Bankruptcy News

Stock News

Expansions

Crosstown Moves

Leaving Town

Name Changes

Deaths

Corrections or additions?

This article by Barbara Fox was prepared for the May 19, 2004 edition of U.S. 1 Newspaper. All rights reserved.

On the Move

When Carter-Wallace sold its prescription drug business to MedPoint, now based in Bridgewater, it sold its consumer products business, including Trojan and other condom brands, to the partnership of Church & Dwight and Kelso & Co. Now Church & Dwight has announced it will pay $254 million to buy out its investment partner, Kelso, giving it 100 percent ownership of Carter Wallace’s former consumer products business.

Armkel (which comes from the famous Arm & Hammer brand of Church & Dwight plus Kelso) is the company that controls these brands. Church & Dwight ran the operations for Armkel for 2 1/2 years, and the sale is expected to close by the end of May.

“Armkel has been a highly successful addition to our business during the past two and one-half years, and we are very pleased to have been able to move up the timetable to acquire the remainder of the company,” said CEO Robert Davies in a statement.

Church & Dwight Co. Inc. (CHD), 469 North Harrison Street, CN 5297, Princeton 08543-5297. Robert A. Davies III, chairman and CEO. 609-683-5900; fax, 609-497-7177. Www.armhammer.com

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Bankruptcy News

Exide Technologies (EXDTQ), 3150 Brunswick Pike, Crossroads Corporate Center, Suite 230, Lawrenceville 08648. Craig Muhlhauser, president and COO. 609-512-3000; fax, 609-512-3071. Www.exideworld.com

Exide Technologies came out of Chapter 11 bankruptcy on Wednesday, May 5, having reduced its debt by 70 percent, from $1.3 billion to about $540 million. At its Carnegie Center headquarters, it has about 50 employees. New warrants for Exide stock, now that common stock trading was canceled, are trading on Nasdaq under the symbol “XIDEW.”

Exide is one of the world’s largest producers of lead-acid batteries. Founded in 1888, it began making car batteries in 1912. Now it has two major groups, industrial energy and transportation. In the 1990s it moved into foreign markets and began buying up companies. With about 16,000 employees worldwide, the company had $2.4 billion in revenues last year and a loss of $141 million.

The company’s initial restructuring plan gave little to unsecured creditors and full control to secured creditors. The current plan offers nothing to stockholders, 10 percent of the reorganized company to unsecured creditors, and 90 percent to secured creditors.

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Stock News

WindsorTech Inc. (WSRT), 70 Lake Drive, Hightstown 08520. Marc Sherman, CEO. 609-426-4666; fax, 609-426-4543. Www.windsortechinc.com

Quarterly revenues for the data security and environmental compliance service company increased by more than half (59 percent) for the same period last year.

“Our business model is validated as a result of increased awareness of the risks presented by Identity Theft, the need for Homeland Security as well as the realization by corporations and government agencies of the regulatory liabilities associated with improperly retired end-of-life IT equipment,” says Marc Sherman, President and CEO of WindsorTech.

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Expansions

First Horizon Home Loans (FTN), 1239 Parkway Avenue, Suite 202, West Trenton 08628. John P. Flemming, branch manager. 609-818-0139; fax, 609-818-9046.Www.firsthorizonusa.com

First Horizon Home Loans expanded a four-person firm from 2 Tree Farm Road in Pennington to Parkway Avenue in West Trenton during the first week in May. When it occupied an office at 12 Roszel Road it was known as Maryland National Mortgage Corp. It is based in Marlton, New Jersey.

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Crosstown Moves

K&L Digital, 102 Tamarack Circle, Skillman 08558. Lawrence Fridkis. 609-924-0800; fax, 609-924-1003. Www.kldigital.com

K&L Digital moved from 4599 Main Street in Kingston to Montgomery Knoll in the first week of May. Phone and fax are the same. It does digital imaging, web development, photography, and automatic catalog generation service.

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Leaving Town

Optellios, 250 Phillips Boulevard, Suite 255, Ewing 08618. Jay Patel, founder. 609-671-9800; fax, 609-671-9801. Www.optellios.com

After nearly three years on Phillips Boulevard, Optellios is moving a 10-person office to a similarly sized space, about 8,000 square feet, at 2260 Cabot Boulevard in Langhorne, Pennsylvania 19047. The new phone and fax has not been determined, said a company spokesperson. The proposed moving date is July 1.

Founded in 2000, the company offers polarization management for the subsystems and components markets of the optical telecommunications industry.

DentalMatrix USA Inc., 1974 Sproul Road, Suite 104, Broomall 19008. J. Richard Feldman, president & CEO. 610-325-4310; fax, 610-325-4302.

DentalMatrix USA moved a six-person office from 4 Princess Road to Broomall, PA. It offers creative insured and self-insured dental plans. Governor James McGreevey had tapped CEO J. Richard Feldman to serve on two transition teams, health and senior services and law and public safety. His brother, Robert Feldman, had reportedly helped raise money for the governor’s campaign.

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Name Changes

IH Engineers PC, 666 Plainsboro Road, Suite 1010, Plainsboro 08536. Iftekhar Hossain PE, principal. 609-799-6744; fax, 609-799-0884. Www.ihengineers.com

Integrated Engineering Consulting Engineers is now known as IH Engineers PC, thanks to a change from sole proprietorship to professional corporation (PC). The principal, Iftekhar Hossain, graduated from Rensselaer Polytechnic Institute in 1983 and worked for consulting firms and public agencies before starting his own infrastructure and construction management firm. He also expanded his 30-person firm by moving from one suite to another at Princeton Meadows Office Center. Among the company’s recent projects: the Quakerbridge and Meadow Road overpasses.

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Deaths

Wayne Austin, 47, on May 4. A worker at Certified Steel Company, he was killed at the Whitehead Road warehouse when struck by a load of steel beams being moved by a crane.

Thomas F. Grillo 56, on May 12, of Lou Gehrig’s Disease (ALS). An attorney, he had been a prosecutor for Mercer County and the state and was working for J.P. Morgan Chase Bank in Manhattan.

Patricia Louise Giovanetti, 47, on May 14. She was the owner of Primo Tile & Marble on South Gold Drive and had worked at Hamilton Hospital.

Thomas A. Goodwin, 46, on May 16. A master electrician, he was the manager of buildings and grounds for the Princeton Regional Schools, the former owner of A. & M. Electric in Hamilton, and had worked at Princeton Plasma Physics.


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