The search is on for a new commissioner of the Department of Labor. The current commissioner, Sharon Palmer, announced she would step down at the end of this year.
It’s been a challenging last few months for Palmer, as federal funding for the department was cut. She had to implement 95 job cuts, and also announced the closure of six job centers.
Those closures were later reversed, and the centers will be handed over to an affiliate agency.
Governor Dannel Malloy thanked Palmer for her service. She has particularly worked to strengthen workforce training programs during her three years in the job.
GE Acquires Activist Shareholder
General Electric has a major new shareholder. Trian Fund Management says it has bought $2.5 billion worth of stock in the company, or about one percent of GE's total value, making it one of the corporation's top ten shareholders.
GE is also Trian’s largest investment. Trian is known for putting pressure on the companies it holds. It’s already called for GE to cut more costs, speed up the divestment of its finance arm, and be more cautious in acquisitions. It says it wants to see a big hike in the share price over the next few years.
Army Win for Timken
Manchester’s Timken Aerospace Transmissions has landed a major contract from the Army.
The $46 million deal funds the maintenance and overhaul of transmissions for Apache attack helicopters.
Connecticut's two U.S. Senators, Chris Murphy and Richard Blumenthal, say the deal is a big win for domestic contracting. They had urged the defense department to award the contract in the U.S., and not look for a foreign source for Apache parts.
