Archive: April, 2012
Mike Armstrong, Inquirer Columnist
Aramark Corp. is losing one of its top executives to medical-device maker C.R. Bard Inc.
Murray Hill, N.J.-based C.R. Bard said it has hired Christopher S. Holland, Aramark's senior vice president of finance, to become its chief financial officer as of May 21. Holland, 45, will succeed Todd C. Schermerhorn who announced his intention to retire last July.
Holland has been an executive at the Philadelphia-based institutional food-service provider since 2003. He was named to his current title in February 2011.
Mike Armstrong, Inquirer Columnist
Jazz Pharmaceuticals PLC will acquire Eusa Pharma Inc., which has its U.S. headquarters in Bucks County, for $650 million in cash.
Founded in 206, Eusa employs about 180 employees at its offices in Langhorne; Oxford, United Kingdom; and Lyon, France. Bryan Morton, who is founder, president and CEO of Eusa, will remain with the company, according to a statement issued by the companies.
Under the terms of the transaction, an additional $50 million cash payment would be made once Eusa's lead product, Erwinaze, attains an undisclosed U.S. net sales target in 2013. Approved by the Food and Drug Administration last November, Erwinaze is used to treat patients with acute lymphoblastic leukemia, a rare disease that strikes about 3,600 people under the age of 20 in the United States each year.
Eusa said its first-quarter net sales were about $46 million. Jazz said it expects the transaction will add revenue of $210 million to $230 million in 2013. In 2011, Jazz had total revenues of $272 million, led by $233 million in sales of Xyrem, a treatment for excessive daytime sleepiness.
Mike Armstrong, Inquirer Columnist
The Corbett administration has awarded $844,000 in incentives to help a Canadian company that makes catalytic converters for diesel vehicles relocate to Montgomeryville.
Environmental Solutions Worldwide Inc. will move its headquarters from Concord, Ontario, to a 40,220-square-foot building that its U.S. research and development and Air Testing Services units have been using since 2005. Last October, the company relocated all of its manufacturing operations from Canada to the Montgomeryville facility.
The Pennsylvania Department of Community and Economic Development provided a $150,000 Opportunity Grant, a $500,000 low-interest loan from the Machinery and Equipment Loan Fund, and $194,000 in job-creation tax credits. In addition, the state said the company would be eligible to apply for R&D tax credits.
In return, Environmental Solutions Worldwide said it intended to create at least 97 jobs within three years and retain 11 existing jobs. According to its most recent annual report, the company had 38 employees, down from 53 the prior year.
Mike Armstrong, Inquirer Columnist
Is Delta Air Lines closer to buying ConocoPhillips' idle oil refinery in Trainer?
That's what CNBC is reporting here.
CNBC Kate Kelly cited an unidentified source as saying the Delta board has "signed off" on the acquisition of the refinery on the Delaware River in Delaware County in a deal worth $100 million to $125 million.
Mike Armstrong, Inquirer Columnist
The three top executives of Royal Bancshares of Pennsylvania Inc., including CEO Robert R. Tabas, will step down by the end of the year.
The retirement of Tabas would mark the first time since 1980 that a Tabas family member will not have a management role in the bank. Daniel Tabas acquired the bank in 1980 and it went public in 1983.
Shares of the Narberth bank holding company were up 12 percent, or 15 cents, Wednesday morning to $1.38 on the news.
In a statement, the company, which operates its branches under the Royal Bank America name, said Robert Tabas, who has been chief executive since 2009, will retire by the end of 2012. He will remain on the board of directors as chairman.
Mike Armstrong, Inquirer Columnist
Somebody opened the deal window.
Philadelphia-area companies are buyers, sellers and prey in separate transactions announced Tuesday.
First up, Penn Virginia Resource Partners L.P. said it will buy pipelines that serve Marcellus shale natural gas producers in northeastern Pennsylvania from Chief E&D Holdings L.P. for $1 billion. Radnor-based Penn Virginia plans to finance the deal through a combination of equity and debt.
Next, TE Connectivity Ltd. agreed to sell two businesses. The Gores Group will pay $380 million to buy TE's Touch Solutions business, and unit of KGP Logistics will pay $23.5 million for the TE Professional Services business. With headquarters in Berwyn, TE had $14 billion in sales last year.
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980.
Reach Mike at marmstrong@phillynews.com.
