Fairfield County Business Journal articles from January 1992

Fairfield County Business Journal archives from January 1992

After taking its lumps last year, industry sees modest gains in '92. (banking industry in Connecticut) (Industry Overview)
January 6, 1992... In an industry whose watchwords are "conservative" and "subdued," expectations for 1992 can be neither too great nor overly optimistic given the dismal performance of Connecticut's financial institutions in 1991. Twenty banks failed in the...

Embattled F.D. Rich turns over title of 2 Stamford Forum to FDIC. (F.D. Rich Company Inc.; Federal Deposit Insurance Corp.)
January 6, 1992... F.D. Rich Co. has surrendered title on 2 Stamford Forum, home of the Stamford Marriott Hotel and Towers. The change in ownership culminated proceedings that began in June 1990 when Connecticut Bank and Trust Co. filed a foreclosure action,...

Service America lists new accounts in food service unit.
January 6, 1992... Service America Corp. of Stamford has begun food service operations in a number of new accounts within the company's dining services, recreation services and vending lines of business. Largest among the newly installed vending division accounts...

SourceMate marketing new software for CPAs. (SourceMate Information Systems Inc.)
January 6, 1992... SourceMate Information Systems Inc. has unveiled a new CPA/VAR program designed to assist CPAs in their evaluation process and subsequent recommendation of accounting software to their clients. The program also is intended to create and develop...

GE Capital surveys executives on economic impact of Gulf War. (General Electric Capital Corp.)
January 6, 1992... With the first anniversary of the Desert Storm military offensive approaching, Southland business executives participating in a year-end survey voiced their support for the recent war but concern over its impact on both the national and...

Mortgage banking group cites new trend in consumer loans. (Empire State Mortgage Bankers Association) (Focus: Banking: Preview of Year Ahead) (Industry Overview)
January 6, 1992... The number of consumers obtaining home mortgages from mortgage banking firms rather than from commercial banks and thrift institutions is on the rise, according to the Empire State Mortgage Bankers Association. "This is the first time I can...

Puritas Health Care Inc. (Government Contracts Awarded) (Brief Article)
January 6, 1992... PURITAS HEALTH CARE INC., Brookfield. From: Defense Personnel Support Center, Philadelphia. Catheter, cardiovascular, embolectomy dla120-92-c-4036/n/a. Amount: $57,399.

Barden Corp. (Government Contracts Awarded) (Brief Article)
January 6, 1992... BARDEN CORP., Danbury. From: U.S. Army Tank Automotive Command, Warren, Mich. Ball bearings. Amount: $113,741.

Spectrum Associates Inc. (Government Contracts Awarded) (Brief Article)
January 6, 1992... SPECTRUM ASSOCIATES INC., Milford. From Defense Electronics Supply Center, Dayton, Ohio. Production of switch, centrifugal cnt. dla900-92-c-1042. Amount: $82,750.

Precision Sensors Inc. (Government Contracts Awarded) (Brief Article)
January 6, 1992... PRECISION SENSORS INC., Milford. From: Defense Electronics Supply Center, Dayton, Ohio. Pressure switch, cnt dla900-92-c-1169. Amount: $37,250.

DRAF Industries. (Government Contracts Awarded) (Brief Article)
January 6, 1992... DRAF INDUSTRIES, Norwalk. From: Defense Electronics Supply Center, Dayton, Ohio Production of fuel pump tool kits cnt. 6fec-e6-91e610-n. Amount: $15,358.

Norden Systems Inc. (Government Contracts Awarded) (Brief Article)
January 6, 1992... NORDEN SYSTEMS INC., Norwalk. From: U.S. Army CECOM, Command, Control, Communications and Intelligence, Fort Monmouth, N.J. CCA, NSN: 5999-01-130-8322, p/o an/uyk-42V POC. Cnt. Daab07-92-c-d256. Amount: $117,015.

Huber/Shapiro Associates. (Government Contracts Awarded) (Brief Article)
January 6, 1992... HUBER/SHAPIRO ASSOCIATES, Redding. From: F.D.R. Veterans Administration Hospital, Montrose. Tuckpoint and waterproof phase II. Amount: $30,138.

Textron Lycoming. (Government Contracts Awarded) (Brief Article)
January 6, 1992... TEXTRON LYCOMING, Stratford Division, Stratford. From: U.S. Army Aviation Systems Command, St. Louis, Mo. Production of bearing roller cyln. part number 1-300-082-03. Amount: $80,696. Separate contract issued by U.S. Tank Automotive Command,...

Sikorsky Aircraft Division. (Government Contracts Awarded) (Brief Article)
January 6, 1992... SIKORSKY AIRCRAFT DIVISION, Stratford. From: U.S. Army Aviation Systems Command, St. Louis, Mo. Strip aprasion. Amount: $475,078.

Cities in distress. (urban economic and employment problems)
January 13, 1992... A U.S. House Banking Committee hearing last week in Bridgeport solicited testimony from government, business and labor leaders who are on the "front lines" in the city's battle to remain solvent. Many offered varying recommendations to the panel,...

No quick turnaround foreseen for Fairfield County's office market. (Industry Overview)
January 13, 1992... Mirroring the economy, the commercial office market in Fairfield County produced sluggish results in 1991, according to a report released last week by the commercial brokerage firm Rostenberg-Doern Company Inc. of Stamford. The report...

Medicaid cuts proposed for Connecticut nursing homes. (Focus: Healthcare Outlook for 1992)
January 13, 1992... The State of Connecticut's proposal for limitation and reduction in Medicaid programs, effective September 1, 1991 through June 30, 1992, includes a three-year reimbursement package that will annually reduce the growth of Medicaid payments to the...

Norwalk Hospital puts finishing touches on steam-electricity cogeneration plant. (Focus: Healthcare Outlook for 1992)
January 13, 1992... Norwalk Hospital will become the first hospital in Connecticut to construct, own and operate its own cogeneration plant. The plant will provide steam and electrical energy when it goes on line later this month. Cogeneration involves the...

Voice messaging for hearing and speech-impaired people. (ROLM Co.'s products) (Focus: Healthcare Outlook for 1992)
January 13, 1992... The ROLM Company's first voice messaging application for deaf, hard of hearing and speech-impaired people has been installed at WGBH Boston, the public broadcasting station that is using the application to serve its audience and employees. The...

Lifecodes' relocation will provide opportunity in Westchester, Fairfield. (Lifecodes Inc.) (Focus: Healthcare Outlook for 1992)
January 13, 1992... A first glance, Lifecodes Inc.'s relocation from 60,000 square feet of space in Mount Pleasant, N.Y., to 20,000 square feet of space in Stamford, Conn., is encouraging for Fairfield County and disheartening for Westchester County. A closer...

A head-hunter spears a market niche. (Huntington Group; executive search services)
January 13, 1992... The Huntington Group, a fledgling executive search firm in Trumbull, provides clients with quality candidates at costs 40 to 50 percent lower than its competitors, the firm's officials claim. "We don't base our prices on the rigid retainer and...

Stamford inventor pursues dream of enhancing film sound technology. (John Karamon)
January 20, 1992... A Stamford inventor believes he is at the forefront of a movement within the film industry that will bring audio digital sound into theaters and dramatically enhance the moviegoing experience. John Karamon claims his newly patented invention...

CUC International, Entertain Publishing pursue merger plan.
January 20, 1992... CUC International Inc. of Stamford has scheduled a special meeting of stockholders Jan. 21 to approve its merger with Entertainment Publishing Corp. The merger is scheduled to take effect the same day. The company said a joint proxy statement...

Homeowners rush to refinance: homeowners are cashing in on the lowest rates in 15 years.
January 20, 1992... The residential real estate market remains in the doldrums, but applications for mortgages are on the rise, according to area lenders. Although many consumers are new home buyers, most borrowers are refinancing their existing mortgages and...

Westport mortgage brokerage accused of preying on elderly, poor. (Swiss Conservative Group charges elderly and low income homeowners grossly inflated fees)
January 20, 1992... New York State Attorney General Robert Abrams has accused a Westport mortgage brokerage firm of duping elderly and low-income homeowners in Westchester County and elsewhere into refinancing their homes and then charging them grossly inflated...

Zapletal resigns as president of Schweppes unit. (Robert C. Zapletal of Schweppes/Sunkist U.S.A.) (Brief Article)
January 20, 1992... Robert C. Zapletal has resigned as president of the North American division of Schweppes/Sunkist U.S.A. group. He is succeeded by David I.G. Matthews, managing director of Cadbury Beverages Canada. Zapletal, who joined the company in 1983, is...

Smith Corona wins $2.9 million award in patent infringement, false ad lawsuit.
January 20, 1992... Smith Corona Corp. announced last week that the U.S. District Court in Nashville, Tenn., had entered a damage award of $2,905,414 in favor of the company in a suit involving patent infringement and false advertising against Pelikan Inc. of...

Acme United to acquire major portion of SePro's medical products business. (SePro Health Inc.)
January 20, 1992... Acme United Corp. of Fairfield has contracted to acquire the major portion of the U.S. medical products business of SePro Healthcare Inc., the U.S. subsidiary of Seton Healthcare Group PLC of Oldham, England. Acme United agreed to buy certain...

City of Bridgeport withdraws appeal in bankruptcy case. (Brief Article)
January 20, 1992... The City of Bridgeport has withdrawn its appeal of a federal bankruptcy judge's denial of a petition for protection under Chapter 9 of the U.S. bankruptcy code. State Attorney General Richard Blumenthal also announced that the state...

Steps companies should take to comply with the ADA. (American with Disabilities Act)
January 20, 1992... Which companies will benefit most from the passage of the Americans With Disabilities Act? Those companies that can take advantage of the skills offered by the skilled disabled, according to The Hay Group, an international management consulting...

Browning acquires Olin's European ammo operations. (to sell ammunition business to Browning S.A.)
January 20, 1992... Olin Corp. of Stamford is selling its European sporting ammunition business, including a shotshell manufacturing plant in Anagni, Italy, to Browning S.A. Financial terms were not disclosed. John W. Johnstone, chairman and chief executive of...

Fairpress publisher orders furloughs, work-week reduction to reduce costs. (Gannett Suburban Newspapers Inc.)
January 20, 1992... Gannett Suburban Newspapers Inc., publishers of the weekly Fairpress in Westport, has implemented a shortened work week and furlough program for all employees of the newspaper chain. The company attributed the cost-cutting program to a decline...

GTE Airphone to link calls via satellite. (Brief Article)
January 20, 1992... GTE Corp. will use the Globalink satellite system owned by Aeronautical Radio Inc. to transmit the in-flight passenger communications of its GTE Airphone unit. Terms of the cooperative agreement were not disclosed. GTE said the agreement with...

Savin completes 1-for-100 reverse split.
January 20, 1992... Savin Corp. of Stamford has completed a 1-for-100 reverse split of issued common stock. The split was approved at the company's annual shareholders meeting Dec. 17. The company said it expects to realize annual cost savings from reduced stock...

Software developer expands space, staff with Stamford move. (Revelation Technologies Inc. moves to Stamford, Connecticut)
January 20, 1992... Revelation Technologies Inc. recently gobbled up a chunk of Fairfield County's empty office space when it moved its executive suite to Stamford from New York City in December 1991. After looking at other Fairfield locations, the software...

International Flavors acquires Auro Tech. (International Flavors and Fragrances Inc.) (Brief Article)
January 20, 1992... International Flavors & Fragrances Inc. has acquired Auro Tech Inc. of Menomonee Falls, Wis., in exchange for 183,830 shares of common stock valued at $18.4 million. Auro Tech, a biotechnology company, will operate as a subsidiary of...

Real estate investors should be wary as liquidity returns to turbulent market. (Focus: Real Estate & Environment)
January 20, 1992... Liquidity, the paramount concern for the real estate industry today, will gradually be restored in the coming year. Even so, the mood will remain somber until 1993 for investors, according to Landauer Associates, a real estate counseling firm and...

Bushwick Steel buys 100,000-square-foot building in Bidgeport. (Focus: Real Estate & Environment)
January 20, 1992... Bushwick Steel Co. of Long Island City, N.Y. purchased a 100,000-square-foot distribution facility at 560 North Washington Ave., Bridgeport from BEZ Inc. for $1.4 million. Bushwick will employ 60 people at the site. Joel Hausman and David S....

Waldenbooks to open superstore in Stamford. (to lease a space in High Ridge Road in Stamford) (Focus: Real Estate & Environment) (Brief Article)
January 20, 1992... Stamford-based Waldenbooks has leased 14,000 square feet of space on High Ridge Road in Stamford. Waldenbooks will use the space to open the largest store in its 1,257 nationwide bookstore chain on May 1. The store is currently occupied by Gran...

Olin commences offering. (Focus: Real Estate & Environment) (Brief Article)
January 20, 1992... Olin Corp. of Stamford commenced an offering of 2.4 million of Preferred Equity Redemption Cumulative Stock (PERCS) on Tuesday, Jan. 14. The price of the shares were set at $41.50 per share, with an annual dividend rate of $3.64 per share. The...

Domus leases 13,000 square feet in Westport. (Domus Contemporary Interiors Inc.) (Focus: Real Estate & Environment)
January 20, 1992... Domus Contemporary Interiors Inc. leased 13,000 square feet of space at 1807 Post Road East, Westport. Arlene Donahue of William Pitt Real Estate was the sole broker in the transaction. William Pitt Real Estate has also announced the following...

Shawmut National ends merger talks with Bank of Boston. (Focus: Real Estate & Environment) (Brief Article)
January 20, 1992... Shawmut National Corp. has terminated discussions with Bank of Boston Corp. relating to a proposed combination of the two New England bank holding companies. "As a result of Shawmut's financial recovery in recent quarters, including...

New real estate firm opens in Stamford. (Wolfe and Mehlman Real Estate Inc.) (Focus: Real Estate & Environment)
January 20, 1992... Jean Wolfe and Herbert L. Mehlman have formed Wolfe & Mehlman Real Estate Inc. at 828 High Ridge Road, Stamford. Wolfe's background is in real estate sales and management and she has served as director of the Stamford Board of Realtors, the...

Goodkind & O'Dea relocate office. (Focus: Real Estate & Environment) (Brief Article)
January 20, 1992... Goodkind & O'Dea, a consulting engineering firm, has relocated its Connecticut office from Hamden to 116 Washington Ave., North Haven. Goodkind & O'Dea has offices in New Jersey, Massachusetts and New York.

Hunter's Glen developer seeks bids on remaining housing units. (Southeast Development Corp.) (Focus: Real Estate & Environment )
January 20, 1992... Southeast Development Corp., the real estate arm of Danbury Federal Savings and Loan Association, is soliciting bids on 38 remaining units at its Hunter's Glen project in Southeast, N.Y. The property includes an adjacent 131-acre site approved...

Hanger Orthopedic completes acquisition. (Hanger Orthopedic Group Inc.) (Focus: Real Estate & Environment) (Brief Article)
January 20, 1992... Hanger Orthopedic Group Inc. of New Canaan has completed its acquisition of York Prosthetics Inc., a wholly-owned subsidiary of Marquest Medical Products Inc. Financial terms of the transaction were not disclosed. According to Ronald J....

Liability of corporate officers for environmental violations. (Focus: Real Estate & Environment)
January 20, 1992... At common law, corporate officials enjoy liberal protection from personal liability for the wrongful acts of corporations. Indeed, a major incentive to use the corporate form is to shield owners from catastrophic losses from lawsuits predicated...

Sikorsky Aircraft Division. (Government Contracts Awarded) (Brief Article)
January 20, 1992... SIKORSKY AIRCRAFT DIVISION, United Technologies Corp., Stratford. From: Commander, Naval Systems Command, Washington, D.C. Exercise option for 8th Spar VH-3D. Amount: $16.74 million, and, in a separate contract, to review designs to verify...

Textron Lycoming Inc. (Government Contracts Awarded) (Brief Article)
January 20, 1992... TEXTRON LYCOMING INC., Stratford. From: Defense Construction Supply Center, Columbus, Ohio. Cylinder, actuating cnt: DLA750-92-0032/DLA750-91-R-0408. Amount: $36,742.

Will UTC retreat from Connecticut? (United Technologies Corp.)
January 27, 1992... No, says United Technologies' Robert Daniell, but aerospace industry analysts aren't so sure Despite what analysts and company officials believe will be a continuing restructuring and consolidation, United Technologies Corp. chairman and chief...

Uneasy alliance: environmentalists, building trades seek common ground. (joint lobbying for cleanup of Long Island Sound)
January 27, 1992... When the interests of environmentalists and organized labor collide, the results can be explosive. In Fairfield and Westchester County, however, there is a growing spirit of cooperation between the two groups. Historically, environmentalists...

Crompton & Knowles dividend.
January 27, 1992... Directors of Crompton & Knowles Corp. have declared a regular quarterly dividend of 13 cents a share on the company's common stock payable Feb. 28, to shareholders of record on Feb. 14. It is the company's 237th consecutive quarterly dividend...

Tosco offers its employees cash to buy U.S. cars.
January 27, 1992... The Tosco Corp. of Stamford is offering each of its 1,800 employees a $1,000 cash payment towards the purchase of a new American-made automobile during 1992. Fifty percent of the cost of the program will be contributed by Tosco's 10...

CUC International completes deal. (Entertainment Publishing Corp. becomes its subsidiary)
January 27, 1992... CUC International Inc. of Stamford and Entertainment Publishing Corp. announced that the merger of Entertainment and CUC International's wholly-owned subsidiary became effective Jan. 21, making Entertainment a wholly-owned subsidiary of CUC...

Union Carbide unit sells interest in Gas Tech to firm's employees. (Union Carbide Industrial Gases Inc.)
January 27, 1992... Union Carbide Industrial Gases Inc. of Danbury has sold a majority interest in Gas Tech Inc., previously known as Linde Gases of the Midwest Inc., to employees of the company. The Union Carbide unit will continue to hold a significant minority...

IMRS reports improved results for second quarter.
January 27, 1992... IMRS Inc. of Stamford reported consolidated revenues of $10,867,000 and net income of $1,104,000, equivalent to 16 cents a share, for the second quarter ended Dec. 31, 1991. Revenues and net income rose 24.4 percent and 42.1 percent,...

Bowater reports lower earnings; notes signs of market turnaround.
January 27, 1992... Bowater Inc. of Darien reported 1991 sales and income substantially below results for 1990. For the 12 months ended Dec. 31, 1991, the papermaker had income of $45.6 million, or $1.15 a share, on sales of $1,288.5 million compared to net...

U.S. Surgical reports record sales, net income.
January 27, 1992... United States Surgical Corp. of Norwalk reported record sales of $844 million and record earnings of $1.58 a share in 1991. Sales increased 64 percent compared to 1990 sales of $514 million. Net income and net income per share rose 98 percent and...

Champion International reports sharply lower operating results.
January 27, 1992... Stamford-based Champion International Corp. reported 1991 net income of $40 million, or 14 cents per fully diluted share, on net sales of $.8 billion, compared to net income of $223 million, of $2.08 a share, on net sales of $5.1 billion the...

Exchange cuts Executone debt by $18 million. (Executone Information Systems Inc.'s exchange offer)
January 27, 1992... Executone Information Systems Inc. of Darien announced the successful completion of its exchange offer for 44 percent of the company's outstanding 7.5 percent convertible subordinated debentures due 2011. The company has accepted $14,997,000...

A preview of the office of the future. (Focus: Telecom/Office Products)
January 27, 1992... Office design consultants and technology experts surveyed about their recent projects and works in progress offer an exciting preview of the workplaces we can expect in the years to come. From improvements in telecommunications to an emphasis on...

Business good for corporate relocation companies. (Focus: Telecom/Office Products) (Industry Overview)
January 27, 1992... Corporate moves can mean big headaches for management, but fortunately, there are others willing to take on a company's migraines. Turnkey Technologies Inc. in Mamaroneck, PHH Homequity in Wilton, Conn., and Infratech in Chappaqua are a few of...

Keeping up with telecommunications technology. (Focus: Telecom/Office Products)
January 27, 1992... Improvements in transportation and telecommunications already have reshaped modern culture, but now that more business consists of the transport of information, ever-quickening developments in telecommunications promise to bring futurists'...

New CD program for stock and option records. (compact disc) (Focus: Telecom/Office Products)
January 27, 1992... AKG-MAX Software Co. of Illinois announced the development of a complete Stock and Option Record Keeping Program for use with IBM and compatible personal computers. According to company officials, the Stock and Option Record Program (TR-3)...

Union Carbide Corp. (Government Contracts Awarded) (Brief Article)
January 27, 1992... UNION CARBIDE CORP., Danbury. From: San Antonio Air Logistics Center, Kelly Air Force Base, Texas. Propellant pressurizing agent nitrogen type II, Grade B. Amount: $388,552.

J.B. Engineering. (Government Contracts Awarded) (Brief Article)
January 27, 1992... J.B. ENGINEERING, 207 Greenwich Ave., Stamford. From Naval Underwater Systems Center, New London. One 6-axes, dual transducer suspension, traverse positioning and rotation system. Amount: $120,000.