense manufacturers. PAS Technologies already operates globally in five locations, including Kan- sas City, Mo.; Hillsboro, Ohio; Phoenix, Ariz.; Singapore; and Romania. Bolton Aerospace will become the newest PAS Technologies location. GOVERNMENT, POLITICS & LAW Lembo: Malloy has at least $118.4 million more to cut State Comptroller Kevin Lembo last week released his latest deficit projection for the current fiscal year. It predicts, in spite of $102.8 million in recent cuts, that Connecticut is still running $118.4 million in the red. Lembo said in a letter to Gov. Dannel P. Malloy that the state Office of Policy and Management's latest projection is on target given several economic factors. General Fund revenue projections for the current fiscal year have been revised downward by $117.4 million from last month. Lembo said the largest adjustment is to the income tax, which is reduced by $109.3 million this month, reflecting lower than anticipated receipts from the payroll withholding portion of the tax. FINANCE Conning to acquire $12.8B investment adviser Hartford insurance asset manager Conning said it has reached a deal to ac- quire a New York corporate credit investment adviser that specializes in high- yield bonds and leveraged loans. Conning did not disclose the price it has agreed to pay for Octagon Credit Investors LLC, which manages $12.8 billion in assets on behalf of insurers, banks, pension funds and asset managers. Conning has $93 billion under man- agement, not including the acquisition. "This transaction is a natural extension of Conning's capabilities and provides our clients with access to specialized floating and fixed income asset classes that have performed well through various market cycles," Woody Bradford, Con- ning's chairman and CEO, said in a statement. Octagon CEO Andy Gordon will remain in his role, as will the company's ap- proximately 50 employees. The deal is slated to close early next year. ECONOMIC DEVELOPMENT Wethersfield named best Hartford suburb West Hartford tends to get painted as the best suburb in Greater Hartford in a lot of surveys. But that's not the case, according to the latest study by Wal- letHub.com. Another fringe suburb of Hartford takes the honors. The distinction goes to Wethersfield. It ranks best among cities in Connecticut with more than 25,000 residents but less than 100,000. Nationally it is considered the 123rd best small city. No small city from Connecticut cracks the top 50, according to the WalletHub.com report. Manchester was ranked third in the state followed by Newington in fourth place. West Hartford came in sixth among all Connecticut small cities. The other Connecticut small cities in the top 10 were Westport, Shelton, Milford, Middletown, Trumbull and East Haven. To find the best small cities in America, WalletHub's analysts compared 1,268 cit - ies across four key dimensions: 1) affordability, 2) economic health, 3) education and health, and 4) quality of life. Quality of life included factors like commute time, hours worked per week, museums per capita, and coffee shops among other factors. BY THE NUMBERS $570,750 The debt owed by the state's top business-tax scofflaw, a Bridgeport liquor store. 59% The unofficial vote tally that allowed Bridgeport's former mayor Joe Ganim to claim victory in last week's three-way mayoral race, five years after leaving prison for corruption. $118.4M The state's current deficit, despite more than $100 million in recent mid-year cuts, according to Comptroller Kevin Lembo. 3.5 The rate of workplace injuries per 100 full-time positions in Connecticut last year, above the national average of 3.2. TOP 5 MOST READ on HartfordBusiness.com ■ DRS publishes list of 50 top business tax scofflaws ■ Can anything save Whole Foods? ■ GE completes its acquisition of Alstom ■ Study: CT should maintain use of sodium chloride for deicing ■ CT ranked Top 6 for property, car taxes 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 LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW TOP STORY Bronin rolls to easy victory in Hartford mayoral race Luke Bronin, former general counsel to Gov. Dannel P. Malloy, won an easy victory in Hartford's mayoral race last week. Bronin won 76 percent of the votes overwhelming weak opposition from Republican opponent Theodore Cannon and petitioning candidates Joel Cruz Jr. and Patricia Smith. Bronin in effect locked up his victory in the general election when he defeated incumbent Mayor Pedro Segarra in the September Democratic pri- mary. Segarra decided not to pursue an independent candidacy after being defeated 55 percent to 45 percent. Bronin, 36, proved adept at fundraising. According to published reports, he raised more than $1 million in his first shot at elected office. "I'll be reaching out very quickly to the business community, asking them to be partners in our effort to strengthen and revitalize Hartford,'' Bronin told the Hartford Business Journal after winning his primary. "I would like to seek their expertise and their perspective. But I also want to make sure they know they have a partner. I also want to have their partnership in some initiatives that are going to be very important to me." Luke Bronin captured nearly 7,100 of the 9,300 votes cast in Hartford's mayoral race. P H O T O | H B J F I L E

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