The Port of Philadelphia will gain a shipping line when Horizon Lines Inc. moves its northeast terminal operations from Elizabeth, N.J. in April.
The Charlotte, N.C.-based shipping company said Wednesday that the Philadelphia port would handle cargo arriving from its operations in Puerto Rico.
Richard Rodriguez, general manager of Horizon's Puerto Rican operations, said in a statement that it expects the relocation to produce "significant advantages," including faster transit times, quicker turnaround times, and expedited cargo inspections.
The day after Aramark Corp. introduced Eric J. Foss as its new CEO, the Philadelphia food-services and faciliites management company released its financial results for its second quarter.
Net income was $9.89 million in the quarter ended March 30, down 52 percent from $20.39 million for the same quarter of 2011. In terms of operating income, Aramark reported a 9.4 percent increase to $133.71 million from $122.27 million.
Saless rose 3.9 percent in the second quarter to $3.35 billion from $3.22 billion a year ago.
New Century Transportation Inc. named trucking industry veteran Terrence M. Gilbert as CEO, succeeding the company's founder, Harry Muhlschlegel.
Gilbert, 55, spent much of his career at Akron, Ohio-based Roadway Express Inc. where he was named president in 2007.
Muhlschlegel, 65, who founded Westampton-based New Century in July 2000, is retiring from operations but will remain on the board as vice chairman.
When I’d read that Norristown-based USM Services Holdings Inc. had been acquired for $255 million last week, one thought kept resonating in my mind.
It’s another example of what’s possible when graduates of area colleges stick around to start their businesses here. Internet-oriented companies may get much of the attention now, but there are plenty of low-tech firms launched by young grads, too.
USM was founded in 1988 by two West Chester University graduates who sought to clean up by cleaning commercial buildings. What was once Tower Cleaning Systems, making the Inc. 500 list of the fastest-growing privately held businesses, would become U.S. Maintenance Inc.
Accounts of mergers and acquisition activity in the technology sector recently have had a breathless quality.
“Groupon refuses Google’s $6 billion offer!”
“Facebook offered to buy Twitter for $500 million in 2008!”
Pennoni Associates Inc. has acquired Patton Harris Rust & Associates, a smaller engineering firm based in Chantilly, Va.
The Center City-based Pennoni said Monday it will add seven offices in Maryland and Virginia and 175 employees to its operations. Before completing this transaction, Pennoni had 775 employees in eight states.
Terms of the deal were not disclosed.
We may not be seeing a rush of blockbuster acquisitions as 2010 draws to a close, but each December day seems to bring word of a small deal here and there.
On Monday, three transactions involved local companies. Just like some of those Christmas gifts you may have tossed into your shopping cart, they were missing price tags.
For a $12.6 billion company, Aramark Corp. sure is quiet about when it has a strong year.
But the Philadelphia food-service provider and uniform-rental company did increase sales for its fiscal year ended Oct. 1 by 2 percent. Not bad in a year when revenue growth has eluded most major companies.
Gimme Credit L.L.C. analyst Vicki Bryan wrote in a note that it was the first time in years revenue was up in all of Aramark’s business segments, even its uniform and career-apparel unit, which she described as “long-struggling.”