NREI reports: Ventas Inc. continued its acquisition spree with the announcement that it has reached a definitive agreement to purchase Cogdell Spencer Inc., the owner of 72 medical office buildings, in an all-cash transaction. The boards of directors of both firms have approved the agreement, which includes $217 million in cash and the assumption of Cogdell’s debt for a total value of between $760 million and $770 million.
via Ventas to Acquire Cogdell Spencer for $770M.
CPBJ reports: Sechan Electronics Inc. in Lancaster County on Monday was awarded a $64.2 million contract by the U.S. Navy, according to the U.S. Department of Defense.
The Warwick Township-based company will produce signal data processor-Sierra systems and provide engineering support services for the Navy’s Cooperative Engagement Capability program, according to a statement.
The program provides regular sensory data tracking for early detection of air threats, according to a news release.
Sechan Electronics awarded $78M in DOD contracts – Central Penn Business Journal.
CPBJ reports: A Sheetz will open Thursday in Ephrata Township, the first of three businesses that will hire a total of about 95 people, company spokespeople said.
The gas and convenience store at routes 322 and 222 has 550 square feet of space, with seating for about 20 people, said Monica Jones, a spokeswoman for Altoona-based Sheetz Inc.
The building’s cost was between $2 million and $3 million, she said. Most of the construction and design was completed by internal teams, but Leacock Township-based contractor Scenic Ridge Construction was involved with the project, she said.
Between 35 and 40 people are hired for that size store, which will open at 9 a.m. on Thursday, Jones said.
In the spring, Lancaster General Health will open an Urgent Care center in a 5,000-square-foot space at the same plaza, spokesman John Lines said.
Sheetz opening in Ephrata; two other businesses coming soon – Central Penn Business Journal.
CPBJ Reports: Pemcor Printing Co. acquired Pittsburgh-based Typecraft Press Inc. on Oct. 25 and Manchester-based Laser Imaging Systems Inc. on Nov. 18.
Pemcor is a printing, mailing and marketing company with operations in East Hempfield Township in Lancaster County and West Conshohocken in Montgomery County. Laser Imaging Systems offers specialized printing and data processing services in the retail, health care and financial industries, and Typecraft Press specializes in cold-set web printing for the collegiate, specialty travel, and leisure markets.
via Regional printer acquires Pittsburgh, Manchester firms
Pennsylvania’s economy is likely to continue expanding through the middle of next year, according to a forecast by the Federal Reserve Bank of Philadelphia. PA’s index for October was 1.0 and the national leading index was 1.5. The state saw a decline in initial unemployment claims and a positive trend in current economic activity.
via Philly Fed forecasts mild growth for Pa
CPBJ Reports: The Pennsylvania Fund for Workforce Solutions recently sent a letter to Gov. Tom Corbett and the state legislature requesting funding for Pennsylvania’s Industry Partnerships program. The group asked the governor to restore the funding to $7.6 million, the amount in the 2010-11 budget.
Industry partnerships operate with funding from the state and businesses to provide workforce training in key industries and occupations. The state Department of Labor and Industrybegan funding the partnerships in 2005, and more than 100,000 workers have been trained since the program began. More than 6,300 employers have contributed $75 million in matching dollars during that time, the collaborative said.
Pennsylvania Business Council President and CEO David W. Patti said in a statement, “Pennsylvania is facing a critical shortage of skilled labor. Industry Partnerships are an ideal and cost-effective tool for training and re-training individuals who could be employed in these good-paying jobs.”
via Group asks state to up industry partnerships funding
CPBJ Reports: Pennsylvania is ahead of most of North America in creating competitive electricity markets, according to an ABACCUS industry report released Wednesday. The state ranks No. 3 among U.S. states and Canadian provinces in providing electric choice for residential consumers and No. 4 for its commercial and industrial electricity market.
Pennsylvania is No. 3 for its number of energy suppliers (33) and product offerings (55). The Pennsylvania Public Utility Commission is considering further market-oriented reforms to the state’s regulatory framework, such as changes that would facilitate consumers switching to competitive suppliers.
via Pa. ranks high for electricity market reforms
CPBJ Reports: Shareholders of Susquehanna Bancshares Inc. and Tower Bancorp Inc. on Wednesday approved the merger of the two midstate banking firms. The votes set the stage for a planned Feb. 17 integration.
Susquehanna said June 20 it would acquire Tower for $343 million in stock and cash. The merged institution will have about $17.8 billion in assets and more than 250 locations in Maryland, New Jersey, Pennsylvania and West Virginia.
Susquehanna, based in Lititz, is the parent company of Susquehanna Bank. Its shares trade on the Nasdaq under the ticker symbol SUSQ. Tower, based in Harrisburg, is the parent of Graystone Tower Bank, which operates under the Graystone, Tower and 1N brands. Its shares trade on the Nasdaq under the ticker symbol TOBC.
via: Susquehanna, Tower shareholders OK merger
CPBJ Reports – Health Management Associates Inc., a parent company of three midstate hospitals, is issuing $875 million in bonds. The unsecured senior notes pay 7.375 percent interest and will come due in 2020. The sale is scheduled to close on Nov. 18.
The company plans to use the money to repay outstanding debt and for general corporate needs, according to the release. The notes are in addition to Health Management’s proposed loans of $2.1 billion and a revolving credit facility of $500 million.
Based in Florida, Health Management owns Carlisle Regional Medical Center in Cumberland County, Heart of Lancaster Regional Medical Center in Warwick, Lancaster County, and Lancaster Regional Medical Center in Lancaster. The business operates 66 hospitals in the country.
via Owner of midstate hospitals prices $875M in bonds
CPBJ Reports: Central Pennsylvania’s largest commercial and general aviation airports contributed nearly $1.1 billion to the local and state economies in 2010, according to a recent PennDOT study.
Harrisburg International Airport in Lower Swatara Township, Dauphin County, contributes the majority of the impact, according to the study. HIA alone had an impact of about $947 million last year and employed 11,627 people.
Lancaster Airport in Manheim Township adds $76.4 million to the economy and employed 657 people.
Capital City Airport and York Airport, the midstate’s two largest general aviation airports, contribute more than $61.5 million to the economy. Capital City in Fairview Township, York County, is owned by the Susquehanna Area Regional Airport Authority, HIA’s owner. York Airport is in Jackson Township.
The four airports employed 12,659 people and had payrolls of more than $398 million last year, according to the study.
via Study: Midstate airports have $1.1B economic impact – Central Penn Business Journal.
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