MERGERS AND ACQUISITIONSSt. Jude Medical Inc., Little Canada, has completed its previously announced acquisition of LightLab Imaging Inc. for about $90 million in cash. LightLab has developed Optical Coherence Tomography (OCT), a high-resolution diagnostic coronary imaging technology that helps doctors treat heart disease. During the second half of 2010, St. Jude expects the OCT platform to contribute an additional $20 million in revenue to its cardiovascular business. David Kolstad, president and chief executive officer of LightLab, will join the company.
3M Co., Maplewood, has acquired Dailys Ltd., a supplier of non-woven disposable protective clothing, primarily chemical protective coveralls for industrial use. Terms were not disclosed. The acquisition broadens 3M's protective apparel portfolio product line.
NEW BUSINESSWSI Industries Inc., Monticello, Minn., said that an undisclosed defense and aerospace contractor has selected WSI Industries to manufacture a newly developed, complete turnkey assembly for them.
Petaluma Health Center, a Petaluma, Calif.-based provider of primary care and mental health services, received $5.87 million in capital lending from UnitedHealth Group, Minnetonka, to help the organization deliver primary health care services to residents in southern Sonoma County. UnitedHealth Group purchased Petaluma Health Center's tax-exempt revenue bonds through the California Health Care Investment Program, which gives California health care entities access to capital at rates that are highly competitive with those of conventional financing.
LEGAL MATTERSEV3 Inc., Plymouth, has settled several shareholders' lawsuits pending in U.S. District Court in Minnesota and Chancery Court in Delaware related to its impending $2.6 billion acquisition by Covidien by making undisclosed amendments to the merger agreement. On Sunday, Covidien began its tender offer to acquire all outstanding shares of EV3 common stock for $22.50 a share in cash. The offer will expire July 9.
PERSONNELImation Corp., Oakdale, has named David Berg and Trudy Rautio to its board of directors. Berg is chief operating officer and executive vice president of global business development, for General Nutrition Centers Inc. Rautio is executive vice president and chief financial officer of Carlson Cos. Inc., Minnetonka.
