Business news in brief

In the Region

Phila. apartments change ownership

The Galman Group of Philadelphia has purchased Red Lion Manor Apartments at 10101 Northeast Ave., and Cheswick Square Apartments at 7949 Ridge Ave., both in Philadelphia, for $16.1 million from AIG Global Investment Group of New York. HFF of Florham Park, N.J., negotiated the sale. Red Lion has 120 units and Cheswick 111. They are 94 percent leased, HFF said. The Galman Group owns and manages 6,000 apartments and condos in the Philadelphia region. - Alan J. Heavens

Owners to pay for Superfund cleanup

The current and former owners of a Montgomery County Superfund site where tires and polyvinyl chloride (PVC) plastic resins were manufactured have agreed to pay $2.1 million in past cleanup costs, the U.S. Environmental Protection Agency announced on Wednesday. The companies - Occidental Chemical Corp. (known as OxyChem), Bridgestone Americas Tire Operations and Glenn Springs Holdings Inc. - also accepted responsibility for future cleanup costs at the site, which is in Lower Pottsgrove Township. OxyChem currently owns the site, and Glenn Springs manages it. The agreement was spelled out in a consent decree filed in federal court by the Justice Department. - Sandy Bauers

Weather, costs hit Exelon earnings

Peco Energy Co. parent Exelon Corp. said fourth-quarter profit rose 16 percent, but adjusted results missed Wall Street expectations due to higher costs and unfavorable weather conditions. For the three months ended Dec. 31, Exelon reported net income of $606 million, or 91 cents per share, compared with $524 million, or 79 cents per share, in the year-earlier period. Adjusted for one-time items, including certain hedging activities, acquisition costs and the phase out of certain power plants, fourth quarter profit came to 82 cents per share, down from 96 cents the prior year. Revenue slipped 5 percent to $4.25 billion from $4.49 billion a year earlier. - AP

US Airways profit falls