MERGERS AND ACQUISITIONS ADC Telecommunications Inc., Eden Prairie, completed the acquisition of Century Man Communication, a provider of communication distribution frame solutions in China. ADC bought Century Man for $55 million in cash, plus contingent cash payments of up to $15 million during the next 36 months, based on meeting financial performance targets.
NEW PRODUCTS Medtronic Inc., Fridley, announced the U.S. launch of the AneuRx AAAdvantage stent graft on the new Xcelerant Hydro delivery system, which features a hydrophilic coating designed to aid navigation of the device through tight and tortuous arteries by reducing friction with the artery wall.
NEW BUSINESSS Spray Control Systems Inc., Blooming Prairie, Minn., manufacturer of Minimizer poly truck fenders and accessories, has been chosen as the exclusive vendor of fenders for Ferrell North America, a propane distribution company based in Overland Park, Kan.
DEBT AND EQUITIES Buffets Inc., Eagan, has entered into a forbearance agreement and second amendment to its credit agreement with its senior lenders. The forbearance agreement provides Buffets with continued access to its $640 million credit facility. Lenders will forbear from exercising certain rights in connection with certain anticipated defaults while Buffets pursues a restructuring of its balance sheet to better support the company's long-term objective.
Target Corp., Minneapolis, declared a quarterly dividend of 14 cents per common share, payable March 10 to shareholders of record Feb. 20.
