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Wednesday, August 19, 2009

Johnson Matthey opens western Pa. factory

Last week, a Washington think tank made the case that boosting manufacturing is crucial to U.S. economic growth and used the Pittsburgh area as the example of a region that’s done so.

Yesterday, London-based Johnson Matthey P.L.C. said it has opened a new factory to make emissions-control catalysts in Fayette County, one of the seven counties that comprise the Pittsburgh metropolitan statistical area.

Johnson Matthey’s North American headquarters are in Wayne, and it employs more than 600 people in its emissions-control operations in Chester County.

Since this new $43 million factory near Smithfield will make catalysts to cut diesel-engine emissions, I suppose we can add 110 more jobs to the state’s burgeoning “green-collar” sector.

But make no mistake: The state still needs to spend the green to get green jobs. The Rendell administration provided $3.5 million in loans, grants and job-training funds to attract the factory, which is located in a low-tax Keystone Opportunity Zone.

Net cash, please

Alesco Financial Inc., a Philadelphia company that invested in mortgage-backed securities and other debt instruments, had its business strategy derailed by the financial crisis.

So even though it turned a profit of $374 million for its quarter ended June 30, Alesco isn’t trumpeting a revival.

In fact, chief financial officer John J. Longino cautioned during a conference call that such “GAAP income-statement amounts bear little to no correlation to Alesco’s actual economic results for the quarter.”

What does? Net cash from investments, he said. That was $5.1 million in the second quarter, down from $6.6 million in the first quarter.

Quotable

I do want to say that the banks are not being very cooperative in this marketplace, as I’m sure many of you as investors and business owners know. We’ve seen them turn down deals even with 30 and 35 percent down payments.

- Dennis Raefield, CEO of Mace Security International, on a conference call Tuesday talking about the Horsham company’s efforts to sell its 12 remaining car washes.
 
Posted by Mike Armstrong @ 2:05 AM  Permalink | File Under: Financial Services | | Manufacturing | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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