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Joint Venture

NEWS
July 4, 2012 | By Andrew Maykuth, Inquirer Staff Writer
Sunoco Inc.'s Philadelphia refinery, which was threatened with closure at the end of this month, will be reborn as an "energy hub. " The Carlyle Group, a Washington private-equity manager, announced plans Monday to operate the refinery with Sunoco as a joint venture called Philadelphia Energy Solutions. The venture will save 850 jobs at the refinery, the largest fuel-production plant in the northeastern United States, and may employ hundreds more if plans to expand production are realized.
NEWS
July 4, 2012 | By Andrew Maykuth, Inquirer Staff Writer
Brian P. MacDonald, the son of a coal miner, grew up in a small town in Canada that was devastated by the deindustrialization of North America. "Our whole community got wiped out when we lost all of our coal mines, we lost our steel plant," said MacDonald, 46, who grew up in Glace Bay, Nova Scotia. "Our whole area basically got wiped out, and I saw it happen in my teenage years. " So when MacDonald became chief executive officer of Sunoco Inc. on March 1 and public officials begged him to save the company's 1,400-acre Philadelphia refinery complex from imminent closure, their pleas had a special resonance.
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
BUSINESS
June 26, 2012 | Inquirer Staff Report
IN THE REGION Brandywine venture in $120.6M deal 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   Teva shares up on patent news Shares of Teva Pharmaceutical Industries Ltd. climbed Monday in the first trading day after a federal court reaffirmed patents protecting the drugmaker's biggest brand-name product, the multiple sclerosis treatment Copaxone.
NEWS
April 24, 2012 | By Andrew Maykuth, Inquirer Staff Writer
Sunoco Inc. may have found the rescuer for its sprawling South Philadelphia refinery. The Philadelphia company announced Monday that it has entered into exclusive talks with the Carlyle Group, a large private-equity manager with legendary political connections, to run the plant as a joint venture. The refinery, the largest on the East Coast, is Sunoco's last operating fuel-manufacturing plant. Sunoco, which has promised to shut down the 335,000-barrel-per-day refinery this summer if it is unable to find a buyer, would contribute the refinery assets in exchange for a nonoperating minority interest in the joint venture.
BUSINESS
April 23, 2012 | By Andrew Maykuth, INQUIRER STAFF WRITER
Sunoco Inc., which has promised to shut down its Philadelphia refinery this summer if it is unable to find a buyer, announced Monday that it has entered into exclusive talks with The Carlyle Group, a private-equity manager, about operating the plant as a joint venture. If a deal were to be consummated, Sunoco would contribute the refinery assets in exchange for a nonoperating minority interest in the joint venture. The Philadelphia company, which has expressed a desire to exit the refining business completely, would have no ongoing capital obligations for the refinery.
NEWS
December 30, 2011 | By Peter Svensson, ASSOCIATED PRESS
NEW YORK - After a customer backlash, Verizon Wireless on Friday dropped a plan to start charging $2 for every payment subscribers make over the phone or online with their credit or debit cards. In a statement on its website Friday, the company said "customer feedback" prompted the decision to drop the "convenience fee" it wanted to introduce on Jan. 15. The FCC had already announced that it would be looking into the proposed fee. "On behalf of American consumers, we're concerned about Verizon's actions and are looking into the matter," an FCC official said in an e-mailed statement only minutes before news broke of the plan to abandon the proposed fee. Verizon wanted to steer people to electronic check payments, which are cheaper, and automatic credit card payments, which are more reliable.
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
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