From WisBusiness.com …
— Commercial Products Corp. has notified the state that it plans to permanently layoff 75 workers from its Pleasant Prairie location over a seven month period beginning in October.
— Pharmaceutical company NanoMedex, Inc., is moving its corporate headquarters and research and development lab to Dane County from Gainesville, Fla., according to a press release from Kegonsa Capital Partners of Fitchburg.
The Sept. 1 move to the new company headquarters in the New Venture Center in Fitchburg was made possible in part by grants and potential tax credits offered by the Wisconsin Dept. of Commerce under Act 255. NanoMedex qualified for existing state grants designed to attract new business totaling $290,000.
NanoMedex CEO David L. Cooper previously was chief medical officer of Madison-based company Nimblegen, which sold to Hoffman LaRoche in 2007.
See the press release for details:
— Mike Rowe, host of the Discovery Channel TV series “Dirty Jobs,” will address attendees at the Paragon Development Systems Inc. 2008 Technology Conference on October 8-9 at the Kalahari Resort and Convention Center in the Wisconsin Dells.
Up to 500 people are expected to attend the 12th annual edition of the event, including high-level I.T. executives, directors, managers and senior system architects.
See details: http://www.wisbusiness.com/index.iml?Article=133478
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Paragon Development Systems, Inc.: “Dirty Jobs” host Mike Rowe to headline PDS Annual Tech Conference October 8-9
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Wisconsin Farm Bureau Federation: Pleased with Senate effort to maintain farm program payments for small farms
For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
Union leaders want NewPage to sell plant: Union leaders Wednesday called for a special session of the Wisconsin Legislature to urge NewPage Corp. to put its mill up for sale. Up to now, the Miamisburg, Ohio-based maker of fine-coated paper hasn’t wavered from its July 30 decision to shut the mill down permanently the end of this month. “NewPage can and will ignore the cries of the families and community they’re hurting. But they will not be able to not respond to the state,” said Michael Bolton, director of the Menasha-based District 2 regional office of the United Steelworkers, which held a rally Wednesday morning across the street from the mill. State Rep. Tom Nelson, D-Kaukauna, last week introduced a resolution asking the state Assembly to urge NewPage and Cerberus Capital Management, its New York-based private equity firm, to put the historic mill dating to 1889 up for sale on the open market.
Quad/Graphics to cut 100 employees: Printing company Quad/Graphics plans to cut 100 employees due to slowed business. Clare Ho, a spokeswoman for the privately owned company, said because about 7,200 of Quad’s 12,000 worldwide employees are in Wisconsin, the company’s home state will take the brunt of the reductions. The 100 employees are mostly in administrative positions. Ho says all areas of Quad’s business are being affected by the slumping economy. Quad prints magazines and catalogs, as well as retail insert advertising and direct mail pieces. Quad’s Wisconsin operations are in Sussex, Pewaukee, Lomira, West Allis and Hartford.
Florida pharmaceutical firm moving to Fitchburg: Only 1 employee but state bullish on growth potential… A Florida-based pharmaceutical company that plans to submit an investigational new drug application to the FDA this fall is moving to Dane County. NanoMedex, Inc. announced Wednesday it was relocating its corporate headquarters and research and development lab to the New Venture Center in Fitchburg from Gainseville, Fla., effective Sept. 1. The move is being helped with $290,000 in state assistance. While the move initially involves just one employee — NanoMedex CEO David Cooper — the company anticipates adding additional staff as its drug application moves through the FDA approval process. Cooper was previously chief medical officer of Madison-based Nimblegen, which was sold to Hoffman LaRoche in 2007.
June flooding causes big changes in state crop forecast: Extensive rains and flooding during June in several midwestern states, including Wisconsin, caused producers to change harvesting intentions for crops already planted, and modify planting decisions for acres not yet planted. In an effort to more accurately determine how many acres producers planted and still intend to harvest, the USDA conducted an intensive re-interview study in July. Those numbers indicate that Wisconsin acreage planted to corn dropped 50,000 acres from the re-interview study to 3.75 million acres. But soybean planted acreage were adjusted to 1.70 million acres, up 50,000 from the June estimate.
Ladish to buy forger of jet engine components: Ladish Co. Inc. said Wednesday that it has agreed to buy Chen-Tech Industries Inc., an Irvine, Calif., forger of jet engine components, in a merger valued at about $59 million. Ladish, a forger of jet engine and aerospace components based in Cudahy, did not disclose in a press release the final terms of the proposed cash and stock transaction. Closing is expected to occur in the third quarter. Chen-Tech has 2008 projected sales of about $50 million and serves some of the same customers as Ladish, said Ladish president and CEO Kerry Woody. The addition of Chen-Tech adds capabilities of producing nickel-based and titanium components for smaller jet engines serving single-aisle, regional and business aircraft, which Woody said will complement Ladish’s work in forging larger engine components.
CIB Marine Bancshares reports $14 million loss: The Pewaukee company that owns Marine Bank, reporting its second-quarter financial results, again posted what it termed “significant operating losses.” CIB Marine Bancshares Inc. lost $14 million, or 77 cents a share, for the three months ended June 30. A year ago, the company lost $212,000, or a penny a share, in the second quarter. The high cost of the firm’s trust-preferred securities, which it sold from 2000 to 2002 to finance growth, is among CIB Marine’s chief problems. Also besetting the company are continued deterioration in purchased home-equity loans; general economic conditions in some markets; higher loan loss provisions; and the need to set aside $3 million because of shareholder litigation.
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MANUFACTURING (back to top)
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SMALL BUSINESS (back to top)
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– Investment seminar Tuesday in Kimberly
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AGRIBUSINESS (back to top)
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RETAIL (back to top)
– Costco opening next Wednesday in Middleton
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TOURISM (back to top)
– Rare collection of Lennon art shown in Waukesha
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HEALTH CARE (back to top)
– Aurora hospitals make most-improved list
– More kids’ health can be insured
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FINANCIAL SERVICES (back to top)
– Analyst provides tips to make money go farther
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BUSINESS COLUMNS (back to top)
– Mary Umberger: Under the government’s roof
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