The Daily Record News Briefs: August 28, 2008

Daily Record, The (Baltimore), Aug 28, 2008

Constellation to sell assets

Constellation Energy Group Inc. announced Wednesday that it plans to sell or recapitalize its international coal and freight business and sell off its natural gas assets. The Baltimore-based company also told Wall Street analysts that it might expand its ties with major shareholder, Electricite de France SA, to help ease investor concerns. Constellation has been under pressure from investors to address liquidity issues since the company disclosed that it would need more collateral than originally stated if its credit rating drops to junk status. Shares of Constellation gained $1.61, or 2.41 percent, Wednesday to close at $68.42.

Charles Street traffic alert!

The Downtown Partnership of Baltimore announced that Charles Street between Saratoga and Mulberry streets will be the site of substantial street work by Baltimore Gas and Electric Co. for the next two to three weeks. The repairs began Wednesday to correct a problem caused by the Charles Street underground fire earlier this summer. The street's right lane is closed, and the left parking lane may be temporarily converted to a driving lane to help facilitate traffic flow. Congestion is expected, and drivers are urged to consider using an alternate parallel street such as Calvert Street. For maps of parking in the area and further updates, go to www.getarounddowntown.com.

Bonuses for Grace executives

W.R. Grace & Co., of Columbia, the specialty chemical manufacturer that has been operating under Chapter 11 of the bankruptcy code for more than seven years dealing with asbestos claims, for a seventh time has been given court authority to implement an annual incentive bonus program for management and key workers. Except for the chief executive officer, the new program for 2008 through 2010 would cost $15.8 million, an increase of $4 million from prior years. For the CEO, the award would remain at $1.7 million.

Energy contracts awarded

Lockheed Martin Corp., of Bethesda, the world's largest defense company, said it won contracts valued at $77 million to help St. Louis-based Ameren Corp., Missouri's largest electric utility, become more energy efficient, its biggest such award yet from a commercial customer. Lockheed will carry out more than a dozen efficiency programs over three years for Ameren's 1.2 million business and residential clients. Lockheed began offering conservation services to businesses last year after managing government and military energy programs for two decades. The company won about $25 million in commercial energy work last year.

New hire at New Enterprise

New Enterprise Associates Inc., of Baltimore, a venture capital firm that invests primarily in information technology, biotechnology and medical/life sciences companies, announced that Edward T. Mathers has joined the firm as partner in the firm's Chevy Chase office. Mathers, a biopharmaceutical industry veteran with more than 25 years of experience, will focus on health care investments, including biotechnology and specialty pharmaceuticals. Mathers most recently was executive vice president, corporate development and venture, at Gaithersburg-based MedImmune Inc.

Moving up at Sandy Spring

Sandy Spring Bank, the principal subsidiary of Sandy Spring Bancorp Inc., of Olney, announced that Jeffrey A. Welch has been hired as executive vice president and chief credit officer, and that William W. Hill has been promoted to executive vice president of the Commercial Banking Group. Welch, who has more than 25 years of experience in the financial services industry, succeeds Daniel J. Schrider as chief credit officer, following Schrider's appointment as Sandy Spring's president and chief revenue officer. Hill joined the bank's commercial relationship management division in May 2003. He has over 30 years experience in commercial lending.

KPMG assists in Vivitar sale

KPMG Corporate Finance LLC, of Baltimore, a full service, independent, middle-market investment bank, announced that it represented Vivitar Corp. in the sale of Vivitar's worldwide brand and intellectual property to Sakar International Inc. Vivitar -- one of the most recognizable names in the photography industry -- is one of the world's largest independent distributors of cameras, camera accessories, multimedia players, flash units, binoculars and projectors. Sakar is a 30-year-old, family-owned consumer electronics manufacturer based in Edison, N.J. Vivitar's parent company, Tempe, Ariz.-based Syntax-Brillian Corp., is operating under Chapter 11 of the U.S. Bankruptcy Code.

Gas prices mapped on iPhone

The Oil Price Information Service, of Gaithersburg, a supplier of retail gasoline and diesel fuel-pricing information, said it launched a new service on the Apple iPhone that will help millions of users shop for the cheapest fuel. iPhone users simply touch the iGas icon on their phone, and the instrument's GPS system locates their position and returns the 10 cheapest fueling stations in the area. The actual prices are displayed in low-to-high order, along with the brand and address.