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Orlando Business Journal
Tool company to close local plant, cut jobs
A Turners Falls, Massachusetts-based tool manufacturer will close its plant in Volusia County.<\p> Mayhew Bestway — part of Mayhew Tools — will close its Ormond Beach plant at 2 Sunshine Boulevard by March 28, with layoffs for 41 employees starting on Nov. 29, according to a Worker Adjustment and Retraining Notification Act letter sent to the state Sept. 30. <\p>
A word from us to you as Milton nears
Well, readers ... here we are, set to face yet another hurricane in Central Florida. <\p> Hurricane Milton, which is a Category 4 hurricane at the time of this writing, is making its way toward the west coast of Florida. Forecasts have the storm on top of Central Florida by this evening and into the morning, followed by ongoing effects on Thursday along the east coast. <\p>
'Weathervaning' and other tricks to secure construction sites
If Peter Dyga, president and CEO of Associated Builders and Contractors, could tell the public one thing about commercial construction sites during hurricanes, it would be this: When you see one of those enormous tower cranes spin in the high winds, don't freak out.<\p> "It's designed to do that," Dyga said.<\p>
Why mortgage rates may not continue to drop
Relief on housing costs from interest-rate cuts issued by the Federal Reserve last month may not be as straightforward as some would-be homebuyers might expect. But some areas of the country are poised to feel the impacts of rate cuts more significantly than others.<\p> A recent analysis by Realtor.com found 60.2% of homeowners in the U.S. lived in homes with a mortgage while 39.8% of owners owned their homes free and clear. But the share of mortgaged homeowners versus those who owned their homes outright vary — sometimes significantly — by state.<\p>
Laser Photonics hiring spree fuels expansion
Orlando-based Laser Photonics Corp. (Nasdaq: LASE) plans to add 150 new jobs over the next three years as it expands to reach more industries. <\p> Further, this expansion coincides with the company's partial move to a new 50,000-square-foot facility at 400 Rinehart Road in Lake Mary, which now houses its sales and marketing operations. The company's Maitland offices will remain open.<\p>
Hurricane Helene insured losses near $1B
As Hurricane Milton approaches Florida's west coast, the damages from Hurricane Helene in late September are near $1 billion in insured losses so far, according to the Florida Office of Insurance Regulation.<\p> Pinellas County as of the Oct. 7 report has the most claims at 34,380, followed by Hillsborough (12,434). Orange County saw 757 claims with 23.8% closed. In total, Florida Office of Insurance Regulation estimates $974.4 million in insured losses so far. <\p>
Why Orlando Health spent $1.3B on hospital deals
Orlando Health's recent hospital purchases line up with a goal to grow and block competing health care systems. <\p> The nonprofit health system closed on its deal to buy a 70% stake in Alabama-based Brookwood Baptist Health from Dallas-based Tenet Healthcare Corp. (NYSE: THC) for $910 million and soon will complete a $460 million deal for a trio of Steward Health Care hospitals on Florida's east coast with a target closing of Oct. 23. <\p>
Dr. Phillips Center accused of 'blatant disregard' in lawsuit response
CNL Charitable Foundation Inc. answered the lawsuit brought against it by Dr. Phillips Center for the Performing Arts, alleging the nonprofit exhibits "a blatant disregard for the rights of a donor" in a statement provided to Orlando Business Journal.<\p> On Sept. 18, Dr. Phillips Center filed a lawsuit against CNL Charitable Foundation over an alleged breach of contract regarding payments totaling $3.35 million.<\p>
How to repel cyberattacks after Hurricane Milton
Melbourne-based Creative Network Innovations President John Cowan is one of those experts warning that cybercriminal behavior skyrockets after a disaster. In addition to maintaining a holistic cybersecurity posture, he said companies should have business continuity and disaster recovery plans in place, and these plans should be reviewed and updated routinely. If an organization does not have these plans in place, they should contact an IT professional for assistance.<\p> Orlando-based ThreatLocker CEO Danny Jenkins said cybercriminals increasingly exploit the chaos surrounding natural disasters to launch phishing attacks and take advantage of security vulnerabilities. <\p>
Central Florida hospital to evacuate due to Hurricane Milton
Health First will evacuate one of its hospitals on the Atlantic coast due to Hurricane Milton. <\p> The nonprofit health system announced on Oct. 8 it will evacuate patients from the 150-bed Cape Canaveral Hospital at 701 W. Cocoa Beach Causeway in Cocoa Beach. The hospital is on a barrier island. <\p>
How Wawa, others are preparing for Milton
Preparations for Hurricane Milton across Central Florida have led to long lines at fuel pumps. <\p> The storm's path for an impact on the Orlando region as early as Wednesday evening has brought people to fill up their vehicles in case of prolonged power outages. Local utility and government leaders expect many in the area could lose power for an extended period of time due to rain and strong winds.<\p>
How business owners can navigate DEI backlash
More companies are publicly dropping their diversity, equity and inclusion initiatives amid backlash, but experts say the fight to foster diversity in the workplace is ongoing.<\p> In the past few months, companies such as John Deere Co., Tractor Supply Co., Jack Daniel's, Harley-Davidson Inc. and Lowe's Cos. Inc. have either dropped their DEI efforts or publicly distanced themselves from those initiatives. <\p>
Orlando Health completes $910M deal in Alabama
Orlando Health last week completed the purchase of five Alabama hospitals.<\p> Dallas-based Tenet Healthcare Corp. (NYSE: THC) sold its 70% ownership interest in Brookwood Baptist Health in Birmingham to Orlando Health for more than $910 million in cash, allowing Orlando Health to enter Alabama for the first time. <\p>
These airlines, flights on decline here
Orlando International Airport has seen airlines drop or reduce flights to select locations in October, including Philadelphia, New York City and Newark.<\p> According to data from the airport, the number of flights per week for the month of October fell by 317 from the prior year. That includes Spirit offering 15 less weekly flights to Newark, New Jersey and Philadelphia each when compared to 2023.<\p>
Publicly traded firm opens I-Drive location
Concentra has opened another Orlando location, its first near International Drive. <\p> The Addison, Texas-based occupational health care services company (NYSE: CON) on Oct. 7 announced it opened a 10,000-square-foot clinic in the Olinda Center at 6708 Grand National Drive. <\p>
Tolls lifted ahead of Hurricane Milton
The Orlando region is preparing for negative impacts from Hurricane Milton. <\p> Orlando Mayor Buddy Dyer said during an Oct. 7 news conference that it is important that residents take the storm seriously and prepare by the end of the day tomorrow. Milton is currently a Category 5 storm in the Gulf of Mexico, with its expected winds and rains to be at their peak in Central Florida on the evening of Oct. 9 into the morning of Oct. 10<\p>
3 Orlando museum projects face shortfall
Orange County’s Tourist Development Council on Sept. 27 approved recommended allocations for $75 million in tourist development tax dollars — paving the way for 11 projects. <\p> Applications were ranked based on several factors that by design add up to a strengthened tourism sector, and the top eight will get the funding they requested. However, projects put forward by Friends of the Mennello Museum, Orlando Museum of Art and Wells'Built Museum of African American History & Culture ranked lowest and are recommended to get a fraction of their ask. <\p>
Hurricane-proof your business tech before Milton hits
A Federal Emergency Management Agency report shows 43% of affected small businesses don’t reopen after a disaster. <\p> Chief Experience Officer Matt Rose of Orlando-based Tech Rage IT said that’s because they often don’t have a disaster recovery plan — and an even smaller number test those plans. <\p>
See when local airports will close
Local airports have started prepping for Hurricane Milton. <\p> The Greater Orlando Aviation Authority announced that commercial passenger and private operations will cease at Orlando International Airport at 8 a.m. on Oct. 9 and at 10 p.m. on Oct. 8 at Orlando Executive Airport. "The airport is not closed and will remain open to accept emergency/aid and relief flights as necessary. We will resume commercial operations as soon as possible based on damage assessment."<\p>
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