MERGERS AND ACQUISITIONS 3M Co., Maplewood, has completed its acquisition of MTI PolyFab Inc., a manufacturer of thermal and acoustic insulation for the aerospace industry based Mississauga, Ontario, with international manufacturing operations in Bremen, Germany. The combination of MTI PolyFab products with those of 3M's wholly owned subsidiary, Aearo Technologies, will provide a range of solutions to the aerospace industry. Aearo offers soundproofing for noise and vibration control through its E-A-R brand thermal acoustic systems.
NEW BUSINESS Knife River Materials - Northern Minnesota Division, Bemidji, Minn., has been awarded contracts that total more than $30 million to repave sections of Minnesota Hwys. 11, 71 and 2. The $13 million work on Hwy. 11 consists of about 18.4 miles of grading, milling, hot-mix asphalt overlay and culvert replacement in Koochiching County near the Canadian border. The second contract, $10.7 million of work on Hwy. 71, involves resurfacing 6.2 miles in Beltrami and Hubbard counties. This repave project is more complex, including bridge work and retaining walls; completion is expected in 2011. On Hwy. 2 in Polk County near Crookston, crews will mill out about 10.4 miles of existing roadway and lay down hot-mix asphalt. The contract is for this work is $6.5 million. All three jobs involve reclaiming the old asphalt to be reused in the new road surface.
DEBT AND EQUITIES Fair Isaac Corp. (FICO), Minneapolis, said that its board of directors has approved a stock repurchase program to acquire up to $250 million of the company's outstanding common stock. This new program was approved following termination of FICO's previous stock repurchase program, which was in effect from November 2007 through June 2010.
Graco Inc., Minneapolis, has declared a regular quarterly dividend of 20 cents per common share, payable Aug. 4 to shareholders of record on July 19. The company has about 60.6 million shares outstanding.
