Skip to content
Link copied to clipboard

Business news in brief

In the Region

Tarp-maker deal

Humphrys-CoverSports, the West Philly firm that makes the vast tarpaulins that cover Lincoln Financial Field and other sports, military, and manufacturing sites, says it has purchased Globe Canvas Products, a Yeadon firm that makes awnings for Stobag and other brand owners, for an undisclosed price. Globe owner Kevin Kelly will head Humphrys' new Globe division, and all 12 Globe workers will join Humphrys-CoverSports. But Globe's Delaware County site will close and workers will move to Humphrys' Southwest Philly facility. The combined companies will employ 100 and expect to sell more than $16 million next year. The companies have worked together for years, Humphrys-CoverSports boss Ron Nissenbaum said in a statement, adding that he expects to "improve manufacturing processes and grow in new markets" with Globe, Kelly, and his customers on board.

- Joseph N. DiStefano

Fala to Liberty

Liberty Property Trust on Thursday announced that Herman C. Fala would become the company's general counsel Jan. 1. Fala had been with Cozen O'Connor, where he chaired the firm's Real Estate Practice Group. Prior to joining Cozen O'Connor in 2009, he chaired the real estate department at WolfBlock L.L.P. for 10 years. Fala is a member of the Urban Land Institute and the Zell-Lurie Real Estate Center at the Wharton School. He is a fellow of the American College of Real Estate Lawyers.

- Inquirer Staff Report

Tech Park expands

Philadelphia Technology Park, an offsite computer service center, Thursday announced that it completed an expansion of its Philadelphia Navy Yard location. The construction of the expansion space was a six-month, multimillion-dollar project. Philadelphia Technology Park is a 25,700-square-foot colocation data center that provides storage of critical data for its customers.

- Inquirer Staff Report

Rite Aid sales up

Rite Aid said Thursday that a closely watched sales measurement improved in November as its pharmacies did more business. The results cover a five-week period ending Nov. 28. The Camp Hill company noted that its results last year were hurt by Hurricane Sandy, which struck in late October. Rite Aid said sales at stores open at least a year grew 2.8 percent. At those stores, pharmacy revenue grew 3.9 percent and sales of non-pharmacy items like food and cosmetics rose 0.4 percent.

- Associated Press

Archdiocese keeps lot

The Archdiocese of Philadelphia has pulled a parcel of land adjacent to its headquarters off the market. "There was a lot of interest, but we couldn't conclude a deal that was satisfactory to us," said Timothy O'Shaughnessy, chief financial officer of the archdiocese. The parcel including part of a parking lot and the Holy Family Center, a former convent, extends from 17th to 18th Street along Vine Street. It was put up for sale in August 2012. - Harold Brubaker


She's a Twitter

Twitter Inc. named former Pearson Plc chief executive officer Marjorie Scardino to its board after the microblogging service faced criticism that it lacked women in its top ranks. The appointment of Scardino, 66, is effective immediately, Twitter said Thursday. She led Pearson, the education and publishing company, from 1997 to last year.

- Bloomberg News

'Troll' bill passed

The U.S. House passed legislation to rein in some patent lawsuits that technology companies say could reduce the time they spend fighting such suits in court. The vote Thursday was 325-91. The Senate has its own version of the legislation, which it may take up early next year. The measure would place limits on entities that buy patents in order to demand nuisance royalties from as many companies as possible. Called "trolls," such firms filed 19 percent of all patent lawsuits from 2007 to 2011, according to the Government Accountability Office.

- Bloomberg News

Confidence up

Confidence among U.S. consumers rose last week to its highest since early October, propelled by gains among almost every income group. The Bloomberg Consumer Comfort Index increased to minus 31.3 in the period ended Dec. 1, its highest since Oct. 6, almost erasing declines caused by the 16-day partial federal government shutdown in October.

- Bloomberg News

Lew: Reform needed

Treasury Secretary Jack Lew says the world's biggest economies need to do more to bolster financial rules to avoid a repeat of the disastrous 2008 financial crisis. Lew says he will use a February meeting in Australia of the Group of 20 major industrial countries to push other nations to overhaul their banking regulations. He says the administration's goal will be to "make sure that global banks meet the high standards we have set" in the United States. The Treasury secretary says rules need to be revamped to prevent international banks from pursuing business in countries with lax regulations. His comments came in a Washington speech Thursday in which he assessed the status of banking reform.

- Associated Press