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Business news in brief

Posted: February 03, 2013

In the Region

PetArmor maker sold

Velcera Inc., a Yardley-based maker of over-the-counter animal health-care products, will be acquired by Perrigo Co. for $160 million in cash, or 40 cents per share. Velcera markets its products under the name FidoPharm, including its PetArmor flea and tick preventive products. Allegan, Mich.-based Perrigo said that Velcera had 2012 sales of about $60 million. Perrigo reported sales of $3.17 billion for its fiscal year ended June 30. - Mike Armstrong

New building for Vanguard

Property manager Liberty Property Trust, of Malvern, said it will build a six-story, 200,000-square-foot office building for the Vanguard Group at the Great Valley Corporate Center in Chester County. The $55 million project will begin in March, with completion expected in mid-2014, Liberty said. Vanguard has signed a long-term lease. - Reid Kanaley

Suit against union revived

Female carpenters who filed a discrimination and retaliation lawsuit against their union, the United Brotherhood of Carpenters and Joiners, and its Philadelphia area leaders, will have another chance to prove their case in court, the Third Circuit U.S. Court of Appeals ruled. The court returned to the case to the district level, saying the judge had not sufficiently considered retaliation issues. The five carpenters had sued the union in 2009, claiming they were discriminated against by race and sex when it came to job referrals. In January 2012, a federal judge issued a summary judgment, saying the female carpenters had not established their case. - Jane M. Von Bergen

Vishay buys Toronto firm

Electronic parts maker Vishay Precision Group Inc., Malvern, said it completed its acquisition of Toronto-based George Kelk Corp. for $50 million. The companies agreed to a deal in December. - Inquirer staff

Elsewhere

Zoetis shares fly in IPO

Shares of Pfizer Inc.'s animal health business, Zoetis Inc., surged in their trading debut Friday after the company's initial public offering raised $2.2 billion - the largest IPO by a U.S. company since Facebook Inc. raised $16 billion last May. Pfizer retains an ownership stake of at least 80 percent in Zoetis. Zoetis shares, trading under the "ZTS" ticker, rose 19 percent, or $5.01, to $31.01. - AP

Apple is top phone shipper

Strategy Analytics said Apple Inc. shipped 17.7 million iPhones of all kinds to U.S. buyers in the October-to-December period, accounting for one in three new phones. Korea's Samsung Electronics was close behind, shipping 16.8 million phones. - AP