Covance to shut Vienna office, cancel office park Biotech contract research firm Covance Inc. will shutter its Vienna toxicology facility and has scuttled plans to build a new $175 million lab complex in Prince William County’s technology park.
The Princeton, N.J., company cited a weakened market for outsourced toxicology services as the reason behind its decision to close the 112,000-square-foot Vienna location, part of a broader set of cost-saving measures that Covance said would save $40 million in 2011. The company announced a net third-quarter loss of $30.9 million, or 49 cents per share.
Sunrise returns to profit
Sunrise Senior Living Inc. moved back into the black last quarter, helped by a $40 million buyout fee.
The provider of assisted living facilities, which has been working hard to restructure its retirement home operations and reduce its debt, reported net income for the third quarter of $18.7 million, 33 cents per diluted share, compared with a net loss of $44.4 million, 88 cents per diluted share, a year ago.
Jos. A. Bank to open 500th store
Jos. A. Bank Clothiers Inc., which traces its history back to a tailor’s shop in Baltimore in 1905, will open its 500th store this week.
Store No. 500 opens Friday at 14th and I streets NW, the latest of 30 stores the suit and tie retailer has opened this year.
Jos. A. Bank has been in aggressive growth mode, opening 200 new stores in the past five years. The company’s target is 600 stores nationwide and as many as 75 outlet locations.
AES profits plunge
Arlington energy giant AES Corp. suffered a steep drop in earnings last quarter as it wrote down the value of some of its assets and goodwill.
The global energy generation company reported net income of $114 million, 14 cents per diluted share, in the third quarter compared with $185 million, 28 cents per diluted share, in the third quarter of 2009.
In the quarter, AES took asset impairment charges of $296 million and goodwill impairment charges of $18 million.
