Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Kinney Drugs opens new, larger Chittenango store
CHITTENANGO, N.Y. — Kinney Drugs opened its newly relocated Chittenango store Wednesday morning. The new and expanded store is situated in a shopping plaza at
DiNapoli: state pension fund generates nearly 7.2 percent return in latest year
ALBANY, N.Y. — The New York State Common Retirement Fund reached an estimated value of $183.5 billion and produced a 7.16 percent rate of return
Schumer: defense-spending bills include money for Ft. Drum training facility
FORT DRUM, N.Y. — Funding for a non-commissioned officer (NCO) training academy at Fort Drum is “incorporated” into military-construction bills in both the U.S. Senate
Vernon Downs formally opens new parking garage
VERNON, N.Y. — Vernon Downs Casino, Hotel, Racing & Entertainment last Friday formally opened a new parking facility. The $7.2 million parking garage offers visitors
People news: Loretto names Hoehner general counsel
SYRACUSE, N.Y. — Loretto has appointed Holly Hoehner vice president and general counsel. She will also serve as Loretto’s corporate compliance officer. Loretto is a
Doing business internationally doesn’t have to be hard
Welcome to the inaugural edition of “Thinking International,” a column dedicated to all things international as it relates to uncovering new business opportunities. The goal
The Non-Techie’s Guide to Google’s Mobile-Friendly Update
April 21 is a day that lived in infamy (or glory) for many websites, as Google updated its criteria and began ranking mobile-friendly websites higher.
Coast 2 Coast is acquired by western New York’s Sunnking
SYRACUSE — Sunnking Inc., a 15-year-old Brockport–based electronics-recycling firm, has recently acquired Coast 2 Coast Electronics Recyclers Inc. of Syracuse to give it a brick and mortar presence and grow its business here. The acquisition closed on April 6, Adam Shine, vice president at Sunnking, tells CNYBJ in an email. He declines to disclose
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SYRACUSE — Sunnking Inc., a 15-year-old Brockport–based electronics-recycling firm, has recently acquired Coast 2 Coast Electronics Recyclers Inc. of Syracuse to give it a brick and mortar presence and grow its business here.
The acquisition closed on April 6, Adam Shine, vice president at Sunnking, tells CNYBJ in an email. He declines to disclose the purchase price, but says it was a cash deal.
Sunnking specializes in refurbishing, reselling, and recycling electronic products from residential and commercial customers throughout New York state and surrounding areas. It has recycling facilities in Buffalo, Brockport, Rochester, and now Syracuse. The company previously serviced the Syracuse area from its Rochester site, Shine says.
Coast 2 Coast has served the Syracuse market for many years, providing pick-up, data destruction, and recycling of electronics, according to Sunnking.
“Sunnking can provide additional services to our customers that we were unable to provide, and give our former clients access to a leading and growing company that works hard to keep jobs in Upstate NY,” Phil Jakes–Johnson, former owner of Coast 2 Coast, said in a May 12 news release, announcing the deal.
Sunnking acquired Coast 2 Coast’s four employees, customer lists, material, and “access to their existing space until we outgrow the facility,” Shine says.
Coast 2 Coast’s facility is 15,000 square feet and processes/recycles nearly 1 million pounds of electronic materials each year, he adds.
Sunnking now has 67 employees following this acquisition. It processes/recycles 24 million pounds of materials annually, Shine says.
Shine declines to disclose Sunnking’s revenue but says, “we have experienced substantial revenue growth in each of the past three years.”
As technology changes rapidly, the need to dispose of obsolete electronic equipment in an environmentally responsible way has increased, the company says on its website. Most electronics can be fully recycled.
Materials recovered through the recycling process for reuse include glass, copper, aluminum, tin, steel, iron, plastic, silver, platinum, and gold, Sunnking says.
Oneida Savings Bank to cut 61 jobs in July after sale to Community Bank closes
ONEIDA — Oneida Savings Bank, a unit of Oneida Financial Corp. (NASDAQ: ONFC), will eliminate 61 back-office positions from its offices in Rome and Oneida between July 17 and July 30. The job cuts are a result of the impending acquisition of Oneida Financial by DeWitt–based Community Bank System, Inc. (NYSE: CBU), parent of
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ONEIDA — Oneida Savings Bank, a unit of Oneida Financial Corp. (NASDAQ: ONFC), will eliminate 61 back-office positions from its offices in Rome and Oneida between July 17 and July 30.
The job cuts are a result of the impending acquisition of Oneida Financial by DeWitt–based Community Bank System, Inc. (NYSE: CBU), parent of Community Bank, N.A.
The reductions are due to “overlapping operational responsibilities,” Hal Wentworth, senior vice president of retail banking for Community Bank, said in a statement. He added that Community Bank is “working to ensure that these individuals receive proper severance benefits, as well as job retraining, re-employment services and other assistance through the New York State Department of Labor.”
The cuts were disclosed on May 12 on the state Department of Labor website in accordance with the Worker Adjustment and Retraining Notification (WARN) Act, which requires businesses of a certain size to give notice of layoffs and closings before they happen.
The affected Oneida Savings Bank employees are not represented by a union, according to the WARN notice the bank filed.
The merger of the two financial institutions was first announced in February by Community Bank System after it agreed to purchase Oneida Financial for $142 million in a mix of stock and cash. The deal is expected to close in July.
Oneida Savings Bank was established in 1866 and operates 12 banking offices in Madison and Oneida counties. It has total assets of nearly $800 million, deposits of $690 million, and 12 banking offices across Madison and Oneida counties.
In addition to Oneida Savings Bank, Oneida Financial is parent company of State Bank of Chittenango; OneGroup NY, Inc. (formerly Bailey & Haskell Associates, Inc.), an insurance, risk management, and employee-benefits company; and Oneida Wealth Management, Inc., a financial services and investment-advisory firm.
Community Bank System, with assets of about $7.5 billion, operates more than 190 branches across upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. That includes 51 branches in the 16-county Central New York area, including seven in the Syracuse metro area, according to FDIC data.
Morrisville works on brewing-studies program, partners on Farmstead Brewery
CAZENOVIA — Morrisville State College said it is implementing a brewing-studies program and will work with Syracuse–based Empire Brewing Company to develop and manage the initiative. The partnership with Empire Brewing will provide Morrisville students with “first hand practical business experience with a large-scale production brewery,” according to an Empire Brewery fact sheet about
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CAZENOVIA — Morrisville State College said it is implementing a brewing-studies program and will work with Syracuse–based Empire Brewing Company to develop and manage the initiative.
The partnership with Empire Brewing will provide Morrisville students with “first hand practical business experience with a large-scale production brewery,” according to an Empire Brewery fact sheet about its Farmstead Brewery.
Morrisville is also the academic sponsor for Empire’s expansion with the Farmstead Brewery under the START-UP NY program.
“We can’t make any more beer in Brooklyn. We can’t make any more beer in Syracuse, so we must expand,” David Katleski, founder and president of Empire Brewing Company, said in his remarks in the May 8 ceremony that formally launched construction of the company’s Farmstead Brewery.
The facility is under construction on a 22-acre property at 33 Rippleton Road in Cazenovia.
Brewing institute
Morrisville secured $600,000 through the NYSUNY2020 grant program to start a brewing institute, David Rogers, currently provost and chief information officer at Morrisville State College said in his remarks at the ceremony.
The institute will focus on “everything from hops growth, processing, production, packaging to … brewing consumption,” said Rogers.
The school’s board of trustees appointed Rogers as the school’s eighth president at a meeting held May 6. His appointment takes effect June 1.
Launched in 2011, NYSUNY2020 “provides incentive for capital development on SUNY campuses and within surrounding communities,” according to the SUNY website. The program’s mission is to “elevate SUNY as a catalyst for regional economic development and affordable education.”
Empire Brewing’s Katleski will be a member of that brewing institute and help guide Morrisville with “informed choices about how we can best proceed and serve the community,” said Rogers.
Katleski is also the founder of the New York State Brewers Association.
He called the brewery-studies program at Morrisville a “tremendous asset” to Empire Brewing and the Farmstead Brewery.
“We have access to now laboratories … people that have degrees in science that can tell us what kind of strains of barley to plant and whether or not the hops we’re going to be growing in the region are suitable for the climate,” Katleski said in his remarks at the ceremony.
The effort will “ultimately” allow everyone to “enjoy some really, really good beer,” Rogers quipped to end his remarks.
As of press time, Morrisville State College didn’t provide a timeline for when the brewing-studies program would be fully up and running.
Other partnerships
Empire Farmstead Brewery, Inc. isn’t the only company that will operate tax-free in partnership with Morrisville State College.
K16 Corporation is a new technology-device and software-development firm focused on developing technology-based products in teaching methods.
K16 has plans to operate in space on the Morrisville State College campus and to create two net new jobs and invest $10,000, according to a March 4 news release from the office of New York Gov. Andrew Cuomo.
“We have other partnerships in the pipeline that I’m not supposed to speak about until we’ve sealed the deal,” Rogers said.
Leadership change
When Rogers’ appointment takes effect on June 1, he’ll be Morrisville State College’s first permanent president since late 2011.
The previous president, Raymond Cross, departed in November of that year to become chancellor of University of Wisconsin Colleges and University of Wisconsin extension.
Cross is now president of the University of Wisconsin system, according to a May 6 news release on the Morrisville website.
William Murabito has been leading Morrisville as interim president since January 2013.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.