Hartford Business Journal

6 Hartford Business Journal • July 10, 2017 www.HartfordBusiness.com TOP STORY 'CT-Made' branding coming with new law A new law taking effect Oct. 1 will require the state to develop a "Con- necticut-made" logo businesses can use to promote products made or pro- duced in the state. Gov. Dannel P. Malloy recently signed House Bill 7062. According to an anal- ysis of the proposal, the state Department of Economic and Community Devel- opment (DECD) commissioner must develop the logo and make it available to businesses through an internet website, which can be promoted, along with the logo, by other state and local agencies and public and private institutions. DECD must also develop guidelines and can specify types of products per- mitted to be branded. The state cannot contract with a third party for the work. The bill also eliminates the commissioner's authority to make grants, within available appropriations, to people and businesses that promote and market Connecticut-made products. ENERGY & UTILITIES CT Water Co. seals $34M deal to buy Avon firm The Connecticut Water Co. (CWC) has completed its $34 million acquisition of the Avon Water Co., adding 4,800 users to its customer base. The deal includes $34 million paid to Avon shareholders and Connecticut Water's assumption of approximately $6.1 million of debt, the company said in a statement. The closing was effective July 1. Avon's president, Bob Wesneski, will remain on board in a "leadership role," said Eric W. Thornburg, CWC's CEO. Avon's geographic territory spans Avon, Farmington and Simsbury. The Avon company retains its name, office and employees. The merger will not affect the rates or service for customers of any of its sister companies at Connecticut Water, Heritage Village Water, and Maine Water. HOSPITALITY & TOURISM Hartford's Max Downtown closes for renovations Hartford's Max Downtown has closed for the summer as it preps for a major renovation to its popular center-city restaurant. The eatery, situated in ground-floor space at CityPlace, 185 Asylum St., is getting a complete renovation and is scheduled to reopen in early September, officials said. The $1 million renovation will aim to give the restaurant a more casual feel as it tries to attract Millennials and cater to new dining habits, according to published reports. Max Downtown is part of Max Restaurant Group. MANUFACTURING Bloomfield manufacturer postpones closing to next March Bloomfield optical product manufacturer Lumentum will close its plant in March 2018, more than a year later than the originally scheduled closing date. In early 2016, the company told the Connecticut Department of Labor it would gradually lay off 231 employees and close the facility that October, according to a letter sent to DOL by the company's general counsel, Judy Hamel. This June, however, Hamel notified DOL by letter that the closing has been postponed to next March "due to unforeseen customer requirements." While "periodic" layoffs have occurred over the last several months, the com- pany expects to lay off the 175 remaining employees by next March, Hamel wrote. Employees are not protected by a union, she noted. NONPROFITS Charity fills funding gap for Journey Home One of many Hartford nonprofits hit by recent city budget cutbacks has filled much of the hole after a charity pledged $86,000, Mayor Luke Bronin's office announced. Journey Home, which offers programs and services that help people transi- tion from homelessness, will use the money from Melville Charitable Trust to fund operations over the next year. Journey Home received $83,000 from the city in the recently concluded fiscal year, and nearly $100,000 the year before. "As the city has had to step back from funding programs we value, local organizations have repeatedly stepped up," Bronin said in a statement. That has included a $75,000 donation from All Waste Inc. to keep the Bush- nell Park Carousel operating, and an undisclosed sponsorship by United Tech- nologies of a series of Hartford events, including an annual fireworks display on July 8, which was canceled last year after a funding cut to Riverfront Recapture. In recent years, Hartford has granted more than $800,000 — largely in-kind public safety services — to various culture and entertainment events in the city. Bronin was forced to cut events funding in his first budget last year, and eliminated more in the fiscal year 2018 budget, including support for the Hart- ford Business Improvement District. TRANSPORTATION Malloy signs law permitting driverless-vehicle pilot program Gov. Dannel P. Malloy signed a bill that will allow testing of driverless vehicles in up to four municipalities, as Connecticut looks to play catch-up with other states in early stage adoption of autonomous vehicle technology. The new law creates a pilot program allowing manufacturers and fleet ser- vice providers to test fully autonomous vehicles in Connecticut. It also estab- lishes testing requirements and requires participating municipalities to enter into agreements with autonomous vehicle testers. Malloy said the final language in the adopted law includes specific qualifica- tions on the testing of driverless vehicles, only allowing them to be conducted through limited and controlled testing areas. HEALTH CARE Tenn. company completes $10M acquisition of skilled nursing facility in Tolland Nashville, Tenn.-based MedEquities Realty Trust Inc. has closed on its previ- ously announced acquisition of Woodlake at Tolland Nursing & Rehabilitation Center from a wholly owned subsidiary of Prospect Medical Holdings Inc. for $10 million in cash. MedEquities has leased the facility to Prospect ECHN Eldercare Services Inc. pursuant to a 12-year lease. Prospect Medical Holdings and Prospect ECHN provided a guaranty for the lease. Woodlake at Tolland is a roughly 65,000-square-foot skilled-nursing facil- ity licensed for 130 beds. With its first acquisition in Connecticut, MedEquities now has 25 healthcare facilities with 2,475 licensed beds located in five states, including Texas, California, Nevada and South Carolina. MedEquities Realty Trust is a real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. RESEARCH & DEVELOPMENT Mystic Aquarium researchers find home at UConn Avery Point Mystic Aquarium will make UConn Avery Point in Groton home base for its re- search team. UConn, which already has an educational and research partnership with the aquar- ium, said aquarium researchers will use lab and office space at the UConn Avery Point campus for the next five years. Research will focus on promoting healthy oceans, biodiversity and the sustainable use of aquatic resources, the two institutions said. The collaboration will serve not only UConn students but also aquarium interns and volunteers, they said. The Department of Marine Sciences is located on UConn's coastal campus at Avery Point, on the shores of Long Island Sound. The aquarium's research operation was originally moved temporarily to UConn in late 2016 during the construction of its John T. and Jane A. Weiderhold Foundation Veterinary and Animal Health Center. BY THE NUMBERS $850M The amount of revenue that would be raised over two years, if House Democrats get backing on a proposal to increase the state's sales tax to 6.99 percent. 284 The number of state judges and trial court referees who are slated for a 3 percent raise effective July 1, which could be canceled depending on the state budget. $34M The total value of stock and cash Connecticut Water Service paid for its recently concluded acquisition of the Avon Water Co. 319 The number of complaints Connecticut military members have filed with the Consumer Financial Protection Bureau since it was created, according to ConnPirg. TOP 5 MOST READ on HartfordBusiness.com ■ MetroHartford Alliance's Griebel stepping down as CEO ■ Aetna officially announces its HQ is moving to NYC ■ McHugh exiting UConn trustees board ■ CT Water Co. seals $34M deal to buy Avon firm ■ Bloomfield manufacturer postpones closing to next March 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 Gov. Dannel P. Malloy shown at a recent bill signing ceremony with Lt. Gov. Nancy Wyman and other state lawmakers. P H O T O | C O N T R I B U T E D

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