ThisIsRochester.com: Business and Industry

Kodak sells off business unit

April 9, 2019 -- Eastman Kodak Co. and Montagu Private Equity LLP announced the sale of Kodak's Flexographic Packaging Division, with net proceeds of approximately $320 million being used to reduce outstanding debt.

Kodak's flexographic leadership team transitioned as part of the deal and will continue to directly manage the business under the name of Miraclon.

Friendly's closes three Monroe County locations

April 7, 2019 -- Three corporate-owned Friendly's restaurants in Monroe County closed for business over the weekend as part of the decision by the chain's owners to shutdown 23 locations in the Northeast United States.

The local restaurants affected are located at 2 Spencerport Road in Gates, 3935 Dewey Ave. in Greece and 3081 West Ridge Road in Greece. Eleven other New York locations were closed.

In an email to operators of its 97 franchised restaurants, Friendly's CEO George Michel spoke of the company's efforts to "reinvigorate the Friendly's brand" in the face of evolving consumer preferences, increased competition and rising costs. The chain headquartered in Wilbrham, Mass., has 174 remaining locations.

Changes reportedly on horizon at Marketplace Mall

April 5, 2019 -- Mall owner Wilmorite is asking Monroe County's industrial development agency to use its eminent domain authority to buy the rights to parking spaces around several former or current tenants of The Marketplace Mall, potentially launching a radical transformation of the sprawling Henrietta property.

Wilmorite' filing with Imagine Monroe indicates that a new tenant would redevelop the Macy's store, which has been vacant for two years. Wilmorite told WHEC-TV that it is currently bound by a non-disclosure agreement with the prospective tenant.

More details are expected to emerge during a hearing at Henrietta Town Hall on April 15.

Harris merger with L3 moves ahead

April 4, 2019 -- Shareholders of defense contractors Harris Corp. and L3 Technologies Inc. approved a "merger of equals" at a pair of special meetings.

The combined company -- to be called L3 Harris Technologies Inc. -- will be based in Melbourne, Fla., after reviews by the U.S. Department of Justice and the European Union. The U.S. Department of Defense also will chime in. The board of directors will have 12 members, with six directors from each company.

Valued at $33.5 billion at the time the transaction was announced, the deal would be the largest merger in defense industry history and create the nation's sixth-largest defense contractor.

Harris has about 17,500 employees worldwide and a substantial presence in Rochester. The company also is among Brevard County's largest employers, with about 6,800 local employees. L3 has a facility near Harris' Florida headquarters, where about 100 employees develop modems for military communications networks.

Constellation Brands selling some brands to E&J Gallo

April 4, 2019 -- Constellation Brands has agreed to sell approximately 30 of its lower-end wine and spirits brands to California winery E&J Gallo Winery in a $1.7 billion transaction.

The brands, some of which such as Richards Wild Irish Rose and Taylor dessert wines are produced in New York, primarily sell for $11 or less in a challenging market in which consumers typically "trade up" shortly after their introduction to wines and spirits. Among the other brands being sold are Blackstone, Franciscan, Paul Masson Wines and Simply Naked.

In the deal, Gallo is acquiring two production and distribution facilities located in Canandaigua that employ about 200 people. Gallo COO Ernest Gallo indicated the company intends to continue operations there.

Constellation CFO David Klein said proceeds of the sale will be used to pay down existing debt.

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	More from early 2019 Kodak sells off business unit April 9, 2019 -- Eastman Kodak Co. and Montagu Private Equity LLP announced the sale of Kodak's Flexographic Packaging Division, with net proceeds of approximately $320 million being used to reduce outstanding debt. Kodak's flexographic leadership team transitioned as part of the deal and will continue to directly manage the business under the name of Miraclon. Friendly's closes three Monroe County locations April 7, 2019 -- Three corporate-owned Friendly's restaurants in Monroe County closed for business over the weekend as part of the decision by the chain's owners to shutdown 23 locations in the Northeast United States. The local restaurants affected are located at 2 Spencerport Road in Gates, 3935 Dewey Ave. in Greece and 3081 West Ridge Road in Greece. Eleven other New York locations were closed. In an email to operators of its 97 franchised restaurants, Friendly's CEO George Michel spoke of the company's efforts to "reinvigorate the Friendly's brand" in the face of evolving consumer preferences, increased competition and rising costs. The chain headquartered in Wilbrham, Mass., has 174 remaining locations. Changes reportedly on horizon at Marketplace Mall April 5, 2019 -- Mall owner Wilmorite is asking Monroe County's industrial development agency to use its eminent domain authority to buy the rights to parking spaces around several former or current tenants of The Marketplace Mall, potentially launching a radical transformation of the sprawling Henrietta property. Wilmorite' filing with Imagine Monroe indicates that a new tenant would redevelop the Macy's store, which has been vacant for two years. Wilmorite told WHEC-TV that it is currently bound by a non-disclosure agreement with the prospective tenant. More details are expected to emerge during a hearing at Henrietta Town Hall on April 15. Harris merger with L3 moves ahead April 4, 2019 -- Shareholders of defense contractors Harris Corp. and L3 Technologies Inc. approved a "merger of equals" at a pair of special meetings. The combined company -- to be called L3 Harris Technologies Inc. -- will be based in Melbourne, Fla., after reviews by the U.S. Department of Justice and the European Union. The U.S. Department of Defense also will chime in. The board of directors will have 12 members, with six directors from each company. Valued at $33.5 billion at the time the transaction was announced, the deal would be the largest merger in defense industry history and create the nation's sixth-largest defense contractor. Harris has about 17,500 employees worldwide and a substantial presence in Rochester. The company also is among Brevard County's largest employers, with about 6,800 local employees. L3 has a facility near Harris' Florida headquarters, where about 100 employees develop modems for military communications networks. Constellation Brands selling some brands to E&J Gallo April 4, 2019 -- Constellation Brands has agreed to sell approximately 30 of its lower-end wine and spirits brands to California winery E&J Gallo Winery in a $1.7 billion transaction. The brands, some of which such as Richards Wild Irish Rose and Taylor dessert wines are produced in New York, primarily sell for $11 or less in a challenging market in which consumers typically "trade up" shortly after their introduction to wines and spirits. Among the other brands being sold are Blackstone, Franciscan, Paul Masson Wines and Simply Naked. In the deal, Gallo is acquiring two production and distribution facilities located in Canandaigua that employ about 200 people. Gallo COO Ernest Gallo indicated the company intends to continue operations there. Constellation CFO David Klein said proceeds of the sale will be used to pay down existing debt. [ LOOK BACK AT OLDER STORIES ]