NEW BUSINESS3M Co., Maplewood, and Umicore have a second technology license agreement that further expands the use of nickel, manganese and cobalt (NMC) cathode materials in lithium-ion batteries. In it, 3M grants Umicore license to a family of low-cobalt NMC cathode material compositions for manufacture and sales to lithium-ion battery makers for use in autos and consumer electronics.
General Finance and Development Inc. (GFD), St. Paul, said that its subsidiary Corporate Art Force recently secured master services agreements or purchase orders that contributed to a 32 percent increase in sales orders over the same period in 2010. GFD has had three straight quarters of profitability.
Alliant Techsystems Inc., Eden Prairie, has received an order valued at more than $58.7 million from the U.S. Army Contracting Command, Direct Fire Munitions Branch, Rock Island Contracting Center, Rock Island, Ill., to produce multiple variants of 20mm PGU-series ammunition. This is the third order under a contract originally signed in September 2008. If all options are exercised, Alliant's contract is expected to exceed $170 million by 2013.
DEBT AND EQUITIESEnteroMedics Inc., Roseville, has closed its previously announced public offering of 8.8 million common shares and warrants to buy 1.76 million common shares. Each common share sold in the offering was sold with a warrant to purchase 0.20 of a share of common stock at an aggregate price to the public of $1.65 per share and corresponding warrant. Total proceeds from the offering are about $13.3 million. The company intends to use the proceeds to continue work toward regulatory approval of its Maestro RC System in the United States, a neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders, for clinical and product development activities and other working capital and general corporate purposes.
PERSONNELHormel Foods Corp., Austin, announced the coming retirements of Robert Tegt, group vice president at Hormel Foods and president of Jennie-O Turkey Store Inc., effective Dec. 31, and James Hoffman, vice president of Hormel Foods International Corp. (HFIC) for the Americas, effective Jan. 27. Glenn Leitch will replace Tegt and has advanced to group vice president at Hormel Foods and president of Jennie-O Turkey Store Inc. Maureen Lilly will succeed Hoffman as vice president of HFIC for the Americas.