August 4, 2016 |
Chemours , the chemical maker spun off by DuPont last year with some of that company's dirtiest industrial plants, has decided to stay put in Wilmington. CEO Mark Vergnano cited the corporate-tax reductions passed by the Democratic legislature and signed by Gov. Jack Markell in the "Delaware Competes Act" as a reason not to move to New Jersey or Pennsylvania. "This legislation isn't about Chemours specifically," Markell spokeswoman Courtney McGregor told me. As DuPont fragments, the state has stepped up efforts to keep not just Chemours but also two other planned DuPont successor companies from fleeing, the way paint-making spin-off Axalta moved its headquarters to Philadelphia two years ago. Delaware used to tax business operations: The more you had, the more you paid.
September 4, 2014 |
D efinition of insanity: Doing the same thing over and over again and expecting different results. - Albert Einstein Unbelievably, the drumbeat has begun for former Massachusetts Gov. Mitt Romney to run for president a third time. The man who lost twice for president is now being encouraged by many party leaders to give it another try. Congressman Jason Chaffetz, R-Utah, recently told MSNBC: "I think he's proven right on a lot of stuff. I happen to be in the camp that thinks he's actually going to run and I think he will be the next president of the United States.
October 7, 2013 |
On Tuesday, the private equity giant Bain Capital owned Burlington Stores Inc. On Wednesday, Burlington Stores, parent company of Burlington Coat Factory, launched an initial public offering. By Friday, Bain Capital still owned Burlington Stores, just not as much. Slightly more than 13.3 million shares, with the ticker symbol BURL, were offered for sale on the New York Stock Exchange at an initial price of $17 per share. The stock closed Friday at $25.89. Bain Capital will go from owning 93.3 percent of the stock to 75.8 percent or 73.7 percent, depending on whether the IPO underwriters opt to buy up to two million more shares at a discounted price.
August 10, 2013 |
The sharpest exchanges of New Jersey's brief Senate race arrived Thursday night. U.S. Reps. Frank Pallone and Rush Holt used the second and final Democratic debate before Tuesday's primary to launch their most pointed, aggressive attacks on Newark Mayor Cory Booker, questioning the front-runner's liberal credentials, his dedication to his job, and his ties to big business. The normally laid-back Pallone was most aggressive, repeatedly criticizing Booker's work in Newark. "I don't know how the mayor expects that he's going to get things done because he's always been aligned with Wall Street and Bain Capital and all these special-interest groups," Pallone said.
June 28, 2013
The privately held parent company of discount-clothing retailer Burlington Coat Factory said it told the Securities and Exchange Commission that it intends to sell shares in an initial public offering. The number of shares and their price had not yet been determined, Burlington Holdings Inc. said. The South-Jersey company, now with 503 stores, was taken private by Bain Capital in a $2.1 billion deal in 2006, when it had 366 stores. Burlington reported last week that net sales rose 8.4 percent to $1.07 billion for the quarter that ended May 4. - Reid Kanaley
June 19, 2013
In the Region OSHA cites Carson Helicopters Carson Helicopters Inc. , of Perkasie, has been cited by the Occupational Safety and Health Administration for eight violations including exposing workers to hexavalent chromium, known to cause cancer, at the company's plant. OSHA proposed a $40,500 fine after a complaint triggered a December 2012 inspection. Other violations alleged are spray booths containing combustible floor lining, no airflow measuring devices or fire extinguisher systems, lack of engineering controls to reduce exposures, and lack of a medical program for workers exposed.
April 23, 2013 |
Venture-capital activity may have been down in terms of deals and dollars during the first quarter nationwide, but the second-tier Philadelphia market did pretty well. Thirty-three companies raised $142.4 million during the first three months of 2013, compared with 44 companies attracting $54.5 million during the fourth quarter, according to the PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report. SevOne Inc. , a Wilmington software developer, was listed as the big wheel landing the biggest deal: $60 million.
July 20, 2012 |
WASHINGTON - When Mitt Romney launched Bain Capital in 1984, he struggled at first to raise enough money for the untested venture. Old-money families like the Rothschilds turned down the young Boston consultant. So he and his partners tapped an eclectic roster of investors, raising more than a third of their first $37 million investment fund from wealthy foreigners. Most of the foreign investors' money came through corporations registered in Panama, then known for tax advantages and unusual banking secrecy.
July 16, 2012 |
WOLFEBORO, N.H. - Mitt Romney's campaign said Sunday that President Obama is willing to say anything to win a second term and should say he's sorry for attacks on the Republican's successful career at a private-equity firm. "No, we will not apologize," the president responded, adding that if Romney wants credit for his business leadership, he also needs to take responsibility. Questions about Romney's tenure at Bain Capital and the fortune he earned there have dogged the former Massachusetts governor as Obama and his allies have said the firm shipped jobs overseas.
July 14, 2012 |
LACONIA, N.H. - His credibility under attack, Republican presidential candidate Mitt Romney said Friday that he had "no role whatsoever in the management" of a private equity firm after early 1999, and demanded that President Obama apologize for aides who allege otherwise. "This is simply beneath the dignity of the presidency of the United States," Romney said in an interview on ABC, one of several he granted to network and cable stations in hopes of extinguishing the controversy.