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KeyCorp to acquire First Niagara Financial Group in $4 billion deal
KeyCorp (NYSE: KEY) has agreed to acquire First Niagara Financial Group Inc. (NASDAQ: FNFG) in a cash and stock transaction valued at about $4.1 billion.
DeWITT, N.Y. — Construction continues on the facility that will house Soraa, a light-emitting diode (LED) lighting company relocating from California to DeWitt. The
U.S. Green Building Council awards WCNY LEED platinum certification
SYRACUSE, N.Y. — The U.S. Green Building Council (USGBC) has awarded the WCNY Broadcast and Education Center a Leadership in Energy & Environmental Design (LEED)
Red Hawk Brewing ready to take full flight in November
ONONDAGA — A new farm brewery in the town of Onondaga, called Red Hawk Brewing Ltd., is set to open its doors to beer enthusiasts for regular hours in November. An exact launch date for the bar — situated at 4504 Bussey Road, just off State Route 175 — is not set because some
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ONONDAGA — A new farm brewery in the town of Onondaga, called Red Hawk Brewing Ltd., is set to open its doors to beer enthusiasts for regular hours in November.
An exact launch date for the bar — situated at 4504 Bussey Road, just off State Route 175 — is not set because some last-minute work remains to be completed, according to Kathleen Dodge, president and co-owner along with her husband, Robert.
They need to finish hooking up the cooling system for the beer, and also make any necessary adjustments to the brewing equipment, to ensure everything is in proper working order, Dodge says.
The couple first began developing the project in 2012, she says.
The brewery has been open limited hours on weekends this October as part of a soft opening. Normal hours upon its full opening are not finalized, as the couple may need to make adjustments. She estimates that the brewery will be open Wednesdays through Fridays from 4-8 p.m., Saturdays from noon to 7 p.m., and Sundays from noon to 6 p.m.
The Red Hawk Brewing facility is situated on a plot of rural land encompassing nearly 19 acres, which the couple bought specifically for the brewery, Dodge says. The brand new building is nearly 3,000 square feet in size, she adds, and includes the serving area, a kitchen that is still under development, and the room with the brewing equipment.
The startup has cost just under $1 million so far, says Dodge, with some work (such as in the kitchen) still remaining. She is unable to provide an estimate of the final cost of the project.
The couple have financed the effort through a combination of personal assets and a real-estate loan from M&T Bank (NYSE: MTB). She declines to specify terms of the loan or say how much of their own money the couple has spent.
Morton Buildings, Inc., an Illinois–based construction contractor with offices around the country, built the frame of the building. Dodge says they worked with the company’s Homer office, in Cortland County. Subcontractors were responsible for other elements of the building, such as the floors, walls, electrical, and plumbing, she adds.
Dodge and her husband are currently the only two Red Hawk employees, she says, and it will likely remain that way for the next few months until the kitchen is finished and they can begin serving pub-style food. For the kitchen, they need to purchase appliances and install the large hood that provides ventilation over the cooking spaces.
They hope to complete the kitchen and have it operational by next April. Dodge says they would hire a friend who has more than 20 years’ experience as a cook in the Navy.
The cook would likely work full time, and Dodge says she would likely hire one or two part-time employees to help with cleaning and serving duties.
The beer
Red Hawk Brewing is focused on Belgian-style beers. Its signature beer is its abbey ale, which Dodge describes as having caramel and coffee tones. The couple plans on having four mainstay beers available on tap, as well as four seasonal brews.
Patrons can order sample-size glasses, flights, growlers, small (just under 8 oz.), and large (pint) glasses. Prices will vary depending on the beer, Dodge adds. A homemade soda will also be available for visitors who are underage or don’t drink alcohol.
Indoor seating capacity is somewhat low because the focus is on standing and sipping, says Dodge. Seating may reach around 20 once additional tables are set up.
Red Hawk Brewing may sell some beer to a handful of local bars or eateries to help get its name out there, but it won’t be extensive because of poor profit margins. “The bar makes more profit than the brewery,” Dodge says. Generating beer sales at the brewery is the focus for the nascent business, she says.
From nursing to brewing
Kathleen Dodge has been making her own beer for more than a decade, a passion that she inherited from her family.
“They make all their own beer,” as well as a plethora of other drinks, she says. “They were very self-sufficient.”
She recently retired from nursing after spending nearly 30 years in the industry. She says she worked at St. Joseph’s Hospital Health Center. Now, she has turned her full attention to beer.
“I just want to make a good Belgian ale. That’s the focus,” she says. “When I brew something, and it comes out well and people enjoy it, I get a real buzz.”
Her husband, Robert, currently works full time in the restaurant industry, and has a background in accounting, she adds.
Beer brewing isn’t the couple’s first attempt at a creative project. Dodge says she tried to launch a sweater-making business once, and the couple also made wine (not meant for sale) that turned out poorly. “But the brewing has always been a passion,” she says.
A farm brewery is a specific type of brewery, like Red Hawk, designated by the state in 2013 after state lawmakers enacted legislation to help grow the state’s beer industry. The legislation allows aspiring brewers to attain a “Farm Brewers” license, which requires, through 2017, that 20 percent of the hops and other ingredients be grown or produced in New York, according to Gov. Andrew Cuomo’s office.
Those percentages increase to 60 percent in 2018, and 90 percent in 2024. Farm brewers are not required to have an additional license to serve their beer in a glass, reducing some of the red tape typically governing alcohol sales.
Possible expansions
The Dodges have several ideas on how to improve upon or expand Red Hawk Brewing. The first is to set up a beer garden, which will include an area adjacent to the building with tables, umbrellas, and potted plants, allowing patrons to enjoy their drinks outside, Dodge says.
They also intend to plant hops on less than half an acre of their plot in the spring, she says. Red Hawk Brewing has a partnership with SUNY ESF that will allow students to tend to the crop and earn college credits. “[Hops] require a lot of care,” she says.
The brewery has also partnered with Onondaga Community College to provide training for some microbiology students, who will “wash, propagate, and nurture” yeast that will be used in some of the beers, for which they too will receive academic credit. “They’ll get to learn and we’ll get some young minds here,” Dodge says.
The earliest any students might begin working at Red Hawk is in the spring, she adds.
Red Hawk Brewing may also eventually build a 1,600-square-foot addition off the current facility to serve as a dining room, says Dodge, noting there is currently no timetable.
Economic impact of Binghamton University’s IEEC gets it another $10M in funding
VESTAL — New York expects organizations that hold the designation of New York State Center for Advanced Technology (CAT) to be “actively involved” with the effort to improve the state’s economy. That’s according to Daryl Santos, director of Binghamton University’s Integrated Electronics Engineering Center (IEEC). Santos is also a professor of systems science and
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VESTAL — New York expects organizations that hold the designation of New York State Center for Advanced Technology (CAT) to be “actively involved” with the effort to improve the state’s economy.
That’s according to Daryl Santos, director of Binghamton University’s Integrated Electronics Engineering Center (IEEC). Santos is also a professor of systems science and industrial engineering.
The IEEC contends it has produced an economic impact exceeding $1 billion, based on feedback from its partner companies dating back to 1994.
The center’s work has again paid off.
Empire State Development’s (ESD) Division of Science, Technology, and Innovation (NYSTAR) extended the IEEC’s designation for an additional 10-year term, Binghamton University said in a news release issued Sept. 30.
As a result of the re-designation, NYSTAR will provide the IEEC nearly $10 million in funding over the next decade. It represents IEEC’s second renewal as a CAT.
Santos says he was “extremely elated to learn about it.”
“We knew we had a very strong history of positive impact [on] local industry,” he says, noting the IEEC also works with companies outside New York as well.
He spoke with CNYBJ on Oct. 9.
Founded in 1991, the state has classified the IEEC as a CAT since the mid-1990s, the school said.
Since its founding, the IEEC has provided a more than 60-to-1 return on investment for New York, the university stipulates.
Annual reports
To maintain the designation and to prove it’s worthy of the state funding, the IEEC assembles an “extensive” annual report, says Santos.
The organization contacts its industrial partners and requests they submit a letter
“What this letter asks them to do is to make an assessment on how our relationship … has benefitted them,” he says.
The IEEC asks the partners to report the numbers of jobs that they may have created or retained as a result of working with the Center.
The benefit could also be tied to cost savings, he says.
“For example, maybe we helped them to identify and fix a reliability problem and that may have gone into some savings for them.”
The annual reports indicate IEEC and its partners have generated more than $1 billion in statewide economic activity, says Santos. The figure is compiled from reports submitted between 1994 and 2014, which are the latest figures available, the school said.
Partner companies attribute the “creation and retention of 1,890 jobs” to activity that Binghamton’s CAT has generated.
The IEEC is part of Binghamton University’s New York-designated Center of Excellence (COE) in small-scale systems integration and packaging (S3IP). It pursues research in electronics packaging in partnership with private industry.
The research that Binghamton University conducts with both large and small industries has led to “significant technological advances” in devices that are “smaller, faster and greener” than their predecessors, the school contends.
Current projects focus on topics such as cybersecurity, three-dimensional (3D) packaging, flexible electronics, power electronics, and batteries.
“We congratulate Binghamton and look forward to IEEC’s continued development of advanced electronics and cybersecurity for years to come,” Howard Zemsky, president, CEO and commissioner of Empire State Development, said in the Binghamton University release.
Declines in orders, shipments hurt New York manufacturers in October
New orders, shipments, and unfilled orders all declined at a “steeper pace” in October than in September, hurting manufacturers across New York. The Empire State Manufacturing Survey general business-conditions index registered a reading of -11.4, declining for a third consecutive month in October. However, the index did improve slightly from September’s -14.7 reading,
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New orders, shipments, and unfilled orders all declined at a “steeper pace” in October than in September, hurting manufacturers across New York.
The Empire State Manufacturing Survey general business-conditions index registered a reading of -11.4, declining for a third consecutive month in October.
However, the index did improve slightly from September’s -14.7 reading, the Federal Reserve Bank of New York reported on Oct. 15.
The index has generated readings below -10 for three consecutive months for the first time since 2009, the New York Fed said.
The latest survey found that 21 percent of respondents reported that conditions had improved over the month, while 33 percent said that conditions had worsened.
The new-orders index indicated an “ongoing” decline in orders, falling six points to -18.9, a “multi-year” low, and the shipments index fell 6 points to -13.6, the New York Fed said.
The unfilled-orders index dropped seven points to -15.1.
Delivery times were shorter again in October, with the delivery-time index falling 5 points to -11.3.
The inventories index rose 11 points to -7.6, indicating that inventory levels declined, though at a “somewhat slower” pace than in September.
The prices-paid index fell to 0.9, its lowest level since 2009, suggesting that input prices were “flat.”
The prices-received index edged down three points to -8.5, indicating a decline in selling prices.
Labor-market conditions “worsened,” the New York Fed said.
The index for number of employees fell for a fourth consecutive month, slipping 2 points to -8.5 in a sign that manufacturers cut staffing levels.
The average-workweek index remained negative at -7.6, pointing to shorter workweeks for existing manufacturing workers.
Indexes for the six-month outlook were “little changed” from last month, and suggested that optimism about future business conditions remained “muted.”
The index for future business conditions held steady at 23.4, and the indexes for future new orders and future shipments stayed at similar levels.
At 27.4, the index for future prices paid showed that input prices were expected to increase, and the future prices-received index, at 7.6, suggested that selling prices were also expected to rise.
The index for expected number of employees rose to 10.4, indicating that respondents expected some increase in employment levels in the months ahead.
The capital-expenditures index was “little changed” at 12.3, and the technology-spending index edged up to 5.7.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
SBA backs more than $207M in upstate New York loans during FY 2015
SYRACUSE — The Syracuse district office of the U.S. Small Business Administration (SBA) backed more than $207 million in loans in its 34-county area during
Oswego County FCU to open new branch in Fulton early next year
FULTON — Oswego County Federal Credit Union (OCFCU) has announced plans to open a new branch office in Fulton. OCFCU expects to open the branch at 707 S. 4th St. (Rt. 481) in early 2016, William Carhart, CEO, said in a news release issued Oct. 23. The location has two drive-thru lanes and
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FULTON — Oswego County Federal Credit Union (OCFCU) has announced plans to open a new branch office in Fulton.
OCFCU expects to open the branch at 707 S. 4th St. (Rt. 481) in early 2016, William Carhart, CEO, said in a news release issued Oct. 23.
The location has two drive-thru lanes and a drive-thru ATM. The credit union said it will make major renovations to the structure, both inside and outside. The building is a former Bank of America branch and is located next door to a McDonald’s restaurant.
“We have great ties with Fulton, and we believe this new office will fit just right in the community,” Carhart said in the release.
OCFCU, chartered in 1975, said it has more than 10,000 members throughout the county. It currently has two branches in Oswego and one in Mexico.
OCFCU had more than $64 million in total assets, as of June 30, according to National Credit Union Administration data.
Soraa, LED lighting firm, to bring 420 jobs to DeWitt
DeWITT, N.Y. — Soraa, a firm that specializes in light-emitting diode (LED) lighting, has plans to relocate its manufacturing and research and development operations from
St. Joseph’s CEO: no new Legionella cases in last three weeks
SYRACUSE, N.Y. — St. Joseph’s Hospital Health Center has had “no new cases” of hospital-acquired Legionella in the last three weeks. That’s according to
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