Hartford Business Journal

6 Hartford Business Journal • August 15, 2016 www.HartfordBusiness.com MANUFACTURING Rogers Corp. leaving its 184-year-old Killingly base to relocate to Arizona Rogers Corp., based since 1832 in the eponymous portion of Killingly, is moving its Connecticut corporate headquarters to Arizona, company officials said last week. Rogers' relocation will involve about 70 corporate employees "who support Rog- ers in areas such as human resources, information technology, finance and supply chain, among others," President and CEO Bruce D. Hoechner said in a news release. Founded 184 years ago by Peter Rogers as a paperboard manufacturing company, Rogers has evolved into a global materials technology company. The move "will build upon Rogers' presence in Arizona," Hoechner said, where the company has major business and manufacturing operations in the Phoenix area. – Howard French, Journal Inquirer Conval, longtime Somers manufacturer, relocating plant to Enfield Conval Inc., a landmark local business that was founded in Somers and ex- panded in place for nearly 50 years, is leaving town. It's not going far, however, shifting from its 265 Field Road site to a new location in neighboring Enfield — meaning its 100-plus employees will be able to keep their jobs. The company's been squeezed for space for some time, according to Mike Hendrick, vice president of sales and marketing. Even with three buildings on its 1.8-acre site, Conval's manufacturing, sales and warehouse functions are all packed into just 45,000 square feet of floor space, Hendrick said. The company has had a longstanding desire to remain in Somers, but was un- able to find suitable additional space in town that was zoned for manufacturing, Chairman Frank A. Siver said. Its new location is the 75,000-square-foot former Quad/Graphics plant at 96 Phoenix Ave. – Howard French, Journal Inquirer ENVIRONMENT Connecticut sees foreclosure inventory improving Connecticut's foreclosure inventory declined by just over 20.6 percent in June of this year compared with a year ago, slightly behind the national average of 25.9 percent, CoreLogic reported. According to the June 2016 National Foreclosure Report by the property ana- lytics provider, foreclosure inventory dropped 25.9 percent nationwide, along with a decline of 4.9 percent in completed foreclosures. Completed foreclosures nationwide decreased year over year from 40,000 in June 2015 to 38,000 in June 2016, CoreLogic said. In Connecticut, completed foreclosures registered a more marked decline of 50.5 percent, from 5,031 in June 2015 to 2,488 this past June. The year-over- year serious delinquency rate also dropped in June by 25 percent. Overall, the state's foreclosure inventory rate for this past June was 1.6 percent. Foreclosure inventory represents the number of homes at some stage in the foreclosure process, while completed foreclosures reflect the total number of homes lost to foreclosure proceedings. BANKING & FINANCE KeyCorp's CT/Mass. banking team settles into place Ohio financial services provider KeyCorp has set its Connecticut-Massachu- setts executive-leadership team in the wake of its recent $4.1 billion merg- er with former First Niagara Financial Group. KeyCorp, parent of KeyBank, announced Monday its 13-member KeyBank regional team will be housed at 195 Church St. in downtown New Haven. Jeff L. Hubbard, who was named First Niagara's New England president in June 2015, heads KeyBank's Connecticut-Massachusetts group. KeyCorp's slate of Hartford area executives include: Miranda Ronke-Czarniecki, mortgage sales leader — Hartford/Western Massachusetts; Martha Burgess, area retail leader — Hartford West; Mary Ann Ludtke, area retail leader — Hartford East; Carole Ibsen, area retail leader — Hartford North/Western Massachusetts. ECONOMY & LABOR S&P: CT's finances more vulnerable than most to recession Low budget reserves, high fixed costs and an overreliance on income taxes from the wealthy puts Connecticut in the top handful of states most susceptible to significant fiscal stress in the first year of a moderate recession, according to an analysis by Standard & Poor's Global Ratings. For its analysis, S&P — which has assigned Connecticut an "AA-" rating with a "stable" outlook — evaluated the 10 states with the most tax-supported debt. Though S&P continues to handicap the chances of a U.S. recession at 20 percent to 25 percent, such an event would begin with a sharp drop in Con- necticut's capital gains taxes, followed by a $1.2 billion shortfall in general fund revenue, S&P said. Of that projected shortfall, the state only has about 11 per- cent in its budget reserves to cover it. EDUCATION UConn Foundation's FY16 fundraising second largest in its history The UConn Foundation raised $78.3 million in new gifts and commitments in fiscal 2016, the second highest in its history, it announced. Foundation President and CEO Joshua Newton told his board of trustees that the total hits the year's fundraising goal and beats the previous year by $400,000. Amounts raised include $16.1 million for scholarship and student support, $25.4 million for research, $29.8 million for program support, $5.3 million for faculty support, and $1.7 million for capital improvements, Newton said. Of the total, $57 million was designated for current operations, while $21 million was earmarked for the school's endowment — which now stands at nearly $375 million. BY THE NUMBERS 184 The number of years Killingly's Rogers Corp. has been based in Connecticut, before its recent decision to relocate its headquarters to Arizona. $78.3M The amount of money raised by the UConn Foundation in fiscal 2016, which was the second highest fundraising total in the school's history. 600 The number of workers Altice USA, parent company to Cablevision, is laying off in Connecticut as a result of technology improvements and declining call-center volume. $219M The amount state government spent on overtime in fiscal 2016, which was down 14.5 percent from a year earlier, representing a reduction of $37.1 million. TOP 5 MOST READ on HartfordBusiness.com ■ Rogers Corp. leaving its 184-year-old Killingly base to relocate to Arizona ■ MGM reveals Bradley casino plan ■ S&P: CT more susceptible than most to recession ■ Yale, UConn Law schools pay off for grads, survey shows ■ Study: Younger workers impacted by CT's sick-leave law 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, CT Health Care Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW TOP STORY Travelers Championship sets record raising $2.8M for charity The 2016 Travelers Championship raised a record $2.8 million for charity, largely in support of ALS research, the Travelers Cos. reported last week. More than $1.2 million of that total came from the Bruce Edwards Foundation Benefit Dinner, which focused on research funding for amyo- trophic lateral sclerosis. The progressive disorder affects the function of nerves and muscle. The tournament donates 100 percent of its net proceeds to nonprofits throughout New England. This year, organizers placed an emphasis on supporting organizations that care for ALS patients and conduct research to find a cure. The ALS Clinic at the Hospital for Special Care in New Britain is the primary beneficiary. Jay Fishman, executive chairman of Travelers' board, suffers from ALS. The golf tournament also supported more than 100 charities throughout the region, including The Hole in the Wall Gang Camp. Since Travelers became title sponsor in 2007, the championship tour- nament has generated about $13 million for more than 500 charities. PGA pro Russell Knox, seen teeing off at the Travelers Championship at TPC River Highlands in Cromwell, won the tournament with a score of 14 under par 266. P H O T O | C O N T R I B U T E D

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