Archive: February, 2008
Philadelphia-based chemical company FMC Corp. hopes to complete the sale of its Princeton research center to a hospital network as soon as the end of March.
This is apparently a deal that’s been percolating since the second quarter of 2006. FMC would sell its office and laboratory buildings on about 150 acres to Princeton Healthcare System, according to the chemical company’s Form 10-K filed Monday with the Securities and Exchange Commission.
There are a number of conditions that have to be met before the property changes hands. For one thing, the FMC land needs to be rezoned. Other governmental approvals will be needed to enable Princeton Healthcare to develop it for medical use.
The woes of the U.S. automobile industry are certainly of great interest to those who work at two factories in northern Delaware.
Chrysler L.L.C., General Motors Corp. and Ford Motor Co. have been scrambling to restructure their North American operations and Delaware is likely to going to see the end of its auto plants.
Chrysler has said it intends to idle its Newark, Del. plant where it makes Dodge Durangos in late 2009. The automaker built the assembly plant there in 1951. According to the Associated Press, workers at Newark have until March 10 to consider buyout offers made by the company.
FMC Corp., the Philadelphia-based chemical company, hopes to complete the sale of its Princeton research center to a hospital network by the end of March or early in the second quarter.
This is apparently a deal that's been percolating since the second quarter of 2006. FMC would sell its office and laboratory buildings now on about 150 acres to Princeton Healthcare System, according to the chemical company's Form 10-K filed with the Securities and Exchange Commission.
There are a number of conditions that have to be met before the property changes hands. For one thing, the property needs to be rezoned and other governmental approvals to enable Princeton Healthcare to develop it for medical use.
The troubles of the housing market get a daily airing on the news, but the office and industrial sides are feeling the pinch too.
Brandywine Realty Trust, of Radnor, issued its year-end financial results last week, just a couple of weeks after the resignation of two members of the real estate firm’s board.
The 2007 numbers were in line with expectations, but several analysts have expressed concerns that the company’s acquisition of Prentiss Properties in 2006 has not delivered for shareholders.
A little follow-up, thanks to Gov. Rendell, to the story earlier this week about AgustaWestland’s expansion of its factory in Northeast Philadelphia.
His administration outlined the state aid the Italian helicopter maker received. Pennsylvania provided a $200,000 “opportunity grant” and $200,000 in job creation tax credits.
Agusta spent $32 million to add a new helicopter assembly line, according to the governor’s office. Management said it would be adding 150 jobs by the end of the year. That would be a pretty good return on the state’s economic development investment.
Everyone’s nerves are fried.
Each day brings new data (mostly negative) on the state of the U.S. economy: Housing hasn’t hit bottom. Oil tops $100. Gold soars to $950. Consumer prices are rising faster than expected.
Take it from someone who does try to figure what all these tea leaves mean: Take a deep breath and relax.
Because it has no stock price to follow, it can be easy to overlook a $5 billion company.
SunGard Data Systems Corp., the Wayne technology company that went private a few years ago, still reports its financials to the Securities and Exchange Commission.
This afternoon, SunGard released its financial results for the 4th quarter and 2007. The provider of financial software and services reported net income of $30 million on revenue of $1.39 billion for the fourth quarter, compared with a loss of $11 million on revenue of $1.19 billion for the same period of 2006.
As earnings season winds down, it’s clear that many non-financial companies had very good fourth quarters.
Bloomberg News crunched the numbers for about 412 of the Standard & Poor’s 500 companies and determined that profits grew 18 percent, excluding the financial sector. (Add in the financials and that swings to a 19 percent drop in profits.)
DuPont Co. was profitable, but its net income was lower than 2006. Excluding “significant items,” the chemical company’s earnings were up 27 percent. Not bad in a year dominated by higher raw materials and energy costs.