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Daily news and top headlines for manufacturing professionals

Lorillard Buys UK-Based Electronic Cigarette Firm

October 2, 2013 7:38 am | by Michael Felberbaum, AP Business Writer | News | Comments

Lorillard Inc., the third-biggest U.S. tobacco company, has acquired U.K.-based electronic cigarette maker SKYCIG for 30 million pounds (about $49 million) to expand its global presence in the fast-growing business.         

Cooper Tire & Rubber Shareholders Approve $2.2B Buyout

September 30, 2013 1:51 pm | News | Comments

Cooper Tire & Rubber shareholders have approved its $2.2 billion acquisition by India's Apollo Tyres Ltd. The deal, which was announced in June, gives Cooper stockholders $35 per share in cash. The companies valued the transaction at about $2.5 billion.

FTC Signs Off On Actavis-Warner Chilcott Deal

September 30, 2013 9:55 am | News | Comments

Actavis said it will sell generic versions of three oral contraceptives and Warner Chilcott's post-menopausal osteoporosis drug Atelvia to Amneal Pharmaceuticals. It did not disclose terms of the sale. The Federal Trade Commission said the move will preserve competition and help keep prices down.

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Smithfield Foods Closes Sale To China's Shuanghui

September 27, 2013 7:54 am | by Michael Felberbaum, AP Business Writer | News | Comments

Smithfield Foods Inc. on Thursday completed its sale to Shuanghui International Holdings Ltd., the largest shareholder of China's biggest meat processor.The $34 per share deal approved by shareholders earlier this week is the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.

Emerson To Purchase Virgo Valves And Controls

September 26, 2013 12:12 pm | by Joel Hans, Managing Editor, Manufacturing.net | News | Comments

Emerson (NYSE: EMR) has announced today its intent to purchase Virgo Valves and Controls, LTD, a manufacturer of ball valves and automation systems headquartered in Pune, India. Virgo will operate within Emerson Process Management’s final controls business. Terms of the transaction were not announced.

Ford Buys Software Startup Livio

September 26, 2013 12:05 pm | News | Comments

Ford Motor Co. is acquiring Livio, a Michigan-based company whose software allows drivers to connect with their smartphone applications. Ford's chief technical officer, Paul Mascarenas, said Ford paid less than $10 million for the 11-person startup. Livio will become a wholly owned subsidiary of Ford.

American Industrial Partners To Acquire Flow International

September 26, 2013 12:01 pm | by Joel Hans, Managing Editor, Manufacturing.net | News | Comments

Flow International Corporation (Nasdaq: FLOW) has today announced that it has entered into a definitive agreement to be acquired by American Industrial Partners (AIP), a North American-based private equity firm, in a transaction valued at more than $200 million.

Icahn's Company Forming New Railcar Joint Venture

September 25, 2013 1:20 pm | News | Comments

Billionaire investor Carl Icahn's company is forming a new railcar joint venture that will include American Railcar Industries Inc. Icahn Enterprises LP bought a controlling stake of St. Charles, Mo.-based American Railcar Industries in 2010.    

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Stryker Buying Mako Surgical For About $1.41B

September 25, 2013 8:40 am | News | Comments

Stryker is buying Mako Surgical for about $1.41 billion, giving the medical device maker access to all of its robotic assisted surgery technology. Stryker will pay $30 per Mako share, an 86 percent premium to its $16.17 closing price Tuesday. The companies put the deal's value at about $1.65 billion.

Illinois Tool Works To Sell Packaging Business

September 24, 2013 1:45 pm | News | Comments

Illinois Tool Works will attempt to sell its industrial packaging business by the middle of next year. The company had said in February that it was reviewing its options for the business, which had revenue last year of $2.4 billion.    

Smithfield Shareholders Approve Shuanghui Deal

September 24, 2013 1:30 pm | by Michael Felberbaum, AP Business Writer | News | Comments

The deal, which is expected to close Thursday, will be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt. Its sale to Hong Kong-based Shuanghui comes at a time of serious food safety problems in China, some of which have involved Shuanghui.

Invensys Acquires InduSoft For HMI Capabilities

September 24, 2013 11:41 am | News | Comments

Invensys has acquired HMI and intelligent device software maker InduSoft in order to expand its HMI and SCADA offerings for OEM sector. InduSoft, headquartered in Austin, Texas, has delivered more than 250,000 HMI software licenses to more than 700 customers worldwide, who embed the software into their products. Terms of the agreement were not announced.

PPG Moving 300 AzkoNobel Jobs To Western Pa.

September 24, 2013 8:17 am | News | Comments

PPG Industries Inc. plans to move 500 workers — including 300 from AzkoNobel's recently acquired North American decorative coatings business — to western Pennsylvania within 18 months.The $1.05 billion AzkoNobel acquisition in April added paint brands like Glidden to PPG's Pittsburgh Paints and Olympic brands.

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Applied Materials In Takeover Of Tokyo Electron

September 24, 2013 8:01 am | News | Comments

Chip-making equipment manufacturer Applied Materials is acquiring Tokyo Electron Ltd., a rival maker of equipment for production of semiconductors, flat panel displays and solar panels. The two companies said their $9.39 billion all-stock transaction will result in the creation of a new company with a market capitalization of about $29 billion.

Fairfax Reaches Tentative Deal To Buy BlackBerry

September 24, 2013 7:39 am | by Rob Gillies, Associated Press | News | Comments

The tentative deal comes just days after the Canadian company announced plans to lay off 40 percent of its global workforce. The offer price is below what BlackBerry was trading at before the layoff announcement.Analysts say that although BlackBerry's hardware business is not worth anything, the company still owns valuable patents.

Big Shareholder Concedes On Smithfield Deal

September 20, 2013 1:13 pm | by Sarah Skidmore, AP Business Writer | News | Comments

Smithfield Foods Inc.'s largest shareholder says it will vote in favor of a proposed takeover by a Chinese meat producer after failing to find an alternative bidder. Starboard Value LP had said earlier this month that that it would vote against Shuanghui International Holdings Ltd.'s $34 per share offer because it wanted more time to seek alternatives that would provide better shareholder value.

BASF Buying Verenium For About $51.2M

September 20, 2013 7:52 am | News | Comments

Verenium focuses on developing and selling high-performance enzymes used in food and fuel markets. BASF is a diversified company whose products range from chemicals, plastics and performance and crop protection products to oil and gas.        

EnerSys Buys Purcell Systems For $115M

September 18, 2013 9:22 am | News | Comments

EnerSys said Wednesday that it reached a deal to buy Purcell Systems Inc. for $115 million. Spokane, Wash.-based Purcell designs, manufactures and markets thermally-managed electronic equipment and battery cabinet enclosures for telecommunication, broadband, utility, rail and military uses.

Huntsman To Buy Rockwood Businesses For $1.1B

September 17, 2013 7:42 am | News | Comments

Huntsman said Tuesday it also will assume $225 million in unfunded pension liabilities as part of the acquisition of performance additives and titanium dioxide businesses from Rockwood Holdings Inc. Texas-based Huntsman said it expects the deal to add about 60 cents per share to its annual earnings.

Allegheny Sells Tungsten Materials Unit For $605M

September 16, 2013 9:59 am | News | Comments

Metals maker Allegheny Technologies Inc. plans to sell its tungsten materials business for $605 million to Kennametal Inc. The Pittsburgh company said Monday that the deal gives it better financial flexibility as Allegheny Technologies, or ATI, focuses on growth opportunities in its high-performance metals and flat-rolled products segments.

FTC Clears Honeywell Acquisition, With Conditions

September 16, 2013 8:08 am | News | Comments

The U.S. Federal Trade Commission cleared Honeywell International Inc.'s acquisition of Intermec Inc. on Friday, on one condition.Honeywell will have to license the patents needed to make two-dimensional bar code scanners to Italian rival Datalogic for 12 years.

Packaging Corp. Buying Boise For About $1.27B

September 16, 2013 7:56 am | News | Comments

Packaging Corp. of America is buying Boise for about $1.27 billion, acquiring additional containerboard needed to support its growth. Boise, a maker of packaging and paper products, is based in Boise, Idaho. If the deal is completed, Packaging Corp.'s containerboard capacity will rise to 3.7 million tons from 2.6 million tons.

II-VI Buys Oclaro's Semiconductor Laser Business

September 12, 2013 10:08 am | News | Comments

Laser and optics manufacturer II-VI Inc. has acquired the semiconductor laser business of Oclaro Inc. for $92 million. Oclaro's shares jumped 30 percent to $1.38 before the opening bell Thursday. II-VI is acquiring semiconductor laser technology used in laser system products for material processing, medical, consumer and fiber optic communications.

Cisco Buys Memory Maker Whiptail For $415M

September 11, 2013 8:02 am | News | Comments

Cisco Systems said Tuesday it will acquire computer memory maker Whiptail for $415 million in cash and incentives. Privately held Whiptail is based in Whippany, N.J. It makes solid state memory systems that allow organizations process data faster and make their data centers more effective.

Complete Heat Treating Finishes Acquisition Of Wisconsin Steel Assets

September 9, 2013 2:04 pm | News | Comments

Complete Heat Treating, LLC has announced its acquisition of all assets and equipment of the former Wisconsin Steel Industries, Inc. With the completion of this acquisition, Complete is breaking into the commercial heat treating market in the Midwest, as the combined companies have more than 75 years of service in the metalworking industry.

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