FAIRFIELD COUNTY
BUSINESS JOURNAL
YOUR only SOURCE FOR regional BUSINESS NEWS | westfaironline.com
September 3, 2012 | VOL. 48, No. 36
FCBJ TODAY Gold coastal property: cranking up Stratford, Bridgeport plants? … 2 New York private equity company prints offer sheet for Presstek … 3 More employees willing to pay for benefits… 7 In the field: Anthem files for double-digit hike on small business health coverage … 8 Greenwich chef launches “virtual food court” catering to corporations ordering lunch … 10 Nonprofits get new voice in Malloy administration … 11 Connecticut stuck with C-plus on ACA action through Sept. … 16 Also … ““The phrase ‘worst economic downturn since the Great Depression’ is used so often, we’ve become immune to the words. But they’re true.” 2
MEDIA PARTNER
Seaweed in UConn lab.
BY JENNIFER BISSELL
jbissell@westfairinc.com The University of Connecticut is bridging the gap between environmental research and business with its seaweed revenue project,
potentially worth $108 million annually. University research shows that seaweed can easily be grown in the Long Island Sound and its byproducts have the potential to create a very profitable business opportunity. As a bonus, the
$3.7B deal marks M&T debut in state BY PATRICK GALLAGHER
pgallagher@westfairinc.com
M
&T Bank Corp. has agreed to acquire Hudson City Bancorp Inc. and its 135 branches as part of a $3.7 billion deal that also marks Buffalo, N.Y.-based M&T’s entry into Connecticut, with nine Fairfield County branches among those being absorbed. The deal, which becomes the largest U.S. bank acquisition of 2012 by total value, repre-
crop naturally clears up water pollution. “This project is a concrete example of how UConn is taking the lead in creating real, sustainable jobs,” said professor Charles Yarish, Pickin’ from, page 6
Immigrant investor center proposed BY JENNIFER BISSELL
sents the second billion-dollar merger involving a Buffalo-based bank expanding within Fairfield County to be announced since July 2011. First Niagara Financial Group recently completed its $1 billion takeover of more than 100 HSBC Bank USA branches across New York state and Connecticut, after having previously acquired New Haven-based NewAlliance Bank. With more than 700 branches in New York, Maryland, Pennsylvania, Washington, D.C., Virginia, West Virginia, New Jersey, Florida,
jbissell@westfairinc.com The University of Connecticut and the Business Council of Fairfield County are working to create the state’s first federal immigrant investor program to promote economic growth in Connecticut. The proposed regional center is still in the process of getting approval from the U.S. Citizenship and Immigration Services, but organizers are already active-
M&T debut, page 6
Immigrant investor, page 6
New mammography technology expanding in Danbury ... 15