Weis Markets increases capital budget by 25% to $125 million
SUNBURY, Pa. — Weis Markets on Thursday announced it will invest $125 million in its 2012 growth program, a 25% increase compared with 2011.
"Our budget includes two new stores and 18 major remodels," Weis Markets vice chairman Jonathan Weis said. "In addition, we expect to soon complete the purchase of three Genuardi’s units near Philadelphia which we hope to reopen later this summer."
During a shareholders meeting held Thursday, Weis Markets president and CEO David Hepfinger reported Weis already has upgraded two-thirds of its store base over the past three years.
Former Drugstore.com CEO heads to Groupon
CHICAGO — Groupon on Friday named Kal Raman to the role of SVP Americas.
Raman will oversee the company’s operations across 10 countries in North, Latin and South Americas and will be based in Groupon’s corporate headquarters in Chicago.
Raman’s career spans more than 20 years in technology and retail, most recently consulting as general manager of Global Fulfillment at eBay. Raman served as CEO of GlobalScholar, a leader in enterprise software for K-12 public schools, as well as SVP at Amazon, with responsibility for driving its global nonmedia business for retailers and sellers. In addition, he led Amazon’s retail technology and marketing units.
Prior to Amazon, Raman was CEO of Drugstore.com, where he joined as CIO following seven years at Walmart, where he served in numerous management roles.
“Kal brings e-commerce and operational experience to Groupon which will benefit our customers and our merchants as we set out to become the operating system for local business,” Groupon CEO Andrew Mason said.
AmerisourceBergen attributes growth to specialty biz
VALLEY FORGE, Pa. — AmerisourceBergen on Thursday reported revenue of $20.1 billion, up 1.6%, for its second quarter ended March 31.
"I am pleased to report very solid results for our second fiscal quarter and for the first half of our fiscal year," stated Steven Collis, AmerisourceBergen president and CEO. "We overcame a challenging comparison with the prior year, we continued to demonstrate tremendous expense and working capital discipline, and our balance sheet remains strong, giving us outstanding financial flexibility," he said. "The integration of our recent acquisitions is progressing well, and we are on track to meet our objectives for the year. We expect to complete our $520 million acquisition of World Courier Group by the end of April."
Collis attributed ABC’s revenue growth to a 6% increase in AmerisourceBergen Specialty Group revenue. While strong performance in third-party logistics and the wholesaler’s vaccine and physician office distribution business and solid performance in the institutional segment was offset by the loss of Medco as a customer to its merger with Express Scripts.
Following the closing of the merger between Express Scripts and Medco Health Solutions, AmerisourceBergen amended its existing Medco agreement to provide for the contract to end upon the award and implementation of one or more new pharmaceutical distribution agreements for the newly combined business. Express Scripts has issued a request for proposal for the combined business, and anticipates that the new contract or contracts will begin on Oct. 1, 2012. "We will participate fully in the competitive RFP process, and it is our intent to pursue the opportunity to retain or grow the business under a new contract," Collis stated.