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Joint Venture

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NEWS
January 7, 1990 | By Rachel Athelia Anderson, Special to The Inquirer
Yeadon hopes to enter into a joint venture with Darby Borough for trash pickup and recycling. Last month, Yeadon received a bid from Nu-Way Trash Removal Corp. of Primos, a local subidiary of Waste Management Inc., for the collection of refuse and recyclable items in both boroughs. "We will get a better price because two boroughs are in it together," borough manager Daniel Fox said during a Yeadon Council meeting Thursday. The recycling pickups would begin April 1. The two boroughs' combined cost for the nine-month contract would be $129,500.
NEWS
December 21, 2011
Commercial real estate operator Brandywine Realty Trust, Radnor, said it formed a joint venture with Current Creek Investments L.L.C. to invest in properties in the Washington area. Brandywine is contributing three office properties valued at $156 million to the venture. Both partners also have allocated $75 million in equity "to pursue additional office property investments" in the Washington region, Brandywine said in a statement. Current Creek is a wholly owned subsidiary of Allstate Insurance Co.    - Reid Kanaley
BUSINESS
January 18, 1986 | By Gilbert M. Gaul, Inquirer Staff Writer
United States Health Care Systems Inc., which Thursday reported record earnings, yesterday said that it would create a health maintenance organization in a joint venture with Blue Cross of Northeastern Pennsylvania. The company, based in Blue Bell, said that the two organizations had agreed in principle to form a new HMO that will serve northeastern Pennsylvania, an area now dominated by Blue Cross. The insurance plan has about 650,000 members, including about 100,000 Medicare beneficiaries, in the area.
BUSINESS
April 30, 1993 | By David I. Turner, INQUIRER STAFF WRITER
The Binswanger real estate group is teaming up with a Mexican firm that helped pioneer the maquiladoras industrial parks to help U.S., European and Japanese businesses set up shop in Mexico and Central America. The joint venture between the Philadelphia commercial real estate firm and Grupo Bermudez, of Juarez, Mexico, will provide a full range of real estate services to foreign companies from the Rio Grande south into Colombia and Venezuela. "As the North American Free Trade Agreement (NAFTA)
REAL_ESTATE
December 16, 1988 | By Melissa Dribben, Special to The Inquirer
HIDDEN CREEK Glassboro, Gloucester County (609) 881-0777 There is something warm and affiliated about Hidden Creek in Glassboro. Most of the houses are twins, sharing one nicely insulated wall, and the whole 268-unit project is being produced by a joint venture. While New Jersey and Texas may not normally be considered to have a lot in common, one obvious exception is that developers in both states like to build houses that sell well. So Johnston Development of San Antonio, Texas, shook hands with Polamar of Allentown, N.J., and, with the permission of Glassboro planners, turned 105 acres on Mullica Hill Road into Hidden Creek.
BUSINESS
June 27, 2012 | Inquirer Staff Report
A Brandywine Realty Trust joint venture agreed to buy three Silver Spring, Md., office buildings totaling 499,395 square feet of space for $120.6 million, the Radnor company said. Brandywine's partner in the joint venture is a subsidiary of Allstate Insurance Co. The seller is a joint venture between Urdang, a BNY Mellon Co. based in Plymouth Meeting, and Moore & Assoc. of Bethesda, Md. The deal is expected to close July 10. – Harold Brubaker
NEWS
July 24, 2015 | By Jacob Adelman, Inquirer Staff Writer
A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, N.J., have bought the Penrose Plaza Shopping Center in Southwest Philadelphia from a Korman Commercial Properties subsidiary for $25 million. The new owners plan to expand and remodel the ShopRite supermarket at the 263,000-square-foot shopping center, located in the city's Eastwick section, Abrams managing partner Peter Abrams said Tuesday. Abrams said he also was negotiating with potential new tenants for the former location of a 95,000-square-foot Kmart store there.
BUSINESS
October 10, 1995 | By Susan Warner, INQUIRER STAFF WRITER
Teleflex Inc., of Plymouth Meeting, yesterday announced a joint venture with GE Aircraft Engines to repair commercial aircraft components. The companies expect the partnership to bring in sales of $50 million next year - or about a quarter of the global market for the repair of engine-fan blades and compressor airfoils. Sermatech International, a subsidiary of Teleflex, will own 51 percent of the joint venture. The new company, Airfoil Technologies International LLC, is expected to begin operations by the end of this year.
BUSINESS
November 13, 1991 | By Vyola P. Willson, Special to The Inquirer Inquirer staff writer Marian Uhlman contributed to this article
Astra/Merck, a joint venture of Merck & Co. and Sweden's leading pharmaceutical company, is planning a $53 million headquarters and research facility in Chester County. Gov. Casey yesterday recommended that the state legislature approve a $4.5 million low-interest state loan to help finance the new building. Astra/Merck plans to employ 135 when it opens the 150,000-square-foot facility in 1993. Up to 300 could be employed there by 1996. Merck said no decision had been made on the location.
SPORTS
October 13, 2008 | Daily News Wire Services
The NBA has formed a joint venture with Anschutz Entertainment Group to design and develop about 12 multipurpose arenas in major Chinese cities. The project was announced yesterday at the O2 Arena in London, where the New Jersey Nets and Miami Heat played a preseason game. AEG runs the O2, and the venture will be equally owned by the two parties. NBA commissioner David Stern did not say when the plan would be starting, or where the buildings would be located. "We weren't going to start construction in the next couple of weeks," Stern said at a joint news conference with AEG president and CEO Timothy J. Leiweke.
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NEWS
July 24, 2015 | By Jacob Adelman, Inquirer Staff Writer
A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, N.J., have bought the Penrose Plaza Shopping Center in Southwest Philadelphia from a Korman Commercial Properties subsidiary for $25 million. The new owners plan to expand and remodel the ShopRite supermarket at the 263,000-square-foot shopping center, located in the city's Eastwick section, Abrams managing partner Peter Abrams said Tuesday. Abrams said he also was negotiating with potential new tenants for the former location of a 95,000-square-foot Kmart store there.
BUSINESS
July 17, 2015 | By Andrew Maykuth, Inquirer Staff Writer
The chief operating officer of Philadelphia Energy Solutions Inc. resigned quietly in April, only 13 months after he was brought in to run the sprawling former Sunoco refinery in South Philadelphia, a filing with the U.S. Securities and Exchange Commission reveals. The company did not disclose in the filing this month the reason for David M. Ritter's termination as executive vice president. Ritter, in a telephone interview Wednesday, said he resigned for "personal reasons. " Chief executive officer Philip L. Rinaldi said Ritter departed on "friendly terms.
NEWS
May 21, 2015 | By Jacob Adelman, INQUIRER STAFF WRITER jadelman@phillynews.com 215-854-2615 @jacobadelman
New York-based Carey Watermark Investors plans a $21.3 million renovation of the Ritz-Carlton Philadelphia hotel after acquiring a majority interest in the property, the company said in a release. The renovation, to be done in a joint venture with previous full-owner Philadelphia Hospitality Partners, will cover the South Broad Street hotel's 299 guest rooms, lobby, ballroom and other spaces, Carey Watermark said. Work is due to be completed before the end of June 2016, the company said.
BUSINESS
April 24, 2014 | By David Sell, Inquirer Staff Writer
In a multibillion-dollar deal, drugmakers GlaxoSmithKline and Novartis said Tuesday that they would trade parts of their companies and form a joint venture with a third part. GSK, based in London and with several facilities in the Philadelphia region, will sell its current cancer drugs to Swiss-based Novartis for $16 billion. Novartis will sell all but one of its vaccines to GSK for about $7.1 billion. The companies formed a joint venture to sell over-the-counter medicine, with GSK taking a 63.5 percent stake.
BUSINESS
May 26, 2013 | By David Sell, Inquirer Staff Writer
Household-products giant Procter & Gamble Co., which sells Crest and Pampers, changed leaders Thursday, but there was no immediate indication it would affect a joint venture with Teva Pharmaceutical Industries Ltd. "We are delighted by the interaction we have had with P&G and have no reason to expect that will change," Teva chief executive officer Jeremy Levin said Friday evening through a spokeswoman. However, leadership changes can prompt reviews of previous deals and the two men leading the companies when PGT Healthcare was announced in March 2011 are both gone.
BUSINESS
May 5, 2013 | By Andrew Maykuth, Inquirer Staff Writer
A joint venture between two Philadelphia-area companies to supply water for hydraulic fracturing in the Marcellus Shale is returning a profit after a year in service, but growth has been dampened by a slowdown in drilling. Aqua-PVR Water Services L.L.C., formed by Aqua America Inc. and PVR Partners L.P., recently completed a third phase of building a pipeline that extends 56 miles from the Susquehanna River across Lycoming County into Tioga County to deliver water to shale-drilling operations.
BUSINESS
March 27, 2013
In the Region Leaner Supervalu to shed workers   Supervalu Inc. , which last week sold Acme Markets and four other national supermarket chains to a Cerberus Capital Management-led investor group, said Tuesday that it plans to eliminate 1,100 jobs as it trims costs amid falling sales. The company still operates about two dozen Save-a-Lot stores in the Philadelphia region and at the Jersey Shore. The cuts, which will come from its corporate and store-support offices, include current positions and open jobs that won't be filled, Minnesota-based Supervalu said, and represent about 3.1 percent of its 35,000-employee workforce.
NEWS
February 14, 2013 | By Bob Fernandez, Inquirer Staff Writer
Comcast Corp., flush with billions of dollars from sales of assets and bonds, rapidly accelerated its acquisition of NBCUniversal on Tuesday, saying it would pay $16.7 billion for the 49 percent of the entertainment, news and film conglomerate that it doesn't already own. The Philadelphia cable giant expects the deal to close within the next six weeks. The seller is General Electric Co., which sold Comcast 51 percent of NBCUniversal in 2011. Comcast and GE were expected to operate NBCUniversal as a joint venture until at least mid-2014, and Comcast could have continued the joint venture through 2018.
BUSINESS
October 23, 2012 | Nataliya Vasilyeva and Robert Barr, Associated Press
MOSCOW - Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a deal Monday to buy TNK-BP, the 50-50 joint venture between BP, the British energy country, and a group of Russian oil oligarchs. The deal will allow Rosneft, already the country's top oil producer, to increase its global profile. The new combined company will leapfrog ExxonMobil Corp. to become the world's largest publicly traded producer of oil and gas, in terms of output.
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