September 15, 2016 |
The DuPont Co. will resume salary increases in the fourth quarter, and will start giving annual bonuses again in early 2017, after a couple of years of making professionals go without. DuPont has also resumed promotions, in departments where upgrades have been scarce, according to staff at the Wilmington-based industrial conglomerate. The company plans to consolidate with Dow Chemical Co., then spin out three successor firms, under pressure from investors who ran out of patience with DuPont's time-honored but diminishingly productive approach to product development.
August 15, 2016 |
At the moment, the only sound in Patrice Banks' auto repair shop in Upper Darby is the click of her trademark strappy red heels across the floor. Soon, though, if her plan pans out, the place will resound with revving engines, lug-nut guns, and blow dryers, while in the air the scents of 10W-30 motor oil and fresh nail polish commingle. Garages, almost always, are shrines to the Y chromosome. But Banks' vision for the Girls Auto Clinic and So Clutch Beauty Bar is XX: car care for women, by women.
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.
July 17, 2016 |
The first real estate piece I wrote for the Inquirer, back in March 1989, was on how to determine your house's age. That was nearly 5,000 articles ago, and it applied specifically to Philadelphia and the older suburbs, but it was inspired by what I went through to determine when and by whom my first two city houses were built. Every old building has a story, though it often isn't until that building is repurposed that you hear it. In April, I wrote about MM Partners' $12 million redo: the A.F. Bornot Lofts at 17th Street and Fairmount Avenue, a mixed-use project with 17 loft-style rental apartments, two for-sale townhouses, underground parking, and five businesses comprising 15,000 square feet.
April 22, 2016 |
Robert L. Frank, 90, a former financial analyst, died Monday, April 18, of pneumonia at Harlee Manor Nursing Facility in Springfield, Delaware County, where he had resided for 31/2 years. The third of eight children, Mr. Frank was a dedicated member of the Springfield Township community, where he grew up, delivered newspapers, and served as an altar boy at St. Francis of Assisi parish. He was a Boy Scout - certified as an Eagle Scout in 1943 - and remained active in scouting throughout most of his life.
March 29, 2016 |
DuPont Co. collected $2.5 billion in after-tax profits last year. Dow Chemical Co. collected $4 billion. They aren't guaranteeing how many of the 5,000 or so people they still employ in Delaware will still have jobs when they are done merging and then splitting into three successor companies in a couple of years. So Delaware Gov. Jack Markell and state legislators from both parties say they felt they didn't have much choice but to give these highly profitable chemical-makers millions in grants and tax concessions, in hopes they won't fire or move more people away.
March 16, 2016 |
Just three months after he was named DuPont Co.'s top plastics executive, Patrick E. Lindner has quit the company where he worked for 20 years to join Delaware-based W.L. Gore & Associates, the privately held $3 billion developer of Gore-Tex fabrics. "He brings a broad range of complementary experience and expertise to Gore," Gore spokeswoman Amy Calhoun said Monday. "We're confident he will contribute in many ways. " Gore, which employs 10,000, eschews traditional business titles.
March 4, 2016 |
Dow Chemical Co. and the DuPont Co. have agreed to pay Dow's lame-duck CEO, Andrew Liveris, $53 million in cash, stock, and tax reimbursement payments, and DuPont CEO Edward Breen $27 million in 2017 after the combined companies break into three successor firms, the companies told investors and the Securities and Exchange Commission in a filing Wednesday. The CEOs have assembled these multimillion-dollar pay packages, which the company filing calls "golden parachutes," while planning and executing billions of dollars in cost cuts and plant and warehouse closings.
February 21, 2016 |
In what Gov. Jack Markell called "a win for Delaware," the DuPont Co. and Dow Chemical Co. said Friday that they had picked DuPont's Chestnut Run office complex outside Wilmington as the headquarters for top officials of their planned new combined pesticide and seed company, which will bear the DuPont name. Delaware promised income-tax rebates for workers earning above $70,000 a year, $6 million in construction capital expenditure grants, and $3.6 million "to support employment" to keep the headquarters, state officials said in a statement.
January 13, 2016
Scholars, shareholders, the newly separated, and the long-frustrated have plenty to say about cuts to the central research and business units at DuPont Co. by new CEO Edward Breen . Some highlights: "DuPont struggled with return on R&D over the years," notes Ben duPont , a shareholder and past manager at the chemical giant that bears his ancestor's name. "For 40 years, like a drumbeat, every few years DuPont introduced a new blockbuster product - nylon, Teflon, Tyvek, Delrin, Kevlar, Lycra, Kapton, Neoprene, Mylar . " (They weren't all blockbusters; duPont still has a pair of Corfam shoes - the Edsel of leather.)