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Daily news and top headlines for manufacturing professionals

Fisker Bankruptcy Bidding Heats Up Quickly

January 13, 2014 9:56 am | by Randall Chase, AP Business Writer | News | Comments

A group led by Hong Kong billionaire Richard Li is offering $55 million at auction for Fisker Automotive, just days after a judge rejected a private sale of the failed electric-vehicle manufacturer. Hybrid Technology's conditional offer includes $30 million cash and $25 million in credit for what it's owed as Fisker's senior secured lender.

Suntory Buying Spirits Maker Beam For $13.62B

January 13, 2014 8:17 am | News | Comments

Beam, the maker of Jim Beam and Maker's Mark alcohol brands, has agreed to be acquired by Japan's Suntory Holdings Ltd. for approximately $13.62 billion. The companies put the deal's value at about $16 billion, including debt.     

Wanxigang Increases Offer For Fisker

January 9, 2014 8:28 am | by Randall Chase, AP Business Writer | News | Comments

An attorney for Fisker's official committee of unsecured creditors told a Delaware bankruptcy judge on Wednesday that Wanxiang may increase its offer even more if the judge approves a competitive auction for Fisker. "They have told us they have considerable room to go," said William Baldiga, the attorney.

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Most Innovative Companies #9: DGI Supply

January 8, 2014 12:45 pm | Articles | Comments

Our #9 pick is DGI Supply, which uses consolidation as a long-term business strategy that integrates the needs of the organization with a technique to troubleshoot the challenges of an aging workforce in a still-thriving industry. 

Oracle To Buy Corente To Expand Cloud Services

January 8, 2014 8:52 am | News | Comments

Oracle Corp. said Tuesday that it has agreed to buy networking technology maker Corente to expand its cloud-computing services. Oracle, which makes business software, did not disclose any financial details of the deal. It also did not say when it expects the acquisition of the Bernardsville, N.J., company to close.

Forest Labs Buying Aptalis For $2.9B

January 8, 2014 8:31 am | News | Comments

Forest Laboratories is buying Aptalis, which specializes in treatments for gastrointestinal problems and cystic fibrosis, for $2.9 billion in cash.Forest Labs President and CEO Brent Saunders said in a statement Wednesday that the transaction would help his company diversify its business.

Verso Paper Buying NewPage On $1.4 Billion Deal

January 6, 2014 11:09 am | News | Comments

Verso President and CEO David Paterson said in a statement on Monday that the buyout will put it in a better position to face increased competition. Paterson will lead the combined company, which will have 11 manufacturing plants in six states and sales of about $4.5 billion.

3D Systems Buys Gentle Giant Studios

January 3, 2014 9:53 am | News | Comments

Gentle Giant, based in Burbank, Calif., has led the development of state-of-the-art content using 3D scanning and modeling to develop and make licensed 3D printed characters, toys and collectibles from a variety of franchise properties.

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N.C. To Privatize Efforts For Wooing Manufacturers

January 2, 2014 2:01 pm | by Emery P. Dalesio, AP Business Writer | News | Comments

Gov. Pat McCrory's administration is moving to privatize parts of the public agency that woos companies and jobs to North Carolina, hoping to make business recruitment more agile and effective. The revamp would motivate business recruiters in the same way as other salesmen — by possibly paying them bonuses for success and making it easier to fire them when they fail.

3D Systems Acquires Xerox’s Solid Ink R&D Teams

January 2, 2014 1:28 pm | by Joel Hans, Managing Editor, Manufacturing.net | News | Comments

3D Systems today announced that it has completed the acquisition of Xerox's solid ink engineering and development teams, plus the development labs and patent portfolio, for $32.5 million in cash. 3D Systems says it will bring the printer design and material science teams together, along with the associated IP, to further its R&D efforts and manufacturing capabilities.

Fiat To Pay UAW $3.65B For Remaining Chrysler Shares

January 2, 2014 9:31 am | News | Comments

Fiat already owns 58.5 percent of Chrysler's shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for retirees. Under the deal, Fiat will make an initial payment of $1.9 billion to the fund, plus an additional $1.75 billion upon closing the deal.

Company Shows Interest In Near-Bankrupt Fisker Assets

January 2, 2014 9:26 am | News | Comments

A company has filed a proposal to buy the assets of Fisker Automotive, days before a hearing planned in the electric vehicle maker's bankruptcy. The proposed agreement between Fisker and Wanxiang America Corp. was filed Monday in bankruptcy court. A hearing on a possible sale of Fisker's assets is scheduled for Friday in Wilmington.

Cooper Tire Ends Buyout Agreement With India's Apollo

December 30, 2013 9:44 am | News | Comments

Cooper Tire & Rubber Co. is calling off its proposed $2.2 billion sale to India's Apollo Tyres, a deal that would have created the world's seventh largest tire company. The U.S.-based company said Monday that financing is no longer available, and it continues to claim, as it has for months, that Apollo breached the terms of the agreement.

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ThyssenKrupp Sells Massive $5 Billion Ala. Mill

December 27, 2013 8:29 am | by Melissa Nelson-Gabriel, Associated Press | News | Comments

News that ThyssenKrupp planned to sell the $5 billion mill just five years after it opened sent a ripple through the region, which depended on well-paying jobs related to the mill throughout the economic downturn. ThyssenKrupp has said its plan to import steel slabs from its plant in Brazil fell apart because of the recession and increasing production costs in Brazil.

Beechcraft To Be Bought By Cessna Parent Company

December 27, 2013 7:46 am | by The Associated Press | News | Comments

Cessna Aircraft parent company Textron Inc. said Thursday it will buy Beechcraft Corp. for approximately $1.4 billion, a deal that would combine two mainstays of Wichita's general aviation industry. Textron said it expects to complete the acquisition early next year.

Altria, Philip Morris Int'l Partnering On Products

December 20, 2013 12:15 pm | by Michael Felberbaum, AP Tobacco Writer | News | Comments

Companies are venturing into smokeless tobacco and other nicotine products to diversify beyond the declining traditional cigarette business as tax increases, health concerns, smoking bans and stigma cut into demand. Electronic cigarettes are battery-powered devices that heat a liquid nicotine solution, creating vapor that is inhaled.

Jazz Pharma To Pay $1B For Rare Disease Drug Co.

December 20, 2013 9:43 am | by The Associated Press | News | Comments

Jazz will make a tender offer of $57 per share for the Italian company, about a 2 percent premium to Gentium's closing stock price in the U.S. on Thursday. Gentium develops drugs to treat a variety of rare diseases and conditions, including orphan vascular diseases related to cancer treatments.

Daimler, Aston Martin Ink Engine Development Deal

December 19, 2013 9:23 am | News | Comments

Daimler AG and British sports car maker Aston Martin Lagonda Ltd have signed a deal that will see the two companies develop engines together and the German company get a stake in Aston Martin. The companies said Thursday that Aston Martin and Daimler subsidiary Mercedes-AMG will develop V8 engines for a new generation of Aston Martin cars.

Altra Industrial Motion Completes Acquisition Of Svendborg Brakes

December 18, 2013 3:14 pm | News | Comments

Altra Industrial Motion Corp. (Nasdaq: AIMC) today announced the closure of its acquisition of Svendborg Brakes A/S and S.B. Patent Holding ApS, which manufacturing caliper brakes. Headquartered in Vejstrup, Denmark, Svendborg services a number of industrial markets, including oil and gas, mining, metals, material handling and more.

Google Deal Adds To Company's Robotics Toolbox

December 17, 2013 8:21 am | by Michael Liedtke, AP Technology Writer | News | Comments

To gather the expertise and research it needs, Google has purchased eight companies that specialize in robotics this year. The acquisitions are being assembled into a new robotics division headed by Andy Rubin, who oversaw Google's development of Android, now the world's leading mobile operating system.

Valeant Buying Solta Medical For About $250M

December 16, 2013 10:54 am | News | Comments

Valeant Pharmaceuticals International Inc. is buying Solta Medical Inc. for about $250 million. Valeant will pay $2.92 per Solta share, which is a 40 percent premium to its Friday closing price of $2.09. Shares of Solta surged on the news Monday.   

Koch Finishes $7.2B Deal For Ill. Company

December 10, 2013 9:42 am | News | Comments

Wichita-based Koch Industries Inc. has completed its $7.2 billion purchase of an Illinois company that makes electronic components and cables. Koch says it is paying $38.50 per Molex Inc. share in cash, plus 18 cents per share, representing a pro-rata portion of the regular quarterly cash dividend.

Sysco To Buy US Foods For About $3.5B

December 10, 2013 7:41 am | News | Comments

One of the largest food supply companies is buying one of its key rivals, creating an even larger, global distribution company.Sysco is buying privately held US Foods for about $3.5 billion in cash and stock.         

Top 13 In 2013, #12: Hostess Goes Under

December 9, 2013 1:00 pm | by Joel Hans, Managing Editor, Manufacturing.net | Articles | Comments

One of the biggest stories on Manufacturing.net was one that took quite a while to bake, as it were, completely through: the bankruptcy, and subsequent sale, of Hostess Brands, Inc., maker of the Twinkie and Wonder Bread. The initial news actually came out more than a year ago, when Hostess announced it was going out of business, laying off 18,500 employees and putting its brands up for sale.

Post Buying Golden Boy, Dymatize In 2 Deals

December 9, 2013 11:35 am | News | Comments

Cereal maker Post Holdings is buying Golden Boy Foods Ltd. and Dymatize Enterprises LLC to help expand its store-brand and nutrition businesses.Post said Monday that it is buying privately held Golden Boy from affiliates of Tricor Pacific Capital Inc. and other shareholders for $320 million Canadian ($300.2 million U.S.).

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