Debt and Equity
Uponor increases investment in Phyn
Uponor Corp., Apple Valley, announced it will invest an additional $10 million in a joint venture with Belkin International, Playa Vista, Calif. Uponor has now invested $25 million in the project.
The joint venture, Phyn, makes a remote sensor that can shut off your water supply if it detects leaks. Phyn will use the proceeds to prepare for the launch of its debut product this spring.
Hormel Foods names new deli executive
Hormel Foods Corp., Austin, has promoted Jeff Baker to the newly created position of group vice president, deli.
Baker will be in charge of deli offerings including Columbus Craft Meats, the Jennie-O Turkey Store deli division, the Hormel and DiLusso deli brands and Hormel Gatherings party trays. Baker will report to Tom Day, executive vice president, refrigerated foods.
In related moves Mark Ourada has been promoted to fill Baker’s old position as group vice president, food service and David Weber has been promoted to vice president, food service sales.