July 24, 2015 |
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.
July 17, 2015 |
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.
May 21, 2015 |
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.
April 24, 2014 |
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.
May 26, 2013 |
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.
May 5, 2013 |
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.
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.
February 14, 2013 |
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.
October 23, 2012 |
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.