Texas Gov. Rick Perry plans to visit San Antonio on Tuesday to discuss the state’s participation in an InCube Labs biosciences business incubator that California entrepreneur Mir Imran plans to develop in the Alamo City, say sources familiar with the project in Austin and San Antonio.
Those sources say Perry will announce the state’s investment of Texas Emerging Technology Fund money in the San Antonio InCube project.
InCube Labs is a Silicon Valley-based life-sciences research entity. Its founder, Imran, has established more than 20 companies and holds more than 200 patents.
Imran told the Business Journal in June that, in addition to developing a biosciences incubator in San Antonio, he hopes to relocate multiple existing businesses to the Alamo City. Local leaders have sought more than $9 million in ETF funds to help expedite that relocation.
It’s unclear how much ETF money the state will invest in the San Antonio project.
San Antonio City Manager Sheryl Sculley says the Alamo City is investing $10 million in public-sector support for the InCube Labs facility, which will be located on the Northwest Side.
That includes a commitment of $6 million from the City of San Antonio and $2 million from Bexar County.
Sculley says Imran plans to invest as much as $15 million in the San Antonio lab facility.
The Clorox Co. said Tuesday it has agreed to sell its auto-care businesses to an affiliate of Avista Capital Partners in an all-cash transaction of approximately $780 million.
The price is subject to closing adjustments related to working capital.
The businesses include nearly all of Oakland-based Clorox's (NYSE: CLX) auto-care businesses including its Armor All and STP brands.
As part of the deal, Avista Capital also gets two auto-care manufacturing facilities, one in the United States and one in the United Kingdom. The employees of those facilities transfer to the buyer.
Clorox expects to use net proceeds from the sale to repurchase shares of Clorox common stock.
The deal, subject to regulatory and other customary closing conditions, is expected to close by the end of the calendar year.
"We believe this transaction is in the best interest of shareholders as we seek to reshape our portfolio," Clorox's Chairman and CEO, Don Knauss, said in a statement. "As we have acknowledged in the past, our auto care business does not align as strongly with our strategy to focus on key consumer megatrends such as health and wellness and sustainability. The auto-care brands hold leading market-share positions and we're pleased to have identified a new growth-oriented owner who will continue to work with the talented auto care team to build on this strong foundation."
In its last fiscal year ending June 30, the auto care businesses had sales of about $300 million.
EHS Technologies Corp. said Friday it has received seven contracts worth $65 million from defense and government customers in Pennsylvania, New Jersey, Maryland and Florida.
One of the contracts, worth $32 million over five years, is the largest that EHS has received. Awarded by the Naval Surface Warfare Center, Indian Head Division, it requires the Moorestown, N.J., company to provide engineering and technical services in support of ordnance, energetic materials and related weapon systems.
The other contracts require EHS to provide a broad range of engineering, technical, training, logistics and information-technology services to the Army at the Picatinny Arsenal in North Jersey and the Program Executive Office of Simulation and Training in Orlando, Fla payday loan lenders., and to the Navy in Lakehurst, N.J., and Philadelphia.
EHS also said it has opened three new offices in Philadelphia, Virginia and Florida, and that it expects to be awarded from two to five additional contracts in what’s left of this year.
An independent investigation involving the pension plan for white-collar retirees at Delphi Corp. will take place, according to Rep. Christopher Lee.
Former salaried professionals of the manufacturing company have been fighting the shift of the plan to the Pension Benefit Guaranty Corp.
As a result of bankruptcy negotiations that occurred in 2009 between Delphi Corp., General Motors, and the U.S. Treasury Department’s Automotive Task Force, Delphi’s salaried and hourly pension plans were turned over to the PBGC. The transfer led to cuts in the retirees’ pensions and bridge payments, which had been promised through early buyout packages, on top of previous cuts to their life and health insurance online cash advance.
Lee, R-Clarence, said an independent investigation will commence into the federal government’s handling of Delphi retirees’ pension plan.
The probe will be conducted by Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program. He will initiate an official investigation of the Treasury Department’s decision to allow Delphi’s pension plans to terminate the plan to PBGC.
Zenaida Cadaoas has formed a hauling service called Zen Trucking LLC.
Before starting her business, Cadaoas worked in the former Honolulu Advertiser’s library for 18 years. She lost her job earlier this year as part of the daily newspaper’s merger with the Honolulu Star-Bulletin.
Cadaoas said she’s in the process of buying a truck, but is using rental equipment and vehicles from friends in the meantime short term personal loans.
Cadaoas said this is her first business venture, adding that she decided on trucking because her boyfriend has a commercial driver’s license and can help her run the company. She said she doesn’t drive a truck and will concentrate on the operations side of the business.
Gasoline prices in Denver rose slightly in the week ending Labor Day, the second straight week of price increases and the fifth of the last six weeks, according to the American Automobile Association’s Daily Fuel Gauge Report.
Monday, the average price for a gallon of regular gas in Denver is $2.706, up 2.3 cents from last Monday's average of $2.683 and up 7.9 cents from a month ago.
Mid-grade gas in Denver averages $2.895 a gallon Monday, up 2.5 cents from a week earlier, and premium gas is $3.025, up 2.6 cents. Diesel, meanwhile, averages $2.968 a gallon, up 0.6 cents from the previous Monday.
The highest price ever recorded for regular gas in Denver was $4.006 a gallon on July 17, 2008. A year ago Monday, regular cost $2.453 a gallon.
Statewide Monday in Colorado, the average price of regular gas is $2.757, AAA says, while mid-grade is $2.949, premium is $3.081 and diesel is $3.007.
Regular gas in Denver as of Monday averages 2.3 cents per gallon above the national average — the second straight week the local average price has been higher than the nationwide average, after months of being lower.
Nationwide, regular gas costs an average of $2.683 Monday, up 0.5 cents from a week ago, while mid-grade gas is $2.85, premium is $2.951 and diesel is $2.952.
The 10 states with the cheapest gas as of Monday are Texas, Missouri, Arkansas, Tennessee, Mississippi, Alabama, South Carolina, Virginia, New Jersey and Delaware, AAA says.
Gas is most expensive on the West Coast, Nevada, Utah, Idaho, Montana, Illinois and New York.
The Fuel Gauge Report is compiled for the AAA by the Oil Price Information Service with the help of Wright Express.
Frontier Airlines will begin nonstop service from St. Petersburg–Clearwater International Airport to Milwaukee, Wis., and Omaha, Neb., later this year.
The airline will offer year-round service to General Mitchell International Airport in Milwaukee beginning Nov. 18.
Flights will depart Milwaukee at 7:38 a.m. CST to arrive in Tampa Bay at 11:23 a.m. EST every day except Wednesday. Flights will depart Tampa Bay at 12:03 p.m. EST to arrive in Milwaukee at 1:51 p.m. CST.
This schedule is effective Dec. 16 – April 1. Some variations apply.
Seasonal service to Eppley Airfield in Omaha will begin Jan. 16 and run Wednesdays and Sundays through April 17.
Flights will depart Omaha at 8:25 a.m. CST to arrive in Tampa Bay at 12:25 p.m. EST. Flights will depart Tampa Bay EST at 2:55 p.m. to arrive in Omaha at 3 p.m. CST.
Frontier Airlines is a wholly owned subsidiary of Republic Airways Holdings Inc. (NASDAQ: RJET), an airline holding company that owns Chautauqua Airlines, Lynx Aviation, Midwest Airlines, Republic Airlines and Shuttle America.
Hewlett-Packard once again raised its offer for storage company 3PAR on Thursday, outbidding Dell’s revised deal made earlier in the day.
HP’s new offer is $27 per share, up from its previous bid of $24 a share and Dell’s latest offer of $24.30, which was made Thursday morning.
The deal values 3PAR at $1.8 billion, up from the $1.6 billion that Dell offered. HP’s latest bid represents a 180% premium over 3PAR’s closing price of $9.65 the day before Dell’s initial bid.
Both Dell and HP submitted bids for the company last week, but HP raised its bid to just under $1.6 billion after Dell’s initial $1.15 billion offer was announced publicly. On Wednesday, 3PAR told Dell that Dell had three days to raise its offer, or it would go with HP’s deal.
"Not only is our offer superior to Dell’s proposal, HP remains uniquely positioned to execute on this combination given the number of synergies between the two companies," said Dave Donatelli, general manager of HP’s servers and storage unit, in a prepared statement.
As part of 3PAR’s revised deal with Dell reached Thursday morning, the storage company would owe Dell $72 million if it accepts HP’s higher offer business
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