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Small employers of reservists are eligible to apply for SBA working-capital loans
Small businesses that have suffered economic losses while the owner or a key employee was called up to active duty are eligible to apply for
Kids Oneida names board officers and interim CEO
UTICA — The Kids Oneida board of directors announced its board officers for the 2014 calendar year. It named Rosario Dalia as board president, David
MOST announces new board members, officers
SYRACUSE — The Museum of Science & Technology (MOST) board of trustees and the MOST Foundation board of directors recently named new members and officers
First Niagara to close two Southern Tier branches
OWEGO — First Niagara Bank will close one branch office in Owego and another in Conklin in early March, a bank spokesman confirmed today. The
Syracuse mayor to form stadium task force to answer key questions
SYRACUSE — Syracuse Mayor Stephanie Miner plans to assemble a task force to examine the issue of a possible new sports stadium in Syracuse, including
Schumer: Defense-spending bill benefits Lockheed’s Owego site
OWEGO — The Owego plant of Lockheed Martin (NYSE: LMT) will benefit from more than $333 million in funding for the U.S. Air Force’s combat search and rescue (CSAR) helicopters. The funding, which is part of a $1.1 trillion spending bill that President Obama signed on Jan. 17, will create and sustain about 250 jobs
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OWEGO — The Owego plant of Lockheed Martin (NYSE: LMT) will benefit from more than $333 million in funding for the U.S. Air Force’s combat search and rescue (CSAR) helicopters.
The funding, which is part of a $1.1 trillion spending bill that President Obama signed on Jan. 17, will create and sustain about 250 jobs at the Owego plant, which will work on those helicopters.
U.S. Senator Charles Schumer made the announcement during a Friday appearance at the Owego location of Lockheed Martin, the largest defense contractor in the U.S.
Bethesda, Md.–based Lockheed Martin has worked with Stratford, Conn.–based Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX) in submitting a joint bid to produce the CSAR helicopters for the Air Force.
Schumer spoke to Eric Fanning, Under Secretary of the Air Force, and Defense Secretary Chuck Hagel to ensure that a new fleet of CSAR helicopters was still part of the Air Force plan and that Lockheed Martin-Sikorsky would handle the production work, Schumer’s office said.
Lockheed’s Owego plant employed more than 2,500 people as of mid-November, following 65 layoffs at the facility. The job cuts were part of almost 600 layoffs it executed that month in its Mission Systems and Training business in the U.S.
Contact Reinhardt at ereinhardt@cnybj.com
Tompkins Financial profit soars in 2013, fourth quarter after Pa. acquisition
ITHACA — Tompkins Financial Corp.’s acquisition of VIST Financial Corp. in mid-2012 contributed to a “record performance” for the banking company in 2013. For the full year, Tompkins Financial (stock ticker: TMP) earned $50.8 million, or $3.46 per share, up from $31.2 million, or $2.43 a share, during 2012, the company said in a news
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ITHACA — Tompkins Financial Corp.’s acquisition of VIST Financial Corp. in mid-2012 contributed to a “record performance” for the banking company in 2013.
For the full year, Tompkins Financial (stock ticker: TMP) earned $50.8 million, or $3.46 per share, up from $31.2 million, or $2.43 a share, during 2012, the company said in a news release.
In the fourth quarter, Tompkins Financial earned $14.29 million, or 96 cents a share, up 27 percent from $11.21 million in the final quarter of 2012.
The earnings-per-share figure was the highest quarterly earnings number in company history, Tompkins Financial said.
Ithaca–based Tompkins Financial listed merger-related expenses associated with the acquisition of VIST Financial among certain non-recurring items that affected both the fourth quarter and full-year 2013 results.
After adjusting for non-recurring income and expenses, earnings per share would have been 91 cents in the fourth quarter, up from 81 cents during the same time period last year.
For the entire year, adjusting for non-recurring items, earnings per share would have been $3.36 for the year ended Dec. 31, compared to $3.17 for the same period in 2012.
It was a “rewarding” year, the first full year with operations in Pennsylvania, Stephen Romaine, president and CEO of Tompkins Financial, said in the news release.
“Business activity from our Pennsylvania franchise contributed to our record performance, as did the solid performance from our New York–based banking, insurance, and wealth-management businesses. We finished the quarter with positive trends in most business areas, leaving us well positioned as we head into 2014,” Romaine said.
Tompkins Financial also announced that its board of directors approved a quarterly cash dividend of 40 cents per share, payable on Feb. 14 to common shareholders of record on Feb. 3.
Tompkins Financial is a financial-services firm with $5 billion in assets serving the Central, Western, and Hudson Valley regions of New York, as well as Southeastern Pennsylvania. Tompkins Financial is parent to Tompkins Trust Company, The Bank of Castile, Mahopac National Bank, VIST Bank, Tompkins Insurance Agencies, Inc., and Tompkins Financial Advisors.
Contact Reinhardt at ereinhardt@cnybj.com
Air Force transfers Griffiss building to Oneida County IDA
ROME — The Air Force Civil Engineer Center (AFCEC) on Tuesday transferred Building 101 at the Griffiss Business and Technology Park in Rome to the Oneida County Industrial Development Agency (IDA). Building 101 is a hangar and apron area used for aircraft repair and maintenance, the AFCEC said in a news release. The parcel represented
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ROME — The Air Force Civil Engineer Center (AFCEC) on Tuesday transferred Building 101 at the Griffiss Business and Technology Park in Rome to the Oneida County Industrial Development Agency (IDA).
Building 101 is a hangar and apron area used for aircraft repair and maintenance, the AFCEC said in a news release.
The parcel represented the last available piece of federally owned land at the park, the former Griffiss Air Force Base (AFB).
The Air Force is retaining about one-fourth of the building to be used for research and development, AFCEC said.
The transfer to the IDA is a “major step” in completing the redevelopment of the Griffiss Business and Technology Park, Michael McDermott, Base Realignment and Closure (BRAC) environmental coordinator, said in the news release.
“Complete ownership of all the non-federal property allows the community greater flexibility in the reuse and future redevelopment decisions. Although this milestone is significant, the Air Force is still responsible for and looking forward to completing the total cleanup of the former base,” McDermott said.
To date, AFCEC has invested more than $170 million in BRAC cleanup actions at the former installation. Another $11.2 million is budgeted to complete cleanup, the AFCEC said.
The Griffiss Local Development Corporation manages the redevelopment of the former Griffiss AFB, including Building 101.
Both the U.S. Environmental Protection Agency and the New York State Department of Environmental Conservation agreed that the property was suitable for reuse prior to the transfer, the AFCEC said.
Although the property transfer is complete, the Air Force remains responsible for achieving the environmental cleanup goals, the center added.
The Griffiss Business and Technology Park is a 3,500-acre development that includes nearly 80 businesses; the Griffiss International Airport that Oneida County operates; and several agencies of the U.S. Department of Defense, including the Air Force Research Laboratory’s Rome Research Site, the Defense Financing and Accounting Service, and Eastern Air Defense Sector.
The park presently employs about 6,200 people who work in the aviation, education, manufacturing, office, recreation and technology fields, according to the AFCEC news release.
Headquartered in San Antonio, Texas, the Air Force Civil Engineer Center manages the former Griffiss AFB, one of 40 former Air Force installations.
BRAC selected Griffiss for closure and realignment as part of its decisions in 1993, 1995, and 2005.
Contact Reinhardt at ereinhardt@cnybj.com
Upstate Shredding acquires southwestern Pa. yard
OWEGO — Upstate Shredding, LLC and its sister business Ben Weitsman & Son, Inc. have announced the asset acquisition of Jack’s Recycling in Mt. Morris, Pa. Mt. Morris, Pa. is about 65 miles south of Pittsburgh near the West Virginia border. Upstate Shredding-Ben Weitsman, which says it’s the largest, privately owned scrap dealer on the
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OWEGO — Upstate Shredding, LLC and its sister business Ben Weitsman & Son, Inc. have announced the asset acquisition of Jack’s Recycling in Mt. Morris, Pa.
Mt. Morris, Pa. is about 65 miles south of Pittsburgh near the West Virginia border.
Upstate Shredding-Ben Weitsman, which says it’s the largest, privately owned scrap dealer on the East Coast, didn’t release financial terms of the all-cash transaction, which will close within 30 days, the company said in a news release.
Founded in 1962, Jack’s Recycling will now be known as Ben Weitsman of Mt. Morris. It currently employs 11 people.
It is a “great strategic move” for expanding the firm’s reach throughout the Northeast following the announcements of two new shredders under construction in Albany … and New Castle, Pa., Adam Weitsman, owner of Upstate Shredding and Ben Weitsman, said in the news release.
“We do not yet have a location in this region of the Northeast so this acquisition is filling a great need to serve Mt. Morris and the surrounding regions,” said Weitsman.
The yard in Mt. Morris represents the 17th acquisition for Upstate Shredding-Ben Weitsman as the firm pursues a goal of 50 acquisitions, the company said.
Its recent acquisitions, “more than doubling its geographic-market reach,” have included Hornell Waste Material in Hornell and Valley Recycling in Allegany, Upstate Shredding said.
The company plans to continue expanding through acquisitions in the Northeast as 2014 continues, according to the release.
Owego–based Upstate Shredding-Ben Weitsman generated more than $500 million in revenue in 2012.
Veit to become sole owner of the Scotsman Press
SYRACUSE — The Scotsman Press, Inc., a Syracuse–based company that produces niche publications and offers commercial-printing services for other publications, will soon have local ownership. Badoud Enterprises, Inc., the Virginia–based owner of the Scotsman Press, on Dec. 17 signed an agreement to sell the company’s assets to William Veit, the firm’s president. Veit discussed the
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SYRACUSE — The Scotsman Press, Inc., a Syracuse–based company that produces niche publications and offers commercial-printing services for other publications, will soon have local ownership.
Badoud Enterprises, Inc., the Virginia–based owner of the Scotsman Press, on Dec. 17 signed an agreement to sell the company’s assets to William Veit, the firm’s president.
Veit discussed the deal with The Business Journal in a Jan. 20 interview.
Neither side disclosed financial details of the transaction, which is expected to close on March 31.
The owner, John Badoud, Jr., who has owned the Scotsman Press since 1989, wants to retire, Veit says.
“The time was right, given my nearly 24 years in the business and my background, to now carry the company,” Veit adds, noting he’s worked for Scotsman since 1990.
Veit is financing the acquisition through Des Moines, Iowa–based Principal Financial Group. Principal operates a local office at 200 Salina Meadows Parkway in Salina.
In the transaction, Veit will acquire assets that include The Valley News, Today’s CNY Woman, Finger Lakes Vacationer, and other publications, along with plant equipment, vehicles, and Our Press — the firm’s 10,000-square-foot office at 41 Kattelville Rd. in Chenango Bridge.
Our Press handles printing for other publishers. It doesn’t print any of the Scotsman-owned publications, Veit says.
The Valley News operates in a 2,000-square-foot office at 67 S. 2nd St. in Fulton. Dodge Properties holds the lease to that office, which continues through June 2016, Veit says.
The Scotsman Press prints The Central New York Business Journal, The Mohawk Valley Business Journal, and The Greater Binghamton Business Journal.
In addition, Scotsman also prints other niche publications, including Gater Racing News (a local auto-racing publication), the Jewish Observer (a bi-weekly publication of the Syracuse Jewish Federation), and the Catholic Sun (the official newspaper of the Diocese of Syracuse).
The Syracuse headquarters of the Scotsman Press operates in a 65,000-square-foot space at 750 W. Genesee St. in a building that Badoud Enterprises owns. Veit will sign a new five-year lease with Badoud to continue operations at that location, he says.
The Scotsman Press, Inc., which does business as Scotsman Media Group, employs 96 people between Syracuse, Fulton, and Chenango Bridge, about two-thirds of whom are full-time employees.
The employees work in sales and production, Veit says.
The company has “no plans” to reduce its work force once the transaction closes, he notes.
In addition to Veit’s asset acquisition, Scotsman has also purchased new computer systems and started working with new customer-relationship management software. The firm will also use a new system for estimating and quoting commercial-printing jobs. And the next step after that is to get a new billing system, Veit says.
“One thing I identified as a weakness that I knew we could improve was to improve our data collection, improve the information that we need to run this business,” he added.
Future plans
Under Veit’s upcoming leadership, the Scotsman Press will focus on growth.
“We need to grow, whether organically or through other acquisitions and we need to become as efficient as we can in doing what we do,” he says.
When asked about the types of acquisitions the company would pursue, Veit indicated Scotsman will keep its eye on opportunities to add additional niche publications that are available to the reader either free of charge or at a relatively low cost.
“We believe that there is demand in the marketplace for that,” Veit says.
Pursuing acquisitions is nothing new to Veit in his time at Scotsman. He was involved in the company’s acquisition of The Valley News in February 2010 and its acquisition of Lakeside Printing of Skaneateles in 2000, which he described as a one-time Scotsman competitor.
Scotsman Press, which was incorporated in 1954, made headlines in March 2013 with the announcement that it would stop publishing the Pennysaver newspapers due to what Veit at the time called a “severe” and “abrupt” downturn in its business for those publications. Scotsman cut about one-third of its workforce as a result but has rehired a few of the affected employees since then.
Operations for the Pennysaver consumed about half of Scotsman’s 65,000 square feet, so the remaining sales and production functions now occupy about 30,000 square feet.
The firm is considering leasing the unused space, Veit says.
He feels “really good” about Scotsman as he prepares to assume full ownership by the end of the first quarter, noting the company has secured new business in the last six months, which included the printing of the Jewish Observer.
The new business in that same time period also included additional sheet-fed printing work, he adds.
“We’ve seen sheet-fed printers leave the market and we’ve been in a good position to pick that business up,” Veit says.
Even though Veit remains optimistic about the future of the Scotsman Press, he acknowledges that controlling the company’s costs will continue to be a “challenge,” including those for the U.S. Postal Service, health insurance, facilities, and for wages and benefits.
Contact Reinhardt at ereinhardt@cnybj.com
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.