Finance and Commerce Daily Newspaper, MN articles from January 2004

Finance and Commerce Daily Newspaper, MN archives from January 2004

Builder avoids jail in Supreme Court ruling.
January 2, 2004... Byline: Brian Johnson In a case that was closely watched by the residential construction industry, the Minnesota Supreme Court this week reversed a lower court ruling that held a Stillwater homebuilder criminally liable for violating the...

Pentair completes the acquisition of Everpure Inc.
January 3, 2004... Byline: staff Golden Valley-based Pentair Inc. said that it has acquired Northbrook, Ill.-based Everpure Inc. from United States Filter Corp., a unit of Veolia Environnement. Pentair, which financed the acquisition through available...

3M announces plans to acquire HighJump Software.
January 6, 2004... Byline: staff St. Paul-based 3M has acquired Eden Prairie-based HighJump Software Inc., a provider of supply chain execution software. Terms of the transaction were not disclosed, and the transaction is subject to approval by HighJump...

Cash Systems to trade on the American Stock Exchange.
January 6, 2004... Byline: staff Cash Systems Inc., a provider of cash access solutions for the gaming industry, said that the company has been notified that its shares will begin trading on the American Stock Exchange under the symbol CKN today rather than...

Wells Fargo historian finds job is a labor of love.
January 6, 2004... Byline: Mark Anderson Think of Wells Fargo & Co. and what generally comes to mind are lenders, tellers, ATMs, and investment and insurance planners. But historians? Actually, it's not such a stretch, given the San Francisco-based...

No slowdown seen in Twin Cities housing construction market.
January 7, 2004... Byline: Brian Johnson The Twin Cities will likely see a record number of permits for new home construction in the coming year, according to Betty Hardle, a local residential construction expert. Speaking at a Builders Association of...

Minneapolis nonprofit has Lowertown district renovation plans.
January 7, 2004... Byline: staff Minneapolis-based nonprofit developer Central Community Housing Trust (CCHT) has announced plans to renovate the 100-year-old Crane Ordway Warehouse in downtown St. Paul to create 61 units of affordable housing. ...

Photo Control acquires video company in Plymouth.
January 7, 2004... Byline: staff Minneapolis-based Photo Control Corp. purchased Vaddio, a Plymouth-based company specializing in video conferencing and presentation products. The price was $450,000 plus 50,000 shares of Photo Control stock and the...

New Brighton firm eyes profits from abs of steel.
January 7, 2004... Byline: Neil Orman Remember those electro-stimulation belts that promised to give you perfect abs? Consumers spent $300 million on them in the span of just 10 months two years ago, before the Federal Trade Commission ordered them yanked...

Vicom acquires UROn Internet subscriber service.
January 8, 2004... Byline: staff Vicom Inc. said that it has entered into a definitive agreement to purchase Internet service provider UROn of St. Paul. UROn is a national provider of DSL, dial up and retail programs. Vicom's multiband division will...

State report outlines ways to help manufacturers.
January 8, 2004... Byline: staff A new report by the Department of Employment and Economic Development is recommending tax cuts and other initiatives to help the state's struggling manufacturers. "Positively Minnesota Manufacturing: Making it Great" was...

Business borrowers stifled by a new SBA lending cap.
January 8, 2004... Byline: Mark Anderson The Small Business Administration will today impose a severe new limit on borrowing under the agency's most popular loan program. The SBA's 7(a) program, which guarantees loans for general business operations,...

BOR-SON official anticipates sluggish construction year.
January 9, 2004... Byline: staff The head of a local construction services firm is predicting a relatively flat year for new construction in the Twin Cities. James Slinger, president of BOR-SON Construction Inc. of Bloomington, said in his annual...

Mineral exploration lands acquired in Northern Minnesota.
January 9, 2004... Byline: staff Franconia Minerals Corp. and Beaver Bay Joint Venture, said that BBJV, will acquire more than 5,000 acres of mineral rights from American Copper Nickel Company Inc. As part of its Birch Lake project, Franconia Minerals...

U.S. Small Business Administration shelves popular lending program.
January 9, 2004... Byline: Mark Anderson The U.S. Small Business Administration has abruptly suspended its popular 7(a) lending package, saying it doesn't have enough money to keep the program going. SBA Administrator Hector Barreto ordered the...

Demographics, changing attitudes drive a hot townhouse market.
January 13, 2004... Byline: Brian Johnson Driven by demand from baby boomers, empty nesters and young homebuyers on a budget, townhome construction reached new heights of popularity in the metropolitan area in 2003. Residential Research Services, a Coon...

Tennant acquires British cleaning equipment company.
January 14, 2004... Byline: staff Minneapolis-based Tennant Co. acquired Walter-Broadley Machines in a cash transaction. Terms of the transaction were not disclosed. Walter-Broadley is a privately owned, United Kingdom-based cleaning equipment company whose...

Twin Cities firms among top money managers.
January 14, 2004... Byline: Mark Anderson During the last 12 months, many professional investors enjoyed their best performance in a long time, but a cadre of Twin Cities money managers were showing what "best performance" really means by pulling down returns...

Small Business Administration restores 7(a) loans.
January 15, 2004... Byline: staff The U.S. Small Business Administration's cornerstone 7(a) loan program was back in business Wednesday after an enforced weeklong holiday. SBA Administrator Hector Barreto announced a temporary restoration of the program after...

Low interest rates erode income of Wayzata-based TCF financial company.
January 16, 2004... Byline: Mark Anderson TCF Chief Executive Officer Bill Cooper summarized his bank's last 12 months this way on Thursday: "It was kind of like that movie, 'The Good, the Bad and the Ugly.'" The "bad" in Cooper's banking narrative came...

Building owners in the Twin Cities hope new year will bring better commercial real estate market.
January 16, 2004... Byline: Brian Johnson The Building Owners and Managers Association of Minneapolis offered a five-word description of the Twin Cities commercial real estate market in its annual market outlook Thursday: "It's a jungle out there." ...

St. Paul-based Ecolab completes European pest elimination acquisition.
January 16, 2004... Byline: staff St. Paul-based Ecolab Inc. said that it has completed the previously announced acquisition of Nigiko, a Paris-based provider of commercial pest elimination services throughout France. Terms of the deal were not disclosed....

Strong December caps big year for Twin Cities homebuilders.
January 16, 2004... Byline: staff Proclaiming 2003 a "banner year for residential construction," the Builders Association of the Twin Cities announced Thursday that a busy month of December capped what's believed to be a record year for homebuilding in the...

McGrath appointed president & CEO of St. Paul-based Digital Angel Corp.
January 16, 2004... Byline: staff The board of directors of Digital Angel Corp., said that it has elected Kevin N. McGrath as president and chief executive officer of the company, replacing outgoing CEO Van Chu. McGrath was appointed to Digital Angel's Board...

Homebuilders give hope to struggling entrepreneurs.
January 17, 2004... Byline: Brian Johnson Local homebuilder Ray Miller was looking for ways to use his building talents for a charitable cause when he got an unexpected phone call from John Warder, a representative of Hope International, a nonprofit...

Richfield Remodeling Fair scheduled for Jan. 24.
January 17, 2004... Byline: staff Project managers will discuss the proposed Interstate 35W and Highway 62 Commons Area Reconstruction project during the upcoming Richfield Remodeling Fair at Richfield High School, 7001 Harriet Ave. The free event,...

Valspar Corp. acquires manufacturer, De Beer Lakfabrieken.
January 17, 2004... Byline: staff Minneapolis-based Valspar Corp. a coatings manufacturer said it has purchased De Beer Lakfabrieken, a privately-owned manufacturer and distributor of automotive refinish coatings based in Lelystad, The Netherlands. The...

Donaldson Co. increases quarterly cash dividend.
January 17, 2004... Byline: staff Donaldson Co. Inc.'s board of directors increased the stock dividend for the 17th consecutive fiscal year and authorized a two-for-one split of the company's stock. The board declared a regular cash dividend of 11 cents...

American Subcontractors Assn. of MN recognizes McGough Construction.
January 20, 2004... Byline: staff The American Subcontractors Association of Minnesota has named Roseville-based McGough Construction as its 2003 "General Contractor of the Year." McGough was one of three finalists for the award, which recognizes general...

Westinghouse to acquire PaR Systems nuclear business.
January 20, 2004... Byline: staff Minneapolis-based PaR Systems Inc. said Westinghouse will purchase an 80 percent interest in the company's commercial nuclear equipment and services group. Currently, PaR is majority owned by American Capital Inc. Terms...

Repairs backlog worries higher education officials.
January 20, 2004... Byline: Brian Johnson Gov. Tim Pawlenty's bonding package doesn't adequately address the deferred maintenance backlog and other construction needs at Minnesota's higher education facilities, according to officials from the Minnesota State...

Equity Marketing to acquire promotional agency business.
January 21, 2004... Byline: Staff Equity Marketing Inc. will purchase Minneapolis-based Johnson Grossfield Inc. for $4 million and $500,000 in stock plus additional consideration up to $4.5 million based on future performance. The acquisition is expected to...

At U.S. Bancorp: Income up, revenue flat, merger unlikely.
January 21, 2004... Byline: Mark Anderson U.S. Bancorp turned its promise of being one of the banking industry's "low-cost providers" into a 19.2 percent increase in fourth-quarter income, despite a small decline in overall revenue for the period, according...

Medamicus announces name change to Enpath Medical.
January 22, 2004... Byline: staff Medamicus Inc. said that the company will change its name from Medamicus Inc. to Enpath Medical Inc. effective Feb. 2. The Nasdaq trading symbol will change to NPTH effective with the opening of the stock market that same...

HomeServices of America buys Alabama's First Realty.
January 22, 2004... Byline: staff RealtySouth, a HomeServices of America Inc. company, acquired First Realty of Auburn, Ala. "Expanding our presence in Alabama is part of our long-term strategy, and this acquisition moves us closer to our goal," said Ron...

WealthSpring Mortgage expanding into New Mexico.
January 22, 2004... Byline: staff Golden Valley-based WealthSpring Mortgage said that the company has expanded into the New Mexico market. The expansion is one of its initiatives to become a national player in the mortgage industry. The company is also...

Wilsons Leather closing stores, eliminating jobs.
January 23, 2004... Byline: staff Wilsons The Leather Experts Inc. announced major cost-cutting plans on Thursday, including closing up to 100 of its 598 stores and eliminating about 950 retail jobs. In addition, 70 positions will be cut at the company's...

Bankers' group offers high-tech support.
January 23, 2004... Byline: Mark Anderson U.S. bankers invested more than $30 billion in technology in 2003, and industry observers predict that figure will climb nearly 5 percent in each of the next several years. Those high-tech investments should...

Contractors face legal risks under court ruling.
January 27, 2004... Byline: Brian Johnson A Minnesota Court of Appeals ruling could have a major effect on building owners and remodeling contractors in the state, according to a local attorney who practices in construction law. C.J. Schoenwetter, an...

Ballistic Recovery Systems signs contract to retain CEO.
January 27, 2004... Byline: staff South St. Paul-based Ballistic Recovery Systems Inc. said that the company's board of directors has completed negotiations with its chief executive, Mark B. Thomas, who accepted and signed a new employment contract. The...

ALLETE appoints Donald Shippar president and CEO.
January 27, 2004... Byline: staff Duluth-based ALLETE Inc. said its board of directors has named Donald J. Shippar president and chief executive officer. He will oversee all non-automotive operations at ALLETE. Shippar previously was executive vice president...

New state program helps low-income families save money.
January 28, 2004... Byline: mark anderson Saving isn't easy for most of us. But think how tough those monthly deposits would be if your family income dropped below the poverty line. That's the scenario that the Family Assets for Independence in Minnesota...

Minnetonka-based Snyder Drug Stores appoints Dave Schwartz president.
January 29, 2004... Byline: staff Minnetonka-based Snyder's Drug Stores Inc. named Dave Schwartz as president. Schwartz, 58, has more than 30 years of experience in the retail food and drug industry in senior management positions with Perry Drug Stores...

Minneapolis-based Bemis announces 14 percent dividend increase.
January 30, 2004... Byline: staff Minneapolis-based Bemis Co. Inc. said that its board of directors has approved a 14 percent increase in a quarterly cash dividend of 32 cents per share. This compares to the previous quarterly dividend of 28 cents per share....

Advantus feud with former employees moves to U.S. District Court in St. Paul.
January 30, 2004... Byline: Mark Anderson The legal argument between Minnesota Life's investment subsidiary, Advantus Capital Management, and two of its former longtime employees heated up and gained some new narrative detail from a pair of complaints filed...

Minn.-based Project for Pride in Living calls for more public spending for low-income housing.
January 31, 2004... Byline: Brian Johnson Residential construction is booming and home values are rising in the Twin Cities, but that's not entirely good news for Minneapolis-based Project for Pride in Living and other providers of affordable housing. ...

Industrial condo facility planned for Mendota Heights.
January 31, 2004... Byline: staff Rochester-based KAS Investment Co. is moving forward with plans to construct an "industrial condo" facility in Mendota Heights. KAS has selected United Properties as general contractor for the 38,400-square-foot...

Minneapolis-based BORN announces restructuring, names new CEO.
January 31, 2004... Byline: staff BORN, a Minneapolis-based technology consulting firm, announced on Friday that it has completed a financial restructuring of the company. The restructuring transfers primary ownership from founders Rick Born and Dale...

Medical Alley's Alley Ventures hires managing partner.
January 31, 2004... Byline: staff Medical Alley announced the hiring of Kevin Hennessey as Valley Ventures' managing partner. He will run the firm's early stage venture capital fund. Prior to joining Alley Ventures, Hennessey served as venture manager...