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DEBT AND EQUITIES
ADC Telecommunications, Eden Prairie, will change its fiscal year-end from Oct. 31 to Sept. 30. The change is scheduled for the company's 2009 fiscal year, to begin Nov. 1 and end Sept. 30, 2009, and is being made to better align ADC's financial reporting periods with those of the company's telecommunications industry peers.
Hormel Foods Corp., Austin, Minn., broke ground on a new production facility in Dubuque, Iowa. Progressive Packaging will be operated as a wholly owned subsidiary of Hormel Foods. Total cost of the project is estimated at $89 million.
DIVIDENDDonaldson Co. Inc., Bloomington, declared a regular cash dividend of 11 cents per share, payable Sept. 12 to shareholders of record Aug. 22.
NEW BUSINESSDigital River Inc., Eden Prairie, has signed an e-commerce agreement with Shure Inc., a manufacturer of microphones, earphones and audio electronics.
PERSONNELADC Telecommunications, Eden Prairie, said the company's non-executive chairman, John (Gus) Blanchard III, will retire from the board of directors at the end of his term. The board appointed President and Chief Executive Robert Switz to the additional role of chairman effective Aug. 1.
Navarre Corp., New Hope, nominated Kathleen Iverson to be a director. Shareholders will elect directors at Navarre's next annual meeting, Sept. 11.
PepsiAmericas Inc., Minneapolis, elected Wahid Hamid a director. Hamid is senior vice president of corporate strategy for PepsiCo.
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Blog: Patent Pending
Bad markets= No IPOs
More bad financial news: there were no venture capital-backed IPOs in the second quarter, the worst quarterly performance since 1978, according to a recent report by PricewaterhouseCoopers. “There is little indication that the market will recover anytime before the second quarter in 2009,” said Tracy Lefteroff, global managing partner of the Venture Capital and Private Equity [...]
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