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TUESDAY, NOV. 27, 2018 | IN THIS ISSUE
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UTC moves fast to split after Rockwell Collins deal close
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Collins Aerospace, which includes Cedar Rapids-based Rockwell Collins and Pratt & Whitney, will form UTC's aerospace spin-off. CREDIT UTC
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United Technologies Corp. wasted no time announcing a split-up into three separate publicly traded companies on Monday, when it concluded its $30 billion acquisition of Rockwell Collins.
Under the split-up plan, the new Collins Aerospace Systems division created with the Rockwell Collins acquisition will be combined with the company's Pratt & Whitney aerospace engines division in a company that will continue to bear the UTC name.
Otis, which manufactures elevators, and Carrier, which manufacturers heating and cooling equipment, will become independent companies.
"Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus and maximize value creation," UTC Chairman and CEO Gregory Hayes said in a statement announcing the split.
Collins Aerospace Systems said it does not have any immediate plans for adjustments to its Iowa workforce of about 9,000.
"Collins Aerospace remains committed to Iowa employees and helping the areas in which they live and work continue to thrive," Collins Aerospace spokeswoman Pamela Tvrdy Clary said in an emailed statement.
The new UTC will have pro-forma net sales of $23 billion and 70,000 employees, about 16,000 of them engineers. About 75 percent of sales will be to commercial customers and 25 percent to military customers.
Mr. Hayes had been under pressure to split up the conglomerate, which some activist investors believe will unlock shareholder value, however it was not clear until Monday when or in what form the split-up would take.
Shares of UTC were trading almost 6 percent lower at 10 a.m. today after an early-morning investor conference call to announce the split, due in part to UTC's plans not to institute significant stock buybacks for the 18- to 24 month transition period of the split-up, and UTC's recent lowering of cash flow projections in the immediate aftermath of the Rockwell Collins acquisition.
Local leaders of Collins Aerospace Systems following the acquisition are Kent Statler, head of Avionics, and Phil Jasper, head of Mission Systems.
The avionics division provides commercial and government aerospace avionics systems, cabin management and content systems, information management systems and services, aircraft sensors, fire protection and safety systems. Mission Systems provides military solutions that include communication, navigation, electronic warfare, nuclear command and control, simulation and training, unmanned and mission strategic systems, space, intelligence, surveillance and ejection seats.
As previously announced, Collins Aerospace Systems will be led by CEO Kelly Ortberg, and President Dave Gitlin. Executive offices have been leased in West Palm Beach, Florida.
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A rendering of Riverside Casino's refreshed interior. CREDIT RIVERSIDE CASINO
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Riverside Casino & Golf Resort will celebrate the completion of its $11 million renovation project with a slate of activities starting on Thursday.
General contractor Baxter Construction led the renovation that began in March. Thirty-two Iowa sub-contractors contributed to the casino facility's new look, which include a new enclosed poker room, a redesigned show lounge, a remodeled buffet, a new bar and "grab 'n go" outlet, and new carpeting, wallpaper and tile throughout the resort.
"It's been a long year for both our employees and customers, but well worth the wait," General Manager Dan Franz said in a statement.
The renovation celebration, intended to "thank our communities for their patience and understanding throughout this past year," will kick off with at 5 p.m. on Thursday with an event hosted by University of Iowa Hawkeyes broadcaster Gary Dolphin. A ribbon-cutting ceremony will follow remarks by Mr. Kehl and Mr. Franz.
The casino will offer a BOGO buffet offer from Thursday to Saturday, free cake and champagne, and Hawkeye basketball and football season ticket drawings.
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The Cedar Rapids City Council is slated to formalize a $117.48 million Flood Control System Project Partnership Agreement between the city and the U.S. Army Corps of Engineers (USACE) in a special meeting at 4:30 p.m. today.
Following the expected approval of the resolution authorizing the agreement, Mayor Brad Hart and City Manager Jeff Pomeranz will join Col. Steven Sattinger, Rock Island District Commander, in signing the document.
The Project Partnership Agreement will cover the east side of the Cedar River flood protection plan, and will formalize a contractual relationship between the city and the USACE. As part of the agreement, the USACE is agreeing to provide management, engineering, right-of-way assistance and funding for the project. The east side system is required to be completed by 2023.
By accepting the Project Partnership Agreement, the city commits to completing the east side flood control system and providing the necessary funding - approximately $100 million - as outlined in a financial plan, adopted September 2018.
The Flood Control System Master Plan outlines permanent protection for both the east and west sides of the river. More information on the system is available at
www.cityofcr.com/floodcontrol.
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Iowa wrestlers will prepare for Cadet and Junior National Wrestling Championships over the next three summers at Coe College's new Athletics and Recreation Complex, the Cedar Rapids college announced this week.
Most recently housed at Grand View University, the Iowa/USA Wrestling summer camp will bring about 125 top high school grapplers to Coe beginning in July 2019.
The college's 200,000-square-foot building and renovation project, completed in 2017, included the construction of a new performance arena, wrestling room and fitness center.
"We are excited to partner with Coe College and use their state-of-the-art facilities for Iowa/USA Wrestling training camp for the next three years. We feel their facilities and layout will allow our athletes to have a safe, productive and highly efficient training camp to prepare themselves for nationals," state chairman of Iowa/USA Wrestling Mark Reiland said in a news release.
USA Wrestling is the national governing body for the sport of wrestling in the United States and is a representative to the U.S. Olympic Committee. USA Wrestling coordinates amateur wrestling programs throughout the nation.
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Beno's Flowers has opened in downtown Iowa City, offering unique floral arrangements and other gift items on Iowa Avenue.
A grand opening is slated for Dec. 1, with free beverages and cookies for the public from 10 a.m.-2 p.m.
Owner and manager Benito Ocampo dreamed of opening his own flower shop for years before coming to Iowa City where he was able to find a home for his business, according to the Iowa City Downtown District. Mr. Ocampo is originally from Mexico where he operated a similar business. He also spent time in Chicago before moving to Iowa with his partner, who also helps with the business.
Beno's occupies one of two new commercial bays created by Iowa Book owners Pete and Kurt Vanderhoef within their building to provide additional opportunities for retail.
Mr. Ocampo plans to eventually expand the shop's range of services to weddings and larger scale events.
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Nov. 28
1 Million Cups
, by 1MC, 9-10 a.m., Geonetric, 415 12th Ave., SE, Cedar Rapids and MERGE, 136 S. Dubuque St., Iowa City. Join for community connections, startup pitches and free coffee. The November theme for the Cedar Rapids meeting is nonprofits. Free. For more information, visit facebook.com/1MCICR.
Nov. 29
Winning the Game: Launch and Land Your Post-Harvest Marketing Plan
, by Hills Bank & Trust, 8:30 a.m.-noon, 3204 Seventh Ave., Marion. This crop marketing seminar will include tips and advice for writing your marketing plan and a fun marketing simulation. Free, light breakfast provided. To register, visit conta.cc/2PAW0VE.
PWN Member Appreciation Night, by Professional Women's Network, 5-7 p.m., NewBo City Market, 1100 Third St. SE, Cedar Rapids. PWN members will celebrate the achievements of 2018 and look ahead to next year. Free, but RSVP to Ann Roushar at pwn@pwn.org. For more information visit bit.ly/2TOBjrj.
Nov. 30
Ribbon Cutting: Wickwire Chiropractic,
by Marion Chamber of Commerce, noon, 955 29th Ave., Suite B, Marion.
Help Wickwire Chiropractic celebrate the opening of its new Marion location. Free.
Ribbon Cutting: DKW Gallery
, by Marion Chamber of Commerce, 4 p.m., 840 Seventh Ave., Marion. DKW Gallery will celebrate its second anniversary with the addition of new programming and space. Free.
Dec. 1
Code 102
, by DeltaV Code School and NewBoCo, 9 a.m.-5 p.m, Geonetric, 415 12th Ave., SE, Cedar Rapids. Move past the concepts covered in Code 101 and work with experienced developers who can help. Cost: $299, includes a light breakfast, lunch, and coffee. For more information, visit deltavcodeschool.com.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28
A flight originating from Chicago's O'Hare Airport heading for Phoenix was diverted to Cedar Rapids shortly before 11 p.m. Monday. United 483 departed Chicago at 9:33 p.m., an hour and 18 minutes late. Then according to FlightAware.com, the flight reached 28,000 feet before making a turn over Washington County and starting a descent to the Eastern Iowa Airport. Twitter users on the flight say the plane suffered from "engine troubles," prompting an emergency landing. Passengers were lodged in Cedar Rapids for the night. United Airlines released a statement stating the aircraft had a "mechanical issue."
Supporters of two transgender boys are helping them and their families recover one month after allegedly facing discrimination in the community. "You shouldn't be treated with discrimination because of who you are and who you identify as," said event organizer Stefanie Munsterman-Scriven. Ms. Munsterman-Scriven and her daughter are among the hundreds of people expressing support for the family of two transgender boys in Cedar Rapids. The families of those two boys said their sons were denied from skating at Super Skate last month. Allegedly, a DJ at Super Skate ordered their children to leave the rink during "boys skate" because it was not the place for a "social experience." The two children were born girls but now identify as boys. "I think what it can do is really damage a kid's ability to figure themselves out," said Jen Rowray, president of PFLAG. PFLAG is an organization dedicated to providing community support to the LGBTQ and their families. CBS2 News made multiple attempts to reach out to officials at Super Skate, but received no response. Read the full story here.
T
hese news items are provided by CBS2/FOX 28
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CBS2 Chief Meteorologist Terry Swails' Weather First Forecast
A winter-like chill will continue to grip Eastern Iowa through the middle of the week before temperatures start to slowly moderate into the weekend. A couple of systems could also impact the area over the next several days. Clouds and flurries will move out this morning and we'll have mostly sunny skies this afternoon. It will be cold and breezy with temperatures in the low to mid 20s. The wind will make it feel even colder with wind chills between 5-15 degrees. Clouds will move back in on Wednesday with high temperatures remaining in the 20s. A disturbance will track through the western/northern part of the state Wednesday night which could bring a chance of light snow to the far north.
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