In brief
At contract conclusion, DRS layoffs in BridgeportÂ
Defense systems supplier DRS Technologies Inc. is cutting 160 jobs at its power solutions facility in Bridgeport, three years after winning a $91 million order to produce some 5,000 power generators there for the U.S. Army.
The Parsippany, N.J.-based company”™s generators are designed to be lightweight and quiet for use by soldiers in combat theaters. The DRS Power Solutions facility at 141 North Ave. in Bridgeport totals 140,000 square feet of space; the unit also has facilities in Chantilly, Va., and in Nova Scotia. In early 2009 when the company took a $3.5 million loan to expand its space in Bridgeport, DRS had 180 employees there and pledged to add nearly 100 more.
DRS Technologies has a second Fairfield County facility in Danbury that makes control systems for nuclear power plants, with the company at last report employing 240 people there.
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More M-8s coming down the rails?
Gov. Dannel P. Malloy announced plans to spend $93 million for 25 more M-8 rail cars for use on the New Haven Line, with the state already having 380 cars on order from Kawasaki Rail.
Unlike the current cars being delivered in married pairs, the new cars would arrive as single units as a way to add capacity to trains where needed.
Under Connecticut”™s contract with New York City”™s Metropolitan Transit Authority, the state pays for 65 percent of all equipment costs, with MTA and its Metro-North subsidiary picking up the difference. Malloy plans to ask the Connecticut State Bond Commission later this month to authorize borrowing to complete the purchase.
Xerox adds college administration outsourcing
Xerox Corp. acquired Colorado-based Education Sales and Marketing L.L.C., which handles enrollment and loan counseling services for some 700 colleges and universities on an outsourced basis.
Norwalk-based Xerox is adding ESM to its ACS division, which handles a wide range of outsourcing tasks.
“Higher education needs assistance managing the complexities of the entire student lifecycle from enrollment to alumni relations,” said Kent Schnacker, president of ACS”™ financial services group, in a prepared statement. “We can provide the full spectrum of support so colleges and universities can focus on the classroom rather than the administrative tasks that can drain resources and divert staff.”
Hillside takes Matrix space
Hillside Food Outreach established a headquarters office at Matrix Corporate Center in Danbury, with the nonprofit having been founded in Westchester County, N.Y.
Former New York Yankee and musician Bernie Williams attended the organization”™s dedication ceremony in Danbury last month.
“As hard it may be to comprehend, there are children going to bed hungry right here in our own backyard,” Williams was quoted as saying in a press release. “Hillside Food Outreach is dedicated to putting an end to this and we will succeed.”
Sterling back to school shopping
Westport-based Sterling Investment Partners is acquiring Excelligence Learning Corp., a Monterrey, Calif.-based seller of a wide range of school products, including educational and therapy materials, furniture and fundraiser items.
Sterling Investment Partners did not reveal financial terms of its deal with Excelligence owner Thoma Bravo L.L.C. of Chicago. Thoma Bravo spent $10 million to acquire Excelligence in 2006.
Sterling Investment Partners”™ investment portfolio includes Fairway Market, which has a location in Stamford.
Starwood brands trail competitors
Hotel patrons surveyed by J.D. Power & Associates rated Starwood Hotels & Resorts Worldwide Inc. no better than third, on a list pitting its brands against major competing chains.
Starwood Hotels is readying to move its headquarters to Stamford from White Plains, N.Y., bringing more than 800 jobs to Fairfield County.
Starwood”™s W Hotels brand ranked third among luxury hotels, behind the Ritz Carlton and the Four Seasons Hotels & Resorts.
Two hotel holding companies copped two top rankings each in the J.D. Power survey: Hilton Hotels Corp. for its Embassy Suites in the upper upscale segment and Homewood Suites for extended-stay hotels; and InterContinental Hotels Group for Holiday Indigo in the upscale segment, and Holiday Inn in the mid-scale full-service category.
Other top-rated hotel chains included Drury Inn & Suites for mid-scale, limited service, and Microtel Inns & Suites for budget hotels.
Renovations recharge Hubbell sales in Q2
Despite a dip in demand among commercial construction, including projects relying on federal stimulus money, Hubbell Inc. improved sales in the second quarter in part due to ongoing renovation business.
Shelton-based Hubbell sells components for electrical systems in buildings and power plants. Sales upped 10 percent to $709 million and the company reported net income of $65 million.
“The U.S. non-residential construction market was lower with continued weak demand for private new construction, while the public sector spending declined due to stimulus-related projects slowing and municipal budgets remaining constrained,” said CEO Timothy Powers, in a prepared statement. “However, the non-residential market is continuing to benefit from strong demand for renovation and relight products. The residential market remains weak as a lack of improvement in employment levels and a continued high number of home foreclosures have dampened the recovery.”
Chase opens Greenwich office
JPMorgan Chase & Co. opened a Greenwich office at 19 W. Putnam Ave. for its Chase Private Office unit catering to affluent families and individuals.
The office is going into space that is already the site of a Chase Bank branch that was the company”™s third largest in Greenwich as ranked by deposits. Chase has 10 Greenwich locations with more than $925 million in deposits as of last June.
By the end of this year, Chase Private Client plans to serve more than 250 locations and by 2013, anticipates it will have approximately 600 branches. New York City-based Chase said it extended nearly 244,000 loans and lines of credit to Connecticut customers and small businesses last year.