14
13 SEPTEMBER 2012
REGIONSBUSINESS.COM
DEALBOOK
DEFENSE
Alloy Surfaces Lays Off 145 After Defense Spending Cuts Chester Township-based Alloy Surfaces, the world’s only manufacturer of special material decoys, announced Sunday that it would lay off 145 employees. The company is being forced to almost halve their workforce after laying off 120 employees last year, due to a decline in orders from the U.S. Department of Defense, which has projected an estimated $500 billion in spending cuts over the next 10 years.
ARCHDIOCESE OF PHILADELPHIA
St. Joe’s University Purchases Archdiocese’s $10M Mansion
STORAGE
Wayne-Based CubeSmart Buys 22 Additional Storage Facilities In a recent deal with Storage Deluxe, Wayne-based storage company CubeSmart acquired 22 storage facilities for $560 million. The transaction made CubeSmart the largest owner and operator of storage facilities in New York. PA. INDUSTRIAL DEVELOPMENT AUTHORITY
PIDA Approves Business Loans To Help Create 124 New Jobs The Pennsylvania Industrial Development Authority approved $4.76 million in low-interest loans to support three manufacturers in Allegheny, Bucks and Philadelphia counties. The companies plan to add at least 124 jobs and retain 433 jobs and have committed to investing an additional $7.87 million. PIDA said it has signed off on $26.3 million in low-interest loans that have helped support $66.2 million in additional private investment and 2,099 jobs in 2012.
Photo courtesy of St. Joseph’s University St. Joseph’s University announced Friday that it has signed a letter of intent to acquire the 8.9-acre property known as the Cardinal’s Residence from the Archdiocese of Philadelphia for $10 million. Officials currently have no development plans for the property, which is contiguous to the university’s 48-acre Philadelphia campus. The purchase will be funding by a combination of donor support and internal resources and is expected to be finalized in the next few weeks.
FOOD SERVICE
Cheesecake Factory Opening Will Create 268 New Jobs Cheesecake Factory will open its eighth New Jersey restaurant September 19 at the Quaker Bridge Mall. The 8,600-squarefoot restaurant will seat 293 customers and is slated to create 268 jobs. It will join 173 other restaurants owned by Cheesecake Factory Inc., including locations in King of Prussia, Willow Grove and Cherry Hill. HOLIDAY GIFTS
CSS Industries Sells Halloween Portion to Gemmy Industries Philadelphia-based maker of gift-and holidayrelated items CSS Industries has sold the Halloween portion of its Paper Magic Group to Gemmy Industries for an undisclosed price in order to focus on more profitable product categories. CSS expects to incur pre-tax charges, net of proceeds, of between $6 million and $7.6 million.
LAW
Blue Bell Law Firm Expands to NC Blue Bell-based insurance law firm Nelson Levine de Luca & Hamilton will open its first office in the Southeast region in Greensboro, N.C. on November 1 as part of an aggressive expansion plan. The firm intends to recruit experienced attorneys through 2013.
LAW
Philadelphia-based intellectual property and commercial litigation law firm Fox Rothschild announced it has opened a Denver office with three Bryan Cave partners. This location is the firm’s first in the Mountain West Region and 17th nationwide.