1-800-Flowers sells wine unit
Carle Place florist 1-800-Flowers has sold its wine delivery division, the company said yesterday. The company did not say how much it got for the WTN Services division, which provided fulfillment -- warehousing, packaging and delivery -- for wineries. The buyer is Inertia Beverage Group, or IBC. It will operate the delivery service under the name WineDirect. 1-800-Flowers will keep in operation its winetasting.com website, although Inertia Beverage Group will make the retail deliveries of wine. The two companies plan a joint marketing and promotion campaign.
-- JOSEPH MALLIA
CVD hiring, moving to C. Islip
Electronics component maker CVD Equipment Corp. is growing -- and it's hiring. It's moving from Ronkonkoma to Central Islip -- about 15 minutes' drive away -- where it has bought a building nearly twice the size of its headquarters, the company said Tuesday. CVD is looking to fill jobs in its nanotechnology, solar and energy tech division. CVD's planned move to a 120,000 square-foot Central Islip facility will allow it to expand its application laboratory and its engineering, manufacturing and administrative operations. The company's two buildings at 1860 Smithtown Ave. in Ronkonkoma, totaling 63,275 square feet, are being offered for sale, Leonard Rosenbaum, the president and chief executive, said.
-- JOSEPH MALLIA
Beige Book data shows growth
The Federal Reserve says its 12 bank regions grew this summer because consumers spent more in many parts of the country despite the turmoil that shook the financial markets last month. The Fed said five of its regions reported modest or slight growth in late July and August. Those regions included St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. The seven other regions described growth as subdued, slow or sluggish. The survey, which was released yesterday, is known as the Beige Book and offers mostly anecdotal information about economic conditions around the country. It's findings were a slight improvement from the previous survey, which said growth had slowed in eight of the 12 regions in June and early July. Consumer spending increased in most regions from the previous survey. But the gains were mostly because of stronger auto sales. "Although far from upbeat, the overall tone from the anecdotal evidence . . . wasn't all doom and gloom," said Jennifer Lee, senior economist at BMO Capital Markets.
U.S. homes using less power
Something shocking is happening to demand for residential electricity in the Age of the Gadget: It's leveling off in American homes. Over the next decade, experts expect residential power use to fall, reversing an upward trend that has been almost uninterrupted since Thomas Edison invented the modern lightbulb. In part it's because Edison's lightbulb is being replaced by more efficient types of lighting, and electric devices of all kinds are getting much more efficient. But there are other factors. New homes are being built to use less juice, and government subsidies for home energy savings programs are helping older homes use less power. In the short term, the tough economy and a weak housing market are prompting people to cut their usage. From 1980 to 2000, residential power demand grew by about 2.5 percent a year. From 2000 to 2010, the growth rate slowed to 2 percent. Over the next 10 years, demand is expected to decline by about 0.5 percent a year, according to the Electric Power Research Institute, a nonprofit group funded by the utility industry. Overall demand, including from factories and businesses, is still expected to grow, but at only a 0.7 percent annual rate through 2035, the government says, well below the annual average of 2.5 percent the past four decades.