In brief
Stallion production
Sikorsky Aircraft Corp. unveiled a production line in Florida for early models of a massive helicopter it is designing for the Marine Corps.
Sikorsky typically uses a facility in West Palm Beach for prototype assembly of new aircraft models, before shifting volume manufacturing to its main production plant in Stratford where it is based.
The CH-53K Super Stallion is designed to be the largest helicopter ever flown by the U.S. military, with the ability to carry a payload approaching 14 tons more than 125 miles, and optional seating for more than 50 troops.
Sikorsky is slated to begin deliveries in 2018 of more than 200 helicopters; a year ago, Sikorsky created a unit in Stratford that is producing precision components needed for the helicopter.
“We are witnessing the dawn of a new age in rotorcraft development and construction,” said Dennis Jarvi, vice president of U.S. Navy and Marine Corps programs for Sikorsky, in a prepared statement. “The CH-53K helicopter is being digitally designed and manufactured. We have created ”˜virtual”™ tools that will improve the learning process and identify and solve issues before they become costly delays in manufacturing.”
Small-business loan
funds coming to state
The U.S. Department of the Treasury approved Connecticut”™s application for federal funding under the State Small Business Credit Initiative, which could spur some $133 million in small-business lending here.
First authorized under the Small Business Jobs Act of 2010, the program gives Connecticut access to more than $13 million in funds, which the state is plowing into its existing Capital Access Program. That program provides loan portfolio insurance to encourage private financial institutions to lend to creditworthy small businesses. Officials say the program could draw as much as $10 in private-sector lending for every dollar committed in government funding.
Flatto to oversee
casino, lottery revenue
Gov. Dannel P. Malloy appointed Fairfield”™s First Selectman Ken Flatto as executive director of the Connecticut Division of Special Revenue, which oversees the Connecticut Lottery and collects Foxwoods and Mohegan Sun casinos”™ contributions to the state coffers from gambling revenue.
Flatto replaces Paul Young who has held the post since 2004, one of the two longest tenures in the department”™s four-decade history.
Aquarion considers major solar buy
OPEL Solar Inc. is installing a photovoltaic system at an Aquarion Water Co. treatment plant in Shelton, where OPEL has its U.S. headquarters.
Designed to track the sun”™s path during the day, the system will produce about 43 megawatt hours of electricity annually. That represents a 22 percent improvement over what fixed solar panels could produce that are unable to reorient themselves to catch the full light of the sun.
Bridgeport-based Aquarion suggested it may install similar systems at other company sites; the utility provides water to some 580,000 area residents.
GE unveils newfangled MRI
General Electric Co. lined up PGA golfer Jim Furyk to promote a new magnetic resonance imaging scanner, which is designed so that only a targeted arm or leg actually goes into the scanner, a welcome change for patients with claustrophobia.
The Optima MR430s features a reclining chair in which patients are examined and carries the 1.5T image quality required by physicians, GE stated.
“GE”™s Optima MR430s extremity scanner stands out because it ensures high quality images and a more refined, comfortable MR experience for those who have suffered injuries to an arm, leg or even a wrist or ankle,” said Dr. William Morrison, director of musculoskeletal radiology at Thomas Jefferson University in Philadelphia. “This scanning technology helps eliminate anxiety and discomfort often associated with full-body MR technology.”
Patriot inches closer to profitability
Patriot National Bancorp Inc. lost $4.1 million in the fourth quarter, a slight improvement from a year ago.
The Stamford-based bank closed the books on 2010 with a $15.4 million loss, down from a $23.9 million loss in 2009. Net interest income was $5.1 million in the fourth quarter, up from $4.7 million a year earlier.
Patriot National recently revealed a $65 million deal to sell off non-performing loans and real estate, along with plans to close offices in Fairfield, Greenwich, Stratford and Wilton.
“Our restructuring initiatives are intensely under way,” said Michael Carrazza, Patriot National”™s chairman who bought a controlling stake in the company last year, in a prepared statement. “The operating improvements made since October demonstrate our team”™s commitment to restoring health and profitability at Patriot, while positioning the bank for long-term sustainable growth.”
LDH divests Midstream assets
For $1.9 billion, Louis Dreyfus Highbridge Energy L.L.C. is selling its Midstream energy assets in the Gulf of Mexico region to a joint venture owned by Energy Transfer Partners L.P. and Regency Energy Partners L.P.
Louis Dreyfus Highbridge is based in Wilton and plans to relocate this summer to Stamford.
The assets include energy infrastructure operations that provide storage, transportation and processing services and handle natural gas, petrochemicals and refinery products. Louis Dreyfus Highbridge is retaining its Midstream coal-blending terminal in West Virginia.
Malloy taps Stein for siting council
Gov. Dannel Malloy nominated Stamford resident Robin Stein to become chairman of the Connecticut Siting Council, which reviews requests by energy companies and other utilities to build facilities or install equipment such as cell-phone towers.
If approved by the Connecticut General Assembly, Stein would replace Dan Caruso, who resigned from the council in mid-March.
Stein previously was the head of Stamford”™s land-use bureau.
“Robin”™s keen knowledge of the laws and regulations concerning the issues for which the council is responsible will be invaluable,” Malloy said, in a prepared statement. “The issues before the siting council are complex and important and I know that Robin will approach them seriously and with the attention they deserve.”
Hospital economic impact figures released
Connecticut hospitals contribute $17.6 billion to the state economy and support 97,000 jobs, including the ripple effect caused by hospital and employee spending according to a report released by the Connecticut Hospital Association.
The Connecticut General Assembly is considering a hospital tax and a cut in the funding provided to hospitals for uncompensated care they provide. The Connecticut Hospital Association opposes both measures, saying it could result in the loss of more than 1,400 jobs.
“Everyone knows that hospitals are always there when you need them, but few realize the tremendous contribution hospitals make to the state”™s economy and to the financial well-being of our local communities,” said Jennifer Jackson, CEO of the association, in a prepared statement. “The major economic role played by hospitals has taken on even more importance given the state”™s need for more jobs and strong economic development during these uncertain financial times.”
Added benefits for former Deloitte workers
The U.S. Department of Labor certified former workers at Deloitte”™s large Wilton complex as eligible for additional employment benefits, ruling that they lost their jobs due to foreign competition. The workers provided Internet support services.