The defense electronics and software firm Orbit International Corp., of Hauppauge, said one of its units has a new $5.7 million U.S. Navy contract to supply a component of a gunfire control system for guided missile destroyers.

The company said the Navy has already placed a $1 million initial order on the new contract, with another order expected soon for about $547,000. More orders are expected... » more

Pall Corp.'s decision to sell some of its blood and transfusion assets, for $550 million, marks a shift in strategy for the global filtration maker during its first year under a new chief executive, Larry Kingsley.

The Sunday announcement brings at least a partial end to a blood-filtering technology business created by the company founder, David Pall, a quarter century ago amid growing global... » more

A free small business seminar on Tuesday will offer entrepreneurs information on how to tap into different financing resources. The seminar features speakers who will discuss lending and financing programs, including conventional bank loans, Small Business Administration loans, state targeted loan funds, alternative financing and assistance for businesses owned by minorities or women.

The... » more

The magnetic resonance imaging maker Fonar Corp., of Melville, said Monday that it has acted to retain its listing on the Nasdaq stock exchange, by filling a vacant independent director seat on its board.

The vacancy had existed since the death, in August, of independent board member Robert Djerejian. Last week the Nasdaq sent Fonar a letter saying it must fill that vacancy in order to avoid... » more

Each week, the business section asks readers to take a poll on a business or financial question and leave comments.

Newsday publishes the results of the poll and some of the reader comments on Sunday. Join the conversation -- take the poll, leave a comment.

This week's question: Are bank lending terms too tight, too loose, or just right?  ... » more

Telephonics Corp. has a new defense contract to provide 160 anti-submarine and anti-surface radar systems, mostly for the U.S. Navy’s MH-60R Romeo helicopter, an award worth more than $330 million, the Farmingdale company said this week.

The Long Island company's award, described as “a multiyear, full-scale production contract,” is a subcontract from prime contractor Lockheed Martin, which... » more

The Plainview-based industrial toolmaker Veeco Instruments Inc. says it has reached a milestone at its Shanghai, China, customer-training office. Veeco, which specializes in making machines to produce light-emitting diodes, said it has trained its 500th engineer in the use of its LED-making equipment.

The Veeco machines use a method called metal-organic chemical vapor deposition, or MOCVD,... » more

WLIW-21 will launch a half-hour business special next week that could turn into a weekly series, the station announced. “Long Island Business Report” — to be anchored by veteran TV reporter and Rockville Centre resident Jim Paymar — will air Tuesday at 10:30 p.m. “We'll talk about the issues of transportation, the high cost of living, taxation being a burden, and talk about our strengths — the university... » more

Hi-Tech Pharmacal has acquired rights to market a generic form of the local anesthetic Lidocaine, prepared in a 5-percent ointment formulation, the Amityville company said Thursday.

The agreement was signed with the dental pharmaceutical company Septodont Inc., which will share in profits from Hi-Tech's sales.

Hi-Tech said the drug had sales of $25 million for the one-year period ending... » more

Nearly 80 businesses, hospitals and not-for-profit organizations on Long Island have been awarded breaks on their electric bills under a new state program, officials said Wednesday.

The aid is in return for commitments to create jobs, purchase equipment and remain in New York State for the next seven years. The aid begins July 1 when ReCharge New York replaces two other programs, Power for... » more