June 11, 1991 |
Mediq Inc. yesterday completed the previously announced sale of its financial-services subsidiary, Copelco Financial Services Group Inc., for $66.5 million. The Pennsauken health-care company said it had sold the medical-leasing and financing-specialty company to Enprotech Corp., a wholly owned subsidiary of C. Itoh & Co. (America) Inc. Mediq received $62.2 million in cash, plus other net assets of $4.3 million, it said. Michael F. Sandler, senior vice president of finance, said Mediq would use more than $40 million from the sale to reduce its bank debt, and use the balance to reduce working-capital obligations.
December 22, 1988 |
Meritor Financial Corp. said yesterday that it had agreed to sell its consumer-finance subsidiary to Ford Motor Credit Co. When the sale is completed, Meritor stands to receive $1.3 billion for Meritor Credit Corp. of Norwalk, Conn., which has 350 employees and 17 offices throughout the nation, according to a spokesman for Ford Credit. The deal is expected to be completed by the end of the first quarter of 1989. The deal was the first major sale agreement for Meritor since the third quarter of 1987, when it posted a startling loss and embarked on a restructuring to improve profitability.
March 14, 1987 |
Beneficial Corp. said yesterday it had agreed to sell three subsidiaries as part of a previously announced restructuring designed to restore profitability. Wilmington-based Beneficial said it would sell Western National Life Insurance Co., an issuer of structured settlement annuities based in Amarillo, Texas, to Conseco Inc., an Indiana insurance holding company, for $275 million. Beneficial also said it had agreed to sell a major portion of the commercial lending portfolio of its subsidiary, Beneficial Business Credit Corp.
April 2, 2010 |
Germantown Settlement, a venerable Philadelphia social-service agency overwhelmed of late by apparent fiscal mismanagement, has filed for bankruptcy. In a filing seeking Chapter 11 protection while reorganizing, Settlement and a key subsidiary reported more than $11 million of debt. The subsidiary, Greater Germantown Housing Development Corp., is Settlement's community-development arm. It filed for bankruptcy, as well. Both filings were made Thursday. Settlement and its subsidiaries face more than $2 million in liens for unpaid city, school district, state, and federal taxes dating to 2007.
June 26, 1987 |
Quaker Chemical Co., a maker of specialty chemicals based in Conshohocken, has formed a subsidiary to aid in the expansion of the company into the business of adhesives, sealants and coatings. Peter A. Benoliel, chairman of Quaker, said he expected to conclude several acquisitions that would get the new unit, Quaker Sealants & Coatings Co., into operation "well before year-end. " Benoliel said that Quaker Chemical has initiated negotiations with several candidates for acquisition.
August 23, 1986 |
Sun Co. yesterday said that it was selling its industrial-distribution subsidiary, Sun Distributors Inc., but declined to disclose the price. Shearson Lehman Bros. Inc. and the current managers of the distribution business are acquiring the Philadelphia-based subsidiary in a leveraged buy- out. Sun Co., of Radnor, said it expected to complete the sale, subject to execution of a definitive agreement, by the end of September. Sun Distributors earned $17.1 million last year on sales of $469 million.
July 25, 1986 |
A subsidiary of Litton Industries Inc., the nation's 19th-largest military contractor, was formally sentenced yesterday to pay $9.3 million in fines and restitution for defrauding the Defense Department of $6.3 million. U.S. District Judge Charles R. Weiner imposed the sentence on the subsidiary, Litton Systems Inc., which does business as Clifton Precision, Special Devices Division, in Springfield, Delaware County. He also directed the division to pay $250,000 to cover the cost of the investigation.
March 18, 1988 |
Henkel Corp., the U.S. subsidiary of West Germany's Henkel KGaA, said yesterday it would build a $7 million technical center on 40 acres in Ambler, where the firm manufactures metal-treatment products. The new offices and laboratories, scheduled for completion early next year, will serve about 80 scientists, engineers and technicians. Henkel said it would move the administrative offices of its process- chemicals business from Morristown, N.J., to the Ambler site. The firm plans to renovate an existing building to accommodate about 100 employees who will be transferred from Morristown over the next year.
May 30, 1991 |
International Mobile Machines Corp., of King of Prussia, is becoming a service provider in addition to being a seller of radio-based telephone systems. IMM said yesterday that its Universal Service Telephone Corp. subsidiary had bought 50 percent of Rico Telephone Co., a small, independent company operating in the sparsely settled, rugged mountains of southwestern Colorado, not far from the ski resort of Telluride. The seller was a Philadelphia company, Integrated Telecommunications Corp.