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.
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."
Is it really necessary for Pennsylvania Gov. Corbett to form a public-private council on manufacturing?
Probably not, and I doubt he'll be counting the days until he can read the report that the 23-member panel, announced on Nov. 21, will cobble together during 2012.
In fact, you and I could probably toss off the highlights right now: lower taxes on manufacturers, reduced regulation, more support for exporting, lower energy costs, new incentives for research and development, and renewed emphasis on math and science education.
First, a corporate headquarters, then a small manufacturing operation.
That's what industrial equipment maker Gardner Denver Inc. has brought to Pennsylvania since late 2010. Gov. Corbett's office announced Monday that the company would add an "aftermarket service center" in Blair County in western Pennsylvania.
Gardner Denver, which makes compressors and pumps used in the oil and gas drilling business, is joining the rush of companies active in the Marcellus Shale region. The new 70,000-square-foot operation will manufacture fluid ends used in pressure pumps and provides service to its drilling customers in the shale area.
U.S. Rep. Patrick Meehan (R., Pa.) said Wednesday he believes the two companies planning to exit refining in the Philadelphia area are serious about trying to sell their three refineries, not just shut them down.
To help in that sale process, Meehan organized a meeting at the Marcus Hook Community Center in the small Delaware County community bookended by refineries run by Sunoco Inc. and ConocoPhillips. Citing competitive pressures, both oil giants announced plans this month to sell or close their local refineries, meaning the loss of more than 2,000 jobs.
Meehan and fellow Congressmen Bob Brady and Chaka Fattah, both Democrats who represent Philadelphia districts where Sunoco operates its biggest refinery, were on hand as part of an effort to show prospective buyers that labor, regulators and elected officials are eager to do what it might take to keep a major industry going in the region.
With great fanfare, Boeing Co. toasted Wednesday the recent opening of the renovated factory in Ridley Township where it makes the CH-47 Chinook helicopter.
Actually, the Delaware County factory where Boeing’s signature tandem-rotor transport helicopter has been manufactured since the early 1960s never closed.
Production of the latest version of the aircraft for the Army, which began in 2006, hasn’t been interrupted during the ongoing construction. Currently, Boeing produces four Chinooks per month for the military.
Constar International has moved its corporate headquarters from Philadelphia to Troy, Mich.
In addition, Constar has moved its accounting, legal, human resources, purchasing, and sales and marketing opertions to a new center in Trevose from One Crown Way in Philadelphia -- which is where its former parent company (Crown Holdings) is based.
Crown Holdings spun off Constar in 2002.
Sunoco Inc. made it official Tuesday: It is getting out of refining.
The 126-year-old oil refiner and marketer said it has begun the process of selling its Marcus Hook and Philadelphia refineries. If it can't find a buyer, Sunoco intends to idle them in July 2012.
In a statement, Sunoco said it is also conducting a "strategic review" of the company and retained Credit Suisse Securities (USA) LLC for that process.