Finance and Commerce Daily Newspaper, MN articles from January 2002

Finance and Commerce Daily Newspaper, MN archives from January 2002

2001: Almost a wash for Minnesota stocks.
January 2, 2002... Byline: Dave Price In an extraordinary year, Minnesota stocks barely budged in 2001 which turns out to be quite an accomplishment, given the tumult investors experienced over the past 12 months.Heading into the final session of the year,...

Developers recycle concrete for new office complex.
January 3, 2002... Byline: Brian Johnson A 300,000-square-foot office-warehouse complex under construction near Blue Waters Road and Highway 55 in Eagan is being billed as one of the nations most ambitious concrete recycling projects. The $37 million...

Zomax signs letter of intent to acquire bankrupt iLogistix.
January 3, 2002... Byline: F&C Staff Minneapolis-based Zomax Inc. (Nasdaq:ZOMX) announced this week it signed a letter of intent to purchase substantially all the assets of Software Logistics Corp., which is doing business as iLogistix.Under the protective...

Medtronic buys medical technology company Paceart.
January 4, 2002... Byline: F&C Staff Fridley-based Medtronic Inc. (NYSE:MDT) Thursday announced it has acquired Paceart from GE Medical Systems Information Technologies. Paceart produces database systems for pacemakers, implantable defibrillators and...

Wells Financial's mortgage unit boosts earnings.
January 4, 2002... Byline: Mark Anderson Lawrence Kruse is finishing his career as president of Wells Financial Corp. with a bang. Kruse, who will step down as the Wells chief executive on Feb. 28 after 44 years with the company, was able to announce record...

Federal contract boosts Datakey stock.
January 4, 2002... Byline: Dave Price Shares in Datakey Corp. popped 30 percent Thursday after the Burnsville-based network security provider announced a new $1 million contract to provide smart cards to a U.S. government agency.The company did not identify...

Hazelden Foundation acquires Oregon treatment center.
January 4, 2002... Byline: F&C Staff The Hazelden Foundation, a Center City, Minn.-based non-profit organization that has provided addiction services since 1949, announced Thursday that it acquired Springbrook Northwest, a residential treatment facility in...

Bloomington office campus acquired by developer.
January 4, 2002... Byline: F&C Staff St. Paul-based McGough Development acquired a 45-acre Bloomington office campus, including the 8100 Office Building and three connected low-rise buildings near 34th Avenue and Interstate 494. McGough acquired the...

Chip maker PolarFab, EPA settle haz-mat dispute.
January 5, 2002... Byline: Dave Price PolarFab LLC and federal regulators have struck a deal resolving their dispute over the disclosure of stored hazardous materials, with the Bloomington-based semiconductor manufacturer agreeing to more than $140,000 in...

Healthcare firm settles billing practices lawsuit.
January 5, 2002... Byline: Dave Price Curative Health Services announced Friday it has settled a long-standing conflict with the U.S. Justice Department, agreeing to pay $16.5 million in exchange for the department dropping its whistle-blower suit against...

Digital River acquires assets of FreeMerchant.com.
January 5, 2002... Byline: F&C Staff Digital River, a Minneapolis-based e-commerce outsource provider, announced Friday that it has acquired the customer assets of FreeMerchant.com from Network Commerce, Inc., for $875,000 in cash. The acquisition supports...

NRG Energy begins construction on Mississippi plant.
January 5, 2002... Byline: F&C Staff NRG Energy, a Minneapolis-based power company, announced Friday that it has begun construction on a 1,200 megawatt natural gas merchant power plant in Holmesville, Miss. The plant, located in Holmesville Industrial Park,...

Startup firm stakes out video-conferencing niche.
January 8, 2002... Byline: Dave Price Veracity Communications officially opens its doors next week, tapping into what the 10-month-old startup expects is a growing and lucrative video-conferencing market.The business of providing two-way voice, video and...

MN systems integration firm re-appoints chairman.
January 8, 2002... Byline: F&C Staff Minneapolis-based Zamba Solutions (Nasdaq:ZMBA), a customer relationship management consulting and systems integration company, Monday announced the appointment of Joe Costello as chairman of the companys board of...

Three new executives join Center for Diagnostic Imaging.
January 8, 2002... Byline: F&C Staff Minneapolis-based Center for Diagnostic Imaging (CDI), a leading independent national outpatient imaging company, Monday named Ronald Charpentier its new chief operating officer. Peg Feaski is its new regional vice...

MN-based MedAmicus elects new board member.
January 8, 2002... Byline: F&C Staff Plymouth-based MedAmicus Inc. (Nasdaq:MEDM) announced that it has elected Michael Dale to its board of directors.Dale is vice president of sales and marketing of Endocardial Solutions Inc., a Twin Cities-based company...

New home construction strong in 2001.
January 8, 2002... Byline: F&C Staff Thanks in part to a strong December, 2001 turned out to be a good year for new home construction in the metro area, according to building permit statistics released Wednesday by the Builders Association of the Twin...

Streamlining is the current watchword at MnDOT.
January 9, 2002... Byline: Brian Johnson When the 2000 Minnesota Legislature authorized $459 million in one-time funding for transportation projects throughout the state, highway construction advocates had a reason to celebrate. But the money came with a...

Crib death prevention products maker lands $1.62M.
January 9, 2002... Byline: Monte Hanson Gregory Mohn's decision to become president and CEO of Plymouth startup Halo Innovations Inc. in September 2000 was more than just a career move.He wanted to make a difference in the world after his son had died the...

Curative Health Services acquires Hemophilia Access.
January 9, 2002... Byline: F&C Staff Minneapolis-based Curative Health Services Inc. (Nasdaq:CURE) Tuesday announced it has acquired Hemophilia Access Inc., a specialty pharmaceutical company based near Nashville, Tenn., for $2.65 million. Substantially all...

Valspar Corp. names new president and COO.
January 9, 2002... Byline: F&C Staff Minneapolis-based Valspar Corp. (NYSE:VAL) announced Tuesday that John Ballbach has been named president and chief operating officer. He will report to Rich Rompala, chairman and chief executive officer.Ballbach joined...

MedSource completes acquisition of Georgia concern.
January 9, 2002... Byline: F&C Staff Minneapolis-based MedSource Technologies Inc. announced Tuesday that it has completed the acquisition of HV Technologies, a Trenton, Ga., manufacturer of high-performance, thin-wall polyimide and composite tubing and...

Metro area banks just can't resist the urge to merge.
January 10, 2002... Byline: Mark Anderson Nationwide, bank mergers and acquisitions continued a slide in both deals and price during 2001, but you wouldnt know that based on bank sales in the Twin Cities. Bank trading was busy here during 2001, with seven...

Security Life Insurance names interim CEO.
January 10, 2002... Byline: F&C Staff Minnetonka-based Security American Financial Enterprises and Security Life Insurance Company of America, announced Wednesday that J. Stephen Beckman has been named interim chief executive officer.Beckman, 65, is a retired...

XOX Corp. signs definitive merger agreement.
January 10, 2002... Byline: F&C Staff Minnetonka-based XOX Corp. (OTC Bulletin Board:XOXC) has signed a definitive agreement to merge with Tele Digital Development Inc.Upon completion of the merger, the current shareholders of XOX will own about 23 percent of...

Deluxe Corp. reports strong quarterly earnings.
January 11, 2002... Byline: Mark Anderson Deluxe Corp. (NYSE: DLX), one of the worlds leading providers of paper checks, overcame an eroding price environment for bank-issued checks to produce fourth quarter earnings of 73 to 75 cents per share, 12 percent...

MN skin care firm retains investment bank.
January 11, 2002... Byline: Monte Hanson LecTec Corp., hoping to boost its financial clout for expansion in a $1 billion health-and-beauty sector, has hired a Minneapolis investment bank to help plan its next move.Minnetonka-based LecTec said it has retained...

NRG: Company ready to complete Estonian energy deal.
January 11, 2002... Byline: F&C Staff Minneapolis-based NRG Energy Inc. (NYSE:NRG) issued a statement Thursday saying the company is ready to complete a planned deal to buy partial interest in Estonias energy system.The company issued the statement in...

Target Corp. December sales up 7.5 percent.
January 11, 2002... Byline: F&C Staff Minneapolis-based Target Corp. (NYSE:TGT) Thursday reported that its net retail sales for the five weeks ended Jan. 5 increased 7.5 percent to $6.55 billion from $6.09 billion for the five-week period a year...

Search401(k) names new president and CEO.
January 11, 2002... Byline: F&C Staff Mendota Heights-based Search401(k) this week named Thomas Plumb president and CEO. Company founder Eric Schneeman, former president and CEO, will lead the companys sales, marketing and client services efforts.We are very...

United Shipping & Technology changes name to Velocity Express Corp.
January 11, 2002... Byline: F&C Staff Minneapolis-based United Shipping & Technology Inc. (currently Nasdaq:USHP) this week announced that it has reincorporated in Delaware and effective Jan. 14 will be renamed Velocity Express Corp. The company will then be...

Leather retailer nets $20M in private placement.
January 12, 2002... Byline: Dave Price After a largely lackluster holiday selling season in 2001, Wilsons The Leather Experts Inc. has found at least one buyer who should make the new year a little brighter.The Plymouth-based retailer announced Friday it...

Contractors assn. to help Latinos learn English.
January 12, 2002... Byline: Brian Johnson The Associated General Contractors of Minnesota wants to groom a fast-growing segment of Minnesota's population for work in the state's construction industry. The construction group is spearheading a task force...

Printware Inc. announces asset liquidation plan.
January 12, 2002... Byline: F&C Staff St. Paul-based Printware Inc. (Nasdaq:PRTW) late Thursday announced its board of directors approved a plan of liquidation of the net assets of the company. Printware will file a proxy statement to seek shareholder...

Allete rejects $515M offer for FL Water Services.
January 15, 2002... Byline: Dave Price Duluth-based Allete Inc. on Monday said it is expanding talks to include other potential buyers after turning down a $515 million offer from a cooperative of local utility companies for Alletes Florida Water Services...

Minnesota contractors questioning sales-tax change.
January 15, 2002... Byline: Brian Johnson The Associated General Contractors of Minnesota is concerned about a recent amendment to the Minnesota sales-and-use tax that requires suppliers to change the way they compute sales tax on construction materials....

MN-based building glass service provider to expand.
January 15, 2002... Byline: F&C Staff Harmon, Inc., a Golden Valley-based provider of building glass services, announced that it plans to expand its building renovation pilot program beyond Minnesota. Harmon's Renovation Division will be expanded to Chicago,...

Natural Resource Group opens Houston office.
January 15, 2002... Byline: F&C Staff Minneapolis-based Natural Resource Group Inc. opened its first branch in Houston. The new office will offer the same environmental consulting expertise currently available at its Minneapolis office, as well as a...

Wells Fargo 2001 venture capital returns fall.
January 16, 2002... Byline: Dave Price Anybody wanting to understand how venture-capital returns fell off the table during 2001 needs only to look at the balance sheet of Wells Fargo & Co. for a quick tutorial.The bank holding companys venture-capital...

Fraternal societies' two new banks work on growth.
January 16, 2002... Byline: Mark Anderson The Jan. 1 marriage of Minneapolis Lutheran Brotherhood and its longtime fraternal benefits counterpart, the Aid Association for Lutherans (AAL), should give their combined banking experiments a welcome boost. Both...

Remote Internet access co. completes acquisition.
January 16, 2002... Byline: F&C Staff Minneapolis-based RemotePipes Inc., a remote Internet access company, Tuesday announced it acquired MaGlobe Inc., a provider of prepaid Internet global roaming services.The acquisition was completed through an all-stock...

Restaurant chain acquires Vinny Testa's.
January 16, 2002... Byline: F&C Staff Minneapolis-based Buca Inc. (Nasdaq:BUCA) announced Tuesday that it has completed the acquisition of the assets of the nine-unit Vinny Testas concept based in Boston.The acquisition was completed substantially on the...

Minneapolis company acquires German concern.
January 16, 2002... Byline: F&C Staff Minneapolis-based Sick Maihak announced Tuesday that it completed the acquisition of Bernath Atomic GmbH & Co., which is based in Wenningsen, Germany. Bernath Atomic produces carbon analyzers for emission measurement and...

Twin Cities is 67th-most affordable housing market.
January 17, 2002... Byline: Brian Johnson The Twin Cities housing market is slightly more affordable than the average market in the United States, according to a study released Wednesday by the National Association of Home Builders. The association's Housing...

Vital Images completes $3.7 million warrant redemption.
January 17, 2002... Byline: F&C Staff Vital Images Inc. (Nasdaq:VTAL), a medical imaging software company, this week announced that all of its outstanding redeemable, five-year common stock purchase warrants were exercised prior to the expiration of the...

Ham Lake-based Oxboro Medical approves name change to Sterion.
January 17, 2002... Byline: F&C Staff Ham Lake-based Oxboro Medical shareholders approved the company's name change to Sterion Inc. Trading was expected to begin Thursday on the Nasdaq SmallCap market under the symbol "STEN." Sterion is a developer,...

Hendricks joins Onvoy as chief operating officer.
January 17, 2002... Byline: F&C Staff Plymouth-based regional telecommunications and internet service provider Onvoy announced Wednesday that it named Fritz Hendricks chief operating officer. Hendricks, has over 20 years of experience in technical...

St. Paul-based Endocardial Solutions names Wagner director.
January 17, 2002... Byline: F&C Staff St. Paul-based Endocardial Solutions Inc. (Nasdaq:ECSI) named Mark Wagner, currently the chief executive officer of cMore Medical, a healthcare software company that serves the medical billing and logistics arena, to its...

Minnesota Construction Association names new officers.
January 17, 2002... Byline: F&C Staff The Minnesota Construction Association (MCA), a Minneapolis-based organization that represents 250 firms and individuals involved in the building industry, has elected James Hentges as its president for 2002. Hentges...

MedSource Tech. plans initial public offering.
January 18, 2002... Byline: Dave Price In less than three years, MedSource Technologies has quietly pulled together a dozen different companies to become one of the largest providers in the country of engineering, product development and manufacturing...

Securian Financial focuses on growing trust market.
January 18, 2002... Byline: Mark Anderson When St. Paul's The Midway Bank agreed to be sold in a two-part deal last November, it picked a buyer for its trust line whose market promised some impressive growth opportunities. St.Paul-based Securian Financial...

Bank of Canada pays U.S. branch CEO most money.
January 18, 2002... Byline: F&C Staff The man in charge of Royal Bank of Canada's brokerage arm in the United States took home the most money last year among the bank's top executives, in part because he was paid in U.S. dollars.Irving Weiser, chief executive...

First Federal to acquire three Rochester Marquette banks.
January 18, 2002... Byline: F&C Staff La Crosse, Wis.-based First Federal Capital Corp. (Nasdaq:FTFC), parent company of First Federal Savings Bank La Crosse-Madison, announced Thursday it signed a definitive agreement with Marquette Bank to purchase three of...

Plumbing industry wants mandatory licensing law.
January 19, 2002... Byline: Brian Johnson Minnesota lawmakers will get another look this session at a bill that calls for mandatory licensing of all plumbers who work in the state. House file 714, which was introduced last year but failed to get a hearing,...

Builders Assn. of the Twin Cities announces 2002 president.
January 19, 2002... Byline: F&C Staff The Builders Association of the Twin Cities announced this week that Craig Plekkenpol, owner of Bloomington-based Plekkenpol Builders, is the association's 2002 president. Plekkenpol will oversee the activities of the...

Local firm encourages conservation in construction.
January 22, 2002... Byline: Brian Johnson David Winkelman was being interviewed for a newspaper story about his Brainerd-based company, the Water Foundation, when he paused for a moment to get on his soapbox."The only real capital in the world comes from...

SuperValu appears to be thriving a year after dropping Kmart.
January 22, 2002... Byline: Dave Price A long-term, exclusive agreement to deliver food to Kmart is quickly looking like the best thing that never happened to SuperValu Inc.A year ago, Eden Prairie-based SuperValu and a Texas-based rival, Fleming Foods, were...

MMIC Technology sells division to Minnesota Gastroenterology.
January 22, 2002... Byline: F&C Staff Minneapolis-based MMIC Technology Solutions, the technology member of the MMIC group of companies, recently signed an agreement to sell its NextGen Enterprise Practice Management system to Minnesota Gastroenterology...

New money-mgmt. firm offers 'escalator' funds.
January 23, 2002... Byline: F&C Staff If there is one thing that most analysts and other financial experts can agree on, it's that no investment is a sure thing. Investors always take a risk when they throw money into the markets. There is always a chance...

Rottlund Homes plans to go private again.
January 23, 2002... Byline: Dave Price Nearly 30 years since its 1972 launch and a decade after taking the company public, the Rotter family wants Rottlund Homes back to itself. Brothers David and Bernard (Bud) Rotter on Tuesday disclosed plans to buy back...

BioVascular bidding for injection molding company.
January 23, 2002... Byline: F&C Staff St. Paul-based BioVascular Inc. is moving to boost its micro-wire component business, announcing plans Tuesday to acquire Emtech Inc., an injection-molding and precision-milling company in Lino Lakes, and merge the firm...

E.mergent to be acquired by ClearOne Communications.
January 23, 2002... Byline: F&C Staff Minneapolis-based E.mergent Inc. (Nasdaq:EMRT) announced Tuesday that the company has signed a merger agreement with ClearOne Communications Inc. Corp. (Nasdaq:GTNR), formerly Gentner Communications Corp. The price was...

Local banks respond to troubled loan portfolios.
January 24, 2002... Byline: Mark Anderson Martin Weiss, an economist in Palm Beach Gardens, Fla., makes his living following the nations banks, with a special interest in chastising any failure to safely care for the nations collective savings account.Weiss...

Regis Corp aims to protect employee pension funds.
January 24, 2002... Byline: Dave Price Regis Corp. wants to make sure its employees dont take a haircut in the stock market.In what is likely the first attempt locally to protect employee pension plans from getting ravaged by a plunge in the companys stock...

Former Spanlink Communications CEO resumes post.
January 24, 2002... Byline: F&C Staff Minneapolis-based Spanlink Communications announced Wednesday that Brett Shockley has resumed his position as president and chief executive officer. From August 2000 to December 2001 Shockley was vice president and...

Market Reach targeted for acquisition by Utah concern.
January 24, 2002... Byline: F&C Staff Minneapolis-based Market Reach Communications Inc. has received a letter of intent to be acquired by Orem, Utah-based JustWebit.com Inc. (OTC Bulletin Board:JWIT).JustWebit.com seeks to acquire 100 percent of the variable...

Wilsons leather closes on $20M placement.
January 24, 2002... Byline: F&C Staff Wilsons The Leather Experts Inc. said Wednesday it has closed on a new equity investment, taking in $20 million in gross proceeds from the sale of 1.9 million shares of common stock to Bricoleur Capital Management.San...

A white knight from New York eyes Fingerhut Co.
January 25, 2002... Byline: Dave Price The potential white knight to rescue Fingerhut Co. may turn out to be a somewhat of a rarity in financial circles: a union-friendly capitalist.Kielin & Co., a New York-based investment bank known for helping workers save...

MN-based Research Inc. files for Ch. 11 bankruptcy.
January 25, 2002... Byline: F&C Staff Eden Prairie-based Research Inc. (Nasdaq:RESRE) Thursday announced that in order to enter the next phase of its restructuring it has filed a voluntary petition under Chapter 11 of the bankruptcy code.The semiconductor and...

The St. Paul Cos. names new senior VP.
January 25, 2002... Byline: F&C Staff St. Paul-based The St. Paul Cos. Inc. (NYSE:SPC) announced Thursday the appointment of Andy Bessette as senior vice president and chief administrative officer.Bessette, 48, will oversee administrative services, corporate...

Economist offers mixed forecast for construction in 2002.
January 25, 2002... Byline: Brian Johnson A mixture of good news and bad news in the U.S. economy will make 2002 an "uneven year" for the construction industry, according to the chief economist for the Associated General Contractors of America. Speaking to a...

Carlson Marketing acquires CultureWorx.
January 25, 2002... Byline: F&C Staff For the third time in 90 days, Minnetonka-based Carlson Marketing Group has acquired a company. It purchased CultureWorx, an employee relationship marketing company based in the Chicago area.CultureWorx aligns employee...

Union official says anyone will do as Fingerhut savior.
January 26, 2002... Byline: Dave Price Union leaders representing Fingerhut employees said Friday they arent yet siding with any of the potential new owners, explaining their top priority right now is ensuring that the threatened catalog company survives long...

MBC Holding delisted from Nasdaq SmallCap market.
January 26, 2002... Byline: F&C Staff St. Paul-based MBC Holding Company (Nadsdaq:MBRW) announced that beginning Monday its common stock would begin trading on the Nasdaq OTC Bulletin Board because of its failure to meet the Nasdaq requirements for continued...

State response to Fingerhut may be limited by shortfall.
January 26, 2002... Byline: F&C Staff About a year ago, news of a Minnesota company shutting its doors came from the Iron Range.LTV Steel Mining Co. of Hoyt Lakes closed its operations, leaving 1,400 people out of work in a region that has been dealt its...

Digital River agrees to acquire assets of Beyond.com.
January 26, 2002... Byline: F&C Staff Eden Prairie-based Digital River (Nasdaq:DRIV), an electronic commerce outsource provider, Friday announced that it agreed to acquire substantially all the assets and customer contracts related to the eStores and...

MN-based medical supplier completes acquisition.
January 26, 2002... Byline: F&C Staff Ham Lake-based Sterion Inc. (Nasdaq:STEN), formerly known as Oxboro Medical Inc., completed the acquisition of substantially all the assets of Surgidyne Inc. Specific terms of the cash transaction werent disclosed.Sterion...

Fingerhut spinoff Metris Cos. is fighting its own problems.
January 29, 2002... Byline: Dave Price Analysts and officials at Metris Cos. can agree on at least one thing: Fingerhut is the least of the firms problems.Caught in a ongoing downdraft, the Minnetonka-based credit card issuer late last week tried to shore up...

Minneapolis-based Curative Health Services eyes $60 million acquisition.
January 29, 2002... Byline: F&C Staff Minneapolis-based Curative Health Services Inc. (Nasdaq:CURE) announced Monday it entered into an agreement to acquire Apex Therapeutic Care Inc., a specialty pharmacy services company based in Los Angeles, for $60...

FTC approval puts Digi's acquisition plans on fast track.
January 29, 2002... Byline: F&C Staff Minneapolis-based Digi International Inc. (Nasdaq:DGII) announced Monday that the Federal Trade Commission granted early termination of the waiting period in connection with its proposed merger with NetSilicon Inc. ...

Minneapolis-based BMC Industries completes sale of Vision-Ease's Optifacts.
January 29, 2002... Byline: F&C Staff Minneapolis-based BMC Industries (NYSE:BMM) announced it has completed the sale of Vision-Ease Lens Inc.'s Optifacts division to Essilor of America Inc. of Dallas, Texas. The Optifacts division is a software vendor...

London-based Sopheon completes acquisition of Orbital Software.
January 29, 2002... Byline: F&C Staff The Minneapolis-based U.S. headquarters of London-based Sopheon (London Stock Exchange:SPE) announced Monday that it recently completed the acquisition of London-based Orbital Software and has begun integrating Orbital's...

MN applies for EPA grant for brownfields.
January 30, 2002... Byline: F&C Staff The Minneapolis Community Development Agency applied to the Environmental Protection Agency for supplemental funding to continue Minneapolis successful brownfields pilot program, which began in 1999.Four brownfields, or...

MN co. works to create market for solar energy.
January 30, 2002... Byline: Brian Johnson In his most pessimistic moods, Ralph Jacobson pictures himself as someone who is in the wrong place at the wrong time when it comes to his business marketing, designing and selling solar energy systems. "It could be...