Company news

Updated: October 21, 2009 - 8:27 PM

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DEBT AND EQUITIES

Valspar Corp., Minneapolis, announced its board of directors approved the annual authorization for repurchase of up to 4,000,000 shares, or approximately 4 percent, of its outstanding common stock over the next 12 months. The annual authorization gives management discretion in determining conditions under which shares may be purchased from time to time, either in market transactions or negotiated private purchases. The repurchase authorization is a renewal of previous annual authorizations and replaces the authorization approved in October 2008. As of October 20, 2009, the company had 99,478,086 common shares outstanding.

DIVIDENDS

Ameriprise Financial Inc., Minneapolis, declared a quarterly cash dividend of $0.17 per common share payable Nov. 16 to shareholders of record Nov. 2.

MERGERS AND ACQUISITIONS

Datalink Corp., Chanhassen, has entered into a non-binding letter of intent to purchase the reseller business of Incentra LLC., Boulder, Colo. Incentra offers data center infrastructure solutions and services to enterprise companies.

NEW PRODUCTS

Best Buy Co. Inc., Richfield, announced the release of the Rocketfish wireless whole home audio system. It is an affordable line of digital audio products available exclusively at Best Buy.

PERSONNEL

JNBA Financial Advisors, Bloomington, named Kim Brown president. Brown was director of client services for the past four years.