Ion Health gets $200M in funding to relocate base

Ion Health Holdings Inc., a 2-year-old Erie-based health insurance company, has received a long-term funding commitment for $200 million from a Boston-based private equity firm to expand its Medicaid managed care services into the Pittsburgh area and relocate its headquarters to a 25,000-square-foot building in Cranberry. The company, which also is receiving nearly $600,000 in public financing, currently employs more than 60 people and initially will add 25 employees here within 18 months. Ion is the parent of Ion Health Inc., a health maintenance organization that will continue to be based in Erie. Overall, the company committed to creating at least 195 jobs within three years and retaining 31 existing employees. The private financing from J.W. Childs Associates LP is believed to be the largest single investment of its kind in a Medicaid managed care organization. J.W. Childs said the investment gives it a controlling stake in Ion Health Holdings Inc. Ion Health currently serves 7,200 members in Western Pennsylvania.

IBT names chairman

Robert Rebich Jr., retired general manager of Parker Hannifin Corp., has been named chairman of IBT Bancorp and its principal unit, Irwin Bank & Trust Co. Rebich, a board member since 1991, replaces J. Curt Gardner, a 42-year company veteran who abruptly left the financial institution in mid-November over what was described in a Securities and Exchange Commission filing as a "disagreement over the process used to arrive at a vote on matters of importance." In addition, IBT said it added two new board members. Charles W. Hergenroeder is a partner in the law firm Hergenroeder, Rega and Sommer LLC. Thomas E. Deger is president of Irwin-based Highland Carbide Tool Co. Inc.

American Made moving

American Made LLC and its U.S. Liner Co. division plan to move in the first quarter of 2005 from Ambridge, Beaver County, to a new building in Cranberry, Butler County. The companies, which make thermoplastic composites for the transportation industry, on Wednesday completed purchase of the new site, a 77,000-square-foot industrial building on 6.44-acres at 19 Leonberg Road in the Mashuda Industrial Park for $2.25 million, said Edward P. Doran, a commercial real estate broker with GVA Oxford in Pittsburgh. American Made secured a $6.5 million taxable bond from National City to pay for the building and property, plus relocation expenses and new equipment. The new facility will provide more office and manufacturing space. The move will involve 52 employees and another 15 should be hired by June, said Michael LoRocco, president and founder.

Stewart to host show

Martha Stewart will host an hourlong, daily syndicated show with a live audience when she gets out of prison, her multimedia and home fashions company said Wednesday. Audience members and special guests will "participate and interact with Martha" during the tapings, and topics will include cooking, entertaining, decorating and home renovating, said Martha Stewart Living Omnimedia Inc. The show is to be launched in fall 2005. Stewart gets out of prison in March, and is to complete her house arrest the following August.

Wind farm planned

A Butler County company wants to build a giant wind farm, with as many as 60 to 200 wind-driven turbines, at a recreational park in Cambria County.

Freedom Wind Energy officials want to build on part of 6,000 acres at Rock Run Recreational Area. The Cambria County Conservation and Recreation Authority last year bought the land with hopes of opening an all-terrain vehicle park on it. But Freedom Wind officials said they believe they also can build the wind farm on the same land without disturbing plans for the ATV facility. If it's built as large as planned, the wind farm could generate 400 megawatts of electricity, enough power to supply 200,000 homes.

GNC moves execs

GNC Corp. said it promoted David R. Heilman to the new position of chief administrative officer and executive vice president. Heilman, who most recently served as GNC's chief financial officer, will report to Robert J. DiNicola, chairman and interim chief executive officer. DiNicola was named interim chief executive after Louis Mancini resigned as CEO of the Pittsburgh-based dietary supplement retailer last week. The move came weeks after GNC reported deteriorating third-quarter sales and withdrew plans for an initial public stock offering. Also yesterday, the company said Curtis J. Larrimer will succeed Heilman as senior vice president and CFO. Most recently, Larrimer has served as senior vice president of finance and corporate controller.

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