Carrier sells interest

A week after selling its stake in an Israeli air conditioning vendor, Carrier Corp. says it sold a controlling interest in a Philippines company.

Terms of the deal were not disclosed.

Farmington-based Carrier, a subsidiary of United Technologies Corp. in Hartford, sold its interest in Concepcion Carrier Air Conditioning to its joint venture partner, Concepcion Industries Inc.

Concepcion Carrier Air Conditioning will continue to distribute Carrier commercial products in the Philippines.

Carrier President Geraud Darnis said the deal “marks another step on our path to a simpler and more focused portfolio.”

Carrier was among the first United Technologies businesses to feel the impact of the recession as the downturn in the housing market hit the company in 2007.

More recently, its refrigerated transportation container business has suffered due to falling orders by the weak shipping industry. (AP)

Edac's 3Q net falls

Farmington jet-engine component and machine-tool maker Edac Technologies Corp. said net income dropped 70 percent in the third quarter on slumping aerospace and industrial sales.

In the three months ended Sept. 30, Edac said it earned $80,000, or 2 cents a share, down from $255,000, or a nickel a share, the same period last year.

Third-quarter sales fell to $15.1 million from $10.6 million a year ago, the company said.

Edac CEO Dominick A. Pagano blamed the results on the downturn in demand for aerospace and machine-tool products.

Pagano also cited costs associated with developing new engine components for the military’s proposed F-35 Joint Strike Fighter.

In May, Edac bought the assets of aerospace component maker MTU AENA in Newington, and followed up that deal three months later with the acquisition of Service Network Inc., a Massachusetts maker of machine spindles and tooling.

Income rises for New England Bank 

NewEnfield-based New England Bancshares reported a net income of $301,000 for the third quarter, boosting its profits over the prior year period.

The holding company for New England Bank reported net income for the quarter ended Sept. 30 of $0.05 per diluted share compared to a net loss of $2 million, or $0.35 per diluted share, for the same quarter a year ago.