DEBT AND EQUITIES SurModics Inc., Eden Prairie, said it will reduce its workforce about 13 percent and restructure the company around its three distinct business units: Medical Device, Pharmaceuticals, and In Vitro Diagnostics. As of Dec. 31, the company had 248 employees. The company expects to take a one-time restructuring charge of approximately $1.3 to $1.7 million in the first quarter of fiscal 2011.
MERGERS AND ACQUISITIONS AmericInn, Chanhassen, acquired a 78-room hotel in Fishers, Ind., near Indianapolis. Terms were not disclosed. The property, now a Holiday Inn, will get extensive renovation and become AmericInn Hotel & Suites Indianapolis -- Northeast.
NEW BUSINESS SwiftKnowledge, an Eden Prairie-based provider of Web-based business intelligence software, signed a distribution agreement with PowerTeam Software Solutions Ltd., a United Kingdom system integrator delivering application development and professional services for European business intelligence initiatives.
3M Co., Maplewood, has signed a commercialization and supply agreement with TenCate Advanced Composites USA Inc. that allows TenCate to purchase 3M Matrix Resin for the creation of customized products, bringing 3M's innovative technology to multiple new markets. TenCate Advanced Composites is a thermoset and thermoplastic prepreg supplier.