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Subsidiary

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BUSINESS
June 11, 1991 | By Gilbert M. Gaul, Inquirer Staff Writer
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.
BUSINESS
December 22, 1988 | By Janet L. Fix, Inquirer Staff Writer
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.
BUSINESS
March 14, 1987 | The Inquirer Staff
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.
NEWS
April 2, 2010 | By Christopher K. Hepp, INQUIRER STAFF WRITER
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.
BUSINESS
June 26, 1987 | By Ron Wolf, Inquirer Staff Writer
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.
BUSINESS
August 23, 1986 | By Ron Wolf, Inquirer Staff Writer
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.
NEWS
July 25, 1986 | By Emilie Lounsberry, Inquirer Staff Writer
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.
BUSINESS
March 18, 1988 | By Ron Wolf, Inquirer Staff Writer
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.
BUSINESS
May 30, 1991 | By Larry Fish, Inquirer Staff Writer
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.
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BUSINESS
May 29, 2013 | By Andrew Maykuth, Inquirer Staff Writer
Exelon Corp. on Tuesday named a new chief executive of Exelon Generation, its Kennett Square subsidiary that manages 35,000 megawatts of power plants, including the nations' largest fleet of nuclear reactors. Kenneth W. Cornew, who was formerly president and chief executive of Exelon's Constellation business unit in Baltimore, will also assume the titles of senior executive vice president and chief commercial officer of the Exelon parent company. Exelon Generation previously was overseen by Christopher M. Crane, who became Exelon's president and CEO last year after Exelon merged with Constellation.
BUSINESS
April 14, 2013 | By Mike Armstrong, Inquirer Staff Writer
UniTek Global Services Inc., of Blue Bell, announced a shake-up in its management ranks after discovering what it called fraudulent activity occurring at a subsidiary. In a statement, the company said an ongoing internal investigation had determined its Pinnacle Wireless subsidiary had "engaged in fraudulent activities that resulted in improper revenue recognition. " After an internal review, UniTek's audit committee recommended the termination of Kevin McClelland, controller and chief accounting officer, and Michael Hayford, president of the company's Pinnacle Wireless division.
BUSINESS
April 11, 2013 | By Harold Brubaker, Inquirer Staff Writer
Independence Blue Cross has agreed to sell a 20 percent stake in its New Jersey health insurance subsidiary, AmeriHealth New Jersey, to Cooper University Health Care, of Camden, the organizations announced Wednesday. The deal, which requires regulatory approval, is part of a trend toward increased integration of hospitals and insurers in preparation for a shift to a system that pays providers lump sums for all care needed by an individual rather than for each discrete visit and treatment.
NEWS
October 3, 2012 | By Mike Armstrong, INQUIRER STAFF WRITER
Subaru of America Inc. reported a 32 percent increase in September vehicle sales. The Cherry Hill-based marketer and distributor of the Outback and other vehicles said that it sold 27,683 units in September compared with 20,934 units in September 2011. Subaru, a subsidiary of Japan's Fuji Heavy Industries Ltd., said it is on track to sell more than 300,000 vehicles annually for the first time. In 2011, the company sold 266,989 units.
NEWS
January 18, 2012
Sunoco Inc., distributed 56.7 million shares of SunCoke Energy Inc. to its shareholders, completing the spin-off of its metallurgical coke subsidiary. Sunoco no longer owns any shares of SunCoke. Sunoco shareholders received 0.53046456 share of SunCoke common stock; each fractional share was worth $6.82 at the market close on Wednesday. Sunoco shares closed Wednesday at $37.07. That means the value of a Sunoco shareholder's investment in the two companies increased about 3.7 percent in trading Wednesday on the New York Stock Exchange.
NEWS
December 5, 2011 | ASSOCIATED PRESS
HARTFORD, Conn. - Hartford Financial Services Group Inc. is selling a subsidiary that provides insurance to wealthy customers for $117.5 million to Philadelphia Financial Group Inc. Philadelphia Financial Group said Monday it expects to close the deal next year, assuming responsibility for servicing about $35 billion in private placement insurance business. The subsidiary is Hartford Life Private Placement LLC, which is based in Florham Park, N.J. The division offers a variety of services for businesses and wealthy individuals.
NEWS
September 9, 2011
Four executives from Lockwood Advisors Inc., a Malvern-based investment subsidiary of BNY Mellon, have left to form a competitor, Palladiem Partners L.P., in Radnor. Donald G. Robinson, a founder of Lockwood, which was bought by BNY in 2002, is chief executive and co-chief investment officer of the new company. He said the departure had nothing to do with BNY Mellon. "For me, it's sort of a redo to going back to being independent again," Robinson said. Palladiem's plan is to provide investment services to independent financial advisers, broker dealers, and institutions, not directly to individuals.
BUSINESS
November 10, 2010 | By Christopher K. Hepp, Inquirer Staff Writer
The U.S. Trustee overseeing Germantown Settlement's bankruptcy wants the social service agency's assets sold to settle its debts. The trustee's request, if approved by Chief Bankruptcy Court Judge Stephen Raslavich, would effectively close the financially troubled nonprofit, which has served Philadelphia's Germantown section for 126 years. It comes on the heals of Raslavich's decision last week to order the sale of assets of a key Settlement subsidiary, Greater Germantown Housing Development Corp.
BUSINESS
November 3, 2010 | By Christopher K. Hepp, Inquirer Staff Writer
The dissolution of Germantown Settlement accelerated Tuesday when a federal judge in Philadelphia ordered that a key subsidiary of the 126-year-old social-service agency be liquidated to settle more than $9.2 million in debts. At the same time, Chief Bankruptcy Judge Stephen Raslavich held the subsidiary, Greater Germantown Housing Development Corp. (GGHDC), in contempt of court for refusing to sign a loan agreement to keep it afloat while in bankruptcy. Raslavich warned that he would order the arrest of Emanuel V. Freeman, president of both Settlement and GGHDC, if he did not sign the agreement or appear in court next Tuesday.
BUSINESS
October 28, 2010 | By Christopher K. Hepp, Inquirer Staff Writer
A month after filing for bankruptcy in April, a subsidiary of Germantown Settlement improperly diverted funds meant for a key creditor to its own use, according to court documents. This week, the creditor, Parke Bank, filed a motion in federal court demanding that the subsidiary - Greater Germantown Housing Development Corp. (GGHDC) - be held in contempt of court for "illegally diverting" the money and that the bankruptcy case be dismissed. Should Parke prevail at a hearing Tuesday on the motion, Settlement faces the loss of its largest and most viable commercial property, the Burgess Center, at Wayne and Chelten Avenues in Germantown.
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