Big deals in Central Pennsylvania
Here are some of the major acquisitions, mergers and changes that took place in and affected Central Pennsylvania in 2005Here are some of the major acquisitions, mergers and changes that took place in and affected Central Pennsylvania in 2005
Events are listed chronologically:
Hanover Foods Corp. goes private to avoid what it deems to be the unreasonable costs of complying with the Sarbanes-Oxley Act of 2002. It reports $318 million in revenue, a 9.54 percent increase over the past year. Its stock continues to be traded over the counter through Pink Sheets. Hanoverís privatization is completed with a Jan. 10 filing.
Educators Mutual Life Insurance Co., based in Lancaster, strikes a deal to acquire Eastern Holding Company Ltd., parent company of Eastern Alliance Insurance Group. Eastern Holding is based in the Cayman Islands. Terms were disclosed, but no estimate of the total price was available. The combination will create a new company, Eastern Insurance Holdings Inc.
Community Banks Inc. agrees to buy Penn-Rock Financial Services Corp., parent of Blue Ball National Bank, for $326 million. The merger gives Lower Paxton Township -based Community Banks a billion-dollar footprint in Lancaster County. PennRock is based in East Earl Township.
An average of about 5,300 people poured into Clipper Magazine Stadium for each home game during the Lancaster Barnstormersí inaugural season, which begins in May. Myriad economic-development groups, neighborhood organizations, government officials and businesses come together to make the stadium a hit.
Liberty Partners, a private equity firm in New York City, buys York Technical Institute from employees and a minority owner for an undisclosed sum. Liberty takes control of the school May 2.
York-based Susquehanna Pfaltzgraff Co. agrees to sell The Pfaltzgraff Co., its pottery division, to Lifetime Brands Inc. of Westbury, N.Y. The $37.2 million deal closes in July. It does not include Pfaltzgraff's plant in York County, which later was shut down.
ValueClick Inc. purchases Webclients.net, an Internet advertising firm. ValueClick, of Westlake Village, Calif., purchases Webclients for $141 million. The sale includes $122 million in cash, 1.8 million shares of ValueClick common stock and options to purchase about 350,000 shares of ValueClick common stock.
Fulton Financial Corp. agrees to buy a Maryland bank with assets of $1.3 billion.
Columbia Bancorp. of Columbia, Md., has 24 offices in four Maryland counties and Baltimore, including five in retirement communities. Fulton says the deal would be its largest acquisition to date. The deal is valued at about $313 million and is expected to close sometime in the first quarter of 2006.
Hampton, N.H.-based Fisher Scientific International Inc. agrees to buy Lancaster Laboratories Inc. for $150 million. Lancaster Laboratories had revenues of approximately $60 million for the fiscal year that ended March 31, according to a statement from Fisher Scientific.
New York Wire Co. buys Hanover Wire Cloth, joining two locally based leaders in the mesh-screen industry. New York Wire buys Hanoverís facility and a fiberglass-screen manufacturing plant in South Carolina from CCX Inc. of Charlotte, N.C., for an undisclosed sum.
French company Photonis acquires Lancaster-based Burle Industries Inc. Burle Industries, which manufactures electron tubes and electro-optic products, employs about 340 people at its domestic and international facilities. Terms arenít disclosed.
British pharmaceutical giant GlaxoSmithKline purchases the former Wyeth vaccine plant in western Lancaster County. GlaxoSmithKline says it plans to use the plant to develop new vaccines. The company plans to create at least 270 jobs and invest $100 million in its work in Lancaster County, according to the governorís office.
The Bon-Ton Stores Inc. agrees to buy the Northern Department Store Group from Saks Inc. for $1.1 billion in cash and $85 million in debt. Bon-Ton says it will keep the names of the 142 stores in the Milwaukee-based group. They are Carson Pirie Scott, Bergnerís, Boston Store, Herbergerís and Younkers. The stores generated a combined $2.2 billion in revenue in 2004, according to Saks Inc. The deal is expected to close in the first quarter of 2006. If it goes through as planned, Bon-Ton will have 280 stores in 23 states with estimated annual sales of $3.5 billion.
Construction equipment company Cleveland Bros. Holdings Inc. doubles its size with the acquisition of Murrysville, Westmoreland County-based Beckwith Machinery Co. and One Call Rentals Inc. Terms are not disclosed. Cleveland Bros. and Beckwith Machinery are Caterpillar equipment dealers. One Call is a network of Caterpillar rental stores. The merger increases the employee count at Cleveland Bros., from 600 to 1,400.
Pennsylvania Public Utility Commission approves the merger of Verizon Communications Inc. with MCI Inc. by a vote of 4-1. Commission Chairman Wendell Holland says the merged company will be stronger financially and technically, which will promote economic development and investment in Pennsylvania. The $6.7 billion merger combines Verizonís local phone services with MCIís long-distance service. The Federal Communications Commission had approved the merger Oct. 31.
The Legacy Bank agrees to be acquired by F.N.B. Corp. of Hermitage, Mercer County, in a stock-and-cash transaction valued at $74.6 million. Legacy Chairman and Chief Executive Officer George H. Groves says the bank wanted to provide shareholders with liquidity and expand offerings in its growing lending and trust businesses. The deal gives F.N.B. its first foothold in the Central Pennsylvania market. For more information about the deal, see page 1.
Bulova Technologies, based in Lancaster, expands its manufacturing operations when it buys the EMS division of Connecticut-based Dictaphone Corp. Terms arenít disclosed. The company plans to bring 100 jobs to Lancaster in 2006.