|
|
|
Almanac
Panolam
Completes Deal
|
Business New Haven
3/22/1999
By: BNH
|
Panolam Industries International of Shelton has completed its acquisition of the Maine-based Pioneer Plastics Corp. for $160 million in cash and contingency payments through 2003 of $1.5 million. With annual revenues of about $340 million, Panolam manufactures and sells laminate products which are used in making counter tops, flooring and cabinetry. Its production facilities are in Georgia Ontario and Oregon. Pioneer manufactures horizontal laminates for counter tops and desks. The companies will continue to be operated as separate entities, Panolam officials said.
Horizontal Mambo
Add Norwalk Hospital and its associated physician management services organization, Fairfield County Physician Management Corp., to the growing Yale-New Haven Health System (YNHHS) family. The 328-bed, not-for-profit acute-care community hospital joins the Westerly Hospital as the second network participant in the Yale-New Haven system. The two hospitals remain independent, with no change in governance or transfer of assets. The Yale-New Haven Managed Care Network also includes corporate members Yale-New Haven Hospital, the YNHH Children's Hospital, Bridgeport Hospital, Greenwich Hospital and the Southern New England Physician Hospital Organization, which is associated with Westerly Hospital. The Yale-New Haven System is also owner of HealthChoice, a managed-care plan with 200,000 enrollees.
...And All We Got Was This Lousy T-Shirt
Fleet Financial Group CEO Terrence Murray pulled down a $9.7 million compensation package in 1998, according to a proxy statement released March 7. Murray's deal included salary, bonus, restricted stock grants and other compensation. Directors of the parent company of Fleet Bank credit Murray with a series of major acquisitions last year that included discount broker Quick & Reilly Group Inc. and Advanta Corp.'s credit-car business.
Where's the Money?
The West Haven Economic Development Corp. (WHEDC) and the New Haven Community Investment Corp. (NHCIC) are joining forces to help improve access to capital for businesses in West Haven and Orange. Beginning this month the NHCIC will have representatives at the WHEDC offices the third Wednesday of each month for private meetings with local business people to discuss their needs and, where possible, to help arrange for financing. The new program is co-sponsored by the West Haven Chamber of Commerce and the Orange Economic Development Corp. Information about the initiative is available by calling 203-937-8888.
Where the Jobs Are
If companies simply set up shop where people lived, the ratio of jobs to population would be fairly uniform across the state. That's not how it works, though: Across Connecticut's 169 cities and towns, the number of jobs per 100 residents (based on June 1997 data from the University of Connecticut) varies wildly, from 5.6 in rural Colebrook to 123.9 in Farmington. Fine, you say: Bigger communities have more jobs than small ones. But even the state's major cities show a yawning disparity in jobs per population. The most job-starved is Bridgeport, with 34.5 jobs per 100 residents. At the other end of the spectrum is Hartford, with 93.4. Somewhere in the middle at New Haven (58.0 per 100), Waterbury (41.6) and Stamford (60.8). Why? According to UConn, factoring in labor-force skills, socioeconomic characteristics, local public policies and even geographic differences help to account for differences from city to city.
Car-Repair Crackdown
The city of New Haven took action March 12 to shut down an illegal auto-repair at 683 Washington Street, resulting in two arrests. The pair, Luis Martinez, 34, and Oscar Sanchez, 37, both of New Haven, own an adjacent business, Cross Town Motors. They were charged by police with operating an illegal garage. Police said 56 vehicles were on the site; 26 cars were towed from the site and surrounding streets. The raid was conducted by a task force comprising representatives of New Haven's Livable City Initiative, the Connecticut Regional Auto Theft Task Force, the city's Department of Police Services and the state's Department of Environmental Protection.
Citizens Awards Grants
Citizens Bank awarded grants in the amount of $14,500 between two New Haven based charities. A $2,000 grant was approved to benefit Urban Solutions of New Haven, a non-profit organization committed to strengthening urban neighborhoods and creating access to employment for its resident. The Bank also awarded a $12,500 grant to Neighborhood Housing Services of New Haven, a new program designed to help low and moderate-income families become homeowners. The program helps qualifying families establish accounts to save a specific amount of money each month, which is later used as a down payment on a home.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
