Company news

Last update: October 17, 2008 - 7:19 PM

NEW BUSINESS

U.S. Bancorp, Minneapolis, and Toyota have teamed up to offer the Toyota Rewards Visa. The card is made available through a joint issuance agreement between the two companies, in which Toyota Financial Savings Bank serves as the card issuer, and U.S. Bank provides management of certain components of the program, including marketing support and risk management. The card awards Toyota Rewards Points on everyday purchases. Cardholders earn five points for every $1 spent in a Toyota dealership and one point per $1 spent elsewhere.

Appliance Recycling Centers of America Inc., St. Louis Park, has been awarded contracts by AEP Texas Central Company, AEP Texas North Company and Southwestern Electric Power Co. to provide appliance recycling services for residential electric customers in the utilities' service territories. The programs are scheduled to run through Dec. 31, 2009.

DEBT AND EQUITIES

Medtronic Inc., Fridley, approved a cash dividend of 18.75 cents per common share, payable Jan. 23, 2009 to shareholders of record on Jan. 2.

PERSONNEL MOVES

Comtrol Corp., Minneapolis, has named Rick Rickenbach chief executive officer. Rickenbach will retain his role as as chairman of the board. Comtrol also said that President Ehssan Taghizadeh will assume the additional role of chief operating officer, focusing on product innovation.

Digitiliti Inc., St. Paul, said that Larry Ingwersen resigned as president, chief executive officer and a board member, Roderick Johnson resigned as chief operating officer and Laura Wenzel resigned as member of the board. Daniel Herbeck, Roy Bauer and Benno Sand have been appointed to the board of directors, and Herbeck was also elected CEO and president of the company. Herbeck is owner and president of Continental Technology Solutions. Bauer is CEO of Key Teknowledgy Corp., and Sand is executive vice president of business development and investor relations for FSI International Inc., Chaska.

Recent Business stories

Standard & Poor's to replace UCBH Holdings with Lumber Liquidators in SmallCap 600 index - October 17, 2008

Standard & Poor's to replace UCBH Holdings with Lumber Liquidators in SmallCap 600 index - Standard & Poor's said Monday that UCBH Holdings Inc. will be deleted from the S&P SmallCap 600 index after trading ends Tuesday and replaced by Lumber Liquidators Inc. More