Fairfield County Business Journal articles from February 1992

Fairfield County Business Journal archives from February 1992

Danbury's retailers keep cautious watch on downtown revival. (retail industry)
February 3, 1992... Danbury's downtown revitalization program inched forward in December with the completion of a 550-car parking garage. Most days The Patriot Garage, which offers free parking until February when it will charge $15 a month, is only one-quarter...

Expressway venture fuels expansion. (Expressway Lube Centers forms joint venture with Quaker State Minit-Lube)
February 3, 1992... Expressway Lube Centers of Norwalk, which has retail operations in Fairfield and Westchester Counties, has formed a joint venture with Quaker State Minit-Lube, a subsidiary of Quaker State Corp., to expand Expressway's operations in New York,...

Cessna acquisition signals Textron's move to broaden its commercial base. (Cessna Aircraft Co.)
February 3, 1992... Textron Inc. became the latest defense contractor to expand into the civilian market with the announcement last week that it would acquire the Cessna Aircraft Co. from General Dynamics Corp. for $600 million. However, officials at Textron, an...

Assisting the living. (assisted housing)
February 3, 1992... Latest concept in housing for senior citizens includes 241-unit Stamford project As the population of Fairfield County grows older, the concept of assisted housing is growing with it. The Marriott Corp. recently received approvals to build a...

Marketers take cue from Hollywood in latest product sampling campaign. (movie theater sampling)
February 3, 1992... These days, moviegoers can expect to leave a theater with more than a torn ticket stub. Three major theater chains have implemented programs that allow distribution of free samples of healthcare products, breakfast cereals, coupons and other...

Viral Response signs a consent decree with FTC. (Viral Response Systems Inc.; Federal Trade Commission)
February 3, 1992... Viral Response Systems Inc. of Greenwich and its president have signed a consent decree drafted by the Federal Trade Commission, ending lengthy litigation pertaining to purported and inferred claims made for the company's Viralizer with...

Chesebrough-Pond's restructuring includes early retirement plan.
February 3, 1992... Chesebrough-Pond's USA of Greenwich has implemented a nationwide restructuring program intended to streamline the organization and its product lines. The program involves a $35 million charge against 1991 fourth-quarter pretax operating...

Partnership hands over two Westport buildings to lender. (ADP International Inc.; Connecticut Mutual Life Insurance Co.)
February 3, 1992... A New York City limited partnership has turned over ownership of two Westport properties to its lender after negotiations broke down on a new financing agreement. ADP International Inc. transferred ownership of 1200 and 1221 Post Road East in...

Discount retailer to expand in Fairfield. (Odd Job Trading)
February 3, 1992... Despite sharp reductions in consumer spending, one retail store chain is not only riding out the recession, it is looking to expand. Odd Job Trading, headquartered in New York City, plans to open a total of six new stores by 1994 in New York...

General Electric joins in Shorham bid. (conversion of Shoreham nuclear plant to natural gas)
February 3, 1992... Four energy companies -- General Electric, CMS Energy, Bechtel Enterprises and Long Lake Energy -- will join forces in a bid to convert the dormant Shoreham nuclear plant to natural gas. Their experience in energy conversion projects includes...

Stricter U.S. sentencing guidelines pose potential problems for unwary. (United States Sentencing Commission Guidelines)
February 3, 1992... Many business owners or corporate officers are probably totally unaware or only vaguely aware of the severity of the recently promulgated United States Sentencing Commission Guidelines. These guidelines are aimed at deterring white collar crime,...

Connecticut's banking industry moves to strengthen its position. (Focus: Banking Compendium of 1991 Results) (Industry Overview)
February 3, 1992... Non-performing loans continued to dog Connecticut's banking industry through the third quarter and into the fourth quarter of 1991 as financial institutions reported a combined third-quarter loss of $252 million. However, a number of banks took...

Northeast Bancorp Inc. reports positive results for fourth quarter. (earnings) (Focus: Banking Compendium of 1991 Results)
February 3, 1992... Northeast Bancorp Inc. of Stamford, parent of Union Trust Co., reported fourth-quarter net income of $2,867,000, or 40 cents a share, compared to a net loss of $23,325,000, or $3.21 a share, for the same period the previous year. For the...

Webster Financial reports higher earnings for fourth quarter, year. (Focus: Banking Compendium of 1991 Results)
February 3, 1992... Webster Financial Corp., holding company for Waterbury-based First Federal Bank, reported net income of $3.4 million, or $1.07 a share, for the year ended Dec. 31, 1991, compared to a loss of $2.7 million, or 79 cents a share for the year ended...

Great County Bank accepts resignation of president-CEO. (Frederick J. Quinn) (Focus: Banking Compendium of 1991 Results)
February 3, 1992... Frederick J. Quinn resigned as president, treasurer and chief executive officer of Great County Bank, effective Jan. 24. Quinn also resigned as a director of the Ansonia-based savings bank. In announcing Quinn's decision, Terry R. Chatfield,...

Centerbank posts profit in quarter. (Focus: Banking Compendium of 1991 Results)
February 3, 1992... Waterbury-based Centerbank reported net income for the fourth quarter of $772,000, or 6 cents a share, compared to a net loss of $16.4 million, or $1.34 a share, in the fourth quarter of 1990. For the year ended Dec. 31, 1991, Centerbank posted a...

VIMRx offering declared effective; firm begins testing herpes therapy. (VIMRx Pharmaceuticals Inc.)
February 3, 1992... VIMRx Pharmaceuticals Inc. of Stamford announced that its public offering of 1,200 units has been declared effective. Net proceeds of the offering of approximately $5 million will be used for working capital, including research and development....

UST posts 20 percent increase in earnings per share for 1991.
February 3, 1992... UST Inc. of Greenwich reported that 1991 primary earnings per share rose 20 percent to $1.18 a share compared with 98 cents a share in 1990. All share data were adjusted for the 2-for-1 stock split announced in December 1991. Net earnings for...

IBM Japan freezes executives salaries, cuts directors' pay.
February 3, 1992... Management of IBM Japan Ltd. has cut directors' pay and implemented a freeze on executive salaries in response to poor operating results. The Japanese division of International Business Machines Corp. reduced the salary of the president by 10...

Acme United Corp. declares dividend.
February 3, 1992... The board of directors of Acme United Corp., Fairfield, has declared a regular quarterly cash dividend of 5 cents a share payable March 5 to shareholders of record Feb. 10. The company paid a cash dividend of 5 cents a share in the fourth...

As soft drink market slows, Coke adds to lead over Pepsi.
February 3, 1992... The Coca-Cola Co.'s soft drink marketplace share reached a decade-high 41 percent as soft drink growth slowed to 1.8 percent in 1991. Coke's market share is highest of all corporations listed in Beverage Digest's annual top-10 corporations and...

First-quarter construction costs will remain flat, Turner predicts. (Turner Building Cost Index)
February 3, 1992... Construction costs in the first quarter of 1992 are expected to remain flat, according to a forecast by the Turner Corp. of New York. The Turner Building Cost Index for the first-quarter will remain unchanged at 448, showing no increase over...

Stolt reports $48.7 million profit for 1991. (Stolt Tankers and Terminals Holdings S.A.)
February 3, 1992... Stolt Tankers and Terminals (Holdings) S.A. of Greenwich reported results for the fourth quarter and fiscal year ended Nov. 30, 1991. Net income from operations for the fiscal year totalled $48.1 million, or $1.79 a share, on net operating...

Ambel Precision Manufacturing Corp. (Government Contracts) (Brief Article)
February 3, 1992... AMBEL PRECISION MANUFACTURING CORP., Bethel. From: Oklahoma City Air Logistics Center, Tinker Air Force Base, Okla. Air seal assembly; 2187426. Amount: $97,760.

Empire Manufacturing Corp. (Government Contracts) (Brief Article)
February 3, 1992... EMPIRE MANUFACTURING CORP., Bridgeport. From: City Air Logistics Center, Tinker Air Force Base, Okla. Shaft assembly, 404681. Amount: $27,630.

Demetron Research Corp. (Government Contracts) (Brief Article)
February 3, 1992... DEMETRON RESEARCH CORP., Danbury. From: Defense Personnel Support Center, Philadelphia. Curing system, dental, visual; light, portable. Amount: $33,792.

Technipower Inc. (Government Contracts) (Brief Article)
February 3, 1992... TECHNIPOWER INC., Danbury. From: Ogden Air Logistics Center, Hill Air Force Base, Utah. Transformer, 595001078135WF. Amount: $45,150.

Graphic Image Inc. (Government Contracts) (Brief Article)
February 3, 1992... GRAPHIC IMAGE INC., Milford. From: U.S. Government Printing Office, Washington, D.C. Pamphlets and case bound books painting CNT program C52-S. Amount: $147,049.

Pharmco Products Inc. (Government Contracts) (Brief Article)
February 3, 1992... PHARMCO PRODUCTS INC., Norwalk. From: Defense General Supply Center, Richmond, Va. Denatured alcohol. Amount: $135,462.

Gartner Group. (Government Contracts) (Brief Article)
February 3, 1992... GARTNER GROUP, Stamford. From: U.S. Department of Treasury, Bureau of the Public Debt, Parkersburg, W.Va. RAS subscription service, industry services and large computer strategies. Amount: $17,000.

Textron Lycoming. (Government Contracts) (Brief Article)
February 3, 1992... TEXTRON LYCOMING, Stratford. From: U.S. Army Tank Automotive Command, Warren, Mich. Contract: DAAE0792C0139/N/A. Amount: $613,994.

Owner revises strategy for Greenwich complex. (Greenwich-American L.P.; Greenwich American Centre)
February 10, 1992... Partnership markets former American Can site to smaller users despite Smith Barney interest Smith Barney may be waiting in the wings, but the show must go on for the owner of the vacant former American Can office complex in Greenwich....

Would-be developer continues fight for Palace-Majestic revival. (Barbara Zanesky's lawsuit over renovation of theater complex)
February 10, 1992... A Norwalk real estate developer is trying once again to get the city's attention for an ambitious renovation of the Palace-Majestic theater complex in downtown Bridgeport. This time, Barbara Zanesky, who heads Joy Center Ministries Inc., hopes...

Creative marketing key to hotel bookings, managers say. (Industry Overview)
February 10, 1992... The news is not good for Fairfield County's hoteliers. Occupancy rates have declined by 8 to 11 percent since 1989, according to Ronald J. Balme, executive director of the Connecticut Hotel and Motel Association. Lodging Trends, a Bridgeport...

Westchester County Airport modernization takes off. (Focus: Travel/Tourism)
February 10, 1992... Whether detractors compare its present state to a ramshackle landing field in Timbuktu or liken its improvement to a contemporary movie fairy tale, the Westchester County Airport continues to inspire colorful responses and no small measure of...

Tripping through online travel services. (Focus: Travel/Tourism) (Industry Overview)
February 10, 1992... The wealth of travel information and services available on CompuServe (and other data services) is truly amazing. It includes anything from flight, hotel, and car rental information and reservations, to domestic and international travel...

Round 2 of budget bout underway; job retention, business climate among items on lawmakers' agenda.
February 17, 1992... Last year's state budget battle was fought toe-to-toe at ring center under near riot conditions. Gov. Lowell P. Weicker Jr. won a bitter fight to institute a state income tax, was bloodied in the process, but was still standing when the bout was...

Plunging prices lure 'bottom-fishers' to office market. (investment in office buildings) (Industry Overview)
February 17, 1992... Bankruptcies, foreclosures and high vacancy rates have whittled the ranks of the region's major commercial developers. Those who succumb, however, are being replaced by a new breed of investor. Known as "bottom-fishers," these investors are...

Large boat sales dead in the water in wake of federal luxury tax. (Industry Overview)
February 17, 1992... The 10 percent federal luxury tax on new boats costing $100,000 or more has left Fairfield County's boat dealers in the doldrums. Dealers surveyed cited a drastic decline in sales since the tax took effect Jan. 1, 1991. "In 1990 we sold 16...

Moody's confirms Waterbury's 'Baa' general bond rating. (Moody's Investors Service Inc.)
February 17, 1992... Effective Feb. 6, Moody's Investors Service confirmed Waterbury's "Baa" rating, noting that a "rapid and critical weakening of financial position has produced a substantial accumulated deficit eliminating once healthy financial margins and...

National Re Holdings completes $207 million initial public offering.
February 17, 1992... National Re Holdings Corp. of Stamford has completed the sale of 9 million shares of common stock in an initial public offering. The offering, priced at $23 a share, raised a total of $207 million. Of the 9 million shares offered, 7.2 million...

Armstrong extends multi-year agreement with Rhone-Poulenc. (Armstrong Laboratories Inc.; Rhone-Poulenc Rorer Inc.)
February 17, 1992... Armstrong Pharmaceuticals Inc. of New Canaan announced that its subsidiary, Armstrong Laboratories Inc., has extended a multi-year agreement with Rhone-Poulenc Rorer to manufacture two RPR metered dose inhaler steroid products, Azmacort and...

South Norwalk residential project receives federal agency's approval. (United States Department of Housing and Urban Development to guarantee Starrett Corp.'s construction mortgage)
February 17, 1992... A proposal to build a 225-unit housing complex adjacent to the South Norwalk railroad station passed a critical hurdle recently when the U.S. Department of Housing and Urban Development accepted the developer's application. The HUD will...

Caldor sales rose 10.4% in January.
February 17, 1992... The Caldor Corp. or Norwalk reported sales of $93 million for the four weeks ended Feb. 1, an increase of 10.4 percent over sales of $84 million for the same period the previous year. Comparable store sales increased 4.2 percent during the...

Diversified Technologies & Design. (Government Contracts) (Brief Article)
February 17, 1992... DIVERSIFIED TECHNOLOGIES & DESIGN, Bridgeport. From: Defense Electronics Supply Center, Dayton, Ohio. Circuit card assemble. Amount: $57,592.

TM Systems. (Government Contracts) (Brief Article)
February 17, 1992... TM SYSTEMS, Bridgeport. From: Unicor, Federal Prison Industries, Phoenix, Ariz. Printed wiring board POC Mitzi. Amount: $46,104.

Lindenmyer Munroe Paper Corp. (Government Contracts) (Brief Article)
February 17, 1992... LINDENMYER MUNROE PAPER CORP., Milford. From: Federal Prison Industries Inc., Sadstone, Minn. Target paper. Amount: $26,330.

Textron Lycoming. (Government Contracts) (Brief Article)
February 17, 1992... TEXTRON LYCOMING, Stratford. From: U.S. Army Tank Automotive Command, Warren, Mich. AGT 1500 Eng. Cnt DAAE0789CA028P00092. Amount: $535,073.

Union Carbide Corp., Linde Division. (Government Contracts) (Brief Article)
February 17, 1992... UNION CARBIDE CORP., LINDE DIVISION, Danbury. From: San Antonio Air Logistics Center, Kelly Air Force Base, Texas. Liquid helium Type II. Amount: $294,939.

United Technologies Corp., Sikorsky Aircraft Division. (Government Contracts) (Brief Article)
February 17, 1992... UNITED TECHNOLOGIES CORP., SIKORSKY AIRCRAFT DIVISION, Stratford. From: U.S. Army Aviation Systems Command, St. Louis, Mo. Fairing, landing NSN: 1560-01-132-0788. Amount: $27,858; and in a separate contract, Shield heat turkine NSN:...

Textron Lycoming, Avco Corp. (Government Contracts) (Brief Article)
February 17, 1992... TEXTRON LYCOMING, AVCO CORP., Stratford. From: U.S. Army Aviation Systems Command, St. Louis, Mo. Minister press die separator POC Detra Battle. Amount: $27,500.

Trammell Crow plans to revive Port Chester waterfront project. (Trammel Crow Residential; rental housing complex)
February 24, 1992... After months of floating in limbo, plans for development of a multimillion-dollar waterfront rental housing complex in Port Chester have reached shore. And the Connecticut office of one of the nation's largest real estate development firms...

Duracell's chief zaps a few LBO 'aliens.' (C. Robert Kidder of Duracell International Inc. debunks leveraged-buyout myths)
February 24, 1992... C. Robert Kidder, chairman and chief executive officer of Duracell International Inc., discussed leveraged buyouts and addressed "misconceptions" about the controversial corporate takeover tool at a recent meeting of Sales & Marketing Executives...

Credit crunch sending capital-hungry entrepreneurs to investment boutiques. (investment banks)
February 24, 1992... When Joe Shay went looking to raise $1.5 million to expand his computer systems company a few years ago, the thought of borrowing that amount of capital from a commercial lending institution never crossed his mind. When Jim Heussner wanted to...

Ronin wins a round in battle for control of La Quinta Inns. (Ronin Partners L.P.; La Quinta Motor Inns L.P.)
February 24, 1992... Ronin Partners L.P., an entity of the Stamford-based investment firm Ronin Group, has received approval from the Securities and Exchange Commission regarding a proxy and solicitation offer it wants to make to La Quinta Motor Inns L.P....

Macy's Chapter 11 filing may force company to shut some local stores. (R.H. Macy & Co.) (Focus: Retail Outlook Industry Trends)
February 24, 1992... For weeks, retail industry analysts have been saying that nothing less than a miracle on 34th Street is needed to save R.H. Macy & Co. from ceasing operations or closing some of its 98 stores across the country, including its four stores in...

Major Fairfield County malls and shopping centers. (Tabular data only) (Focus: Retail Outlook Industry Trends) (Directory)
February 24, 1992... (Ranked by size) Size/square Mall Name Location footage 1. Danbury Fair Mall Danbury 1,100,000 2. Trumbull Shopping Park ...