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By João-Pierre RuthThe company said the move will cut its square footage for research and development space by 35 percent worldwide. Along with Princeton, two facilities in New York, two in North Carolina and one in Britain will close. The consolidation of operations follows the completion of October's merger with Wyeth.
Pfizer also said it plans to reduce and relocate R&D operations in Collegeville, Pa.; Pearl River, N.Y.; St. Louis; and New London, Conn.
The consolidations will leave Pfizer with five main research locations and nine specialized units worldwide, the company said.
E-mail João-Pierre Ruth at jpruth@njbiz.com
Follow me on Twitter @jpruth
By Martin C. DaksThe case centers on Spencer Savings Bank’s attempts to rebuff the efforts of Lawrence B. Seidman, a Parsippany investor, to gain a seat on the board of the Elmwood Park-based institution. Spencer Savings is a mutual savings-and-loan association owned by its depositors.
According to court records, Seidman “on several occasions” discussed his attempts to convert Spencer to a publicly traded stock corporation, and has previously tried to gain control of several other banking institutions.
Until 2004, those who wanted to run for Spencer’s board needed to secure the votes of at least 10 percent of the bank’s depositor-owners. But in that year, the board raised the threshold to 20 percent because its chief executive, José B. Guerrero, “was concerned that the institution needed protection from investors such as Seidman, who might seek to take the association public,” according to court documents.
In October 2004, Seidman sued the bank, alleging that board members wanted “to entrench themselves,” and “were purposefully interfering with members’ voting rights.”
In September 2007, the bank did reduce the voting threshold to 15 percent, an action that was approved by the DOBI commissioner.
Court papers did not name the commissioner, but according to DOBI’s Web site, Steven M. Goldman served in that position during that time.
A month later, a lower court bounced Seidman’s claim, noting “it is now within the province of the Commissioner of Banking [and Insurance] to review the bylaws and resolutions adopted by the Spencer Savings Bank’s board of directors.”
Seidman appealed that ruling, calling the commissioner’s decision “arbitrary and capricious.” In Monday’s decision, the appellate court found that “the one-page decision ultimately issued by the department in September 2007 is simply too conclusory and cryptic.”
Rather than “guess at why the department” approved the 15 percent change, the appellate court asked current banking Commissioner Neil N. Jasey to submit a “detailed statement of reasons” behind the decision by Dec. 31.
DOBI spokesman Marshall McKnight said the department would have no comment on the fresh ruling until a review could be completed.
E-mail Martin C. Daks at mdaks@njbiz.com
By Beth FitzgeraldThe solar installation was built by PSEG Solar Source, a subsidiary of Newark-based Public Service Enterprise Group, in a partnership with Mars Snackfood US and Juwi Solar Inc.
The company also unveiled its newly renovated Hackettstown corporate headquarters, which employs 1,200 and is seeking LEED Gold Certification. Mars said the redesigned office achieves 15 percent higher energy efficiency and reduces water use by 30 percent. LEED, or Leadership in Energy and Environmental Design, is the standard used by the U.S. Green Building Council to judge the efficiency of buildings.
The solar garden provides 2 megawatts of power during peak hours, and will reduce carbon dioxide emissions by more than 1,000 metric tons — equivalent to removing 190 vehicles from the road each year, according to PSEG.
The solar system is a partnership between Mars Chocolate North America and PSEG Solar Source, which owns the system; Mars has contracted for the entire electricity output. Juwi Solar, a solar-energy company located in Boulder, Colo., performed the engineering, procurement and construction services.
“Sustainability is one of the most pressing concerns of our time. At Mars, we are aware of the scale of the challenge, and we are determined to be part of the solution,” said Todd Lachman, president of Mars Chocolate North America.
PSEG said New Jersey has installed more than 100 megawatts of solar energy in the last few years, making it second only to California in terms of solar capacity installed.
E-mail Beth Fitzgerald at bfitzgerald@njbiz.com
By João-Pierre RuthCadbury is the maker of such confectionery products as Trident chewing gum and Cadbury Crème Eggs. Cadbury Adams, in Parsippany, produces such products as Trident and Dentyne gums, as well as Certs breath mints.
Kraft said Monday it offered 300 pence in cash and 0.2589 in Kraft shares per Cadbury share. Kraft also offered plus 1,200 pence in cash and 1.0356 in Kraft shares per Cadbury ADS (American depository share).
Kraft based its offer on its $26.78 per Kraft Food share close as of Nov. 6.
Kraft initially approached Cadbury in September with the cash and stock deal that was rejected. Kraft issued an offer again Monday.
Cadbury said the offer remained unchanged even after Kraft’s share price shrank, thus lowering the value of its bid. “The offer is worse than the proposal the board has previously rejected,” Cadbury said in a statement.
E-mail João-Pierre Ruth at jpruth@njbiz.com
Follow me on Twitter @jpruth
By Beth FitzgeraldJacob Bindler, MET Tech chief executive, said in contrast to traditional electromechanical devices, his company’s new sensor, the METLF1040, eliminates the need for delicate springs and other precision mechanical parts.
The company is an early-stage venture that has developed a line of inertial sensors based on molecular electronic technology, or MET, including linear and angular accelerometers, as well as gyroscopes.
E-mail Beth Fitzgerald at bfitzgerald@njbiz.com
By João-Pierre RuthNRG said Bluewater has some seven offshore wind projects in development in the Northeast, including off the coasts of New Jersey and Delaware.
Bluewater’s president, Peter Mandelstam, will stay on with the company and head up offshore wind power projects for NRG. The Bluewater staff will continue to operate out of the company’s Hoboken offices as NRG employees.
E-mail João-Pierre Ruth at jpruth@njbiz.com
Follow me on Twitter @jpruth
By João-Pierre RuthThe company’s new offering, Data Discovery, Identification and Security Classification, was created to help businesses keep better abreast of their own data.
According to Verizon Business, two-thirds of the data involved in information security breaches came from resources the targeted companies did not even know existed.
Verizon Business said its DDISC services are available in North America and around the world, and includes a security assessment of the client’s data stored on servers and networks with partners and suppliers. Such services were provided on a custom basis, the company said.
E-mail João-Pierre Ruth at jpruth@njbiz.com
Follow me on Twitter @jpruth
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U.S.: NY man holds 7 hostages at gunpoint overnight
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WORLD: China executes 9 suspects over July ethnic riots
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THE LIGHTER SIDE: UC Berkeley students roll a giant serpent of sushi
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