Chester County Daily News Business Briefs

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Vista Today Chester COunty Business News
Vista Today Chester COunty Business News
--photo via Kevin Hoffman, 21st Century Media.

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:

Governor Wolf Continues Budget Lobbying in Phoenixville

Yesterday, Governor Tom Wolf took his state budget fight to Phoenixville Area Middle School, where he showcased the benefits of his plan, while Republican opposition tried to counter his claims as the state budget impasse enters its fourth week.

Stating that Pennsylvania is now third from bottom in state support for education, Wolf said his property tax reform plan would result in a 17.89 percent reduction in property taxes and a corresponding $656,000 increase in basic education funding for the Phoenixville School District.

“While I know that you can’t solve every problem simply by throwing money at it, you can’t keep taking money out of education and get to a good place,” he said.

State Rep. Warren Kampf countered by saying that “the corresponding increase in sales and personal income taxes would result in a net loss of $13 million for district taxpayers.”

Dorrance Malone Cambell Vista Today Chester County Business News
Mary Alice Dorrance Malone, Cambell Soup heiress.

Richest Person in Pennsylvania Worth $3.3 Billion

According to a fun interactive map published by Forbes, the title of richest person in Pennsylvania goes to Mary Alice Dorrance Malone, Campbell Soup‘s largest shareholder with an estimated wealth of $3.3 billion.

Mary Alice Dorrance Malone owns 17% of the company where she sits on the board with her billionaire brother Bennett Dorrance.

The map is made up mostly for fun, but when scrolling through, it does show that the richest person title and their various net worth’s vary dramatically from state to state.

For example, the richest person in Alaska is Robert Gillam with $320 million, Vermont, John Abele, with $600 million. However these pale in comparison to the $78.8 billion net worth of Bill Gates in Washington and New York’s David Koch with $42.7 billion.

International Sustainability Group Starts Production of Commercial Algae

International Sustainability Group has announced that they are set to begin production of commercial algae this week at their new pilot plant located in West Chester.

“The West Chester pilot plant has been a long time in the making, so it is with great pride and excitement that we announce it will be completed during the month of August and ready to produce algae on a much larger scale’, said Surajit Khanna, Chief Executive Officer of ISGP, “ISGP is currently going through its biggest growth phase since the Company started.”

With the Lima, Peru, plant already in production, and another facility in Philadelphia, Mississippi facility being set up, the company will be able to manufacture significantly more of its “Algae Up” product as it enters final negotiations with various retailers in the United States and abroad to carry its product.

Steve Zarrilli, CEO of Safeguard Scientifics..
Steve Zarrilli, CEO of Safeguard Scientifics..

$25 Million Share Repurchase Authorized for Safeguard Scientifics

Safeguard Scientifics Board of Directors has authorized the company to gradually repurchase shares of its outstanding common stock with an aggregate value of up to $25 million.

The repurchases will be made on the open market or in privately negotiated transactions. Safeguard Scientifics repurchased 1,194,313 shares of the Wayne-based company’s common stock in 2014, at an aggregate cost of $25 million. As of June 30, 2015, Safeguard Scientifics outstanding shares totaled 20.7 million.

“This new share repurchase authorization will enable us to purchase our stock in the market when we believe that it is significantly undervalued,” said Stephen T. Zarrilli, Safeguard President, and Chief Executive Officer. “We will determine the manner, timing and amount of any purchases based on an evaluation of market conditions, stock price, and other factors.”

Read VISTA Today's interview with Ed Herr here.
Read VISTA Today’s interview with Ed Herr here.

Help Get Herr’s Snack Factory Tour to First Place

Herr’s Snack Factory in Nottingham is one of 20 nominees fighting for the top spot in USA Today 10 Best Readers’ Choice in the Best Food Factory Tour category.

A delicious free bag of chips is included in the one-hour factory tour at Herr Foods in Nottingham. The tour begins with an informational video about the history of Herr’s, which sets the stage for a trip past the working manufacturing rooms.

Visitors can get so close to the actual production that you may be able to try a chip while it is fresh and still warm if your guide grabs some for you.

Herr’s is currently in second place, behind the TABASCO Pepper Sauce Factory on Avery Island. If you want to help Herr’s get to the coveted first spot, vote here in the poll. You can cast one vote in each category every day.

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