Regis Corp., Edina, has signed a definitive agreement to sell its Trade Secret retail product division to Premier Salons Beauty Inc. The company, which will not receive any proceeds from the sale transaction, expects to receive an income tax benefit and corresponding cash refund of $56 million as a result of the transaction. Half of this amount should be realized in fiscal 2009 and the other half in fiscal 2010. Regis recorded a $171.8 million pretax, noncash charge within discontinued operations during its second fiscal quarter. As a result of this pending transaction, the company will be reporting the Trade Secret operations and noncash charge as discontinued operations.NEW BUSINESS
SurModics Inc., Eden Prairie, and Nexeon MedSystems Inc., a Charleston, W.Va.-based developer of medical devices for the treatment of cardiovascular and peripheral vascular disease, have signed a licensing agreement to collaborate on development of a stent system for the treatment of renal artery disease. This stent system for the renal arteries will incorporate SurModics' pFinale Prohealing Coating technology and Nexeon's bare metal KODIAK peripheral stent technology. Terms of the agreement were not disclosed.
Alliant Techsystems, Edina, has been awarded a $36 million contract to provide lightweight 30mm M789 High Explosive Dual Purpose tactical ammunition and M788 training ammunition to the United Kingdom's Ministry of Defence. Production and delivery will take place in fiscal year 2010. Both rounds support the UK's fleet of AH-64 Apache Helicopters.LEGAL MATTERS
A judge in U.S. District Court in Minneapolis issued a permanent injunction in favor of St. Paul-based Global Traffic Technologies, enjoining defendant Tomar Electronics Inc. of Gilbert, Ariz., from any future manufacture or sale of products found to infringe Global Traffic's patent. The injunction ruling comes three months after a U.S. District Court jury awarded Global Traffic Technologies $6.75 million in damages for past infringement by Tomar Electronics.PERSONNEL
Allianz Life Insurance Company of North America, Golden Valley, has named Walter White chief administrative officer , Nancy Jones chief marketing officer and Kevin Bachmann president of its Questar Capital Corp. subsidiary. White previously was president of Woodbury Financial Services. Jones previously was senior vice president of client experience and marketing operations at Ameriprise Financial. Bachmann previously was president and chief operating officer of Sammons Financial Group's Sammons Securities Co. broker/dealer.