[Mike 75]

Also noted in the article is that they are moving their HQ to Farmington. That's a blow to Hartford. But don't worry, they're gonna build a stadium that will fix everything.

[bobtn]

The Sikorsky news is horrible. In all likelihood, a much smaller footprint in Ct by Sikorsky would be the best possible outcome.

[Mr_250]

Originally Posted by Mike 75

Also noted in the article is that they are moving their HQ to Farmington. That's a blow to Hartford. But don't worry, they're gonna build a stadium that will fix everything.

I saw that as well. I wonder how many people they employ in the Hartford office? Taking any number of high paying jobs out of Hartford hurts. More seats on the bus for the normal worker bees.

Originally Posted by bobtn

The Sikorsky news is horrible. In all likelihood, a much smaller footprint in Ct by Sikorsky would be the best possible outcome.

That's the best outcome. The buyers will move production to another State in a heartbeat. If 100 jobs were left in CT that is too much. I know that other companies owned by UTC have moved down south. Otis moved a lot of jobs down to Palm Beach and South Carolina. My friend and his family who work for UTC all moved down south his past year. My next guess on departures is ESPN. Local news has it they are not happy.

[JayCT]

Articles in the Hartford Business Journal and the Hartford Courant are less definitive on the future of Sikorsky remaining part of UTC as are other sources I have read. I find it odd that the CEO made a comment about Sikorsky not being a part of their core business. Almost since its founding, UTC was a major government defense contractor which is what Sikorsky does and does well. The company's original name was United Aircraft. It is only in more recent years that they got into building systems. What he really is saying is that they as a typical major corporation do not see any long term growth in helicopters and to make a few pennies we want to get away from our core business. We will see. Jay

UTC may spin off Sikorsky | HartfordBusiness.com

UTC Considering Sale Or Spin-Off Of Sikorsky - Hartford Courant

[JayCT]

Originally Posted by Mr_250

Guess $400m doesn't buy loyalty. Called it.

http://finance.yahoo.com/news/united...231350633.html

By to a major CT employer.

By the $400 million reference, I am assuming you are talking about the deal Connecticut made to keep Pratt & Whitney in East Hartford. This is totally separate. Look to see a similar deal for Sikorsky as well whether they decide to sell it or not. Jay

[JayCT]

Originally Posted by Mr_250

I saw that as well. I wonder how many people they employ in the Hartford office? Taking any number of high paying jobs out of Hartford hurts. More seats on the bus for the normal worker bees.



That's the best outcome. The buyers will move production to another State in a heartbeat. If 100 jobs were left in CT that is too much. I know that other companies owned by UTC have moved down south. Otis moved a lot of jobs down to Palm Beach and South Carolina. My friend and his family who work for UTC all moved down south his past year. My next guess on departures is ESPN. Local news has it they are not happy.

I believe the corporate headquarters has a couple of hundred people downtown. They decided to move to Farmington because the CEO lives in the Farmington Valley and it will shorten his commute. This is kind of odd since there has been a shift in recent years for companies to move back into the city. Jay

[Mr_250]

Originally Posted by JayCT

By the $400 million reference, I am assuming you are talking about the deal Connecticut made to keep Pratt & Whitney in East Hartford. This is totally separate. Look to see a similar deal for Sikorsky as well whether they decide to sell it or not. Jay

I thought part of the deal was to keep Sikorsky in CT for AT LEAST 5 years.

"If so, UTC would be required – starting later this year and running through 2018 – to invest a total of $500 million in four projects:

• A new, 425,000-square-foot world headquarters and engineering facility on the Pratt campus in East Hartford;
• 100,000 square feet of new and refurbished lab and office space at the United Technologies Research Center in East Hartford;
• A new, 500,000-square-foot customer training center and engineering lab at the UTC Aerospace Systems facility in Windsor Locks;
• And, upgrades to the advanced engineering lab and other facilities at Sikorsky.

The company must maintain its Pratt headquarters in East Hartford for 15 more years and its Sikorsky headquarters in Stratford for another five." (House OKs $400M tax break for UTC expansion | The CT Mirror)

Originally Posted by JayCT

I believe the corporate headquarters has a couple of hundred people downtown. They decided to move to Farmington because the CEO lives in the Farmington Valley and it will shorten his commute. This is kind of odd since there has been a shift in recent years for companies to move back into the city. Jay

I agree, I thought they just resigned a lease and added SF to the existing Hartford Office. Something fishy is going on. Must be nice to be the CEO. lol

[JayCT]

Originally Posted by Mr_250

I thought part of the deal was to keep Sikorsky in CT for AT LEAST 5 years.

"If so, UTC would be required – starting later this year and running through 2018 – to invest a total of $500 million in four projects:

• A new, 425,000-square-foot world headquarters and engineering facility on the Pratt campus in East Hartford;
• 100,000 square feet of new and refurbished lab and office space at the United Technologies Research Center in East Hartford;
• A new, 500,000-square-foot customer training center and engineering lab at the UTC Aerospace Systems facility in Windsor Locks;
• And, upgrades to the advanced engineering lab and other facilities at Sikorsky.

The company must maintain its Pratt headquarters in East Hartford for 15 more years and its Sikorsky headquarters in Stratford for another five." (House OKs $400M tax break for UTC expansion | The CT Mirror)




I agree, I thought they just resigned a lease and added SF to the existing Hartford Office. Something fishy is going on. Must be nice to be the CEO. lol

You jogged my memory. Note that they committed to only 5 years for Sikorsky. It will take them that long to evaluate a sale, find a buyer and then complete the sale.

I know that UTC has been shrinking its presence in the Gold Building and increasing its space in Farmington. Here is an article from Hartford Business Journal on the fact that Travelers is now the largest tenant in the building. Jay

Travelers close to being Gold's No. 1 occupant | HartfordBusiness.com

[Mr_250]

Originally Posted by JayCT

You jogged my memory. Note that they committed to only 5 years for Sikorsky. It will take them that long to evaluate a sale, find a buyer and then complete the sale.

I know that UTC has been shrinking its presence in the Gold Building and increasing its space in Farmington. Here is an article from Hartford Business Journal on the fact that Travelers is now the largest tenant in the building. Jay

Travelers close to being Gold's No. 1 occupant | HartfordBusiness.com

Good point. Let's hope at the end of the sale they still keep a presence here (which they will).

Thanks the for article.

[bobtn]

It was telling UTC offered the shortest guarantee for Sikorsky.