A decade later: Long Island companies that merged or sold
In 2004, Long Island had 100 top companies in the annual Newsday ranking of local public businesses, but in the 10 years that have passed the bulk have fallen off of our list.
So what happened?
As part of our 2014 Top Companies coverage, we looked at the list Newsday ran in 2004 to find out just what changed for the firms once named among Long Island's most powerful businesses. In some cases they just moved, in others they were sold or went private. In a few cases, they actually closed down. We used past Newsday reports, company releases or Securities and Exchange Commission filings to compile the data.
The list below shows the firms that either were sold or merged with another company since 2004.
1. American Medical Alert Corp.
This Oceanside maker of remote monitoring systems for patients with health issues was scooped up by British firm Tunstall Health care group in 2011, ending its run as a Long Island-based company. AMAC, which also operated emergency monitoring call centers, went for $82 million, or $8.55 a share. Tunstall is still in business, and operates in more than 30 countries.
(An AMAC monitoring system)
2. American Technical Ceramics
In 2007, Huntington Station-based electronic components maker American Technical Ceramics Corp. agreed to merge with a subsidiary of Myrtle Beach, South Carolina-based AVX Corp., making it a subsidiary of AVX. Interestingly, AVX is a subsidiary of Japanese company Kyocera. AVX paid $231 million for the Long Island company. In its last year of sales, AVX had $1.5 billion in sales.
Comforce operated out of Bethpage as a provider of temporary staffers and contract workers until it was acquired in December 2010 by private equity firm Abry Partners for $84.8 million. The deal essentially took Comforce private and therefore removed it from the list of Long Island's top public companies. The staffing company still operates out of Bethpage.
(An old Comforce logo)
4. Del Laboratories
Uniondale-based cosmetics company Del Laboratories shed its LI-based label in December 2007 after it was acquired by Manhattan perfume and makeup company Coty Inc. for an undisclosed sum. Coty has produced perfume lines with celebrity backing, and currently manages a huge roster of beauty product brands.
(Del Labs' former logo)
5. Excel Technologies
This East Setauket manufacturer of laser systems ended up in the sights of Boston-based GSI Group, which paid $360 million in 2008 to acquire the Long Island company. The deal came two years after a merger plan with a California-based company was blocked by regulators in Germany. In 2013, GSI sold its space in East Setauket to Long Island developer Tritec.
(A GSI logo)
E-Z-EM operated out of Lake Success, making dyes and other products used in medical imaging for gastrointestinal tests before it was acquired by Princeton, New Jersey-based Bracco Diagnostics in 2007 for around $241 million. Bracco is the U.S. subsidiary of Italian company Bracco Imaging SpA. Around the time of the sale, E-Z-EM had been facing investor pressure to seek a sale after its income slid on costs related to a North America expansion.
( An E-Z-EM product label)
7. Globecomm Systems
Once one of Long Island's top public companies, Hauppauge-based Globecomm Systems was purchased in 2013 by a Manhattan-based private equity firm, Wasserstein & Co., for $340 million. The company creates communications systems used in the broadcast industry as well as by the U.S. military.
(Globecomm founder David E. Hershberg - Newsday)
8. Hi-Tech Pharmacal
Amityville-based drugmaker Hi-Tech Pharmacal in August 2013 announced its sale to Lake Forest, Illinois, pharmaceutical company Akorn, in a deal worth $640 million. Hi-Tech was best know for its nasal spray, fluticasone, sold under the brand-name Flonase. Hi-Tech, once ranked the third fastest-growing public company in the United States, had been wooed by a slate of companies. In an SEC filing, Hi-Tech said it was negotiating with 11 potential buyers.
9. International Smart Sourcing
Farmingdale-based outsource company, International Smart Sourcing, in 2009 engineered a reverse merger in which it bought Network 1 Financial Group, changed its name to Network 1 and moved its business to Red Bank, New Jersey.
(Screen grab from ISS)
10. Interpharm Holdings
In 2008, Interpharm Holdings ultimately went private after it agreed to be acquired by Amneal Pharmaceuticals, a New Jersey-based generic drugmaker. Since then, Amneal has seen huge growth on Long Island, adding space in Yaphank, increasing its stable of local workers and even buying up a slate of drugs from a rival.
(Sign on Amneal's Hauppauge factory - Google)
11. Langer Biomechanics
Deer Park-based orthopedic shoemaker, Langer Biomechanics, was bought by a Canadian firm, the Orthotic Group, in 2009 for about $4.7 million.
(A Langer ad)
12. Long Island Financial
Local thrift Long Island Financial Corp. in 2005 was bought by New York Community Bancorp, Long Island's largest locally based bank, for nearly $70 million. LI Financial had operated under the Long Island Commercial Bank name before the acquisition, and its 12 branches on Long Island were taken over by NYCB's New York Commercial Bank.
(NYCB chief executive Joseph Ficalora - Newsday)
13. Manchester Technologies
Computer services company Manchester Technologies sold off a portion of its business to Virginia company ePlus in 2004 for about $5.2 million in cash. One year later, Manchester unloaded the rest of its business in a $56 million deal with a Manhattan buyout firm Caxton-Iseman Capital Inc. After the deal closed, Manchester subsidiary Electrograph Systems became a private company.
14. National Medical Health Card
In 2008, Port Washington-based National Medical Health Card Systems, a manager of prescription drug plans, sold for $143 million to SXC Health Solutions Corp. After a string of acquisitions in the next few years, SXC eventually changed its name to Catamaran Corp. in 2012. The company is based in Illinois.
(NMHC's former logo)
15. North Fork Bancorp
Perhaps one of the most high-profile acquisitions on Long Island in the past 10 years, North Fork Bank parent North Fork Bancorp sold to financial giant Capital One in 2006 for $14.6 billion. Capital One maintained a small staff at the former Mattituck headquarters of North Fork Bancorp before eventually closing it in 2013. Meanwhile, former North Fork chief executive John Kanas acquired Florida-based BankUnited FSB in 2009. Then, in 2013, BankUnited opened its first Long Island branch in Melville.
(John Kanas - Newsday)
16. Nu Horizons Electronics
Melville-based Nu Horizons was a local distributor of semiconductors until it was acquired by Arrow Electronics in September 2010 in a deal estimated at close to $130 million. At the time, executives said the deal would allow Nu Horizons to compete for global business, but what they didn't know is the deal would eventually take them off Long Island when Arrow eventually shifted its headquarters and base to Colorado in 2011.
(Arrow's former LI headquarters - Newsday)
17. OSI Pharmaceuticals
In a major deal that upset many in the business and political worlds on Long Island, drug company OSI Pharmaceuticals, known best for its Tarceva lung cancer drug, agreed to be sold to Japanese company Astellas in 2010. Before that, the company the region once hoped would anchor a biotech hub in Farmingdale tried moving its base to Westchester due to frustrations with Long Island over protests to animal testing. But in the end the Farmingdale facility was closed down by Astellas as part of a company restructuring. The building is still empty.
(OSI's former headquarters - Newsday)
18. Porta Systems / TII Network Technologies
Syosset-based based telecom company Porta Systems was sold in 2010 to another firm, TII Network Technologies, of Edgewood, for about $8.15 million. Both companies made similar products but the deal gave Porta new entry into overseas markets such as Mexico. TII was then acquired by Plainview-based Kelta in 2012 for $33.1 million. TII had existed on Long Island since 1964, when it was launched out of a garage..
(A TII product)
Garden City-based enterprise data firm Proginet, which specialized in encryption and other services meant to safeguard business data, sold in 2010 to TIBCO software in a deal worth about $20 million. TIBCO is headquartered in Palo Alto, California.
(A TIBCO office screenshot)
20. Reckson Associates Realty
In another high-profile sale in the past decade, Uniondale real estate developer Reckson Associates was scooped up by Manhattan developer SL Green Realty Corp. for $4 billion. The deal nearly fell through under pressure by activist shareholder Carl Icahn, but a last-minute deal by Reckson chief Scott Rechler to give up a $25 million severance package helped push the deal through. Rechler bought back his firm's Long Island properties and launched RXR Realty while SL Green kept the company's New York City portfolio.
(SL Green screenshot)
21. Smithtown Bancorp
In another big Long Island banking deal, Bank of Smithtown parent Smithtown Bancorp sold to Connecticut-based People's United Bank in a deal worth $60 million. People's rebranded Smithtown's Long Island branches, and later expanded its local footprint when it bought Citizen's Bank in 2012, giving it a host of branches in Stop & Shop supermarkets across the region.
(Bank of Smithtown's main branch - Newsday)
22. Standard Microsystems
Hauppauge-based semiconductor maker Standard Microsystems went for $939 million in 2012 when it agreed to be sold to Arizona-based Microchip Technology. At the time, SMSC was the 15th largest company on Long Island by market cap.
(SMSC's former headquarters - Newsday)
23. State Bancorp of Long Island
State Bancorp of Long Island, parent company of State Bank, sold to New Jersey-based Valley National Bank in early 2012 for $222 million, which included paying off $36.8 million in Troubled Asset Relief Program funds State Bank had borrowed during the financial collapse.
(A State Bank branch - Newsday)
24. Symbol Technologies
Bar code scanner company Symbol Technologies was one the region biggest tech companies when it was sold to Motorola for $3.9 billion in 2007, making it the cornerstone of Motorola's Enterprise Mobility business. However, Motorola's recent unloading of Enterprise Mobility to Zebra Technologies for $3.45 billion in April has left the future of the Long Island workforce in question. Zebra said it will make those decisions after 2014 ends.
(Motorola in Holtsville - Newsday)
25. Technology Flavors and Fragrances
Amityville-based flavor company Technology Flavors and Fragrances sold in 2005 to rival FFG Industries of Upper Saddle River, New Jersey, for $1.55 a share.
(File art - Newsday)