Pennsylvania ranks high on private equity index
Pennsylvania ranked third among states based on the amount of private equity capital invested in the state last year, according to the Private Equity Growth Capital Council. The $44.4 billion private equity investors contributed to 91 Pennsylvania companies last year was topped only by Texas and California, the council said. Nationwide, private equity invested $443 billion in U.S. companies, up 27 percent from 2012, the report said.
Acute care hospital’s sale means over 100 jobs lost
The sale of Kindred Hospital Pittsburgh North Shore to LifeCare Hospitals will result in the loss of 152 jobs, officials have reported to the state Department of Labor and Industry. All positions at the long-term acute care hospital will be eliminated over a two-week period beginning July 31, according to Margaret Murphy, Kindred Healthcare divisional vice president. The acquisition by LifeCare, announced last month, is expected to be completed later this summer.
Ex-Mylan executive sues over firing
A former marketing executive at Mylan Inc. is suing the Cecil-based generic drug giant, alleging the company fired him in May after learning that he was a whistle-blower in a case against another drug company. Matthew Cestra of Bridgeville filed the complaint in federal court in Pittsburgh on Tuesday alleging Mylan retaliated against him after he was identified in February on a website for the pharmacy industry as a whistle-blower in a case against his former employer, Cephalon Inc. Mr. Cestra, who joined Mylan in 2011, is seeking reinstatement, back wages, reimbursement of legal costs plus compensatory and punitive damages. Mylan did not respond to emails seeking comment.
NAMI recognized by accreditation program
National Alliance on Mental Illness Southwestern Pennsylvania received the Seal of Excellence from the Pennsylvania Association of Nonprofit Organizations for completing the Standards for Excellence accreditation program. NAMI provides support and educational services to individuals and families affected by mental illness.
New home sales rocket higher in May
New home sales jumped 18.6 percent in May following a 3.7 percent increase in April, the Commerce Department reported Tuesday. The big May increase pushed the seasonally adjusted annual sales rate to 504,000, the highest level since May 2008. Meanwhile, the Standard & Poor’s/Case-Shiller 20-city home price index rose 10.8 percent in April from 12 months earlier. The index does not include Pittsburgh.
Consumer confidence reaches a 6-year high
The Conference Board says its confidence index rose to 85.2 this month from a revised 82.2 in May. The June figure is the highest since January 2008, a month after the Great Recession officially began.