September 8, 2012
In the Region Human Genome to lay off 114 Drugmaker GlaxoSmithKline P.L.C.'s $3.6 billion acquisition of Human Genome Sciences Inc. will likely mean layoffs for 114 workers at HGS, which is based in Rockville, Md. HGS filed a notice with the Maryland Department of Labor, Licensing and Regulation that it planned to reduce its workforce by Oct. 30. Glaxo is based in London, but has operations in Center City, other parts of Pennsylvania and New...
July 11, 2012 |
Comcast Corp. said Tuesday that it sold its 15.8 percent stake in A&E Television Networks L.L.C. for $3.025 billion in cash. The purchaser was A&E and enables Walt Disney Co. and Hearst Corp. to share 50-50 ownership in the TV programmer, whose hit shows include Pawn Stars, Storage Wars and American Pickers . Comcast acquired its stake in A&E through NBCUniversal, which it controls in a joint venture with General Electric. The $3 billion will remain with NBCUniversal, which can use it for business purposes.
July 7, 2012 |
Ownership of another Philadelphia-area refinery is about to change. NuStar Energy L.P. said it would sell 50 percent of its asphalt operations, which include refineries in Paulsboro, N.J., and Savannah, Ga., to a joint venture in a transaction expected to be completed by Sept. 30. Lindsay Goldberg L.L.C., a New York private-equity firm with $10 billion under management, will pay $175 million for a 50 percent interest in the joint venture, with San Antonio-based NuStar holding the other 50 percent stake.
July 4, 2012 |
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.
July 4, 2012 |
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.
June 27, 2012 |
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
April 24, 2012 |
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.