Business news in brief
Procurian Inc., which employs 780 people - including 500 at its King of Prussia headquarters - arranging procurement for corporate clients, agreed to be purchased by Accenture P.L.C., the multinational business consultant, for $375 million in cash, according to Procurian's owner, ICG Group Inc., of Wayne.
In the Region
Procurian sold for $375M
Procurian Inc., which employs 780 people - including 500 at its King of Prussia headquarters - arranging procurement for corporate clients, agreed to be purchased by Accenture P.L.C., the multinational business consultant, for $375 million in cash, according to Procurian's owner, ICG Group Inc., of Wayne. ICG will use proceeds to boost its share-repurchase program by $100 million, the company said. ICG, the former Internet Capital Group, also said it was focusing its remaining investments on cloud-computing companies. - Joseph N. DiStefano
Sunoco completes acquisition
Philadelphia-based Sunoco Inc. completed the acquisition of Mid-Atlantic Convenience Stores, which has about 300 service station and convenience store locations in Maryland, Virginia, and the District of Columbia. Sunoco did not disclose the price. Sunoco opened its first gas station in 1920 and now operates or supplies about 5,000 retail fuel outlets in 25 states. It also owns A-Plus convenience stores. Sunoco runs its retail operations from a facility in Lester. - David Sell
Amtrak aims to halt food losses
Amtrak, which loses about $80 million a year on its food services, will aim to break even in five years, president Joe Boardman said Thursday. Congress has long called for Amtrak to end the losses. Currently, Amtrak charges about $2 for a soft drink that costs it $3.40 to serve and $9.50 for a hamburger that costs it $16. Boardman said most of the losses occur on long-distance dining cars, and he said new consolidated food management and automated ordering systems will reduce losses and theft. - Paul Nussbaum
Comcast adds CBS content
Comcast Corp., of Philadelphia, said it reached deals to add more CBS content to Streampix, its streaming service for cable-TV customers, and Xfinity on Demand. The content includes past seasons of The Good Wife. Comcast also will offer more current prime-time CBS shows free through Xfinity on Demand. Media companies think making the current shows available leads to higher ratings. - Bob Fernandez
A third Federal Donuts to open
A third Federal Donuts location is coming - this one to Sansom Row in West Philadelphia. The fried chicken and doughnut shop will open at 3428 Sansom St., a property owned by the University of Pennsylvania, in early 2014, said Steven Cook, a Federal Donuts co-owner. Federal Donuts already operates at 1219 S. Second St. and 1632 Sansom St. - Alison Burdo
Mannington to expand plant
Mannington Mills Inc., a flooring manufacturer based in Salem County, N.J., announced the expansion of a factory in Madison, Ga., that will add 219 jobs over the next few years. The plant now employs 60. During the same period, Mannington will invest $50 million in Georgia, according to a news release from Georgia Gov. Nathan Deal. Mannington already employs nearly 700 in Georgia, including other sites, the company said. It has about 500 employees in Salem. - Harold Brubaker
Bentley acquires software firm
Bentley Systems Inc., of Exton, said it acquired the Houston-based MOSES software business of Ultramarine Inc. The widely used software is used for analysis and simulation in projects involving offshore structures, Bentley said. Terms of the acquisition were not disclosed. - Reid Kanaley
Elsewhere
Furloughs to delay jobs report
The government's partial shutdown means the September jobs report due out Friday is being postponed. The U.S. Bureau of Labor Statistics statisticians who produce the much-anticipated monthly employment numbers aren't deemed "essential," which is why they're among the 800,000 federal employees being furloughed. "Economists and journalists will have some withdrawal pains," suggested Mark Zandi, chief economist at Moody's Analytics in West Chester, after the jobs reports are released. Friday's report was expected to show that the economy added 180,000 jobs in September, slightly more than the modest 169,000 in August. The unemployment rate was expected to remain at a still-high 7.3 percent. - AP
Twitter unseals IPO documents
Twitter Inc. has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion. The company is also revealing for the first time the amount of money it makes. Founded in 2006, Twitter has an uninterrupted history of losses totaling $419 million since its inception. But its revenue is growing. Twitter says that it generated $317 million in revenue in 2012 and that it had more than 218 million active users as of the end of June, up 44 percent from a year earlier. That compares with Facebook Inc.'s nearly 1.2 billion and LinkedIn Corp.'s 240 million. Twitter has 2,000 employees, up from 200 at the start of 2010. - AP