Chester County Business Daily News Briefs reviews yesterday’s business stories important to Chester County and beyond.
More Traffic Woes Coming Phoenixville’s Way
Patch.com reported yesterday that PennDOT plans to add yet another wrinkle to the Phoenixville area traffic picture on top of the snarls already caused by the Route 23 closure west of Valley Forge park..
As part of PennDOT’s plan to improve U.S 422 and its interchange at Route 724 in Lower Pottsgrove, the ramp from Route 724 to U.S. 422 east will close on Friday, May 8, and a new ramp constructed in its place.
To reach U.S. 422 east during the construction, motorist are advised to take U.S. 422 west to the Route 100 Interchange, then exit at the ramp for Route 100 south and take the ramp to U.S. 422 east.
J.D. Eckman of Atglen is the general contractor on the project that is financed with 80 percent federal and 20 percent state taxes.
AmerisourceBergen Sales Continue Upward Growth
AmerisourceBergen (NYSE: ABC), Chester County’s largest company, reported sales of $32.7B for the quarter ending March 31st, a 14.8 percent increase over the same quarter the previous year. “We have had excellent results in the first half of fiscal 2015, said CEO Steven H. Collis, “with tremendous financial performance and important progress made against our strategic objectives.”
The Company also announced that its Board of Directors has authorized a new special $1 billion share repurchase program as part ofthe Company’s previously announced warrant hedging strategy.
Teleflex Declares Quarterly Dividend.
Teleflex Incorporated (NYSE: TFX), a global provider of specialty medical devices for a range of procedures in critical care and surgery announced yesterday its Board of Directors had declared a quarterly cash dividend of thirty-four cents ($0.34) per share of common stock.
The dividend is payable June 15, 2015 to shareholders of record at the close of business on May 14, 2015.
Headquartered in Wayne, Teleflex employs approximately 12,200 people worldwide. Teleflex shares closed up $2.00 at $124.61 Monday.
New CEO Named at PQ Corp.
PQ Corp. Chairman and CEO, Michael R. Boyce, yesterday announced his retirement as CEO, after serving 10 years in the position. George J. Biltz, most recently with Axiall Corp. and Dow Chemical, will replace Boyce. The change is effective May 1, 2015. Boyce will continue to serve as Chairman of PQ’s Board.
PQ Corp is a leading global producer of specialty inorganic performance chemicals and catalysts headquartered in Malvern.
Essential Medical, a privately held medical device company based in Malvern, announced last week it had successfully completed additional clinical studies using its MANTA 14F Large Bore Vascular Closure device, a vascular closure device designed to seal large femoral artery punctures.
According to an Essential statement, the MANTA devices were deployed in four patients in less than one minute, without pain or discomfort to those patients.
Essential Medical is a privately held medical device company founded in 2010 and focused on developing advanced vascular closure technologies for femoral punctures after diagnostic and interventional cardiac catheterization procedures.