REGULATION Minnwest Corp., Eagan, said one of its subsidiary banks, Minnwest Bank Metro, has received a consent order from the FDIC. The order primarily directs the bank's board of directors and management to resolve problem loans. This order pertains to Minnwest Bank Metro and not other Minnwest Corp. banks. The bank wouldn't release the order, which has not yet been disclosed by the FDIC.
RESTRUCTURING H.B. Fuller Co., Vadnais Heights, will no longer sell polysulfide-based insulating glass sealant products in Europe by the end of the calendar year. In fiscal year 2009, this product line generated net revenue of about $25 million. As a result of this decision, H.B. Fuller will incur exit costs of about $1.8 million after taxes, or 4 cents per share, and non-cash impairment charges of about $6.3 million after taxes, or 13 cents per share.
NEW BUSINESS Alliant Techsystems Inc., Eden Prairie, has received a contract valued at more than $240 million from Lockheed Martin to produce additional composite components for the F-35 Lightning II, or Joint Strike Fighter. Separately, Alliant said it received a new $10 million contract from Northrop Grumman to manufacture composite inlet ducts for the F-35.
Digitiliti Inc., St. Paul, has launched a program designed for resellers interested in selling and installing hardware, software or services.
Digi-Key Corp., a Thief River Falls, Minn.-based electronic components distributor, has signed a distribution agreement to distribute Navman Wireless OEM Solutions' GPS products in the United States.
Digital Angel Corp., South St. Paul, has retained KCSA Strategic Communications, a New York-based communications firm, to head the company's investor relations program.
HickoryTech Corp., Mankato, announced the expansion of its fiber-optic network to Sioux Falls, S.D. and Fargo, N.D.
RJM Distributing Inc., Ramsey, the exclusive licensee, manufacturer and distributor of Killebrew root beer and cream soda, announced an endorsement agreement with former Minnesota Twin Harmon Killebrew.
