SPECIAL REPORT: Year had many ups and many, many downs

CNY Business Journal (1996+), Dec 28, 2001 by Fitting, Beth

May saw more changes at Vernon Downs - big changes - as two top executives left the firm. And Ed Levine continued to build his Galaxy empire with the purchase of two more radio stations. Another telecom, faltering GiSCO, was rescued when a five-year-old North Country Internet company, Westelcom, took over its management. And we witnessed JetBlue's first landings at Hancock Airport in Syracuse, with lower air fares that local officials hoped would provide the competition to bring down air fares out of Syracuse. In May, we first reported that Elmira's Hardinge Corporation, among other companies, was viewing its global sales as the cornerstone of its business. Later in the year, quarterly reports confirmed that Central New York companies were depending on their international sales to shore up the bottom line. On the lighter side of business, those of us with long memories were delighted to hear that A&W was bringing its drive-in restaurants back to Central New York in force. And on the bad-news side, another electronics manufacturer laid off workers at its Cortland plant, as Pall Trinity Micro reduced its work force by 10 percent.

In June, we learned that the public infrastructure for the Inner Harbor project in Syracuse was, at long last, complete and developers are now waiting for private investors to take an interest. We also proudly displayed "our" bus, the Centro bus "wrapped" with The Central New York Business Journal's new "Power" campaign. A law firm with a long history in the area, and an equally long name, announced that it is now known as Mackenzie Hughes LLP. Central New Yorkers found that exciting things do, indeed, happen here, as North Syracuse-based I Hamilton Group, which specializes in "factor" financing, played a major role in exposing New Jersey fraud artists. We learned that Mick Fleming was leaving the helm of the Manufacturers Association of Central New York after four productive years here, to take a national post with the American Chamber of Commerce in Virginia. Later in the year, we announced that Randall Wolken had emerged the winner in a nationwide search for Fleming's replacement. A recurring story hit our paper in June, that venture capital was drying up in Upstate. And James P. Gaspo left his position as vice president of corporate banking to become the new president of KeyBank in the Central New York District. More local banks moving on and up in Central New York, as Community Bank purchased 36 Fleet branches and NBT in Norwich announced its plan to merge with CNB Financial Corp., leftover from an aborted merger with BSB Bank the previous year. The merger would give NBT a presence in eastern New York, to add to its presence in northern Pennsylvania, gained when it acquired Pennstar, and in the North Country, by its purchase of First National of Northern NY, both in the previous year. Fiber Instrument Sales in Oriskany made the news again, as the growing company was named Ernst & Young's Entrepreneur of the Year for upstate New York. And Cortland employees were happy to hear that the Marietta Corp. was buying the former Rubbermaid plant in Cortland, with the intention of spending $14 million to purchase and equip the plant for liquid product manufacturing, adding 90 new employees to the Marietta payroll over the next two years. Connecticut booth-maker Display & Design showed its confidence in the local business climate by choosing to expand its Syracuse facility instead of its Connecticut headquarters.