View Count: 284 |  Publish Date: April 06, 2014
The ins and outs of the Philly50
David Sell, Inquirer Staff WriterPosted: Sunday, April 6, 2014, 1:10 AM
Change is good (sometimes). Change is inevitable. Change comes to Philly50.
The first quarter of 2014 is history, so its time to review changes or possible changes to the only list that matters.
Three Philadelphia-area companies with high market capitalizations that were on the list Jan. 5, the first Sunday of 2014, were gone from the list on Sunday, March 30.
Three companies took their place.
One company on the list for several years might soon exit. The Philly50 committee will meet soon at an undisclosed location to mull the issues. Stay tuned and watch for the smoke.
For Philly50 purposes, Endo International might be living on borrowed time because of the drug companys corporate shift. Endo International created that new name recently, made it the parent company of Malvern-based Endo Health Solutions, and registered it in Dublin, Ireland, where taxes are a bit less.
Endo could join PVR Partners L.P., ViroPharma, and Knoll Inc., which have left the list since Jan. 5.
On March 21, Dallas-based Regency Energy Partners L.P. completed its $5.6 billion acquisition of PVR Partners, which was based in Radnor.
Drugmaker Shire completed its $4.2 billion takeover of Exton-based ViroPharma. Shire has an office in Chesterbrook but is headquartered in the United Kingdom. Last year, Shire canceled plans to move to a new facility in the same Malvern business park as Endo.
Knoll designs furniture plans for offices and homes from its base in East Greenville, Montgomery County. It was hurt in recent quarters by the cutbacks in government spending in the United States. In January, it tried to improve its foreign results by buying Holly Hunt Enterprises Inc. for $95 million. Holly Hunts firm designs high-end furniture, lighting, and textiles for residential use. Knoll CEO Andrew Cogan said in a statement, We estimate the global market for luxury home furnishings and coverings to exceed the market for contract furnishings.
Aramark, Lannett Co., and Essent Group Ltd. joined the Philly50 since Jan. 5.
Aramark, the largest of the newcomers, went public again in December. If youve bought a hot dog at a professional sports event, one of Aramarks 270,000 employees might have made it.
Generic drugmaker Lannett moved its stock to the NYSE big board, prompting CEO Arthur Bedrosian to say in a statement, We have reached an inflection point and are excited about Lannetts future, but in the words of Bachman-Turner Overdrive, you aint seen nothing yet!
Essent Group could warrant further review by the Philly50 committee as it reviews Endo.
Essent Guaranty, headquartered in Radnor, sells private mortgage insurance to banks and investors. However, Essent Group Ltd., the parent company that went public in December, is technically domiciled in Bermuda, which, like Ireland, is an island tax haven, only warmer. Keep an eye out for the smoke.
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