Finance and Commerce Daily Newspaper, MN articles from July 2003

Finance and Commerce Daily Newspaper, MN archives from July 2003

Imation Corp. to purchase German-based EMTEC Magnetics GmbH.
July 1, 2003... Byline: F&C Staff Imation Corp. announced it has entered an agreement to purchase intellectual property including removable data storage tape media from EMTEC Magnetics GmbH, a German-based manufacturing subsidiary of EMTEC International...

Eden Prairie-based Stratasys among best performing Minnesota stocks at halfway point.
July 1, 2003... Byline: Dave Price Stratasys is making money, and that's making investors happy. The Eden Prairie-based manufacturer of rapid-prototyping devices was among the best performing Minnesota stocks during the first half of 2003 -- parlaying...

Lander Group vows to rebuild the West River Commons, destroyed by fire last week.
July 2, 2003... Byline: F&C Staff Plans to rebuild the West River Commons -- an unfinished South Minneapolis residential and commercial complex that was destroyed by fire last week -- are "in the embryonic stage," according to the project's developer. ...

Minneapolis-based Graco Inc. announces construction of new office building.
July 2, 2003... Byline: F&C Staff Graco Inc. said Tuesday that it has begun construction of a new 42,000-square-foot office building on its corporate campus in Minneapolis. Manufacturing and administrative personnel who are currently located in the...

Northwest Airlines sells its interest in Worldspan.
July 2, 2003... Byline: F&C Staff Northwest Airlines Corp. said Tuesday that it has sold its interest in Worldspan L.P. to Travel Transaction Processing Corp. Citigroup Venture Capital Equity Partners L.P. and Teachers' Merchant Bank of Canada formed...

Twin Cities face stiff competition in luring biotechs.
July 2, 2003... Byline: Mark Anderson The Twin Cities and Minnesota aren't wrong to target new development among nascent biotechnology companies, but at least one seasoned observer cautions that competition for those jobs is going to be heated, and it's...

Worsening financial woes cause BMC Industries to miss $3.5 million bank payment.
July 2, 2003... Byline: Dave Price Beleaguered BMC Industries took another hit on Tuesday after the Minneapolis-based manufacturing company said it fell out of compliance with terms of its bank loan this week. The potential default was triggered after...

MN chapter of Nat'l Assn. of Industrial & Office Properties to sponsor panel.
July 3, 2003... Byline: F&C Staff The Minnesota chapter of the National Association of Industrial and Office Properties will sponsor a panel discussion called "Trends in Architecture and Space Design" on July 15. The event will be held at 8 a.m. at...

New environmental rules take builders by storm.
July 3, 2003... Byline: Brian Johnson When it comes to stormwater regulations and new development, everybody has an angle. Builders want less regulation, cities want to grow as painlessly as possible, and state government officials want to forge...

Maple Plain-based Innovex Inc. plans $30 million stock offering.
July 3, 2003... Byline: F&C Staff Innovex Inc. plans $30 million stock offering Maple Plain-based Innovex Inc. on Wednesday announced plans to raise nearly $30 million through a new public offering of the company's stock. Based on the stock's...

St. Paul's TKDA firm announces unit expansion, new promotions.
July 3, 2003... Byline: F&C Staff The TKDA engineering and architectural firm of St. Paul announced Wednesday that it has expanded its Water and Wastewater Services Department and has named Kurt Johnson to head the unit. Johnson, who has been with the...

Short-sellers squeezed by Plymouth-based Select Comfort stock price surge.
July 5, 2003... Byline: Dave Price Select Comfort is becoming a real pain for short-sellers. The Plymouth-based mattress company surprised Wall Street on Thursday, reporting a big jump in sales and earnings and handily beating even its own optimistic...

What's in a name? Builders Assn. of the Twin Cities is changing theirs.
July 5, 2003... Byline: Brian Johnson Would the Builders Association of the Twin Cities, by any other name, be just as good at representing its members? We'll soon find out. The Roseville-based trade association, which represents more than 1500...

M.A. Gedney emerging from Chapter 11.
July 8, 2003... Byline: F&C Staff The M.A. Gedney pickle company of Chaska said Monday that it has filed plans to emerge from Chapter 11 with a strong balance sheet, solid management team and the resources the company needs to grow. The plan provides...

Polluted site gets a new lease on life.
July 8, 2003... Byline: Brian Johnson With help from a $1.08 million state grant, a Minneapolis company that specializes in reclaiming contaminated real estate hopes to revive a long-vacant polluted site that has been rejected by more than 20 other...

TCF Financial persists in fight against debit card deal.
July 8, 2003... Byline: Mark Anderson The most aggrieved party in Wal-Mart's antitrust settlement against credit card giants MasterCard and Visa could well be TCF Financial - the $12 billion Midwestern bank that happens to be one of the nation's top...

Bemis Co. shares slump after company issues profit warning.
July 9, 2003... Byline: Dave Price Investors unloaded on Bemis Co. on Tuesday after the Minneapolis-based packaging company trimmed its second-quarter profit outlook by at least $7 million. Saying many of its customers are still reluctant to introduce...

St. Croix Sensory smells profits from Nasal Ranger.
July 9, 2003... Byline: Lee Owens The nose knows. But just how does an odor really measure up? That aroma can be accurately sniffed out by an odor measurement device called a Nasal Ranger Field Olfactometer. Family-owned St. Croix Sensory manufactures the...

Veit Companies recognized for outstanding safety.
July 10, 2003... Byline: F&C Staff Veit Companies, a Rogers-based group of companies that provide demolition, earthwork and other construction services, recently received two awards for outstanding safety. For the third consecutive year, Veit won the...

Bemis factory in Illinois to close, costing 115 jobs.
July 10, 2003... Byline: F&C Staff A Bemis Co. factory that produces packaging in southern Illinois will close in September, costing 115 jobs. Minneapolis-based Bemis, which has owned the Curwood packaging plant in Murphysboro since 1968, will merge...

Minnesota Bankers Association names new president.
July 10, 2003... Byline: F&C Staff Paul Pieschel, president of Farmers & Merchant State Bank of Springfield, leads the state's largest association representing banks in Minnesota. During the 114th annual meeting, Pieschel was installed as the president of...

Publication covers issues involved in raising capital.
July 11, 2003... Byline: F&C Staff Minnesota officials have developed a publication that explores many of the legal and business issues involved in raising capital for startup companies and early-stage developing businesses. The book, "Raising Capital:...

Minnesota Bankers Association names general counsel.
July 11, 2003... Byline: F&C Staff The Minnesota Bankers Association has appointed Tess Tice as general counsel, replacing Joe Witt, who was recently appointed executive vice president and CEO of the group. Tice has helped administer the legal affairs...

Small-business lenders doing brisk business.
July 11, 2003... Byline: Mark Anderson After bruising policy and funding battles that stretched through much of last year, lenders participating in Small Business Administration programs are enjoying a busy 2003. Total SBA-backed loans are up by close...

Target Corp. and Marshall Field's report sales increase.
July 11, 2003... Byline: F&C Staff Target Corp. said that its net retail sales for the five weeks ended July 5 increased 7.9 percent to $4.135 billion from $3.833 billion for the five-week period ended July 6, 2002. Comparable-store sales increased 0.8...

Residential building permits up in June.
July 15, 2003... Byline: F&C Staff Residential construction activity picked up its pace in the Twin Cities last month, according to building permit data released Monday by the Builders Association of the Twin Cities. According to the data, metro area...

Mortgage group says slowdown likely.
July 15, 2003... Byline: Dave Price After record sales each of the past two years and even higher totals projected for 2003, the U.S. housing industry may finally be ready for a small breather. That's the conclusion of experts at the Mortgage Bankers...

Water gardens catch homeowners' fancy.
July 15, 2003... Byline: Brian Johnson When Larry and Pam Garde renovated their Bloomington home a few years back, the project included an excavation that erased part of their lawn and created a muddy patch of land that attracted small animals and...

Housing sales continue to soar in Twin Cities.
July 16, 2003... Byline: F&C Staff Fueled by low interest rates, the metro housing market remains red hot, with closed sales increasing 20 percent in June compared with the same month last year, according to the Realtor Public Policy Partnership, a Twin...

Churchill Equity leads buyout of Minnetonka firm.
July 16, 2003... Byline: Dave Price A leveraged buyout four years ago by Corporate Benefit Services of America worked out so well that the company is doing it again. The up-and-coming health-care-benefits administrator in Minnetonka positioned itself...

Mortgage business drives surging Wells Fargo.
July 16, 2003... Byline: Mark Anderson Wells Fargo & Co. CFO Howard Atkins said during Tuesday's quarterly earnings briefing that "the big news is that we've done it again." The San Francisco-based banking giant achieved double-digit revenue and earnings...

Survey finds MN has 22 percent fewer job openings.
July 17, 2003... Byline: Lee Owens Minnesota jobseekers are competing for 22 percent fewer jobs than one year ago, according to a state study released Wednesday. The Minnesota Job Vacancy Survey estimated that the state has a job vacancy level of...

Checking growth fuels strong quarter for TCF Financial.
July 17, 2003... Byline: Mark Anderson It took some work to get there, but TCF Financial posted another hefty profit hike for the second quarter, with earnings per share reaching 90 cents based on income of $60 million. Earnings per share were 9...

MathStar closes on deal for $6 million in new funding.
July 17, 2003... Byline: F&C Staff Minnetonka-based MathStar announced Wednesday it has closed on $6 million in new funding, boosting its capital investment since inception to $40 million. The financing will help support the recent launch of the...

BMC Industries gets 60-day extension on debts.
July 17, 2003... Byline: F&C Staff BMC Industries won a two-month reprieve from a consortium of banks this week while the struggling manufacturer tries to dig out from a crushing debt load. Minneapolis-based BMC late last month fell out of compliance...

Compellent gains more than $14 million in financing.
July 18, 2003... Byline: F&C Staff Compellent Technologies said that it has secured more than $14 million in financing from Cargill Ventures and existing investors El Dorado Ventures and Crescendo Ventures. This brings the company's total funding to more...

Restructured MN basketball team commit to the long haul.
July 18, 2003... Byline: Liz Wolf Despite the fact that the Minnesota Lynx are facing lower-than-ever attendance numbers so far this season and could lose money for the second consecutive year, team officials say owner Glen Taylor is as committed as ever...

CVRx scores $22 million funding package.
July 18, 2003... Byline: Dave Price In Minnesota's biggest venture funding deal of the year, CVRx Inc. has secured $22 million in new funding to continue developing cardiovascular treatments. The Maple Grove startup launched four years ago as part of a...

Broadview Media announces its first quarter results.
July 19, 2003... Byline: F&C Staff Broadview Media Inc. announced its first quarter results for the three months ended June 30. Revenues of $886,752 compared to $1,514,888 for the same period a year ago. The company reported a net loss of $304,644 in...

NorthMarq Capital to double its size with acquisition.
July 19, 2003... Byline: F&C Staff Minneapolis-based NorthMarq Capital, a real estate mortgage banking subsidiary of Marquette Financial Cos., announced plans Friday to acquire the commercial real estate mortgage financing and mortgage servicing businesses...

Minneapolis man to create 45-by-60-foot mural out of pennies.
July 19, 2003... Byline: Brian Johnson When it comes to teaching kids about money, Bill Himmelwright will never be accused of pinching pennies. He prefers to build murals with them. Himmelwright, owner of Premium Quality Coin in the downtown...

Threshold Partners expands with office in Twin Cities.
July 22, 2003... Byline: F&C Staff Threshold Partners, a New Brunswick, N.J., firm that specializes in advising early and mid-stage companies on mergers and acquisitions and other growth strategies, announced plans on Monday to open an office in the Twin...

M&I Bank names new VP of business banking.
July 22, 2003... Byline: F&C Staff Milwaukee-based M&I Bank has promoted an executive in Minneapolis. John M. Uremovich was named vice president of business banking. Uremovich, who has been with M&I since 2001, works out of the regional office on...

MN to honor Phillippi Equipment for safety efforts.
July 22, 2003... Byline: F&C Staff An Eagan company will be recognized for its safety record by the Minnesota Department of Labor and Industry on Thursday. Phillippi Equipment Co. will be honored for its successful participation in the Minnesota Safety...

Rural Cellular stock leaps despite nagging debt worries.
July 22, 2003... Byline: Dave Price Rural Cellular stock pushed back to near its 52-week high on Monday after the Alexandria, Minn.-based wireless service provider announced improved revenues and plans to rework a portion of its debt. According to...

Minnesota Wire & Cable plugs into defense industry.
July 22, 2003... Byline: Jim Martyka Few companies would be willing to launch a new division without extensive thought, planning and soul-searching. But the head of Minnesota Wire & Cable Co. maintains that the decision to add a new unit last month was...

Women's business magazines step up in crowded market.
July 23, 2003... Byline: Neil Orman Two new women's business magazines -- one already on newsstands and the other seeking money for a launch later this year -- aim to take a chunk of the Twin Cities' hotly contested business news market. Women's...

Celebration planned for Sept. 13 museum opening.
July 23, 2003... Byline: F&C Staff City officials are planning a celebration to coincide with the grand opening of the Mill City Museum in downtown Minneapolis on Sept. 13. Dubbed "A Party of Historic Magnitude," the grand opening -- which is...

Medamicus Inc. acquiring operating assets of Biomec.
July 23, 2003... Byline: F&C Staff Medamicus Inc. of Plymouth announced Tuesday that it has reached a definitive agreement to acquire the operating assets of Biomec Cardiovascular Inc., a Minneapolis based developer and manufacturer of technology for...

COM Holding LLC invests in NextNet.
July 23, 2003... Byline: Dave Price One of the pioneers of the cellular telephone business has bought a stake in NextNet Wireless as part of a new venture financing to support the company's expansion into new markets. The round was led by COM Holding...

Minnesota Sports & Entertainment promotes executives.
July 24, 2003... Byline: F&C Staff St. Paul-based Minnesota Sports & Entertainment, the parent company of the Minnesota Wild professional hockey team, has named Doug Risebrough president and general manager. Risebrough, 49, previously had served as general...

ATS Medical transfers back to the Nasdaq market.
July 24, 2003... Byline: F&C Staff Michael D. Dale, president and CEO of ATS Medical Inc., said that ATS has received approval to transfer back to the Nasdaq National Market effective at the opening of business this morning. On Nov. 22, 2002 ATS...

Land O'Lakes Farmland Feed expands ethanol co-products.
July 24, 2003... Byline: F&C Staff Land O'Lakes Farmland Feed is working with corn and livestock producers to enhance their profitability with ethanol co-products. Dried distillers grains with solubles (DDGS) and wet distillers grains (WDG),...

CFO resigns from APA Optics to accept new position.
July 24, 2003... Byline: F&C Staff APA Optics said on Wednesday that Chief Financial Officer David Peters had resigned, effective Aug. 8 to accept a position with a private holding company in Eau Claire, Wis. Blaine-based APA Optics manufactures and...

Thrivent Financial Bank adjusts to changing times.
July 24, 2003... Byline: Mark Anderson Thrivent Financial Bank is edging, slowly but steadily, toward the financial revolution. The $344 million thrift -- the combination of banking operations started by Thrivent's faith-based insurance predecessors,...

Oakdale enters the mixed-use arena.
July 24, 2003... Byline: Brian Johnson For more than 20 years, Oakdale officials have been looking at development ideas for a 30-acre site in the heart of the city. Proposals -- including an idea for a Wal-Mart store -- came and went, but nothing ever made...

S&P cuts Metris Company's debt rating another notch.
July 25, 2003... Byline: F&C Staff Standard & Poor's Ratings Services on Thursday again trimmed its credit rating for Metris Company's citing uncertain profit and funding prospects for the Minnetonka-based credit-card company.Metris faces a Sept. 30...

Allete sheds water utilities for $296 million.
July 25, 2003... Byline: Dave Price Duluth-based Allete Inc. may finally get to move ahead with its long-delayed plans to unload its water utility business in Florida, announcing a deal on Thursday to sell seven local systems in the state for $296...

NorthMarq Capital moves to national stage.
July 25, 2003... Byline: Mark Anderson When NorthMarq Capital announced its agreement last week to acquire Legg Mason Real Estate Services, the Bloomington-based firm was capping a half-decade of rapid growth and confirming its ascent into the top ranks of...

Study shows economic impact of Twin Cities artists.
July 26, 2003... Byline: F&C Staff Two University of Minnesota researchers say artists are a major part of the Twin Cities workforce and make a strong contribution to the local economy.Ann Markusen and David King, both of the Humphrey Institute of Public...

Imation Corp. benefits from weakened U.S. dollar.
July 26, 2003... Byline: Dave Price One of the few strengths for Imation Corp. in recent quarters has been a weak dollar.The Oakdale-based manufacturer of data-storage products disappointed Wall Street this week, missing consensus earning estimates for the...

We Energies signs electricity agreement with Navitas.
July 29, 2003... Byline: F&C Staff Milwaukee-based We Energies signed 20-year power purchase agreements with two developers of wind farm electricity. Minneapolis-based Navitas Energy is developing two sites in eastern Wisconsin, and Midwest Wind Energy...

Some question whether reverse auctions work for construction.
July 29, 2003... Byline: Brian Johnson Earlier this year, the Minnesota Legislature decided against state officials using reverse-auction bidding for construction projects and services. But that isn't the case at the federal level, where the U.S. Army...

Gabberts gets $25 M in credit from LaSalle Retail Finance.
July 30, 2003... Byline: F&C Staff Retail asset-based lender LaSalle Retail Finance said on Wednesday that it has provided $25 million with three-year, revolving credit to Gabberts Inc. Minneapolis-based Gabberts, one of the largest independently owned and...

Opinions mixed on ethics hotlines.
July 30, 2003... Byline: Monte Hanson The Sarbanes-Oxley Act requirement that publicly traded companies establish a procedure for employees to anonymously report financial misdeeds by executives and colleagues has led to a surge of ethics hotlines. In the...

Diametrics Medical names new CFO.
July 30, 2003... Byline: F&C Staff Diametrics Medical Inc. on Tuesday said it has selected W. Glen Winchell as its new chief financial officer.Winchell joins the Roseville-based medical device manufacturer from Compex Inc., formerly Rehabilcare, where he...

Imation finance chief takes similar job in California.
July 30, 2003... Byline: F&C Staff Robert Edwards, chief financial officer of Imation Corp. since shortly after its spin-off from 3M seven years ago, resigned Tuesday to take a similar position with Milpitas, Calif.-based Maxtor Corp.In a conference call...

Christopher & Banks approves a three-for-two stock split.
July 30, 2003... Byline: F&C Staff Christopher & Banks Corp. said on Tuesday that its board of directors approved a three-for-two stock split of the company's outstanding common stock. Holders of the company's common stock will receive one additional share...

Oakdale facility has new take on bank design.
July 30, 2003... Byline: Brian Johnson Western Bank's branch office under construction in Oakdale gives new meaning to the term "community bank." The branch, scheduled to open in September at 10th Street and Hadley Avenue, has some of the typical features...

Met-Con Construction awarded contract for bank project.
July 31, 2003... Byline: F&C Staff Cannon Falls-based White Rock Bank has awarded a contract to Met-Con Construction to build a new branch office in Red Wing. The 8,000-square-foot project, to be completed this fall, calls for "full service banking...