Finance and Commerce Daily Newspaper, MN articles from August 2003

Finance and Commerce Daily Newspaper, MN archives from August 2003

Upstart Viper enters motorcycle market in low gear.
August 1, 2003... Byline: Dave Price Even during his time off, John Lai has to work at not cracking the throttle wide open.Pausing after a showroom demonstration of the new Viper Diablo the first production model by the upstart Viper Motorcycle Co. in New...

Minnetonka-based LecTec chief executive leaving, two board members resign.
August 2, 2003... Byline: F&C Staff Minnetonka-based LecTec Corp. said Friday that Rodney A. Young, the company's chairman, chief executive officer and president, has resigned to pursue other opportunities. Officials said Alan Hymes, a co-founder and...

Minnesota Bankers Assn. joins online data-sharing network to prevent check fraud.
August 2, 2003... Byline: Mark Anderson The Minnesota Bankers Association has joined nine other Midwestern bank trade groups in an online data-sharing network aimed at making check fraud a riskier crime.The online program, FinCrime, is the first regional...

Northwest Airlines unions gain board seats in failed stock buyback deal.
August 2, 2003... Byline: Dave Price Northwest Airlines said on Friday it would miss an Aug. 1 deadline to redeem more than $225 million in preferred stock held by employees, triggering provisions in a 1993 agreement that will now double union clout on the...

LexisNexis finalizes Dolan Media public record deal.
August 5, 2003... Byline: F&C Staff LexisNexis US, a provider of legal, news and business information services, said that it has completed the purchase of the public records businesses of Minneapolis-based Dolan Media Co., a Minneapolis based provider of...

Astrocom low on cash; creditors short on patience.
August 6, 2003... Byline: F&C Staff Plymouth-based Astrocom Corp. is warning it will likely seek Chapter 11 bankruptcy protection by the end of the week unless it is able to resolve its ongoing debt problems.The company, which produces high-bandwidth...

Builders group breaks ground on affordable twinhomes.
August 6, 2003... Byline: F&C Staff The Builders Outreach Foundation, the charitable arm of the Builders Association of the Twin Cities, recently broke ground on two new owner-occupied twinhomes in St. Paul's Frogtown area. The foundation, working with the...

Builders lobby for new regulation requiring brick in residential construction.
August 6, 2003... Byline: Brian Johnson A group that represents the brick industry is lobbying hard to convince Minnesota communities to adopt new regulations that require a certain percentage of brick, stone or concrete masonry in residential...

Cima Labs merging with North Carolina company.
August 6, 2003... Byline: Dave Price Cima Labs is staking its future on another firm, agreeing on Tuesday to merge with an acquisition-minded drug company in North Carolina. Under the deal, expected to close by the end of the year, Eden Prairie-based Cima...

Residential construction builders stay active in July.
August 6, 2003... Byline: F&C Staff Residential construction continued at a brisk pace in the Twin Cities last month, according to building permit data released Tuesday by the Builders Association of the Twin Cities. The data, which covers most of the...

Pentair names Charles M. Brown president and COO.
August 7, 2003... Byline: F&C Staff Pentair has named Charles M. Brown, 44, to the position of president and chief operating officer of its Tools Group, effective Aug. 14. Brown was also named an executive officer of the corporation.H. Eugene Swacker, who...

Venture Bank moves to the head of the class.
August 7, 2003... Byline: Mark Anderson Venture Bank President Mike Zenk is a friendly, unpretentious guy.But when he starts to talk about small-business banking, the conversation takes on a new tone zeal. As he recounts the hurdles small-business...

Northwest unveils new Airbus A330 wide-body aircraft.
August 7, 2003... Byline: F&C Staff Northwest Airlines on Wednesday unveiled its first Airbus A330 wide-body aircraft. While Northwest has taken delivery of 193 new airplanes since 1989, the A330 is the first entirely new aircraft type to join the airline's...

Moves signal last gasp for Net Perceptions.
August 7, 2003... Byline: Dave Price A last-ditch attempt to cash in on Net Perceptions stock is paying off for a California financier and a handful of other high-risk investors.Net Perceptions the Edina-based software firm whose fortunes mirrored the rise...

St. Jude Medical spends $500 million in stock buyback.
August 8, 2003... Byline: F&C Staff Medical-device maker St. Jude Medical Inc. of Little Canada announced Thursday that it has repurchased 9.25 million shares, or about 5 percent of its outstanding common stock, for $500 million.The deal was made through a...

ATK first-quarter earnings from continuing operations up.
August 8, 2003... Byline: F&C Staff Alliant Techsystems, reported on Thursday earnings per share from continuing operations for the first quarter of fiscal year 2004 of 84 cents versus 54 cents one year ago.Sales for the quarter, which ended June 29,...

Target Corp. July sales show increase of 10.9 percent.
August 8, 2003... Byline: F&C Staff Target Corp. reported on Thursday that its net retail sales for the four weeks ended Aug. 2, increased 10.9 percent to $3.303 billion from $2.979 billion for the four-week period ended August 3, 2002. Comparable-store...

Cash-strapped Pemstar plans secondary offering.
August 8, 2003... Byline: Dave Price Running low on alternatives, Pemstar Inc. wants to raise money the old-fashioned way by selling stock.The Rochester-based electronics manufacturer on Thursday announced plans to shore up a dwindling cash position...

Construction downturn hits Minneapolis-based PW Eagle manufacturer.
August 9, 2003... Byline: Dave Price Construction supplier PW Eagle said on Friday that it is selling an idled facility in Arizona and is working with lenders to reduce its overall debt load after falling out of compliance with certain provisions of its...

Shea Inc. works with tenants on design, planning projects.
August 12, 2003... Byline: F&C Staff Minneapolis-based Shea, Inc. recently completed several design-related projects for tenants in the Butler Square building at 100 Sixth St. N. in Minneapolis. Shea announced that it provided "fit planning" services for...

Datakey Inc. announces board member resignation.
August 12, 2003... Byline: F&C Staff Datakey Inc., a Minneapolis-based developer of smart card technology for simplifying e-business security, announced on Monday that Gary Holland had resigned from the board of directors and his position as board chairman...

Weather watchers appeal to the consumer market.
August 13, 2003... Byline: Jessica Griffith Paul Douglas is allotted about 150 seconds to spread the weather word on WCCO-TV broadcasts from Minneapolis. But every day, viewers from Eau Claire, Wis., to Bemidji call or e-mail with requests for forecasts...

Minnesota cities among top 25 places to locate firms.
August 13, 2003... Byline: F&C Staff Four Minnesota cities are among the nation's top places to locate a company, according to rankings released last month by Expansion Management magazine. The Twin Cities metro ranked fourth overall, followed by the...

Minnesota companies find link between business and weather.
August 13, 2003... Byline: Jessica Griffith For most people, a 30-second forecast with the morning headlines provides enough information to plan the day. But for weather-dependent industries such as energy, transportation and agriculture, appropriate weather...

BMC delays earnings results amid continuing financial problems.
August 14, 2003... Byline: Dave Price For the second time in two weeks, BMC is postponing release of its second-quarter financial results, explaining that it needs more time to properly account for recent restructuring efforts.The Richfield-based...

Regis Corp. agrees to pay $3.2M to settle EEOC claim.
August 14, 2003... Byline: F&C Staff Edina-based Regis Corp. said Wednesday that it has reached an agreement with the federal Equal Employment Opportunity Commission to settle allegations of discrimination in its Supercuts division.The $3.2 million...

Small banks adapt to tougher board standards.
August 14, 2003... Byline: Mark Anderson Although the villains whose misdeeds prompted a new chapter in regulatory oversight were employed by corporations, the effects are trickling down to Main Street businesses, including the local community bank. Revised...

Carlson Marketing Group acquires Peppers & Rogers Group.
August 14, 2003... Byline: F&C Staff Carlson Marketing Group, specialists in relationship marketing, announced the company has entered into an agreement to acquire the customer-based business strategy organization Peppers & Rogers Group. Terms of the deal...

ADC names new president and CEO.
August 14, 2003... Byline: F&C Staff ADC announced on Wednesday that its board of directors has selected Robert E. "Bob" Switz as president and chief executive officer, and board member John A. "Gus" Blanchard III as non-executive chairman of the board. The...

Taxpayers League of Minnesota criticizes wasteful spending on public construction projects.
August 15, 2003... Byline: Brian Johnson The new Bloomington Civic Plaza may not qualify as one of the Seven Wonders of the Modern World, but a local taxpayers group - hoping to expose what it sees as wasteful spending on public construction projects - has...

Klingel named president and CEO of Minneapolis Chamber of Commerce.
August 15, 2003... Byline: Monte Hanson The Minneapolis Regional Chamber of Commerce named its third leader in five years on Thursday, announcing that St. Paul native Todd Klingel will be its next CEO and president.Klingel, 50, has served as acting president...

15 to be honored at second annual Finance and Commerce Innovator of the Year Awards.
August 16, 2003... Byline: Staff The developer of a micro-battery that could fit on the head of a pin and a consultant who helps companies think more creatively are among the winners of the second annual Finance and Commerce Innovator of the Year...

Minneapolis-based real estate developer Schafer Richardson planning $300 M mixed-use project.
August 16, 2003... Byline: Staff Minneapolis real estate developer Schafer Richardson and business partner Jim Stanton of Shamrock Development have completed the purchase of the Pillsbury A Mill from ADM Milling Co, a subsidiary of the Archer Daniels Midland...

Minn. lawyers see little impact from ABA's ethics rule change.
August 16, 2003... Byline: Mark Anderson The American Bar Association contributed this week to the post-Enron campaign to tidy up white-collar ethics, establishing a new rule that will make it easier for lawyers to disclose their clients' financial misdeeds....

Patterson Dental enters new niche with $575 million deal.
August 19, 2003... Byline: Dave Price Patterson Dental is taking a bite at the assistive-living market, announcing a deal on Monday to gobble up Chicago-based AbilityOne Products Corp. for $575 million.Company officials said the acquisition should provide an...

Newcomer AXA snags four employees from Advantus Capital.
August 19, 2003... Byline: Mark Anderson Much of the attention given to French financial giant AXA's news in July that it planned to open a Twin Cities asset management shop focused on a possible lawsuit by the former boss of four new employees. But if, or...

Survey: Builders are bullish about housing market.
August 19, 2003... Byline: F&C Staff Builder confidence in the market for new single-family homes rose sharply in August, according to the National Association of Home Builders' Housing Market Index.The index, which gauges builder sentiment on current and...

Synovis ranks among Fortune's 100 fastest-growing cos.
August 19, 2003... Byline: F&C Staff Synovis Life Technologies Inc., a diversified medical device manufacturer, ranks as no. 22 on Fortune's 100 fastest-growing companies list. This marks Synovis' first appearance on this Fortune list. Last month, Synovis...

Allete sells Florida Water Services for $59.5 million.
August 19, 2003... Byline: F&C Staff Duluth-based Allete Inc. announced Monday that its subsidiary, Florida Water Services Corp., has agreed to sell its water and wastewater system serving Deltona, Florida, to the city of Deltona for $59.5 million. Florida...

NRG selling Oklahoma facility for $160 million.
August 20, 2003... Byline: F&C Staff Minneapolis-based NRG Energy Inc. has reached an agreement to sell its 77 percent interest in the McClain Generating Station to Oklahoma Gas & Electric Co. for $160 million.As part of the deal, NRG subsidiary NRG McClain...

Contractor finding his niche down on the farm.
August 20, 2003... Byline: Brian Johnson Back in the heyday of the family-owned dairy farm, barns with gambrel roofs and cathedral-like shapes dotted Minnesota's rural landscape. Many of those aging farm structures have disappeared in the last 50 years or...

Time is quickly running out for financially troubled BMC Industries.
August 20, 2003... Byline: Brian Johnson BMC Industries is looking to the future and it sees eyeglasses. Now all that the beleaguered manufacturer has to do is figure out a way to stay afloat long enough to get there.The Richfield-based maker of television...

State grant helps Panther Precision Machine to expand.
August 20, 2003... Byline: F&C Staff Panther Precision Machine Inc. completed its Ramsey facility expansion with the help of a $95,000 state grant. The funding was awarded to the city of Ramsey through the Minnesota Investment Fund which is administered by...

Musicland Holding Corp. appoints Eric Weisman CEO.
August 21, 2003... Byline: Staff Musicland Holding Corp., a retailer of music, movies and entertainment related products, said that Eric Weisman has been appointed CEO, effective Aug. 25. Weisman, currently president and CEO of Alliance Entertainment Corp.,...

Competing offer proposed for Cima Labs.
August 22, 2003... Byline: Staff Cephalon Inc. set off a bidding war for Cima Labs, offering to pay $375 million in cash for the Eden Prairie-based pharmaceutical company.The bid - presented Wednesday in a letter to Cima board members - tops a $330 million...

St. Louis Park dot-com is just the ticket for fans.
August 22, 2003... Byline: Neil Orman What happens to all those unused season tickets for sports and theater events?A new Internet startup is trying to become the answer to that question for Twin Cities residents. Based in St. Louis Park, Club-tix,...

August Technology is latest to test the offerings market.
August 22, 2003... Byline: Dave Price Although still not matching their pace of a few years ago, investment bankers in the Twin Cities and elsewhere are enjoying a much-needed surge in stock deals this summer. Since the start of July alone,...

Eden Prairie-based Stratasys Inc. announces $10.58M private placement of stock.
August 23, 2003... Byline: Staff Eden Prairie-based Stratasys Inc. said it has completed a $10.58 million private placement of common stock to two institutional investor funds. The company sold a total of 300,000 shares and issued warrants to purchase...

Stone Arch Apartments on Mississippi riverfront open for occupancy next month.
August 23, 2003... Byline: Staff Stone Arch Apartments, located on the Mississippi riverfront in downtown Minneapolis, opens to renters on Sept. 1. The 221 unit apartment complex was developed by Minneapolis Stone Arch Partners - a joint venture of The Wall...

M&I Bank gearing up for a run at the Twin Cities retail market.
August 23, 2003... Byline: Mark Anderson Banking expansion in the Twin Cities keeps rolling along, and M&I Bank's Minnesota unit has joined the parade with the announcement of plans for a new full-service office in Maple Grove. The office is the first Twin...

PepsiAmericas files documents to sell new debt.
August 26, 2003... Byline: Staff Minneapolis-based PepsiAmericas Inc. has filed registration documents with the Securities and Exchange Commission to sell up to $1 billion in new debt securities.The shelf registration allows the company to periodically float...

Maturing ethanol industry attracting new crop of investors.
August 26, 2003... Byline: Dave Price The ethanol business, it seems, is moving uptown.Spurred by rising demand for the corn-derived gasoline additive in recent years, dozens of proposals to build new ethanol plants are sprouting up across the country. The...

ADC names new chief financial officer.
August 27, 2003... Byline: Staff ADC announced Tuesday that Gokul Hemmady is the company's new chief financial officer. Hemmady joined the Eden Prairie-based communications services provider in 1997 as assistant treasurer and was later promoted to corporate...

Developers tap historic milling site for housing.
August 27, 2003... Byline: Brian Johnson Local developer Kit Richardson has long thought that the Pillsbury A Mill near downtown Minneapolis would make a great redevelopment project. At the same time, he believed ADM Milling Co. would never sell the historic...

Business Journal fights to be only 'business journal' in Twin Cities.
August 28, 2003... Byline: Dave Price A business journal by any other name would suit them just fine.The Business Journal, a Minneapolis weekly that has covered the Twin Cities business community for 20 years, is threatening legal action against Epicenter...

G&K Services names new president, CEO.
August 28, 2003... Byline: Staff G&K Services, a Minneapolis-based provider of uniform rental and laundry services, announced Wednesday that Richard L. Marcantonio is the company's new chief executive officer. Marcantonio will start his new position Jan. 1,...

Advantus Capital names more fixed-income executives.
August 29, 2003... Byline: Staff Advantus Capital Management announced its third major appointment of the month Wednesday when it named Jim Tobin vice president in charge of the company's fixed income private investments. Earlier the company had hired Chris...

MnDOT: Road construction could hamper holiday travel.
August 29, 2003... Byline: Staff The Minnesota Department of Transportation is warning motorists that they may encounter delays this Labor Day weekend because of highway construction projects. Workers won't be present at most highway construction sites on...

GlobalBridge linking small banks to wealth management market.
August 29, 2003... Byline: Mark Anderson Community bankers have been focusing more attention recently on keeping a nice piece of a traditional banker's trade: managing individual trusts. Competitors for the wealth management market are numerous today and...

Minneapolis-based American Bank expands its correspondent business service.
August 30, 2003... Byline: Mark Anderson American Bank is showing its ambitions this summer with a series of new hires - the latest coming in the often-invisible category of correspondent banking. Joe Dwuznik, a 17-year veteran of the Minnesota Bankers...