Company news

July 25, 2012 at 12:20AM

MERGERS AND ACQUISITIONS MultiSource Manufacturing, Minnetonka, has acquired Form Tools Inc., Plymouth. Form Tool's operations will be consolidated into other MultiSource Manufacturing sites, on or before Dec. 31.

U.S. Bank, a provider of fuel card services for Class 1-6 cars and light trucks, has acquired TransCard's Class 7-8 fuel card network.

NEW BUSINESS 3M Library Systems, a unit of 3M Co., Maplewood, and Polaris Library Systems, Liverpool, N.Y., have entered into a new agreement that will see Polaris offering 3M's automated materials-handling, RFID and SelfCheck systems.

Polaris Industries Inc., Medina, formed a 50/50 joint venture with Eicher Motors, a maker of commercial vehicles and motorcycles in India. The new operation will develop and market new products in India and other emerging markets. Overall investment is expected to be about $50 million, shared over three years.

DEBT AND EQUITIES Universal Hospital Services, Bloomington, has a cash tender offer to buy any and all of its outstanding $405 million aggregate principal amount of 8.50 percent/9.25 percent second lien senior secured PIK Toggle notes due 2015. The tender offer is scheduled to expire at 11:01 p.m. Twin Cities time on Aug. 21.

Personnel Fastenal Co., Winona, a wholesaler and retailer of industrial and construction supplies, has named Leland Hein Jr. president; he had been executive vice president of sales. Willard Oberton, who held the president and CEO titles, remains CEO. Nicholas Lundquist was elected executive vice president of operations; Kenneth Nance was named executive vice president of sales for the eastern region, and Gary Polipnick was named executive vice president of sales for the western region.

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The late Dr. David Ahlquist co-invented ColoGuard, which is helping drive Abbott Laboratories’ acquisition of Exact Sciences. After an ALS diagnosis in 2019, Ahlquist wasn’t done inventing.

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