BUSINESS NOTES BURBANK'S B3 GETS $15 MILLION BOOST.BURBANK - B3 Corp., a developer of business-to-business online platforms has received a $15 million shot in the arm. Zilkha Capital Partners, with participation from Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. , provided this venture capital funding, which comes in the form of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. pursuant to a share capital increase. Following the investment, B3 also announced David Archambault as its president and chief executive officer. - Daily News French give award to Northridge firm NORTHRIDGE - Harman International Industries Harman International Industries is an international audio equipment company. Brands
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Gregory P. Stapleton will accept the award from special representative of France for international investment Didier Lombard, Consul General Jean-Rene Gehan and Remi Girardot, president of Invest in France. Harman has invested 135 million francs in its Chateau-du-Loir site, and employs nearly 900 employees. The facility serves as Harman's European and Asian headquarters, and houses research and development facilities and worldwide logistics support for Harman's JBL JBL James Bullough Lansing (audio/speaker engineer) JBL Journal of Biblical Literature JBL John Bradshaw Leyfield (wrestler) JBL Jonathan Bell Lovelace (investment research) , Infinity and Harman Kardon brands. - Daily News Merger will focus on senior housing NEWPORT BEACH - Pacific Gulf Properties Inc. announced Friday that it is merging with FountainGlen Properties LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an affiliate of Prudential Real Estate Investors, to develop senior apartment assets. Under the agreement, Pacific Gulf will be folded into FountainGlen in a $143 million cash transaction, consisting of about $78 million in equity consideration, or about $3 per share, plus assumption of related debt of about $65 million. The transaction was approved by Pacific Gulf's board of directors, but still needs approval from Pacific Gulf's shareholders. The merger agreement provides that FountainGlen will acquire only Pacific Gulf's senior housing assets and corporate office building. - City News Service 2,300 retire early from Chrysler unit DETROIT - DaimlerChrysler AG's Chrysler unit said Friday that nearly 2,300 of its white-collar workers have accepted early retirement offers under the company's ambitious payroll-slashing bid, leaving about 2,700 of their colleagues now facing possible layoffs. As part of its push to cut 26,000 jobs - one-fifth of its work force - over the next three years, loss-making Chrysler intends to jettison jettison (jĕt`əsən, –zən) [O.Fr.,=throwing], in maritime law, casting all or part of a ship's cargo overboard to lighten the vessel or to meet some danger, such as fire. 6,800 salaried positions, including 1,800 contract jobs. - Associated Press Kodak's buyback gets suspended ROCHESTER, N.Y. - Eastman Kodak Co. will suspend its $2 billion stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program to speed debt reduction and possibly make some acquisitions, the company announced Friday. Kodak had been spending about $1 million a day to buy back stock as part of the share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and approved April 16, 1999. During the fourth quarter of 2000, Kodak bought back about 10 million shares at a cost of $445 million. The cumulative program total to date is about 32 million shares worth $1.8 billion. A company spokesman said Kodak will resume the buyback in the future. - Associated Press UPS will purchase Mail Boxes Etc. ATLANTA - United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. Inc. said Friday it has agreed to buy retail shipping franchiser Mail Boxes Etc. in a bid to capture a bigger share of the growing business in home and small-office shipments. Mail Boxes Etc., a privately held subsidiary of U.S. Office Products, has franchised 4,300 stores, including 900 in 29 countries outside the U.S. Terms of the all-cash deal for San Diego-based Mail Boxes Etc. were not disclosed. - Associated Press |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion