cnews110309
On the homepage
Sunday's paper
Out There
Gardens
Scanners
Company news
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
MERGERS AND ACQUISITIONS
Digital Angel Corp., South St. Paul, has entered into an agreement to sell its McMurdo unit in the United Kingdom for $10 million cash. The purchaser is France-based Orolia Group, a high-technology firm specializing in positioning, navigation and timing solutions for critical operations.
NEW BUSINESSCommunity Reinvestment Fund USA (CRF), a Minneapolis-based nonprofit organization that connects community-based and economic development lenders with the capital resources of Wall Street, has received $75 million in federal New Markets Tax Credit (NMTC) funds. CRF will apply its NMTCs in low-income communities across the country.
3M India Ltd., a unit of 3M Co., Maplewood, will establish a new research and development facility in Bangalore to develop products for local markets and better connect technology to customers in India.
ADC Telecommunications Inc., Eden Prairie, said Tyco Electronics has taken a license to certain ADC patents directed to fiber-to-the-premises technology. The licensing agreement between the two fiber optic connectivity market leaders settles existing litigation between the companies.
SurModics Inc., Eden Prairie, and NuPathe Inc., a neuroscience-focused specialty pharmaceutical company, have entered into a license agreement for drug delivery technology. The companies have been collaborating since 2007 on the development of a biodegradable sustained release formulation of an approved dopamine agonist.
U.S. Bancorp, Minneapolis, said its banking subsidiaries, U.S. Bank National Association and U.S. Bank National Association ND, will opt-out of the six-month extension of the Transaction Account Guarantee Program. The current program, in effect through Dec. 31, provides full insurance coverage from the FDIC on noninterest-bearing transactional accounts with balances greater than $250,000. Effective Jan. 1, 2010, FDIC insurance will be limited to $250,000 per transactional account.
Minnesota Power, a unit of Duluth-based Allete Inc., has asked for an $81 million net increase in electric retail rates. New rates approved by the Minnesota Public Utilities Commission are expected to go into effect in 2011. The company has requested that interim rates be implemented in early 2010. If the request is approved, Minnesota Power estimates an average residential customer using 755 kilowatt-hours would see an increase of $13 a month.
DEBT AND EQUITIESRegis Corp., Edina, declared a regular quarterly dividend of 4 cents per share, payable Nov. 26 to shareholders of record Nov. 12. The company has 57.1 million shares outstanding.
PERSONNELDeluxe Corp., Shoreview, said Terry Peterson has been promoted to chief financial officer, effective immediately, with the departure of Richard Greene, who has resigned from the company. Peterson previously was chief accounting officer and vice president of investor relations and served as chief financial officer on an interim basis from May to September 2006.
Ingenix Consulting, a division of Ingenix, an Eden Prairie-based provider of health care information, technology and consulting services, has appointed John Nackel chief executive officer and executive vice president of Ingenix, effective immediately. Nackel, most recently chairman and CEO of Three-Sixty Advisory Group, succeeds Ted Chien, who led Ingenix Consulting for four years.
Recent Business stories
Business Highlights - November 2, 2009
Business Highlights - ___ More
Comment on this story | Be the first to comment | Hide reader comments