Anyone who has spent some time in the Philadelphia area knows that it has a big footprint in brainy activities that require spending on research and development.
But until now, it's been a little difficult to put an overall figure of just how much is spent on R&D in the region.
Select Greater Philadelphia estimates the amount at $10.5 billion, or 2.9 percent of Philadelphia's gross regional product.
The plan, released by new CEO Paulett Eberhart, calls for CDI to cut its staff employment by about 200 people. As a result, the company will take a charge of $8 million to $9 million in the fourth quarter for employee severance and other costs.
But Eberhart's plan involves a new organizational structure under which CDI will report its revenue and profits geographically and by service lines. CDI emphasized that it intends to maintain Management Recruiters International, the business that focuses on mid-level and higher permanent placement recruiting and staffing, as a separate unit.
Comcast Corp. executive vice president David L. Cohen will receive the Greater Philadelphia Chamber of Commerce’s 2011 William Penn Award, the highest honor the group gives to a local business executive.
Before joining the media giant in 2002, Cohen, 56, had been chairman of the law firm Ballard Spahr Andrews & Ingersoll L.L.P.
He was also chief of staff to Ed Rendell, when he was Philadelphia’s mayor during the ’90s.
DuPont is among the 68 big U.S. corporations that a new report identifies as having paid no state income tax in at least one of the last three years, according to Bloomberg News.
In fact, Wilmington-based DuPont is one of three companies that paid no state income tax in each year between 2008 and 2010, says the 71-page report by the Institute on Taxation and Economic Policy. Bloomberg said a DuPont spokeswoman declined to comment.
The Washington, D.C.-based research group is backed by labor unions, Bloomberg says. The study (a PDF is here) looked at 265 companies among the Fortune 500 that were profitable in all three years. In all, those companies paid state income taxes equal to 3 percent of their profits, or half the average statutory rate.
Sunoco Inc. will complete its spinoff of its metallurgical coke manufacturing business by issuing a special stock dividend to shareholders.
The company said Thursday that its board of directors approved a stock dividend of the 56.66 million shares of SunCoke Energy Inc. that it still owns after SunCoke's initial public offering in July. Sunoco had retained an 80.94 percent controlling stake in the producer of coke, which is used in the steel industry.
Sunoco shareholders would receive 0.53 of a share of SunCoke common stock for each share of Sunoco common stock held as of Jan. 5. The distribution of the SunCoke shares would occur on Jan. 17.
A little free-association: I say, "December."
You say, "Holidays, gift giving, Rudolph and the Grinch."
But really, who has time for good cheer when there are only four weeks left in the year? There must be corporate mergers, contracts and financings to get done, and not much midnight oil left to burn.
Berwyn-based TE Connectivity has offered to buy Deutsch Group SAS for 1.55 billion euros, or about $2.06 billion.
Most of the wire stories call TE Connectivity a Swiss company, which is correct to a point. But TE Connectivity CEO Tom Lynch and his top management team run the Switzerland-domiciled company from Chester County.
Even TE's recently filed annual report lists its principal offices in Berwyn "in a facility that we rent."
A Russian vodka company has acquired a 9.9 percent stake in Mount Laurel-based Central European Distribution, one of the biggest vodka producers in Poland, according to Reuters.
Russian Standard Vodka acquired 7.2 million shares between Nov. 15 and 21, paying a total of $25.4 million, according to a filing with the Securities and Exchange Commission.
That makes the second major ownership stake acquired by an outsider in recent months. Investor Mark Kaufman reported a 9.6 percent stake in the financially ailing Central European.