Chester County Daily News Business Briefs
VISTA Today Daily News Business Briefs are concise stories that bring you up to date with what’s going on around Chester County. This morning:
Lockheed Takes the Lead in Sikorsky Buyout Race
Lockheed Martin has emerged as the frontrunner in the deal to buy United Technologies Corp’s helicopter manufacturing arm Sikorsky valued at over $8 billion.
Lockheed’s revenues have remained flat over the last five years with defense budget cuts by the Pentagon, marking this move as a possible revenue booster for them. However, Sikorsky, with key U.S. military contracts and a backlog of $40 billion worth of orders, makes it good potential strategic buy for Lockheed.
This purchase would mark a distinct shift for Lockheed’s core business, potentially making it even more competitive and put a shot across the bow of other aircraft manufacturers. Full story here.
Vince Pompo to Join the Pipeline Infrastructure Task Force
Vince Pompo, partner, and chairman of Lamb McErlane municipal and environmental law department, has been appointed to the Government Workgroup of the Pipeline Infrastructure Task Force.
Formed by Governor Wolf, the task force, composed of 12 different groups will focus on issues such as pipeline safety and integrity, siting and routing, environmental protection, workforce and economic development, and historical, cultural and tribal issues.
“Vince will bring a great deal of experience and knowledge to the Task Force, says Lamb McErlane’s managing partner Joel L. Frank. “He will serve the Commonwealth well in this important role.”
Pompo will join several Chester County leaders, among them State Senator, Andy Dinniman, and Commissioner, Kathi Cozzone, to look after the interest of Chester County and work to responsibly channel the flow of existing and new natural gas pipelines.
FERC Fines Florida for PJM Manipulation, Same Charge Against Powhatan Energy Fund
City Power Marketing has been ordered to pay $15 million in penalties and repay almost $1.3 million in profits for making riskless trades in PJM to cash in on line-loss rebates.
The penalty was imposed by Federal Energy Regulatory Commission on July 2 against the Fort Lauderdale-based energy trader and its founder K. Stephen Tsingas.
The ruling found them guilty of market manipulation and making false and misleading statements to commission investigators, and ordered City Power to pay $14 million and Tsingas to pay $1 million in civil penalties plus the dispensation of over $1.27 million in profits from the trades, plus interest.
The allegations against City Power are virtually identical to those FERC made in its case against Rich and Kevin Gates and their Powhatan Energy Fund, where on May 29, the commission ordered the Gates brothers and their associates to pay $34.5 million in penalties.
Shire to Move All Local Workers to Eagleview Office Space
400,000 square feet of office space will be completely vacated in Chesterbrook Corporate Center in Wayne, as Shire Pharmaceuticals relocates its remaining workers to office space in Exton.
This is just the latest in a string of decisions that is moving Shire slowly out of Chester County, since it appointed its new CEO two years ago. Most troubling for the real estate market was the decision to pull out of the construction of a new headquarters in Malvern, even though most of the design and approvals had been completed.
Gwen Fisher, a company spokeswoman said that Shire announced on July 8 that it planned to move its staff of around 250 people to the 730 Stockton Drive offices in Exton, where it has a long-term lease on the space. “We wanted to bring everyone together under one roof.” she stated.
Toll Collectors Might be a Thing of the Past for Bucks County Turnpike
With the opening of Pennsylvania’s first all-electronic toll facility turnpike in Bucks County in January, the state is taking its first step toward removing toll collectors.
The project is planned to be followed next year by a similar all-electronic toll facility on the Beaver Valley Expressway, northwest of Pittsburgh, and will be studied by the Pennsylvania Turnpike Commission before all-electronic tolling is installed elsewhere on the 552-mile-long network.
Toll collectors cost the turnpike about $70 million a year, and about 750 of them could lose their jobs when cash tolls are fully phased out. It will cost about $320 million to install all-electronic tolling all along the turnpike network.
“One issue for the turnpike will be the ability to enforce pay-by-mail tolls“ said turnpike spokesman Carl DeFebo, “If motorists don’t pay toll notices received by mail, the charges will be turned over to a collection agency“.
Chesco Food Bank Commences First Week of ‘Fresh2you Mobile Market’
The first week of The Chester County Food Bank’s “Fresh2you Mobile Market” kicked off successfully on July 6, at two locations in the city.
Funded by the Department of Agriculture, this is the first year that the Chesco Food Bank is running this pilot project, designed to increase access of fresh, affordable fruits and vegetables in neighborhoods that lack that resource,
Natania Schaumburg, mobile market director said that some of the produce sold at the market is grown through the Chester County Food Bank’s agricultural program, and the rest is sourced locally, except for the citrus fruits and bananas.
“Going forward, the market will hold cooking demonstrations and nutritional education sessions, and will provide recipe cards with suggestions for using seasonal produce“
The market will run three days a week from July through November at a total of five locations: three in Coatesville and two in Honey Brook. See here for a list of times and places of the market.
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