EnviroPolitics
A daily compendium of environmental and political information
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EnviroBusiness News…. May, 2006

2006

Third offer's the charm for BASF, Engelhard After haggling over the price
for nearly six months, BASF, the world's largest chemicals company, finally struck a deal
to acquire Iselin, NJ-based Engelhard for $5.6B. BASF agreed yesterday to pay Engelhard
stock holders $39 a share in cash for control of the company, which makes catalysts for the
auto industry and air cleaners sold by Sharper Image. That is $2 higher than its original offer
in January. Star-Ledger 5/31/2006

Foster Wheeler awarded contract for refinery units in Italy
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that Milan-based Foster Wheeler
Italiana S.p.A., part of its Global Engineering and Construction Group, has been awarded
an engineering and procurement contract by Saras S.p.A. for new process units at the
Sarroch refinery in Sardinia, Italy. The contract also includes an option, which Saras may
elect to exercise at a later date, for the provision of construction supervision services by
Foster Wheeler. Saras is one of the leading industrial companies in Italy and its Sarroch
refinery is one of Europe's largest and most advanced refining complexes.
News release 5/31/2006

Spitzer says judgment should aid cleanup of three illegal dumps
A state judge has ordered the former owners and operators of three tire and solid waste
dumps in Rensselaer County, N.Y., to pay more than $2M toward cleanup costs. The three
dump sites are along Route 67 in the town of Pittstown. State Department of Environmental
Conservation officials say the sites contain more than 110,000 old tires, dozens of abandoned
trailers, junked vehicles and other debris. Last fall, Attorney General Eliot Spitzer's office went
to court contending that the dumps were being operated illegally and that the sites constitute
both eye-sores and health hazards. Several fires broke out over the years at two of the three
dumps. The Business Review (Albany) 5/30/2006

PDG Environmental wins hurricane-related contracts The company said
it has been awarded several hurricane-related, cleanup contracts in Mississippi and Florida.
The mold remediation and environmental contractor, based outside Pittsburgh, PA, said the
contracts include an $8.5M deal for recovery work at a military complex in Mississippi.
Pittsburgh Business Times 5/30/2006

Penn Virginia gets access to more coal Penn Virginia Resource Partners LP
said Friday it has acquired the lease rights to 69M tons of coal reserves from a private seller
for $65M. PVR (NYSE: PVR) said it funded the purchase from its credit facility. The Radnor, PA.
partnership expects the leased reserves to add to net income and produce cash flow from
operations from $4M to $4.5M over the first 12 months of ownership. They are located on
20,000 acres in Logan, Boone and Wyoming counties in West Virginia.
Philadelphia Business Journal 5/26/2006

Foamex CFO resigns The chief financial officer for Foamex International Inc., a manufacturer
of flexible polyurethane and polymer foam products, has resigned, according to Securities and
Exchange Commission documents. The resignation of K. Douglas Ralph, who also had the title of
executive vice president, was effective May 12, when the Linwood, PA., company entered into a
separation agreement with him. That agreement provides for the payment of one year's salary of
$350,000 over a 52-week period. In addition, Ralph will be provided with medical and other benefits
as if he were an employee during the severance period. Philadelphia Business Journal 5/26/2006

PSE&G says natural gas bills to remain stable heading into winter
Public Service Electric and Gas Co. (PSE&G) today announced that winter heating bills for its|
1.7m residential gas customers would remain stable heading into the 2006-2007 winter heating
season. In its annual filing with the NJ Board of Public Utilities (BPU), the state’s largest electric
and gas utility proposed a small overall decrease in the average customer bill on an annual basis.
The company is proposing a 1 percent decrease in the gas supply portion of the bill due to lower
wholesale supply prices. The filing also contains an increase in the balancing charge, which is
applied to bills from November through March to recover the cost of providing storage and peaking
services. PSEG news release 5/26/2006

Early outs may trim layoffs at PSEG A wave of early retirements spurred by a change
in employee benefits will likely reduce layoffs at Public Service Enterprise Group after its planned
acquisition by Exelon. Approximately 400 long-term PSEG employees applied for early retirement,
effective June 30, meaning fewer than 100 people potentially will lose their jobs because of the
merger, said Peggy Pego, vice president of human resources for the Newark, NJ company.
Star-Ledger 5/26/2006

Pennsylvania Environmental Law and Practice- 4th Edition Joel R. Burcat, Chair of
Saul Ewing’s Environmental Department and resident in the firm’s Harrisburg, PA office, has
again co-edited the newest edition of Pennsylvania Environmental Law
and Practice. The updated, fourth edition was published on May 19,
2006 by the Pennsylvania Bar Institute. Pennsylvania Environmental Law
and Practice is the only book that provides a comprehensive review of all
environmental laws in the state, as well as practice pointers for lawyers
involved in environmental cases. With a combined experience of over half
a century as environmental attorneys, Mr. Burcat and fellow Co-editor
Terry Bossert, another Harrisburg environmental lawyer, were able to

incorporate the current changes they have witnessed into this edition.
The book’s 32 authors either wrote new chapters for the book or made
revisions to earlier chapters. The new edition revises all chapters in which Joel R. Burcat significant changes to the law have taken place since the book’s third edition
was published in 2002. Chapters also have been written by Saul Ewing lawyers, including one on

Brownfields by Pamela S. Goodwin, Managing Partner in the Princeton office, and a chapter on

criminal enforcement of environmental laws written by David J. Raphael, a Senior Associate in

the firm's Harrisburg office. An added component of the book is a CD-ROM, included with every

copy of the book, that contains the entire text of the book and is fully searchable on a PC or

laptop computer. The book also is being issued in loose leaf format to accommodate updates.

The two volume, loose leaf set (including CD) is available through the Pennsylvania Bar

Institute for $159. 5/26/2006

Albany County will waive its sales tax on solar energy systems installations
Beginning June 1, Albany County, N.Y., will give homeowners installing solar energy systems of equipment
a tax break. The county will waive the 4 percent sales tax on those types of installations as a way of
encouraging homeowners to save energy. The state lifted its 4 percent sales tax on solar energy related
items in September 2005. Albany County joined 12 other counties and New York City in following that
initiative. The Business Review (Albany) 5/26/2006
BASF tries to sway Engelhard shareholders German chemical maker BASF wrote to
shareholders of Engelhard yesterday, making a direct bid for support of a more than $5B
takeover bid that it again insisted is final. BASF, which first bid for Engelhard in January,
on Monday raised its all-cash offer for the specialty chemicals company for the second time,
to $39 per share from $38 a share. BASF originally offered $37 a share AP 5/24/2006

Toll Brothers profit up, but it warns about full year Luxury home builder Toll Bros.
reported a 3 percent increase in net income for the second quarter, but said higher materials
and labor costs as well as steeper write- downs will drag down earnings for the full year. Robert
Toll, chief executive of the Horsham, PA-based company, said demand has diminished, but
has not disappeared. He predicted sales would pick up once excess inventory is wrung out.
Star-Ledger 5/24/2006

                                          Australian recycler an overnight player in NY & NJ
                                      Sydney, Australia-based Sims Group, has extended its operations
                                      into the New York/New Jersey markets through its merger with
                                      Hugo Neu Corp., a privately owned metal recycling company with
                                      operations in both states. With their combined operations in North
                                      America, now known as Sims Hugo Neu, the company has
                                      catapulted up the rankings to become the largest metal recycler
                                      in the world. Recycling Today 5/23/2006

California auto dismantlers partnering with manufacturers The State of California Auto
Dismantlers Association and the Alliance of Automobile Manufacturers have announced a
partnership to resolve end-of-life vehicle issues and other matters of mutual concern. The
partnership begins with a mercury-switch recycling program, through which all California
licensed dismantlers will receive materials and information on collecting and recycling mercury
switches found in some vehicles Recycling Today 5/23/2006

Toll beats 2Q earnings estimates Net income for luxury-homebuilder Toll Brothers Inc.
was up 3 percent in the company's second fiscal quarter, while signed contracts were down 29
percent compared to the year-earlier period. In releasing its earnings, Tuesday, the company
lowered its fiscal 2006 guidance to between $4.69 and $5.16 per share, down from $4.77 to
$5.26 per share. Philadelphia Business Journal 5/23/2006

BASF raises Engelhard offer, says it's last one German chemical maker BASF says it had
raised its hostile takeover bid for Engelhard to more than $5B, and said it would abandon the chase
if rebuffed again. Engelhard, based in Iselin, NJ, said it would consider the offer. Star-Ledger 5/23/2006

Nitrogen oxide is a component in air pollution New Mitsui sensor to be used to curb nitrogen
oxide emissions John Crawford, formerly vice president of human resources at Oak-Mitsui in Hoosick
Falls, NY, is now working directly for Japan's Mitsui Mining and Smelting Co. marketing a sensor
designed to help stop nitrogen oxide emissions from big trucks. Since April Crawford has been corporate
vice president of Mitsui Mining & Smelting Co. (U.S.A.), Inc. and the key U.S. contact for Mitsui's efforts
to market a sensor used in emissions reduction systems currently used in Japan. The Selective Catalytic
Reduction system which Japan has mandated to control emissions, injects a urea solution into the emissions
stream to neutralize nitrogen oxide in diesel exhaust. Urea is an ammonia-based liquid, also present in urine.
When injected into a catalytic reduction system under high heat it neutralizes nitrogen oxide, or NOx, which
is a component in air pollution The Business Review (Albany) 5/22/2006

Blank Rome names new managing partner Carl M. Buchholz has been selected to succeed
Fred Blume as managing partner and CEO of the Blank Rome law firm. Buchholz, 41, who currently
serves as executive partner at the Philadelphia-based firm and had widely been considered the favorite
to replace Blume, will assume his new post July 1. Philadelphia Business Journal 5/22/2006

Send your business or organization news to:

envirobusinessnews@enviropolitics.com

Foster Wheeler appoints Kevin Hagan Vice President of Investor Relations Mr. Hagan,
who has been with Foster Wheeler for 17 years, was most recently assistant corporate treasurer,
focusing on management of treasury activities including daily cash management, borrowings,
investment, cash forecasting and reporting News release 5/22/2006

Judge throws out agreement to clean up marine terminal in Baltimore A Baltimore County
judge has voided a settlement reached between Honeywell International Inc. and the state over the
environmental cleanup of chromium at the Dundalk Marine Terminal. The May 12 order striking the
consent decree follows an attempt by Baltimoreans United In Leadership Development Inc. and high-
profile attorney Peter G. Angelos to intervene in the case and block the planned remediation efforts.
Baltimore Business Journal 5/22/2006

Titanium manufacturer embarks on expansion For something that just washes up on the
beaches of Australia and other coastal countries, titanium has a lot of value these days. The price
of the metal has risen by a factor of five in the past two years, and increased demand from the
aerospace and medical industries has a Washington County, PA company that manufactures
titanium rods, plates and wire riding an 18-year wave of double-digit growth. The Perryman Co.,
a titanium manufacturer that started in 1988 in 8,000 square feet of manufacturing space in Houston,
PA., has broken ground on a $30 million expansion in California, PA. In its first phase, the expansion
will add 90,000 square feet of space and should add 60 employees to the company's 150-employee
roster between May 2007 and May 2008. Pittsburgh Business Times 5/22/2006

Foster-Wheeler replacing a CEO Foster Wheeler Ltd. (Nasdaq: FWLT) today announced
that Bernard H. "Bud" Cherry's tenure as the Company's chief executive officer of its Global Power
Group, will end effective June 16, 2006. Initially following Mr. Cherry's departure, Raymond J.
Milchovich, the Company's chairman, president and CEO, will assume Mr. Cherry's management
responsibilities. Mr. Cherry, 66, joined Foster Wheeler in November 2002 as president and chief
executive officer of Foster Wheeler North America Corp. In May 2004, Foster Wheeler consolidated
the management of its North American and European power businesses into one global business,
Foster Wheeler Global Power Group, under Mr. Cherry's leadership as chief executive officer.
Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of
engineering, procurement, construction, manufacturing, project development and management,
research and plant operation services. It serves the refining, upstream oil and gas, LNG and
gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare
industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are
in Clinton, NJ, News release 5/18/2006

PA enviro officials continue to oppose EPA mercury plan For the eighth time in the past
31 days, the office of Department of Environmental Protection Secretary Kathleen McGinty on
Monday attacked the Environmental Protection Agency's plan for reducing the country's mercury
emissions. In a news release, McGinty's official wrote, "proponents of the U.S. Environmental
Protection Agency's flawed Clean Air Mercury Rule continue to misstate the serious toxicological
effects that mercury pollution has on humans, wildlife and the environment." McGinty's office is
keeping the pressure on as legislators in Harrisburg consider a bill that would echo a federal
mercury reduction plan that would allow utilities that have reduced their mercury output to trade
those reduction credits with utilities in other states. The bill also creates more liberal enforcement
rules for plants that burn sub-bituminous coal mined in Western states than those for the
bituminous coal mined in Pennsylvania and West Virginia. Pittsburgh Business Times 5/16/2006
PA-DEP's web page on mercury reduction 5/17/2006

Aqua America grows customer base 5% with purchase Aqua America Inc. has agreed to
buy New York Water Service Corp. for $51M, Aqua America said Tuesday. The deal includes $28M
in cash and the assumption of $23M in debt, said Aqua America (NYSE: WTR) of Bryn Mawr, PA.,
which is the largest publicly traded water company based in the United States. Aqua America said
New York Water has 135,000 public-water customers on Long Island, N.Y., and that the deal will
increase its customer base by 5 percent. The company serves about 2.5M million residents in
several states. Philadelphia Business Journal 5/16/2006

Ethanol's potential pumped in Western New York On May 8, Gov. George Pataki visited Orleans
County to propose an $87M plant to produce ethanol as a partial means of easing Americans' reliance
on foreign oil to operate their automobiles. Appearing in the Town of Shelby, where the governor said the
plant would eventually employ 500, were other state, federal and local representatives. The plant would
annually produce 50 million gallons of ethanol, which can be made from corn, Pataki said. Rep. Thomas
Reynolds, R-Clarence, said the plant will require more than 20 million bushels of corn annually, which
will benefit Western New York farmers. Buffalo Business First 5/15/2006

Largest-ever residential community eyed in Somerset County, PA The Buncher Co. has set
its sights on developing a high-end golf course community in a pastoral corner of Somerset County,
but needs state enviro approval before it can move forward with the project. The development would be
the biggest residential subdivision ever built in Somerset County, according to officials there. It also
would be the first residential development for Squirrel Hill-based Buncher, which specializes in warehouses
and industrial parks in the Pittsburgh area. According to Somerset officials, plans call for housing, a
golf course and an equestrian center on more than 760 acres of a former big-game hunting preserve
off of Route 31 in Jefferson Township. Buncher wants to build more than 270 single family homes,
50 town houses and 70 "golf cabins," but it needs to pay for and build a four-mile sewer line for the
development, in addition to getting environmental approval, to move forward Pittsburgh Business Times
5/15/2006

Industrial giants claim Constellation-state deal unfair Large industrial companies are criticizing
a $600M deal to provide electric rate relief to Baltimore Gas and Electric Co.'s residential customers,
saying some of that money should go to huge consumers of power like the former Bethlehem Steel mill
in Baltimore County. "They've been hit just like everybody else with the increase in the cost of energy,"
said Michael Powell, a lawyer for the Maryland Industrial Group, a collection of industrial companies
including General Motors, Millennium Inorganic Chemicals Inc. and Domino Sugars. Under a deal
reached earlier this year with Maryland lawmakers, BGE's parent company, Baltimore-based
Constellation Energy Group Inc., agreed to give residential customers $60M a year in credits on their
power bills for 10 years -- if a proposed $10B merger with Florida's FPL Group Inc. is approved. Though
the deal| fell apart minutes before the end of the Maryland General Assembly's session, the company
still says it will provide the money, provided the merger gets an OK from the state Public Service
Commission. Baltimore Business Journal 5/15/2006

Iron Mountain opens large shredding facility in NJ Iron Mountain Inc. yesterday
announced the opening of its Secure Shredding facility in Jersey City, NJ. The company
says the 55,000-square-foot facility may be the largest of its kind in the world. It will offer
the latest shredding technology available to help tri-state organizations manage the secure
destruction and disposal of sensitive records and information, and comply with ever-changing
shredding regulations. The facility is expected to process 200 tons of paper per day and up
to 48,000 tons per year. In addition to paper, Iron Mountain's shredding services also destroy
other media, including x-rays, microfiche/film, computer disks, cartridges, videotapes, CDs,
and DVDs, the company says Recycling Today News release 5/12/2006

C&D supplying Taiwan power plant C&D Technologies Inc. of Blue Bell, PA says it
has been awarded contracts worth nearly $6M to supply back-up power systems for the
two nuclear reactors being constructed for the Taiwan Power Co.'s Lungmen Project. C&D
(NYSE: CHP) has been building back-up power systems for nuclear plants since the
construction of the first full-scale, commercial U.S. plants in the 1970s. The company
said it supplies back-up power to more than 70 percent of the North American nuclear
power industry. Philadelphia Business Journal 5/12/2006

PSEG selling interest in Brazilian power company PSEG Global, a subsidiary of PSEG,
says it has reached an agreement for Companhia Paulista de Forcae Luz (CPFL) to purchase
PSEG Global’s 32% ownership interest in RGE, a Brazilian electric distribution company with
approximately 1.1 million customers. The sale is expected to close prior to the end of the
second quarter of 2006, subject to approvals. CPFL, a publicly traded Brazilian company,
owns the remainder of RGE, as well as other electric distribution and generation companies.
News release 5/11/2006

Maine curbs burning of demolition debris The Maine Board of Environmental Protection
approves tighter controls on biomass plants that burn wooden debris despite several members'
reservations about the role the Legislature played in the new rules. On a 5-1 vote, the board
enacted more stringent monitoring, reporting and quality control standards for biomass boilers
that burn construction and demolition debris, or CDD, to generate energy. The rules, which
were previously approved by the Legislature and Gov. John Baldacci, also cap a facility's use
of wooden debris at 50 percent of its annual fuel consumption. Officials with the Department of
Environmental Protection predict that the new rules will result in cleaner fuel going into the
boilers, meaning fewer harmful emissions and less toxic ash. A representative from one solid
waste company said the new rules will increase costs and could result in more wooden debris
being placed into landfills. Bangor Daily News 5/11/2006

AMG buys stake in Reading PA auto shredder AMG Resources Corp.of Pittsburgh,
has acquired a 50 percent stake in Royal Green LLC, a scrap company based near Reading
that operates two shredding plants. Royal Green operates both an automobile shredder and
what it calls a “specialty clip shredder” at its Temple, PA., facility. As part of the agreement,
AMG will also become the exclusive marketer of all scrap processed by Royal Green.
Recycling Today 5/10/2006

Send your business or organization news to:

envirobusinessnews@enviropolitics.com

Former Philadelphia planning official joins law firm Richard L. Lombardo, most
recently executive director and secretary for strategic planning for the Philadelphia City
Planning Commission, has joined the Philadelphia office of the Ballard, Spahr Andrews
& Ingersoll law firm as project executive with non-legal expertise. His primary focus will
be to work with clients and Ballard Spahr lawyers to drive development projects from
planning through construction to occupancy. "Rich has spent his career getting things
done in Philadelphia," said Michael Sklaroff, Ballard Spahr real estate department chairman.
Philadelphia Business Journal 5/9/2006

Wheeling-Pitt slumps in 1Q Wheeling-Pittsburgh Corp., the holding corporation of
Wheeling-Pittsburgh Steel Corp., said it lost $2.1M, or 15 cents per diluted share,
compared with a profit of $8.1M, or 56 cents a share, in the same period last year.
The Wheeling, W.Va.-based steelmaker (NASDAQ:WPSC) said sales rose in the
latest three months to $437M, from $399.5M in the same period a year earlier, but
a lower average selling price for steel products offset higher steel shipments and
higher sales of excess raw materials. Pittsburgh Business Times 5/9/2006

Foster Wheeler elects new director Ralph Alexander has been elected to fill an
existing vacancy on the board. He most recently was chief executive officer of BP's
olefins and derivatives subsidiary, Innovene. While in that role, Alexander led the
establishment of Innovene as a stand-alone company and its subsequent successful
sale in 2005 to the INEOS Group for $9B. Prior to leading Innovene, he was CEO of
BP's Gas, Power & Renewables segment. News release 5/9/2006

Norris McLaughlin & Marcus merges with Szold & Brandwen Somerville,
NJ-based law firm Norris McLaughlin & Marcus has merged with New York City law firm
Szold & Brandwen, for a combined firm total of 101 attorneys. The merged entity will
continue to do business under the name Norris McLaughlin & Marcus. Former Szold &
Brandwen attorneys will work out of their current office at 14 Wall Street until further
notice. They will then move to Norris McLaughlin & Marcus’s existing New York City
office, located at 875 Third Avenue. Four of the firm's attorneys came on as members
and three others joined as associates. Real Estate and Land Use Attorneys joining
Norris McLaughlin include: Alan G. Blumberg (Member), Mia D. Falls (Associate),
Ezra N. Goodman (Member), Dean M. Roberts (Member), Karol Smith Robinson
(Associate) and Burt Allen Solomon (Member). News release 5/9/2006

2006 Chevron Conservation Awards – Heroes Wanted A worldwide search to
find pioneering environmental initiatives and the heroes behind them has been launched
by the judges of the Chevron Conservation Awards. Nominations are now being sought
for North America's oldest private conservation award program, judged annually by a
panel of independent conservationists. The program recognizes outstanding contributions
to the conservation of natural resources and offers volunteers, conservation professionals
and non-profits organizations alike the opportunity to receive $15,000 towards their
conservation work. News release 5/9/06

PA to award $10M for clean energy projects Pennsylvania Gov. Ed Rendell says
his administration will award $10M to clean energy projects in the state. Half of the money
will go toward grants from the Pennsylvania Energy Development Authority, or PEDA, while
the other half will be for the Pennsylvania Energy Harvest Grant Program. "This $10 million
investment will continue the commonwealth's leadership in one of the most important issues
of our time: energy security," Rendell said in a news release. Companies and organizations
interested in receiving a portion of the grant money can apply starting May 8. The application
deadline is July 14. Philadelphia Business Journal 5/8/2006

Sunoco CEO touts good 2Q start; income fell in 1Q Sunoco Inc. had higher
refining margins in April than it did during its first quarter when its income fell 32 percent,
the company's chairman and CEO said at its annual meeting in Philadelphia Thursday.
Sunoco's (NYSE: SUN) first quarter wasn't bad, except when compared to its year-ago
predecessor. In first-quarter 2006, the Philadelphia oil refiner, gas retailer and petrochemical
and coke maker earned $79M, or 59 cents per fully diluted share, down from $116M, or
83 cents per fully diluted share. The company's CEO said the earnings decline stemmed
from a high level of maintenance at Sunoco's refineries and rising crude oil prices.
Philadelphia Business Journal 5/5/2006

Anchor Glass sheds debt, becomes a private company The corporation has
successfully emerged from bankruptcy again. It marks the third time in nine years that
the glass manufacturer has wiped its debt slate clean through the court system.
The company filed for Chapter 11 protection in 1996, 2002 and 2005. It cleared $50M
million of debt in 2002 and more than $110M with the most recent filing.
Pittsburgh Business Times 5/5/2006

Aqua America profits plunge 12% Aqua America Inc. said Wednesday that its
first-quarter net income was down percent 12 percent to $16.6M.Chairman and CEO
Nicholas DeBenedictis cited a "regulatory lag -- a period of time between a rise in
costs and the recognition of those costs in rates." The Bryn Mawr, PA., water company
(NYSE: WTR) said net income was $16.6M, or 13 cents per diluted share, on $117.9M
in operating revenue. For the same quarter last year, net income was $18.9M, or 15 cents
per diluted share, on $114M in operating revenues. Philadelphia Business Journal 5/4/2006

Leaders forecast industry outlook for Southern New Jersey
A panel of industry leaders presented forecasts for the Southern New Jersey economy
in the second quarter of 2006 at the Rutgers-Camden Quarterly Business Outlook.
Now in its 13^th year, the group presented its findings on April 25 at the Clarion Hotel
and Conference Center in Cherry Hill. The event was co-sponsored by Flaster/Greenberg
P.C. and the Chamber of Commerce of Southern New Jersey. Panelists and sponsor
representatives included (from left) Carl Dranoff (real estate development), president,
Dranoff Properties; Roy Fazio (temporary staffing), owner, Protocall Staffing Services;
Ellen Wolf (utilities), senior vice president and CFO, American Water; Rutgers University
School of Business-Camden Dean and Outlook Moderator Mitchell Koza; Kathleen
Davis, executive vice president, Chamber of Commerce Southern New Jersey; Peter
R. Spirgel, managing shareholder, Flaster/Greenberg; Dr. Ted Crone (economic overview),
vice president & economist, Federal Reserve Bank of Philadelphia; and Meyer (Sandy)
Frucher (capital markets), chairman and CEO, Philadelphia Stock Exchange. The next
Rutgers Quarterly Business Outlook will be held on July 18, 2006. The program is
free and open to the public. To register, send an e-mail to firm@flastergreenberg.com

New partnership to help ensure water infrastructure sustainability EPA along
with six leading water and wastewater utility organizations announced a statement of intent
to ensure the long-term viability of the nation's water systems to promote effective utility
management. The formal partnership will focus on improved water and wastewater utility
performance. The six trade associations signing this statement of intent are: the Water
Environment Federation; National Association of Clean Water Agencies; American Water
Works Association; Association of Metropolitan Water Agencies; American Public Works
Association; and the National Association of Water Companies EPA 5/3/2006

Auto Salvage Yards Exempted for Title V Permits A recent EPA final ruling
permanently exempted auto salvage yards, along with four other types of small businesses
from having to obtain a federal operating, or Title V, permit. Recycling Today 5/3/2006

Signs of an upturn in NJ's commercial office market It has been a long, hard climb
back to reasonable health for the New Jersey commercial office market since the Sept. 11
attack in New York. Vacancy rates stabilized last year and the average annual asking rents
for office space rose to $25.18 a square foot in the first quarter of this year, up 55 cents from
the preceding quarter, and up $1.04 a square foot from a year earlier NY Times 5/3/2006

DVRPC has new leader The Delaware Valley Regional Planning Commission has a new
executive director. The DVRPC on Thursday appointed Barry Seymour, who, as assistant
executive director, had been responsible for a wide variety of strategic land use, transportation,
economic development, housing, growth management and environmental policy plans, programs,
and technical studies, including DVRPC's long-range planning efforts. He also oversaw the
Commission's information services, including the Geographic Information System (GIS), regional
database, and website (www.dvrpc.org). Before coming to DVRPC, Seymour was director of
waterfront and open space planning for the New York City Planning Commission. Seymour takes
over for John J. Coscia, who was executive director for 25 years. The DVRPC promotes regional
cooperation on transportation, land use, environmental protection and economic development.
5/3/2006

Hovnanian downgrades earnings prediction In another sign that the housing market is
cooling, Hovnanian Enterprises Inc. trimmed its earnings outlook Monday. Hovnanian, NJ's
largest home builder, said its second-quarter earnings would be in the range of $1.40 to $1.50
per share, down from previous guidance of $1.55 to $1.80. For fiscal 2006, the company expects
earnings of $7.20 to $7.40 per share, down from earlier estimates over $8 a share.
Bergen Record 5/2/2006

SWEP announces grant winners The Society of Women Environmental Professionals
(SWEP) of Greater Philadelphia has selected two nominees for its first Environmental Grants
awards which are designed to help fund organizations or programs that creatively address a
locally defined need to create, enhance, restore, or protect the natural environment or
to provide environmental awareness through educational sessions. The first grant will be
awarded to Penn State Delaware County for its "Concern and Care for the Earth: An
Environmental Science Essay Contest for Girls." The second grant winner is the Mariana
Bracetti Academy Charter School. Its "Greener Pastures" project provides 35 academically
at-risk students with the opportunity to learn about science, horticulture, and ecology through
planning and planting a community open space project. The Greater Philadelphia Chapter of
SWEP was formed in 1995 as a resource for women environmental professionals in the region.
2006 is the first year for the SWEP of Greater Philadelphia Grant Program, and SWEP will
award $1,000 to each group for use in implementation of their program. 5/2/2006

Seven Phila. firms make Am Law 100 list Morgan Lewis & Bockius has become the
second Philadelphia firm to reach the $1M profits-per-partner plateau, according the Am Law
100, the annual ranking of the nation's highest-grossing law firms published by The
American Lawyer magazine. This year seven Philadelphia firms made the list, which reports
financial data from fiscal year 2005. The survey ranks firms by gross revenue but most industry
insiders look closer at other financial indicators -- profits per equity partner (PPP) and revenue
per lawyer (RPL). Morgan Lewis, the largest Philadelphia-based firm with 1,176 lawyers, not
surprisingly was the highest-ranked local firm on the list with a gross revenue of $804.5M in
2005, which represented an 11.2 percent increase from 2004. The firm fell in the rankings from
No. 14 to No. 16 but registered $1M in PPP, up from $900,000 in 2004. It also recorded an RPL
of $685,000, up from $650,000. Philadelphia Business Journal 5/2/2006

PPG continues buying spree Fresh off acquisitions aimed at building its presence in Europe
and Asia, Pittsburgh-based PPG Industries Inc., (NYSE:PPG), which makes industrial coatings
said Monday it bought certain assets of privately held Eldorado Chemical Co. Inc., a manufacturer
of paint strippers and technical cleaners for the aerospace industry. Terms were not disclosed.
Eldorado is based in Indianapolis. Last week, PPG said it purchased Intercast Europe S.p.A.,
of Parma, Italy, a maker of nonprescription sun lenses, and its manufacturing operations in Thailand,
and certain assets of Shanghai Sunpool Building Material Co. Ltd. and its associated companies,
and a group of Shanghai-based businesses that manufacture and distribute coatings and building
materials. Financial terms were not disclosed. Pittsburgh Business Times 5/2/2006

Germany's BASF extends offer for U.S. chemical maker Engelhard German chemical
maker BASF AG said today it has extended its $4.9B takeover bid for NJ-based Engelhard Corp.
until June, despite repeated rebuffs from its U.S. target. Associated Press 5/1/2006

First Quarter 2006 results announced by PSEG Public Service Enterprise Group (PSEG)
announced today that first quarter 2006 Income from Continuing Operations was 79 cents per share.
Operating Earnings, which exclude the impact of costs associated with the pending merger with
Exelon of 2 cents, were 81 cents per share for the quarter News release 5/1/2006

PSEG Power's 1,220-megawatt Linden combined cycle project begins operation The
state-of-the-art facility is located in Linden (Union County) NJ, and will provide the state and region
with a new source of clean, efficient, and environmentally responsible energy. The new facility
replaces 430 MW of oil-fired steam capacity at the site. News release 5/1/2006

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