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Connecticut Bank & Trust, which raised about $15 million in a public offering in 2005, has agreed to a deal with Berkshire Bank of Massachusetts.
Berkshire, with branches in New York, Massachusetts and Vermont, announced the deal late Tuesday.
Banking consolidations are expected to continue as financial institutions look for ways to expand market share in the face of a challenging regulatory climate.
Praxair reported net income rose 14 percent to $429 million in the third quarter of this year compared to $377 million for the third quarter of 2010.
One of the world’s largest industrial gas companies, Danbury-based Praxair said the results in the quarter were sparked by strong sales to North American manufacturers, energy companies and chemicals and metal markets. It also reported similar strength in South America and Asia, but said gains in Europe were mostly due to currency.
The company had EPS of $1.40 for the quarter.
Shares didn’t react to the strong quarter, though as Praxair management said weaker overseas currencies will dampen fourth quarter eps which is now forecast in the range of $1.33 to $1.38 and they stuck with their full year guidance of $5.40 to $5.45.
At just after 10:30 a.m., shares of Praxair traded at $101.48 down, 17 cents from yesterday.
In its formal SEC earnings report, UTC gave more details on its planned restructuring efforts.
The company said during a conference call with analysts, it planned additional $100 million in restructuring costs through this year, but did not provide specific numbers.
This is the company’s official line to regulators contained in its Monday filing:
“We expect the actions initiated in the first nine months of 2011 to result in net workforce reductions of approximately 2,800 hourly and salaried employees, the exiting of approximately 540,000 net square feet of facilities and the disposal of assets associated with exited facilities. As of September 30, 2011, we have completed net workforce reductions of approximately 1,300 employees, and 10,000 net square feet of facilities have been exited. We are targeting the majority of the remaining workforce and all facility related cost reduction actions for completion during 2011 and 2012. No specific plans for significant other actions have been finalized at this time.”
Sikorsky Aircraft is in the midst of cutting more than 500 jobs, including more than 400 at its Connecticut plant. Teamsters Union Local 1150 is in talks with the company over voluntary layoffs.
In the same SEC filing, UTC said since it has cut 4,000 of 5,000 positions and exited 800,000 square feet of a planned facility reduction of 3.9 million square feet that was part of a 2010 restructuring plan.
At the end of 2010, UTC employed more than 208,000 people globally, with 45 percent of that in the U.S. Sikorsky had more than 18,000 employees, half of which are employed in Connecticut.
Germany-based MAHLE said it will close its factory in Trumbull and cut 99 jobs beginning on New Year’s Day.
In a filing with the State Labor Department, the engine and component maker for the automobile industry said the facility at 20 Nutmeg Dr. will be closed by May 31.
A worker at the plan referred calls to the MAHLE USA’s corporate spokesman, who was not immediately available.
Connecticut Department of Banking regulators will be at Sacred Heart University on Dec. 9 to hold a workshop on some of the new federal rules that will affect them going forward.
The forum will also provide information on IA testing.
For more information visit the www.ct.gov/dob.
Here’s a link to the flyer on the meeting:
http://www.ct.gov/dob/lib/dob/securities_nonhtml/ia_workshop_12-9-11-flyer.pdf
The State Labor Department said big increases in local government and hospitality and leisure increased employment in the state by 3,400 as the unemployment rate dipped below 9 percent.
The department was cautious about the gains, saying the growth in government might be a statistical aberration brought on by changes in the survey methods and the way teachers were counted in the previous month.
The nation added 103,000 jobs in September and the unemployment rate was 9.1 percent.
Connecticut’s unemployment rate is now 8.9 percent, the first time in more than a year it’s been below 9 percent.
The Census Bureau said Thursday the Bridgeport-Stamford metro region had the fourth lowest poverty rate in the country in 2010.
The nation’s capital, where 8.4 percent of the population had the lowest rate, followed by Honolulu: Poughkeepsie-Middletown, NY.
A total 9.4 percent of the Bridgeport-Stamford population lived in poverty last year, the bureau said. Hartford ranked sixth with 10.1 percent.
As economists and sociologists have said for years, Connecticut’s large number of wealth residents can provide a false picture of the poverty problem in the state. That, too could be the case in the Washington, D.C. region, home to many highly paid lobbyists.
Connecticut was the only state with two metros in the top 10.
McAllen Texas, with 33.4 percent, has the highest poverty rate in the nation.
Here’s the official report from the bureau:
United Technologies Corp. is gearing up for further turbulence in the economy as executives said Wednesday during a conference with analysts they are increasing restructuring costs across its divisions to $300 million from $200 million.
Greg Hayes, UTC’s chief financial officer, confirmed during the call that Sikorsky will face additional cuts beyond the 419 job cuts already announced, but he did not elaborate. Hayes, however, also said the company is increasing its spending on the development of new technologies.
That could soften the blow at Sikorsky, which has a number of new products in development, including the X2 hybrid helicopter, an electric helicopter and a remote controlled Black Hawk.
UTC reported net income of $1.3 billion, or $1.47 per share for the third quarter of 2011 on sales of $14.8 billion. For the year-ago quarter, UTC had net income of $1.2 billion, or $1.30 per share, on $13.6 billion in sales.
The company increased its full-year guidance on earnings to $5.47 a share from its top range guidance of $5.45.
Shares of UTC had dropped $1.07 to $73.05 heading into the final 45 minutes of trading Wednesday.
The company shored up its pension obligations, noting its now 90 percent funded, and continues to increase cost cutting in the face of uncertainty in the global economy.
Specifically, Hayes said high unemployment in the U.S., continuing financial crisis and debt problems in Europe remain a concern.
Here are some of the segment highlights:
Sikorsky delivered 73 helicopters in the quarter and an operating profit of $215 million on sales that were up 21 percent from a year ago.
Otis Elevator operating profit was $731 million on sales of $3.2 billion.
Carrier operating profits were $422 million on $3.1 billion in sales.
Pratt & Whitney was $525 million on $3.2 billion in sales.
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