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Pennsylvania Business Report
Independent Fiscal Office projects depletion of General Fund surplus
Pennsylvania’s General Fund surplus of $6.6 billion will likely be depleted before the end of the next fiscal year, according to research released July 18 by the state’s Independent Fiscal Office (IFO). The IFO, which publishes an annual five-year projection of General Fund revenues and expenditures each November, projected General Fund operating deficits of -$624 […] The post Independent Fiscal Office projects depletion of General Fund surplus appeared first on Pennsylvania Business Report.
Falkbuilt Philadelphia celebrates two-year anniversary
Canada-based Falkbuilt, a digital component construction company, recently celebrated two years in the Philadelphia market. Falkbuilt Philadelphia was founded in 2022 and is independently owned and operated by Peggy Kelly. Kelly has worked to make Falkbuilt Philadelphia one of the company’s top 10 branches globally out of 126. The Commercial Real Estate Women of Greater […] The post Falkbuilt Philadelphia celebrates two-year anniversary appeared first on Pennsylvania Business Report.
Air Products will construct, operate new industrial facilities at two out-of-state locations
Trexlertown, Pa.-based Air Products and Chemicals Inc., an international corporation that sells gasses and chemicals for industrial use, plans to build, own, and operate new air separation units (ASUs) at two of its out-of-state locations. “Now is the time to install new ASUs, which will have an even greater level of reliability, production, sustainability efficiencies […] The post Air Products will construct, operate new industrial facilities at two out-of-state locations appeared first on Pennsylvania Business Report.
Triumph Group business awarded contact to provide auxiliary gearboxes for GE Aerospace
GE Aerospace, an aerospace propulsion, services, and systems company, recently awarded Radnor-based Triumph Group’s Geared Solutions business a contract to provide auxiliary gearboxes. “TRIUMPH is a market leader in military and commercial gearboxes and has provided GE Aerospace with proprietary and build-to-print solutions across multiple applications for decades,” Pete Gibson, Triumph Geared Solutions Business president, […] The post Triumph Group business awarded contact to provide auxiliary gearboxes for GE Aerospace appeared first on Pennsylvania Business Report.
Texas company purchases Highway Materials
Texas-based Heidelberg Materials North America recently announced it has entered into an agreement to purchase Philadelphia-based Highway Materials, an aggregates and asphalt producer. “The addition of the Highway Materials business, with its broad range of products and more than 80 years of history in Pennsylvania, is a great opportunity to strengthen the company’s aggregate reserves […] The post Texas company purchases Highway Materials appeared first on Pennsylvania Business Report.
Alcoa Corporation announces stockholder approval of Alumina Limited acquisition
Pittsburgh-based Alcoa Corporation announced Tuesday it had received stockholder approval to acquire Alumina Limited in preliminary voting. During a special meeting of its stockholders, the company received approval by approximately 99 percent of the shares present to issue more shares in connection with the proposed acquisition. Final voting results will be reported on a Form […] The post Alcoa Corporation announces stockholder approval of Alumina Limited acquisition appeared first on Pennsylvania Business Report.
Nexterus announces retirement of CEO
New Freedom-based Nexterus, a supply-chain management and third-party logistics (3PL) services provider, recently announced that Sam Polakoff, CEO and third generation owner, will retire Dec. 31 after 49 years with the company. Polakoff will be succeeded by his son Ryan Polakoff, the company’s current president. “It has been the highest honor imaginable to have proudly […] The post Nexterus announces retirement of CEO appeared first on Pennsylvania Business Report.
CNX Foundation develops energy industry paid internship program
The CNX Foundation, the philanthropic arm of Pittsburgh-based natural gas company CNX Resources Corp., has created a new paid internship program designed to spur student interest in the power industry and bolster the energy workforce pipeline. In cooperation with its Mentorship Academy initiative, the CNX Foundation developed the Short Service Employee (SSE) program to expose […] The post CNX Foundation develops energy industry paid internship program appeared first on Pennsylvania Business Report.
Annovis Bio adds to leadership team
Malvern-based Annovis Bio, a late-stage clinical drug platform company specializing in neurodegeneration diseases, recently added four members to its executive team. “We are delighted to have this strong group of individuals join the Annovis team,” said Maria Maccecchini, Ph.D., Annovis Bio founder, president, and CEO. “Their expertise and leadership are critical in this pivotal moment […] The post Annovis Bio adds to leadership team appeared first on Pennsylvania Business Report.
UGI releases environmental, social and governance report
King of Prussia-based UGI Corp., a distributor and marketer of energy products and services, recently released its 2023 environmental, social and governance (ESG) report. Highlights include meeting two years ahead of schedule a commitment to improve spending with diverse Tier I and Tier II suppliers by 25 percent by fiscal 2025, and achieving a 50 […] The post UGI releases environmental, social and governance report appeared first on Pennsylvania Business Report.
Take-private purchase of Envestnet valued at $4.5B
Berwyn, Pa.-based software company Envestnet Inc., is on its way to becoming a privately owned company once a new multi-billion-dollar acquisition agreement by Bain Capital LP is completed. “The board and its advisors conducted a process to maximize value for shareholders,” said Envestnet CEO and Board Chairman Jim Fox on July 11. “I’m proud of […] The post Take-private purchase of Envestnet valued at $4.5B appeared first on Pennsylvania Business Report.
Legislation would address carbon capture in Pennsylvania
Senate Bill 831, legislation that would establish the legal and regulatory framework for potential carbon dioxide capture, utilization, and sequestration (CCUS) in Pennsylvania awaits Gov. Josh Shapiro’s signature. Carbon dioxide capture, utilization, and sequestration is a process which removes carbon dioxide that industrial sites emitted into the atmosphere for reuse or storage underground. Under current […] The post Legislation would address carbon capture in Pennsylvania appeared first on Pennsylvania Business Report.
Context Therapeutics purchases FDA approved antibody
Philadelphia-based Context Therapeutics, a biopharmaceutical company advancing medicines for solid tumors, recently signed an asset purchase agreement with Link Immunotherapeutics to purchase CT-95, a mesothelin (MSLN) x CD3 T cell engaging (TCE) bispecific antibody that has received U.S. Food and Drug Administration investigational new drug clearance. Many cancers overexpress MSLN, a membrane protein, with limited […] The post Context Therapeutics purchases FDA approved antibody appeared first on Pennsylvania Business Report.
Pennsylvania College of Technology receives $4M grant for apprenticeship programs
The U.S. Department of Labor recently awarded the Pennsylvania College of Technology a $4 million Apprenticeship Building America (ABA) program grant to expand registered apprenticeship programs. The college will use the funding to support its Modular, Industry-Driven Apprenticeship Strategies program. The program prepares workers for high-demand advanced manufacturing jobs. “Registered apprenticeships allow Pennsylvanians to earn […] The post Pennsylvania College of Technology receives $4M grant for apprenticeship programs appeared first on Pennsylvania Business Report.
State’s permitting process reformed under newly enacted budget
Pennsylvania’s newly enacted fiscal year 2024-2025 budget includes regulatory reform efforts supported by State Sen. Kristin Phillips-Hill (R-93) that aim to cut government red tape. “This is a major win for the future of our commonwealth,” Phillips-Hill said in a July 11 statement. “By cutting through the red tape, we’re not only supporting our current […] The post State’s permitting process reformed under newly enacted budget appeared first on Pennsylvania Business Report.
Quaker Houghton breaks ground on Chinese facility
Conshohocken-based Quaker Houghton, an industrial process fluids company, recently broke ground on a manufacturing facility in Zhangjiagang, China. “We are thrilled to break ground on our new manufacturing facility in Zhangjiagang, China and we really appreciate the support and partnership with the Zhangjiagang Municipal Government,” Jeff Fleck, Quaker Houghton chief supply chain officer, said. “This […] The post Quaker Houghton breaks ground on Chinese facility appeared first on Pennsylvania Business Report.
Pennsylvania aims to spur economy with newly enacted state budget
Pennsylvania Gov. Josh Shapiro on July 11 signed into law an almost $47.6 billion state budget for fiscal year 2024-25 that includes important measures to strengthen the state’s economy. “Pennsylvania is the only state in the nation with a divided legislature — and I’m proud that we came together with leaders in both chambers and […] The post Pennsylvania aims to spur economy with newly enacted state budget appeared first on Pennsylvania Business Report.
Pennsylvania-based Air Products sells off LNG business to Honeywell
Air Products and Chemicals Inc., an American international corporation that principally sells gasses and chemicals for industrial use, is selling its liquefied natural gas (LNG) process technology and equipment business for $1.81 billion in an all-cash transaction to advanced-technology giant Honeywell International Inc. Headquartered in Allentown, Pa., Air Products’ LNG Business has roughly 475 employees […] The post Pennsylvania-based Air Products sells off LNG business to Honeywell appeared first on Pennsylvania Business Report.
Legislation would streamline tracking continuing education requirements
Legislation recently approved by the state Senate would streamline and improve tracking continuing education requirements for licensed Pennsylvania professionals. Senate Bill 1242 would give the Pennsylvania Department of State the authority to modernize and streamline the process for verifying professional continuing education compliance. It would create a continuing education tracking system that licensees, boards and […] The post Legislation would streamline tracking continuing education requirements appeared first on Pennsylvania Business Report.
Indiana company purchases US Liner
Indiana-based TRANSTEX, a cleantech company providing engineering emission-reducing solutions to the transportation sector, recently purchased Harmony-based US Liner Company, a fiber reinforced thermoplastic composites manufacturer. The purchase allows TRANSTEX to expand its North American manufacturing capacity and have a steady source of high-quality composite materials for the manufacture of its line of products. “Our recent […] The post Indiana company purchases US Liner appeared first on Pennsylvania Business Report.
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