European regulators have approved Emerson's planned $1.5 billion acquisition of British power supply company Chloride Group.
The European Commission said it concluded that the acquisition would not significantly impede effective competition.
"The merged entity would continue to face strong competition from a number of credible competitors in all national markets affected by the concentration," the panel said in a statement Tuesday. "Therefore, the commission concluded that the proposed transaction does not raise competition concerns."
Emerson and Chloride both provide uninterruptible power supply systems for computers and hospitals.
Emerson Chairman, President and Chief Executive David Farr said he wants to invest in faster-growth areas, such as network power, and divest of businesses that aren't growing as rapidly low interest personal loan.
Last week, Emerson announced a deal to sell its motors and appliance controls businesses to Kyoto, Japan-based Nidec Corp. for $700 million.
On Monday, Emerson said it planned to sell LANDesk Software, a Salt Lake City IT systems manager, to private equity investment firm Thoma Bravo.
Emerson (NYSE:EMR) is the second-largest public company in St. Louis with $20.9 billion in revenue in 2009. It has 129,000 employees companywide, including 1,400 in St. Louis after the motors business sale closes next month.
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Union Bank has tapped veteran banker Ronald Heller as its market president for Washington state.
Union Bank N.A., a subsidiary of UnionBanCal Corp. of San Francisco, Calif., gained a stronger foothold in Washington on April 30, 2010, when it acquired Frontier Bank of Everett in a purchase and assumption agreement with the Federal Deposit Insurance Corp. While Union Bank has has a presence in the Pacific Northwest for nearly a century, it now has branches in 38 Washington cities.
Heller comes to Union Bank with 32 years in the banking industry under his belt, most recently as senior vice president and community banking president for the Northwest division of Wells Fargo and previously with First Interstate Bank payday loans no teletrack.
Heller will start his new role with Union Bank from its Everett office on Aug. 30. He will report to Senior Vice President and head of Pacific Northwest Branch Banking Brian W. Hawley. Heller will work closely with Patrick Fahey, former chairman and CEO of Frontier Bank who has assumed the role of regional chairman of the Pacific Northwest for Union Bank.
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Helm Bank USA tripled its profits in the second quarter as it encountered fewer charges from bad loans.
The Miami-based bank earned $1.66 million in the second quarter, up from net income of $544,000 in the first quarter, according to its filing with the Federal Financial Institutions Examination Council. The biggest improvement came because the bank only took an expense of $1.6 million to reserve for future loan losses. In the previous quarter, it took $2.1 million.
However, Helm Bank’s net interest income declined to $5.4 million in the second quarter from $5.6 million in the first quarter.
The quality of the bank’s loan portfolio registered a modest improvement. As of June 30, Helm Bank had $20.2 million in late or unpaid loans, representing 7.68 percent of its total loans, plus $5.5 million in repossessed property. As of March 31, it had $21.9 million in noncurrent loans, representing 8.26 percent, plus $5.8 million in repossessed property.
Helm Bank’s assets consist of more investment securities than loans, so its amount of bad loans was a relatively small slice of the bank’s total size.
The bank’s $7.3 million reserve for future loan losses covered 36 percent of its noncurrent loans as of June 30.
Helm Bank was the 16th-largest bank chartered in South Florida as of March 31, with $728 million in assets. It was down to $712 million in assets at mid-ear. The bank’s deposits declined to $658 million from $677 million between March and June. Its total loans were virtually unchanged, at $257 million.
Novartis’ acquisition of Chapel Hill-based Oriel Therapeutics in April was one of only eight M&A deals in the biotech, pharma sector nationwide in the second quarter of 2010, according to a new report by VentureDeal LLC.
The Swiss giant purchased the venture-backed startup for its asthma treatments. Meanwhile, nationally, the number of second quarter deals declined by 20 percent from the first quarter, the report says. Of the eight mergers in the sector, totaling $74 million, only two were biotechs, and six were medical device companies.
Financial details of the Oriel transaction were not released payday loans.
Activity was even slower in the Internet e-commerce space, where M&A activity – 31 firms were acquired for $564 million – declined by 38 percent compared with the first quarter.
M&A activity for telecom, wireless, mobile and communications companies declined markedly from the previous quarter, with 54 percent fewer companies being acquired compared to the first quarter, the report says.
Buffalo General Hospital has received state approval for an $8.4 million relocation project of its MRI and CT services.
The State Department of Health okayed the project in mid-May, which calls for shifting all of its MRI and CT services to one central site. The hospital plans to move the equipment and services from the second floor of the A and B buildings into the sub-basement of A building.
The plan better realigns imaging services and will allow improved access to the heart-vascular center under construction next door. The project also opens up space that will likely see future use as clinical services.
Completion is slated for this fall.
Energy efficiency group PECI landed a $749,153 sliver of the $76 million in stimulus funding announced Friday by the U.S. Department of Energy for more energy efficient buildings.
Portland-based PECI’s award was one of 13 educational grants under the program. It will pay for a PECI team to revise and develop curriculum to train commercial building auditors and operators, who in turn will make sure that buildings are as energy efficient as possible.
The total cost of the PECI curriculum project is $1.5 million, according to the project outline released by the U.S. Department of Energy.
In all 58 projects received funding in the Friday announcement, all of the money going toward improved efficiency — from the development of better insulation to the testing of advanced building controls.
“Energy-efficient commercial buildings will help our country cut its carbon emissions and energy costs while the training programs will upgrade the skills of the current workforce and attract the next generation to careers in the emerging clean-energy economy,” said U.S. Energy Secretary Steven Chu in a news release.
PECI, originally Portland Energy Conservation Inc., is a nonprofit that helps businesses with energy efficiency.
Hewlett-Packard Co. took steps on Monday to allow printing through the Web from any type of device.
The world's biggest printer seller (NYSE:HPQ) said it plans to add an e-mail address for all its printers so users can send files from computers and mobile phones to printers or store them "in the cloud" for later printing.
The Palo Alto company said it plans to sell tens of millions of Web-connected printers by the end of next year.
It introduced four Photosmart all-in-one printers that include new ePrint software and have the new Web storage and printing capabilities. The devices start at $99.
Google Inc. (NASDAQ:GOOG) also said on Monday that it is working with HP on software that will let users connect to Google Docs, Photos and Calendar directly from their printers.
Others said to be working on ways to connect to their content directly through printers rather than computers are Facebook Inc. and Live Nation Entertainment Inc.
A McLean tech company recently opened a Columbia office — and it needs bodies to fill desks.
Internet telephone company iCore Networks took space last month at 5950 Symphony Woods Road in Columbia and has plans to employ 30 at the office by the end of 2010.
To date, around half of the 30 positions have been filed, meaning they’re still on the hunt for 15. CEO Stephen G. Canton said the Columbia office is searching for network engineers, salespeople and project engineers.
And in the middle half of 2011, Canton expects to hire another 20 employees in Columbia with a long-term goal of expanding that office to 100 workers. The jobs range in pay from $25,000 to $80,000, not including commission, Canton added.
McClean-based iCore was attracted to Columbia because of its proximity to both D.C. and Baltimore, Canton said.
The 9-year-old company has an annual revenue of $25 million, Canton said.
Big news for the 2010 Dodge Ram's 3500 heavy-duty picky. And I do mean big. For the first time this behemoth of a workhorse is available with a crew cab. That means a full four doors rather than the previous generation's quad-cab mini back doors.
Both the 2500 and 3500 Rams get a complete makeover for this model year with an upgraded interior, revised exterior styling, improved suspension and brakes, increased towing capacity, and new standard features.
Typical of pickups, the new Ram 3500 comes in myriad configurations, starting from $35,630 and shooting up to $51,595. First off, you'll have to select a cab style: regular, crew and mega cab. The latter at 111 inches is longer than a Smart Fortwo stretching interior cargo room, legroom and allowing for reclining rear seats. Dodge is redoing its commercial-grade chassis cab models for the 2011 model year.
Eight-foot and 6-foot-four cargo box sizes are available as are single and dual rear-wheel combinations, rear-wheel and four-wheel drive and five trim levels.
Standard fare under the hood is a 5.7-liter Hemi V-8 gasoline engine, redesigned for 2009 and rated at 383 horsepower and 400 pound-feet of torque.
More heft is available with the 6.7-liter Cummins turbodiesel engine, rated at 350 horsepower and 650 pound-feet of torque. Equipped with the big Cummins, the Ram 3500 can tow up to 17,600 pounds. While you do notice the diesel sound, it's not terribly intrusive.
A six-speed manual is standard with both engines, with five- and six-speed automatics available. The new transmissions feature Electronic Range Select, which enables the driver to limit the highest available transmission gear, allowing manual upshifts and downshifts based on road speed and engine speed.
A tow/haul mode is standard on both five-speed and six-speed automatic transmissions.
EPA fuel usage stats are not available for the heavy duty rig.
Improved suspension tuning and C-pillar hydra mounts help improve ride on the 2010 3500, but absent going over bumpy surfaces, you might be surprised at the Ram's comfortable ride.
Beyond its grunt, the new Ram shines with a revamped interior. Not only are seats super comfy, but door panels, arm rests and such feel soft and easy like those in a family sedan - rather than part of a workaholic truck quick pay day loan.
Pertinent data is displayed for quick assessment on the six-ring dash readout and the center stack keeps other controls handy. Storage bins and pockets are abundant. Options include a giant center console with an upper bin large enough for a laptop and a lower been that can house hanging file folders.
Dodge describes exterior changes as giving the heavy duty Ram "a tougher more capable look with improved aerodynamics." Without old and new side by side, I wasn't wowed by those changes, but Ram has always turned a bolder profile than pickups from Ford and General Motors.
Standard features run from the basic ST with air conditioning, cruise control and CD player to the loaded Laramie. The Ram Power Wagon model is equipped with electric-locking
front and rear differentials, electronic disconnecting sway bar, Bilstein shocks, 32-inch BF Goodrich off-road tires, underbody skid-plate protection, 4.56 axle ratio for hill climbing, a 12,000-pound winch, two-tone paint scheme and graphics.
Luxuries available include heated and cooled seats, Sirius backseat TV, 10-speaker surround sound, 30-gigabyte hard drive and navigation. On the safety front, antilock brakes, side air curtains and tire-pressure monitors are standard.
There isn't much competition when it comes to heavy-duty trucks, it's an all-American show with Ford, GM and Chevy the only other choices.
Heavy duty pickup
NASDAQ OMX Group Inc. said Lincare Holdings Inc. would be one of eight new companies whose securities will join the NASDAQ Q-50 IndexSM.
The index is designed to track the performance of the 50 securities that are next in line to replace the securities currently included in the NASDAQ-100 Index(R), a release said. The NASDAQ Q-50 Index is re-ranked on a quarterly basis.
Lincare (NASDAQ: LNCR) provides respiratory therapy and other services to patients in their homes. Based in Clearwater, the company serves patients across the United States.
Other companies joining the NASDAQ Q-50 are Amylin Pharmaceuticals Inc. (NASDQ: AMLN), Gentex Corp. (NASDAQ: GNTX), Micron Technology inc. (NASDAQ: MU), Rambus Inc. (NASDAQ: RMBS), Sirius XM Radio Inc. (NASDAQ: SIRI), Vistaprint N.V. (NASDAQ: VPRT) and Windstream Corp. (WIN).
The changes will result in the removal of CTC Media Inc. (NASDAQ: CTCM), Endo Pharmaceuticals Holdings Inc (NASDAQ: ENDP), LM Ericsson Telephone Co. (NASDQ: ERIC), Allscripts-Misys Healthcare Solutions Inc. (NASDAQ: MDRX), Myriad Genetics Inc. (NASDAQ: MYGN), Patterson-UTI Energy Inc. (NASDAQ: PTEN), Strayer Education Inc. (NASDAQ: STRA) and Techne Corp. (NASDAQ: TECH).
The change is effective March 22.
NASDAQ OMX Group (NASDAQ: NDAQ) is the world’s largest exchange company.
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