Jan. 27-29, 2004.
Tyco to keep Bermuda registry
Tyco International Ltd.’s board of trustees is recommending the company keep its incorporation in Bermuda.
A preliminary proxy statement, filed with the U.S. Securities and Exchange Commission earlier in the month, states the board concluded moving to the United States would prove too expensive.
Incorporating in the United States would increase Tyco’s tax rate on continuing operations from about 28 percent to 36 percent and might mean higher taxes for some shareholders, according to the statement.
Tyco, a diversified manufacturing and service company with its operational headquarters in West Windsor, has been a Bermuda company since its 1997 combination with ADT Ltd., a British company chartered there since 1984.
In addition, Tyco recently announced its health-care division will double research and development spending from 2 percent of revenues to 4 percent. R&D spending in the most competitive markets, such as surgical and respiratory medicine, will be 5 to 6 percent of revenues.
Businesses shoulder big tax burden
According to a study by the Council on State Taxation, New Jersey businesses shoulder the sixth highest state and local business tax burden in the nation, paying an average of $4,613 in business taxes per employee.
The study, conducted by Ernst and Young and the University of Tennessee, noted the national average is $3,737 per employee.
Several of New Jersey’s neighbors have lower taxes on business. In Pennsylvania, for example, business pays an average of $3,312 in taxes per employee, the study found.
In addition, from fiscal year 2000 to fiscal year 2003, state and local taxes on business increased 15.6 percent in New Jersey, while taxes on individuals rose by 5.9 percent over the same period, the study states.
Corporate income taxes, sales tax, local property taxes, business licensing fees, unemployment and workers’ compensation taxes all contribute to a business’ tax burden, says Joan Verplanck, president of the New Jersey Chamber of Commerce.
Print shop expands into new studio
West Windsor’s Pequod Communications, the printing and marketing firm founded by Princeton University graduates and principals Jim Robertson and Andre Liu, held a grand-opening ceremony Friday to celebrate the expansion of its headquarters a creative studio they call "Forge."
The new studio adds 5,000 square feet to its existing 10,000-square-foot office at 743 Alexander Road, a move the principals hope will enable them to continue providing fulfillment services to customers as well as give their clients and employees a sense of place.
"We decided as an organization we wanted to create a space where we can have fun with our clients," said Mr. Robertson. "Our goals for this site is to hold events … and create ephemeral communities for the evening."
Rockwood improves wafer capabilities
Rockwood Specialities GmbH, a wholly owned subsidiary of Rockwood Specialties Group, Inc., recently acquired ISILTEC, a leading German wafer reclaim company specializing in 300 mm reclaim including copper reclaim technology.
Rockwood, headquartered in West Windsor, is a leading global specialty chemical company with sales of more than $800 million. The company focuses on niche segments of the chemical market, including additives, specialty compounds, electronic chemicals, materials and services.
The acquisition enhances Rockwood’s wafer reclaim capabilities and enables the company to offer a complete range of reclaim services to the semiconductor manufacturing market.
Orchid seeking reverse stock split
Orchid BioSciences Inc., a leading provider of identity genomics services and DNA testing in South Brunswick, is looking for stockholder approval for a reverse stock split.
In a statement released Jan. 9, Orchid said it is considering a reverse stock split ranging from one-for-three shares to one-to-seven shares. If implemented, the stock split would affect stock options and warrants, as well as common stock, the company said.
Orchid is expected to file a preliminary proxy statement with the Securities and Exchange Commission and mail a definitive proxy statement to stockholders regarding the split proposal soon.
The company has also called for the redemption of all its outstanding Series A convertible preferred stock. The redemption date is February 6.
Brandywine buys $20 M office park
Brandywine Realty Trust recently purchased Princeton Pike Corporate Center I, a 112,055-square-foot office park in Lawrence Township, for $20 million from Princeton Pike Associates, LLC, an entity controlled by The Praedium Group.
Princeton Pike Corporate Center I is located within the Class A Princeton Pike Corporate Center, on the northern side of Interstate 295. The property’s tenants include companies like Interlink Healthcare Communications, iXP Corporation, Sirius Satellite Radio Company and Wachovia Corp.
Equipment focus of fitness store
Leisure Fitness Equipment, a leading supplier of home and commercial exercise equipment, has opened a new store in Lawrenceville.
The store, located on Route 1 across from the Quakerbridge Mall, will sell both home and commercial fitness equipment.
Founded in 1995 by Katina Geralis, Leisure Fitness has 11 retail stores and a commercial sales force serving New Jersey, Delaware, Pennsylvania, Maryland, Virginia and Washington.
Car and truck audio store open
There’s a new one-stop shop on the Web for all your car audio needs.
Lanes Car Audio features a full line of car audio and mobile video products as well as other accessories including radar/laser detectors, neon lighting, security systems and more.
Discount pricing and customer service are the main focus of the business, according to owner Justin Ratajczik, of South Brunswick.
For more information on Lanes Car Audio, visit www.lanescaraudio.com.
Entries sought for ASTRA Awards
The NJ Communications, Advertising and Marketing Association, a statewide nonprofit organization, is holding its annual ASTRA Awards competition.
Any individual, company or organization engaged in the creation of advertising, communications and marketing is eligible to enter. Material entered must be from 2003 and received by Jan. 30 at 4:30 p.m.
The fee for each entry is $60 for members and $85 for nonmembers. Late entries will be accepted, with a $10 late fee per entry, until close of business on Feb. 6.
The ASTRA Awards winners will be announced at a banquet March 26 at Forsgate Country Club, in Monroe Township.
For more information on categories or how to enter call (609) 799-4900 or visit the Web site www.njcama.org.