Saratoga Business Journal - May 2022

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SBJ P.O. Box 766 Saratoga Springs, NY 12866

SARATOGA BUSINESS JOURNAL

VOL. 27 NO. 03

HH The Business Newspaper of Saratoga County HH

PRSRT STD U.S. POSTAGE

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GLENS FALLS, NY 12801 PERMIT #600

MAY 2022

www.saratogabusinessjournal.com

AMC’s Purchase Of Seven Bow Tie Cinema GlobalFoundries Has $117M Pact With U.S. Theaters Includes Saratoga Springs Site Department Of Defense For Work In Malta

This Bow Tie Cinema theater in Saratoga Springs is one of seven purchased by AMC Theatres, said to be the largest theatrical exhibitor in the U.S., Europe and the Middle East. AMC Theatres, said to be the largest theatrical exhibitor in the U.S., Europe and the Middle East, has finalized a deal with Bow Tie Cinemas to purchase and operate seven locations including its theaters in Saratoga Springs. Bow Tie has other facilities in upstate New York, Connecticut and Annapolis, Md. Marquis 16, Royale 6, SoNo 8 (formerly Regent 8), Majestic 6 and Landmark 8 join the AMC circuit in the Connecticut market. Adam Aron, chairman and CEO of AMC, said the acquisition “is exciting for AMC, our shareholders and many moviegoers in the northeastern United States. Our theatre acquisition strategy makes AMC a better and stronger company as we move forward on our glidepath to recovery. Acquiring these locations is especially notable for our expansion in Connecticut, where we are more than doubling our presence. We are encouraged to bring the magic of AMC to more and more theatres across the country.” Officials said the acquisition more than doubles AMC’s presence in the state of

Connecticut. In addition, AMC adds Saratoga Springs 11 in upstate New York and Annapolis Mall 11 in Annapolis, Md. AMC intends to retain all theatre associates at the newly acquired theatres. AMC remains in active discussions with other property owners regarding additional locations. Upon reopening, guests at these locations can expect many of AMC’s most popular programs and amenities, including AMC Stubs, a world class loyalty and subscription service that includes AMC Stubs A-List, officials said. In addition, Marquis 16, Royale 6, SoNo 8, Majestic 6, Landmark 8, and Annapolis Mall 11 were renovated in recent years and include all-recliner seating. Saratoga Springs 11, Marquis 16, Majestic 6 and Annapolis Mall 11 offer a PLF experience. For more information about the transition and the AMC experience guests can visit the FAQ page on AMC’s website at www. amctheatres.com/bow-tie-cinemas. AMC has approximately 950 theatres and Continued On Page 4

SPAC Partners With 2 Businesses For Media Buying, PR And Public Affairs Initiatives Saratoga Performing Arts Center (SPAC) is partnering with LIFT Marketing and The Martin Group to assist with paid media strategy, media buying, public relations and public affairs initiatives. Leveraging the nationally significant programming and unique experiences SPAC provides, the collaboration aims to grow national and international awareness for SPAC, while promoting Saratoga as a year-round cultural tourism destination for travelers craving authentic, immersive arts and nature experiences, officials said. SPAC designed its engagements with LIFT and The Martin Group to advance both artistic and business objectives, cultivating interest in the arts it features, uplifting the region’s creative communities and fueling ticket sales and tourist visits. “Saratoga Springs is an incomparable destination for world-class arts. From the city’s vibrant downtown with scores of museums,

art galleries and live music venues to SPAC’s internationally recognized festival of music and dance, visitors can immerse themselves in arts, culture, and exquisite nature. And yet, it is still undiscovered by many cultural tourists,” said Elizabeth Sobol, president and CEO of SPAC. “Our partnerships with LIFT and The Martin Group will expand our team’s capabilities to reach more people and new audiences who are craving these experiences.” The Martin Group is an award-winning, integrated communications agency with offices in Albany, Buffalo and Rochester. Engaged to provide public relations and public affairs services, The Martin Group will collaborate with SPAC’s internal teams to continue driving awareness of SPAC as an emerging cultural tourism destination that welcomes travelers looking to reignite their love of new experiences. By focusing on outlets in nearby major Continued On Page 14

GlobalFoundries in Malta has a government contract with the Department of Defense to ensure access to 45nm SOI semiconductors critical to the department’s strategic systems. As part of the nation’s effort to sustain the microelectronics manufacturing capability necessary for national and economic security, and in support of an executive order entitled America’s Supply Chains, the U.S. Department of Defense has awarded a $117 million agreement to GlobalFoundries. GlobalFoundries, headquartered in Malta, will transfer its 45 nanometer (nm) silicon-on-insulator (SOI) semiconductor manufacturing process from its Fab 10 facility in East Fishkill, to its Fab 8 facility in Malta, the defense department announced in a press release. The effort is a follow-on from an $8 million award issued last year through which GlobalFoundries conducted initial engineering baseline activities for the transfer. Federal officials said the agreement will ensure access to 45nm SOI semiconductors critical to

Courtesy GlobalFoundries

Department of Defense strategic systems. The agreement is the latest collaboration in the longstanding partnership between the Department of Defense and GlobalFoundries to provide silicon-based semiconductors for defense aerospace applications. “GlobalFoundries is proud to be a longtime supplier to the U.S. government, and we remain deeply committed to meeting the semiconductor technology needs of the Department of Defense, as well as the technologies so critical to our national security,” said company CEO Tom Caulfield. “The strong public-private partnership demonstrated with this new supply and tech transfer agreement is an excellent example of the impact federal collaboration and investment in semiconductor manufacturing can have on strengthening domestic supply chains. Our partnership boosts Continued On Page 14

L. Clifford Van Wagner Will Receive Joseph Dalton Award At Chamber Annual Dinner L. Clifford Van Wagner was named the 2022 Joseph Dalton Community Service Award recipient and will be honored during the Saratoga County Chamber of Commerce’s 103rd annual dinner on May 17. He will also be joined by Julie Stokes who received the award in 2021. This will be the first time in two years the Chamber has hosted its annual dinner in person. Due to the pandemic, Stokes was unable to accept her award in person last year and will be appropriately recognized this year. Currently the director of pharmacy at Wesley Health Care, Van Wagner first joined Wesley in 1976 and became the director of pharmacy in 1978. He joins a distinguished set of past recipients, Steve Sullivan (2018); Tom Roohan (2019); John Munter, Sr. (2020); and Julie Stokes (2021) as award recipients. “It’s my great pleasure to congratulate and honor Cliff for his outstanding service and dedication to Saratoga County for more than 40 years,” said Todd Shimkus, Chamber president. “Cliff’s servant leadership, extensive community involvement, and gracious support of many organizations throughout the county exemplifies and solidifies his passion and commitment to making Saratoga County a great place to live, work, and visit.”

L. Clifford Van Wagner is the 2022 recipient of the Joseph Dalton Community Service Award. Courtesy Saratoga County Chamber of Commerce

During his tenure, Van Wagner has provided for Wesley residents, patients, and staff through leadership and service but has also been the project coordinator for $28 million worth of expansions and renovations, including the addition of Woodlawn Commons. Continued On Page 7


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