Hartford Business Journal

4 Hartford Business Journal • September 11, 2017 • www.HartfordBusiness.com Week in Review Briefs UTC moves to acquire Rockwell Collins United Technologies Corp. agreed last week to buy Rockwell Collins Inc. for $30 billion. The heavily rumored deal will make Farmington- based UTC an even larger player in the global aerospace industry. UTC is financing the deal with equity ($23 billion) and also will assume Rockwell Collins' $7 billion in debt. The combined entity will form a new UTC division called Collins Aerospace Systems. Rockwell Collins' business is involved in avionics, flight controls, seating and interior systems, and data connectivity solutions, while UTC focuses on aerostructures, landing systems, electric and engine systems and propellers. UTC is parent not only to jet-engine maker Pratt & Whitney but also Otis Elevators, and air conditioner maker Carrier Corp. The combined company is expected to have global sales of approximately $68 billion, with approximately $23 billion in sales from aerospace. Rockwell Collins CEO Kelly Ortberg will head the new division and Dave Gitlin, who runs UTC Aerospace Systems, will serve as president and COO. Trinity Health CEO stepping down at year's end A search is in the offing for a new leader at Trinity Health Of New England as President and CEO Chris Dadlez announced plans to step down from his post at year's end. Dadlez joined St. Francis Care in 2004 and led the 2015 consolidation of the healthcare operator into the national Trinity Health system. Previously, Dadlez served as CEO of multiple large, complex health systems. "This is a decision I have been contemplating for some time now," said Dadlez. "Together, we have taken this organization far by creating a strong region with a common mission, and I feel now is the right time to allow a new leader to take Trinity Health Of New England to the next level." In the coming months, Trinity Health will conduct a national search for a new CEO. Trinity Health Board Chairman Kevin J. O'Connor called Dadlez a "steadfast" leader whose business acumen helped the health system grow. In Connecticut, Trinity Health is comprised of St. Francis Hospital and Medical Center and Mount Sinai Rehabilitation Hospital in Hartford; Johnson Memorial Hospital and Home & Community Health Services in Stafford Springs; and St. Mary's Hospital in Waterbury. Economist: Long-awaited CT job recovery will hit in 2019 At Connecticut's current job-creation pace, the state will recover all of the jobs it lost during 2007-2009 recession by early 2019, economist Don Klepper-Smith said. The state has recovered 82 percent of the jobs it lost and has another 21,000 jobs to go. That recovery pace has lagged behind most states. All other New England states have recovered their recessionary job losses and gained some additional net jobs. As of July, Rhode Island had the second- slowest New England recovery pace, at 109 percent. Massachusetts is performing the best, at 303 percent. Massachusetts' good fortune has translated to a better recovery rate in the Springfield labor market area when compared with the Hartford area. West Hartford boutique hotel unveiling set for Sept. 12 Boutique luxury hotel owner Delamar is preparing to debut its brand — already in place in Southport and Greenwich — in West Hartford. Slated to open Sept. 12 at 1 Memorial Road in the shadow of Blue Back Square, the $20 million hotel features 114 rooms and suites built to LEED gold standards, with amenities that include dining, a spa, and private event space that can hold up to 400 guests. Originally slated to open as early as last summer, the new hotel would be the town's first luxury hotel and the first lodging facility opened since Blue Back's 2007 debut. After Dillon Stadium settlement, Rocky Hill insurance broker sold A Rocky Hill insurance agency that settled a legal dispute with the city of Hartford over allegations it issued a fake coverage certificate for the defunct Dillon Stadium redevelopment has been acquired by a larger independent insurer based in Tinton Falls, N.J. Bruen Deldin DiDio Associates Inc. (BDD), with offices in Rocky Hill, Rhode Island and New York, was purchased on Aug. 23 by World Insurance Associates LLC (WIA), an independent insurance agency, the buyer said this week. BDD agreed in August to pay Hartford $350,000 after city leaders accused the company TOP STORY Hartford HealthCare, Anthem contract deadline looms A fter their last contract negotiations went down to the wire, Hartford HealthCare and health insurer Anthem are once again in deal-making mode less than a month before their current contract expires. Wallingford-based Anthem sent an Aug. 30 letter to its Connecticut customers, warning them that negotiations had not yet concluded and that its Hartford HealthCare patients could be out of network come Oct. 1, if the two sides fail to come to terms. Anthem said HHC has already notified it that it intends to terminate its contract with Hartford HealthCare Medical Group. Insurers and health systems are required to notify customers when 30 days remain to a contract's expiration. "Fortunately, in the vast majority of cases, the parties are able to reach agreement before or very shortly after the contract termination date," Anthem's letter said. "Anthem will continue to work hard to successfully renew its agreements with the HHC hospitals, facilities and providers so that they remain in our network." In a statement, HHC said: "Our two organizations continue to meet regularly and our focus remains on renewing our relationship with Anthem. For now, nothing changes and Anthem patients continue to have access to Hartford HealthCare's services and professionals at in- network rates. We thank our patients for their patience and trust, and we are doing everything we can to keep them informed." BY THE NUMBERS $20M The construction costs of West Hartford's first luxury hotel, Delamar, scheduled to officially open Sept. 12. 1,400 The number of jobs toymaker Lego plans to eliminate as part of a cost- cutting initiative. Its unclear how many jobs will be lost at its U.S. headquar- ters in Enfield. $1B The total economic output that Con- necticut's beer industry contributes to the state's economy, according to the National Beer Wholesalers Association. $68B The total global sales United Technolo- gies Corp. is expected to generate an- nually once it completes its $30 billion acquisition of Rockwell Collins. TOP 5 MOST READ On HartfordBusiness.com • West Hartford boutique hotel unveiling set for Sept. 12 • Trinity Health CEO stepping down at year's end • Lembo projects $94M CT deficit for fiscal '18 • Lego slashes 1,400 jobs as sales slump • Perez pleads guilty in bribery case 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-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 Chris Dadlez, President and CEO, Trinity Health Of New England West Hartford's Delamar hotel debuts Sept. 12 Hartford Hospital patients who have Anthem insurance could soon pay out-of-network rates. PHOTO | HBJ FILE PHOTO | CONTRIBUTED Continued on page 7

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