Chester County Business Daily News Briefs

Chester County Business Daily News Briefs reviews yesterday’s business stories important to Chester County and beyond.

Endo Revenue, Income and Earnings Up

Endo International (NASDAQ: ENDP) of Malvern reported first quarter 2015 financial results this morning, including:

• Revenues of $714 million, a 52 percent increase compared to first quarter 2014 revenues of $471 million, including new product revenue from 2014 and 2015 strategic M&A transactions.
• Reported income from continuing operations of $150 million compared to a first quarter 2014 reported loss from continuing operations of $47 million.
• Adjusted income from continuing operations of $207 million, a 91 percent increase compared to first quarter 2014 adjusted income from continuing operations of $108 million.
• Reported diluted EPS from continuing operations of $0.85 compared to first quarter 2014 reported loss per share from continuing operations of $0.37.
• Adjusted diluted earnings per share from continuing operations of $1.17 compared to first quarter 2014 adjusted diluted earnings per share from continuing operations of $0.75.

“We continued to make progress during the first quarter towards achieving a number of our strategic priorities for the year,” said Rajiv De Silva, President and CEO of Endo. “Our diversified business helped us deliver strong financial results for the quarter and helps provide the flexibility to re-invest and re-deploy capital to drive growth. We are excited about our new commercial opportunities in U.S. Branded Pharmaceuticals with the recent addition of the Auxilium portfolio and the launch of Natesto^TM Testosterone Nasal Gel. We also believe that we have attractive development opportunities to support further organic growth across each of our business units.”

Johnson & Johnson Ousts Depuy Synthes CEO Following Radnor Arrest

Gary Pruden was named President and CEO of West Chester-based Depuy-Synthes, replacing Michael Orsinger.  Orsinger was CEO of Depuy when he oversaw Johnson & Johnson’s $21.3 billion acquisition of Synthes in 2011. After the acquisition, he became head of J&J’s combined DePuy Synthes orthopedics business.

Orsinger’s departure comes less than a week after being arrested for assault during a family dispute. Gary Pruden has held numerous leadership positions at Johnson & Johnson since joining the company in 1985, most recently as worldwide chairman of J&J’s Global Surgery Group.  More on the Orsinger’s departure here.

Sartomer Names New Business Development Director

PCI, an industry publication for the paint and coating business, reported last week that Sartomer Americas, a global leader in specialty acrylate and methacrylate monomers and oligomers based in the Oakland Corporate Center in Exton, has named Poonam Narula Business Development Director of Sartomer Americas.

In her new role, Narula will be responsible for developing new business opportunities and introducing Sartomer’s specialty chemicals to formulators in new markets. She will report directly to Kenny Messer, Regional Group President of Sartomer Americas. According to the publication, Narula brings to Sartomer more than 15 years business management experience in the specialty chemical sector.

AMETEK Acquires Collegeville Specialty Tube Maker

Berwyn-based AMETEK, Inc. (NYSE: AME) announced Friday the acquisition of Global Tubes, a leading manufacturer of high precision, small diameter metal tubing, for approximately $200 million. Global Tools has annual sales of approximately $120 million. Global Tubes is comprised of two businesses: Fine Tubes, based in Plymouth, U.K., and Superior Tube, based in Collegeville, PA.

Global Tubes manufactures highly customized metal tubing from a wide variety of metals and alloys including stainless steel, nickel, zirconium and titanium. Their products are used in highly engineered applications serving the aerospace, energy, power generation and medical markets.

Frank Hermance, AMETEK’s Chairman and Chief Executive Officer said in a statement,”Global Tubes is an excellent acquisition for AMETEK and a great strategic fit with our Specialty Metals business. It has strong positions in a number of attractive niche markets for high precision, small diameter metal tubing used across a wide range of highly engineered applications,”

CubeSmart Lawyer Cashes In

CubeSmart’s (NASDAQ:CUBE) Jeffrey P. Foster, the Malvern-based self-storage company’s Senior Vice President, Chief Legal Officer and Secretary, sold 108,376 shares of CubeSmart stock last week. The shares were sold at an average price of $23.64, for a total transaction of $2,562,008.64. Following the transaction, Foster, who has been with the company since 2009, directly owns 79,331 shares in the company, valued at approximately $1,875,384.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available here.