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Corporate News

Artesian sees lower earnings in 2023

Artesian Resources Corporation reported lower earnings in 2023 with the company seeing higher expenses that are now being offset by a temporary rate increase. The Newark area water company reported net income of $16.7 million, a $1.3 million, or 7.2%, decrease compared to 2022. Artesian operates in all three Delaware counties and in Cecil County, MD. Revenues totaled $98.9 million for...

Chemours probe centers on delaying payments as way to boost cash flow targets tied to incentive pay

The Audit Committee of the Board of Directors of The Chemours Co. issued an update on financial control issues that led to the CEO, CFO, and controller being placed on leave. The review reported that members of senior management delayed payments to some vendors to aid incentive compensation The review was launched after an anonymous call to the Chemours Ethics...

Prelude opens new headquarters

Last month, industry and government dignitaries gathered to mark the opening of Prelude Therapeutics new headquarters and research lab at the Chestnut Run Innovation & Science Park near Wilmington. Prelude Therapeutics founder and CEO, Kris Vaddi, began the ceremony by reflecting on Prelude’s mission. “This was an idea to build a cancer-focused biotech company, rooted in science from...

Consumer Financial Protection Bureau orders cut in credit card late fees

The Consumer Financial Protection Bureau (CFPB) Tuesday announced a rule to cut credit card late fees. The rule will curb fees that cost American families more than $14 billion a year, a release stated. The rule is of more than passing interest in Delaware, the headquarters of Chase's credit card operations. Other issuers also have operations...

Wawa plans to open 70 new stores in 2024

In 2024, Wawa plans to open more than 70 new stores, including first stores in three new states of Alabama, Georgia, and North Carolina. Openings are coming in the Midwest in the coming years as well as central and western Pennsylvania. Wawas are mainly located in the Mid-Atlantic and Florida. Delaware has more than four dozen stores. The store count...

Boston Beer reports year-end results that include a write-down of Dogfish Head value

Dogfish Head owner Boston Beer reported a loss in the fourth quarter and a change at the top. The company put an optimistic spin on the year-end results that included a "write-down" impairment charge for Milton-based Dogfish Head..  The impairment of intangible assets reflects a $16.4 million non-cash charge recorded primarily for the Dogfish Head brand. The impairment determination was primarily based on the...

First phase deadline nears for Coolest Thing Made in Delaware contest

The first round of voting for the Coolest Thing Made in Delaware competition, hosted by The Delaware State Chamber of Commerce (DSCC) and its affiliate, the Delaware Manufacturing Association (DMA), is nearing an end. This inaugural contest highlights Delaware’s manufacturing sector —which employs 28,000 Delawareans. With over 100 nominations received, more than 50 products from 40 companies across the First State are now competing in the...

Green hydrogen company gets $1.7 million from state for expansion in Dover

FFI Ionix Inc., a wholly owned subsidiary of Fortescue, an Australian green technology and metals company, picked Dover for expanded operations and gained up to $1.7 million in grants from the state. FFI Ionix, which focuses on hydrogen technologies, will relocate from a 15,000-square-foot site in Harrington to 60 Starlifter Avenue in Dover. More than 22,000 square feet of...

Bank of America to move 500 jobs out of downtown Wilmington by late 2025

Bank of America plans to phase out its presence at the Bracebridge complex in downtown Wilmington by late 2025. B of A spokesman Andy Aldridge said the move to company sites on Paper Mill Road and near the ChristianaCare campus does not represent a staff reduction, with positions downtown moving to the two Newark area sites. Bank of...

Chancery rules in favor of CEO’s plan to move corporate charter to Nevada

Online travel company TripAdvisor can move its corporate charter from Delaware to Nevada. In a closely watched suit, Vice Chancellor Travis Laster ruled that the shareholder could not prove that moving the domicile would damage those holding stock. TripAdvisor and its majority owner approved the move, citing the possibility of fewer lawsuits in Nevada and lower franchise fees. The Silver State...

Trial for AstraZeneca’s lung cancer drug Tagrisso points to increased survival rate

A late stage trial pointed to AstraZeneca’s Tagrisso prolonging the lives of patients with a type of lung cancer. Overall survival data showed a favorable trend for Tagrisso, although data were not complete at the time of this analysis. The trial will continue. The drug was previously approved for patients with certain types of non small cell...

Capital One plans to acquire Discover in $35 billion deal

 Capital One Financial Corporation and Discover Financial Services announced that they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion. The deal is subject to regulatory and shareholder approval. Capital One is headquartered in northern Virginia, with Discover based in a Chicago suburb. Capital One is a hybrid bank with branches, credit...

Ex-marketing officer at New Castle pharmacy company settles whistleblower suit

A former chief marketing officer for a New Castle-based pharmacy company has agreed to settle a whistleblower case involving kickbacks to physicians and waiving co-pays on federal healthcare programs such as Medicare. Carla Sparkler, former Chief Marketing Officer of BioTek reMEDys Inc. agreed to a  a six-year federal healthcare exclusion, which will prohibit her from participating in any federally funded health...

Bloom Energy finishes 2024 with improved results, lower 4th quarter revenue

Bloom Energy Corporation reported improved results in the fourth quarter and 2024. The San Jose, CA-based company that operates a site in Newark reported a record $1.3 billion in revenue for 2024. However, the fuel cell maker saw a sharp drop in fourth quarter revenue and the departure of its chief financial officer. The company's results missed analyst estimates...

Marijuana czar’s office seeks comment on draft legalization regulations

The Dover-based Office of Marijuana Commissioner is seeking comment on the regulations governing adult-use recreational marijuana industry in Delaware as the date for sales moves into 2025. The Delaware Marijuana Control Act legalized the use of recreational marijuana for individuals 21 and older and led to the formation of the commisioner's office. It comes with a...
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