Bellarmine University has received a $2.5 million gift from the family of Nolen and Maydie Allen. The Allens’ gift, which ranks as the second-largest single contribution in the school’s history, establishes an endowment that will benefit several initiatives, including the construction of a Bellarmine Graduate School of Business. Nolen Allen, a founding partner in the Louisville-based accounting firm of Cotton and Allen, has served on the university’s board of trustees since 1988.
Constellation Energy has announced plans to sell Fellon-McCord & Associates, its Louisville-based energy consulting and management subsidiary, to the company’s co-founder, Andrew R. “Drew” Fellon. In a statement announcing the sale, Constellation officials said that Fellon-McCord and the related retail gas commodity business have seen significant growth over the past five years and that the separation of the two companies would better position each to pursue independent growth strategies, though the companies will retain a strategic alliance. “The structure allows Fellon-McCord to preserve the most beneficial elements of a joint working relationship with an industry leader such as Constellation Energy,” said Fellon-McCord President Drew Fellon. “We also gain the freedom to tailor a growth strategy specifically tied to the needs of our customers and the dynamics of the energy markets.”
The 5,000-plus employees at GE’s Appliance Park are anxiously waiting to hear their fate after the company announced it was “reviewing strategic options” for its appliance business, which is headquartered in Louisville. In a statement released last month, GE said it was considering three possibilities for the unit: a strategic partnership or joint venture, a spin-off, or the sale of the business. “GE Appliances has a very strong brand, great distribution, a talented leadership team and for more than 100 years has been one of the icons associated with GE in the United States,” GE Chairman and CEO Jeff Immelt said. “However, it remains primarily a U.S. business, meaning its fortunes are tied to the rise and fall of a single market. We want to make this good business great again by finding the right strategic solution – a solution that will give Appliances the global reach and investment required to compete more effectively.” GE Appliances is part of GE Industrial’s Consumer & Industrial division, also headquartered in Louisville, which includes the lighting and electrical distribution businesses. Those units will remain part of GE’s industrial platform.
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