U.S. Army planners reportedly solicited designs for fast new helicopters, with Sikorsky Aircraft Corp. expected to be a bidder with its X2 prototype that has approached speeds of 300 mph.
Separately, the U.S. Navy awarded a Sikorsky joint venture with Lockheed Martin Corp. a $1.4 billion contract to continue maintenance on Seahawk helicopters.
According to the trade publication Flightglobal, the Army”™s Aviation Applied Technology Directorate could eventually ask for rotorcraft capable of exceeding 450 mph. The Army hopes to begin production after 2020.
AATD could request designs for light through heavy helicopters, as well as an “ultra” category of undetermined load-carrying capabilities. Sikorsky is finalizing a new heavy-lift helicopter for the Marine Corps that it said would be the largest helicopter ever built; in January, it reported that a virtual design lab had helped it shave $18 million from the cost of developing the aircraft.
Two interested in seat
With U.S. Sen. Joe Lieberman declining re-election, and early entrants in the race to succeed him include U.S. Rep. Chris Murphy and former Connecticut Secretary of State Susan Bysiewicz.
Ned Lamont, who defeated Lieberman in the 2006 Democrat primary only to lose to him in the general election, did not immediately state whether he would enter the race.
Among Republicans, former World Wrestling Entertainment CEO Linda McMahon is expected to enter the race; recent Republican gubernatorial candidate Tom Foley did not immediately indicate whether he would.
Danbury lands another HQ
An Italian biodegradable plastics company formally established a North American subsidiary with its headquarters in Danbury.
Novamont SpA said it plans significant investments in North America, possibly to include a biorefinery. Its stateside operation currently employs 200 people and had $115 million in revenue last year.
“The North American composting market has grown significantly in the past decade, and is now ready to make a big step forward due to higher environmental sensitivity, and increased attention on the economics of waste diversion,” Tony Gioffre, president of Novamont North America, said in a statement.
SEC sues Stamford businessman
The head of a Stamford company is accused of misappropriating $53 million from two hedge funds and investing the funds in private equity deals.
The U.S. Securities and Exchange Commission sued Francisco Illarramendi and several affiliates of his Stamford-based company, the Michael Kenwood Group L.L.C. According to a company biography cached by Google Inc., Illarramendi previously worked for Credit Suisse and Highview Point Partners L.L.C.
The SEC claims Illarramendi breached his fiduciary duty by making multimillion-dollar investments in companies that were in the early stages of forming, rather than in relatively liquid short-term vehicles. The SEC said Illarramendi also was not registered to make those investments.
Inline Plastics gets state loan
The Connecticut Department of Economic and Community Development extended a $500,000 loan to Inline Plastics, which the Shelton company will use for new machinery and equipment as it hires nearly 20 workers.
Inline Plastics sells plastic food containers for use in supermarket delis and bakeries. The company currently employs about 200 people, also having a site in Milford.
The loan carries 2 percent interest over a 10-year term.
Agilent adds A2
Agilent Technologies Inc. is acquiring A2 Technologies Inc., a Danbury-based company that makes handheld spectroscopy products used to analyze the chemical composition of fluids and materials outside a lab environment.
Santa Clara, Calif.-based Agilent did not immediately disclose what it paid for A2”™s assets. Agilent last year spent $1.5 billion to acquire Varian Inc., a Palo Alto, Calif.-based maker of a wide range of spectroscopy products.
Oxford Lane begins trading
Oxford Lane Capital debuted on the Nasdaq Global Select Market, raising $37 million in an initial public offering of stock under the OXLC ticker symbol.
The Greenwich-based company is structured as a closed-end management investment company. CEO Jonathan Cohen and President Saul Rosenthal also run TICC Capital Corp. and T2 Advisers L.L.C. in Greenwich.
Stew Leonard”™s ”˜best to work for”™
Stew Leonard”™s led three Norwalk-based companies on Forbes”™ annual “best companies to work for list, the only businesses in Connecticut to make the cut.
Stew Leonard”™s ranked 18th on the list, despite having among the sharper job contractions of companies on the list at 7 percent.
Also making the list were CHG Healthcare Services at 27th and FactSet Research Systems Inc. at 64th. North Carolina-based SAS led all companies on the list, followed by Boston Consulting Group and Wegman”™s Food Markets.
Sterling adds to portfolio
A company controlled by Westport-based Sterling Investment Partners acquired two valve and pump equipment distribution companies in the South.
Columbus, Ohio-based FCX Performance Inc. bought out Stafford, Texas-based Baro Cos. and the Lakeland, Fla.-based Solares Controls division of Solares Florida Corp. in Miami.
Sterling Investment Partners has $1 billion under management, with its current portfolio including New York City-based Fairway Market.
UNH names business dean
The University of New Haven named Lawrence Flanagan as executive dean of its new business school, with Flanagan having recently retired from MasterCard Inc.
Flanagan led marketing at MasterCard when the Purchase, N.Y.-based company debuted its iconic “priceless” advertising campaign.
Interactive Brokers revenue down
A $28 million loss in the fourth quarter wiped out a profitable first nine months of 2010 for Interactive Brokers Group Inc.
The Greenwich-based company runs online trading platforms. In the fourth quarter, net revenue was down 7 percent to $187 million; for the full year, Interactive Brokers Group lost $9.3 million on net revenue of $922 million, down 16 percent from 2009 when the company earned $36 million.
In a conference call with investment analysts, CEO Thomas Peterffy said the company”™s results were “clouded by accounting conventions,” in his words ”“ in part taxes paid on taxes paid on a fourth quarter dividend.
