PPG Profit Soars 64 Percent In Third Quarter

Acquisitions remain a focus for PPG Industries Inc., which has $3 billion in cash that it can spend to increase performance, CEO Charles E. Bunch said Thursday when the company reported a 64 percent jump in third-quarter profit.

“We have a very active acquisition pipeline,” Bunch said. “Including the pending acquisition of Comex, we will likely spend at or above the top end of our previously announced range of $3 billion to $4 billion of cash in 2014 and 2015 on acquisitions and share repurchases.”

PPG’s latest deal is the purchase of Consorcio Comex S.A. de C.V., a leading paint company in Mexico, for $2.3 billion. The deal announced June 30 is expected to be completed by Dec. 31.

Read more: http://triblive.com/business/headlines/6972135-74/sales-improved-percent#ixzz3GPZ9k5QG
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West Penn Allegheny Cancels Highmark Affiliation Agreement

English: Highmark Place from PNC Park in Pittsburgh, taken 2008 showing the new Highmark branding atop. (Photo credit: Wikipedia)

Saying that Highmark Inc. wanted it to restructure through bankruptcy, West Penn Allegheny Health System canceled the $475 million deal under which the insurer planned to acquire WPAHS.

WPAHS board chairman Jack Isherwood said in a written statement this morning that he considers bankruptcy a poor option for the health system’s employees and customers.

“To us, bankruptcy is not the first option, it’s the last option,” he said.

WPAHS is actively looking for new partners and is willing to consider all types of companies — another insurer, nonprofit, for-profit.

Senior management will remain in place, Mr. Isherwood said.

Read more: http://www.post-gazette.com/stories/business/news/west-penn-allegheny-cancels-highmark-affiliation-agreement-655295/#ixzz27miMSmWS

Wilkes-Barre Times Leader Newspaper Sold

Impressions Media, owner of The Times Leader newspaper in Wilkes-Barre, has been acquired by a Philadelphia private equity firm, The Times Leader announced on its website.

Read more: http://www.mcall.com/business/mc-times-leader-sold-20120306,0,6696191.story

 

Giant Food Stores To Acquire 16 Genuardi’s Family Markets In Philadelphia Area

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Giant Food Stores, LLC, is making a competitive push into the suburban Philadelphia market.

The Carlisle-based chain announced Thursday it has entered into an agreement to acquire 16 Genuardi’s Family Markets in the Philadelphia area for $106 million.

The transaction is expected to close over the next six months at which point the ownership will be transferred from Safeway Inc. and the stores converted into Giant Food Stores.

Read more: http://www.pennlive.com/midstate/index.ssf/2012/01/giant_food_stores_to_acquire_1.html

RELATED STORY

Royersford, Norristown and Exton Genuardi’s closing!

http://www.timesherald.com/article/20120105/NEWS01/120109752

Wilmington Trust Offers Itself To M&T Bank At Half-Price

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This venerable Delaware bank started by the du Pont family has fallen on hard times.  After sustaining some large losses over the last several quarters, the bank started looking for a buyer.  M&T Bank has acquired Wilmington Trust and will inherit a strong presence in Delaware.

Wilmington Trust is a casualty of the recession – low investment earnings and the housing market grinding to a halt have affected the bank’s ability to make enough revenue.

At present, no member of the du Pont family sits on the bank’s board, although some family members are depositors.  One of Wilmington Trust’s specialties is wealth management.  They have a number of clients with a $10,000,000+ in liquid assets for a total of $58.4 billion.

Sadly, this is another more or less “local” bank that’s being gobbled up by a super-regional player.  M&T Bank has bought up smaller banks and expanded their presence.  Delaware will expand M&T’s market to ten states, primarily along the East Cost.  M&T Bank, based in Buffalo,NY, has reported profits for 34 years in a row.

Is There Life After Borders? In Pennsylvania, YES!

By now most people know Borders is going, going, gone in the very near future.  The departure of Borders from many malls has book lovers everywhere scrambling for a new place to buy books.

Books-A-Million is looking to fill that void, at least in some Pennsylvania locations.  Recently Books-A-Million opened a new store in a former Borders Express at Coventry Mall, Pottstown.  I also noticed in my last trip to Park City Center, Lancaster that Books-A-Million had opened a store there too.

Now Books-A-Million, a Birmingham, Alabama based bookseller, is trying to acquire eight more locations in Pennsylvania (there are currently five PA stores).  One site under consideration is the soon to be vacant Viewmont Mall Borders store in Dickson City.  According to the Times Tribune, the Dickson City Borders is Lackawanna County‘s only general-interest bookstore.

You can imagine that the Viewmont Mall management and Lackawanna County book lovers are waiting with bated breath to see if this deal goes through.

To check out Books-A-Million’s complete list of locations from their website, click here: http://www.booksamillion.com/storefinder?id=5114383831772

With the demise of Borders, Books-A-Million will become the nation’s second largest book retailer.

PNC Buys Royal Bank’s Retail Branches For $3.45 Billion

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Pittsburgh-based PNC Bank is gobbling up all of Royal Bank of Canada’s U.S.branches – 424 locations in all.  The acquisition will make PNC the fifth largest U.S. bank with 2,870 branches.

RBC USA locations are in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia.

The acquisition is expected to close in March of 2012.