Business news in brief

Posted: July 21, 2013

In the Region

Ryland scoops up Cornell

California's Ryland Homes has acquired Cornell Homes in Media. Terms of the transaction were not disclosed, said Ryland spokesman Drew Mackintosh. Cornell, with 12 active developments in the Pennsylvania and New Jersey suburbs, has 97 houses under sales contracts and controls 1,716 buildable lots, Ryland said. All of Cornell's current employees are expected to join Ryland, based in Westlake Village, Calif. Greg Lingo, Cornell's president, will be Ryland's area division president.

- Alan J. Heavens

Trademark win for Edgecraft

Edgecraft Corp., a 150-employee company in Avondale, Chester County, said a three-judge panel in the U.S. Patent and Trademark Office ruled in its favor in a trademark case. The panel found that Smith's Consumer Products' Edgeware trademark was too similar to Edgecraft and ordered it canceled, the company said. Both companies market knife sharpeners. Dan Glidden, chief executive of Smith's Consumer Products, said that company was evaluating its options. - Bob Fernandez

Unisys to tighten borders

Unisys Corp. of Blue Bell won a contract with the U.S. Department of Homeland Security with a maximum value of $460 million. The company will develop and improve security systems at U.S. borders and ports. - Bob Fernandez

IPO planned for Bucks firm

Onconova Therapeutics, a Newtown, Bucks County, cancer-treatment company, plans an initial-public offering next week. Its filing with the Securities and Exchange Commission says Onconova is developing potential treatments for pancreatic, head, and neck cancers. The company reported $46 million in revenue in 2012 and its proposed Nasdaq symbol is ONTX . - Bob Fernandez

Elsewhere

GE sees U.S. momentum

General Electric posted a slight gain in second-quarter profits and said its U.S. operations were gaining strength. The industrial giant earned $3.13 billion, up from $3.11 billion a year earlier. Revenue fell 4 percent, to $35.12 billion. Chief executive Jeff Immelt said orders in the U.S. showed "strong growth," an improvement from recent quarters when he expressed caution about the U.S. market. - Associated Press

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