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Local Albany Business Headlines

Zak Inc. acquired by Arizona-based manufacturer
Zak Inc., a four-generation family-owned manufacturing company, has been acquired by LAI International Inc., an Arizona-based manufacturer of airplane panels, ballistic shields for tanks and turbines. Douglas Zak, the 63-year-old owner of the company, said he sold the Green Island, New York business to prepare for retirement. The company has been in business since 1937. He said his five children are pursuing different careers. Zak said he has agreed to stay with the company for three months. Zak…
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Albany business leaders take steps to avoid Burlington, Vermont's fate
John Hartzell contemplated the future of GlobalFoundries' $10 billion complex in Malta, New York before a speech Thursday by the computer chip manufacturing company's top regional executive, Thomas Caulfield. Hartzell, an attorney and Malta Town Board member, thought about the high-stakes world of semiconductors. He talked about other states and countries hungry for the thousands of jobs and billions of dollars in investments tied to GlobalFoundries, just north of Albany. Hartzell also focused…
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Metal recycler expanding at Port of Albany, again
Upstate Shredding is expanding its metal recycling operations at the Port of Albany. The Owego, New York-based metal recycler has spent the last year expanding its footprint in the Albany, New York market, acquiring several competitors. This adds to Upstate Shredding's current 19-acre scrap yard at the port. Rich Hendrick, general manager at the port, said he and Upstate Shredding are negotiating a 10-acre lease worth $15,000 an acre. The lease will be rolled into Upstate Shredding's current lease,…
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Aereo loses again, but the game still might not be over
Aereo, the Long Island City streaming video startup that lost a Supreme Court case over its practice of retransmitting over-the-air television, has been denied a license to operate as a cable company, though the company may still have other options for moving forward. Gigaom explained that the ruling by US District Judge Alison Nathan means Aereo most likely has no way of relaunching its live-streaming business, even if it paid retransmission fees to broadcasters. However, that post continued, Judge…
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Airbnb value set to jump to $13B in employee stock sale
Airbnb is reportedly pitching an employee stock sale to investors that would jump its valuation to about $13 billion, up from the $10 billion it was valued at in April. The San Francisco-based hotel alternative is looking for a way for some of its employees to cash in some of their private stock and isn't raising any cash in the move, unnamed sources told the Wall Street Journal. But it continues to face pushback from regulators in some important travel destinations, including New York where Attorney…
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Who and what you missed at the 2014 Partners in Philanthropy event (Slideshow)
Who and what you missed at the 2014 Partners in Philanthropy event (Slideshow)
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Schenectady business accelerator wins $300,000 grant
NYBizLab, a business technology accelerator under construction in downtown Schenectady, New York has been awarded a $300,000 grant from the business accelerator wins $300,000 grant from the Schenectady County Metroplex Development Authority. The project is the brainchild of Transfinder CEO Antonio Civitella who constructed a $7 million headquarters for his transportation software development company in Schenectady last year. Civitella is developing the NYBizLab to attract early-stage technology…
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Nonprofit CEOs outline biggest challenges
Brian Hassett said the best way to attract donors and nonprofit board members is to ask. Hassett, president and CEO of the United Way of the Greater Capital Region, gave several tips to help nonprofits to grow during a panel discussion Friday that was part of the Albany Business Review's 2014 Partners in Philanthropy event at Glen Sanders Mansion in Scotia, New York. Some of the biggest steps that nonprofits can take to be successful include defining a mission, networking and asking, Hassett said. Nonprofits…
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NYC businesses in Ebola patient's wake seek to reassure customers
The private businesses caught up in New York City's emerging Ebola scare are seeking to cooperate with authorities while also emphasizing the low risk other customers may face. West Manhattan resident Dr. Craig Spencer tested positive for the potentially deadly virus Thursday and is being treated under quarantine at Bellevue Hospital Center in Midtown, the city's designated treatment site, city officials disclosed at a media conference. However, nearly six days elapsed in between the time he arrived…
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Nurses union accuses upstate New York hospital of unlawfully failing to continue raises, bonuses
The New York State Nurses Association has filed a charge with federal regulators contending Ellis Medicine improperly discontinued annual raises and longevity bonuses for nearly 120 workers. The charge is connected to ongoing contract talks between the nurses union and Ellis, a Schenectady, New York-based hospital system. In addition to the charge against employer, picketing this month at the hospital highlighted tensions at the negotiating table. Officials at Ellis Medicine declined to discuss…
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