(WisBusiness) TUES News Summary — 19 Aug. 2008

From WisBusiness.com …

— Baird Venture Partners, the venture capital group of Baird Private Equity, says it has raised more than $170 million in committed capital for its third venture fund, exceeding its target of $150 million.

The fund will target investments in young, expansion-stage life sciences and business services companies, officials said. Earlier versions of the fund invested in NimbleGen Systems, which was sold last August to Roche for $272.5 million, and TomoTherapy, which went public in May 2007.

Returning institutional investors in the fund include State of Wisconsin Investment Board, Lurie Investments, A. O. Smith Retirement Plan, Northwestern Mutual Life Insurance Co. and Marshall & Ilsley Corp. New investors include American Family Insurance, Thrivent Financial for Lutherans, Sentry Insurance, and the State of Illinois Treasurer’s Office of Technology Development Account.

Baird Private Equity is the global private equity group affiliated with Milwaukee-based Robert W. Baird & Co. It is located in Chicago.

See release:
http://www.wisbusiness.com/index.iml?Article=133784

— The Milwaukee office of Legion Insurance has notified state and local officials that it will shut down and lay off 44 workers over the next nine to 12 months. Legion officials said the jobs will be moved to its Philadelphia office.

— Gov. Jim Doyle will officially open the Marquette Interchange today, announcing that all freeway lanes and ramps are complete.

There only remains some minor work on the project such as landscaping, according to Department of Transportation.

— Brown Deer-based Metavante Technologies Inc. and Temenos Group of Geneva, Switzerland, have expanded their alliance.

The expansion calls for Metavante and Temenos to immediately begin the joint marketing of the Temenos T24 packaged core banking software to foreign financial institutions in the United States.

Metavante is a leading provider of banking and payments technology in North America, while Temenos is an international provider of integrated core banking systems.

See release: http://www.biztimes.com/daily/2008/8/18/#metavante-expands-partnership-with-swiss-firm

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Press Releases
Alliant Energy Corporation Utility Subsidiaries Declare Preferred Stock Dividends
Baird Venture Partners Announces Close Of $170 Million Fund III
Cellectar, Inc. Begins GMP Production
Cranberry Fest Cook-Off
Hupy & Abraham Donation Provides Critical Resource For Motorcyclist Safety
Laboring Without Health Insurance? HSAs May Be an Affordable Option
Whyte Hirschboeck Dudek S.C. Announces Eight New Shareholders

For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82


TOP STORIES
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Industrial park could bring money, 1,000 jobs to Somers: A proposed industrial park called First Park Somers could bring millions of dollars in tax revenue and 1,000 jobs to the area as early as next year. Michael Powers, a representative of First Industrial Realty Trust, told the Somers Town Board last week that he does not have any potential tenants and has yet to formally acquire 310 acres near the northeast corner of highways S and H, but town officials think the company’s track record is strong. The concept plan received unanimous approval from the board at a meeting last week. First Industrial Realty Trust also owns the properties where Gordon Foods and Affiliated Foods Midwest are currently building distribution centers.
http://kenoshanews.com/article_comments/view_comments.php?articleNum=3406107

Credit unions prosper: Net income shows increase of almost 17% in first half of the year … Net income at Wisconsin’s credit unions jumped almost 17% in the first half of the year, an increase the state’s top regulator attributed partially to credit unions staying the course and concentrating on their strengths during tough economic times. A report by the state Office of Credit Unions shows net income was about $62.1 million at the end of June, compared with $53 million for the first six months of 2007. “They really held the line on expenses, and losses weren’t bad,” Suzanne T. Cowan, director of the Office of Credit Unions, said Monday. For the six-month period, savings grew 8.5% at Wisconsin’s 259 state-chartered credit unions, to more than $15 billion.
http://www.jsonline.com/story/index.aspx?id=784546

Madison pharmaceutical company gets OK to start making drugs: Plans to test anti-cancer compound … A Madison pharmaceutical company said Monday it can now manufacture drugs, paving the way for clinical trials of its first anti-cancer compound. Cellectar Inc. has done manufacturing runs and completed other tests to show it can comply with the U.S. Food and Drug Administration’s “good manufacturing practice” requirements — a critical capability for any company that wants to make pharmaceuticals, said Neal Sandy, Cellectar’s chief operating officer. That makes Cellectar the first Wisconsin-based drug company that is able to do research, development and manufacturing of pharmaceuticals, said James Leonhart, executive vice president of the Wisconsin Biotechnology & Medical Device Association.
http://www.jsonline.com/story/index.aspx?id=784574

90 wind farm turbines proposed for Columbia County: We Energies of Milwaukee wants to build a wind farm with 90 turbines and a capacity of up to 234 megawatts in Columbia County near Randolph, according to an application filed with the Wisconsin Public Service Commission. Each turbine planned for the towns of Randolph and Scott would be mounted on a steel tower 262.5 feet above the ground. Blade lengths would be 126 to 152 feet. The Randolph Wind Project, scheduled for completion in May 2010, would involve about 20 miles of access roads, aluminum cables buried 4 feet underground, an operations and maintenance building and a substation with transformers and switching gear. Moving cranes across the land will require installation of timber mats or temporary bridges across wetlands and waterways.
http://www.madison.com/wsj/home/biz/301222

Metavante expands alliance with Swiss firm: Metavante Technologies Inc. of Brown Deer and Temenos Group of Switzerland said they have expanded their strategic alliance. The expansion calls for Metavante (NYSE: MV) and Temenos (SWX: TEMN) to immediately begin joint marketing of the TEMENOS T24 packaged core banking software to foreign financial institutions in the United States. Metavante is a leading provider of banking and payments technology in North America, while Temenos is an international provider of integrated core banking systems. Through the strategic agreement, which was announced Monday, Metavante and Temenos will jointly market to international financial institutions with U.S.-based operations the T24 international packaged core banking system.
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily2.html?surround=lfn

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WISBUSINESS FEATURED COLUMNISTS

GREGG HOFFMANN: Contributor, WisBusiness.com

TOM STILL: President, Wisconsin Technology Council

JENNIFER SERENO: Senior manager, Wood Communications Group

STEVE JAGLER: Executive editor, Small Business Times

TOM BURZINSKI: IT executive and consultant
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TECHNOLOGY (back to top)
– City Web services to return ASAP after Friday hacking
http://www.madison.com/tct/news/stories/301208

– State partners with Aidmatrix for flood recovery efforts
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily3.html?surround=lfn

BIOTECH (back to top)
– Water technology executives to visit Vietnam
http://www.jsonline.com/story/index.aspx?id=784537

– 234-megawatt wind farm proposed in Columbia County
http://www.madison.com/tct/news/stories/301177

ECONOMY (back to top)
– Company’s expansion keeps in tune with owner’s passion
http://www.dailyreporter.com/item.cfm?recid=20049331&snippet=t&forward=%2Fitem%2Ecfm%3Frecid%3D20049331%26snippet%3Df

– Gas prices still falling, but not as fast
http://www.madison.com/tct/news/stories/301163

MANUFACTURING (back to top)
– Milton business plans expansion
http://www.gazettextra.com/news/2008/aug/18/milton-business-plans-expansion/

LABOR (back to top)
– Transit strike ends; buses to resume service today
http://www.journaltimes.com/articles/2008/08/18/local_news/doc48a93b3f0e915646214644.txt

– Fewer Farm Workers Hired During June Survey Period
http://www.wisconsinagconnection.com/story-state.php?Id=1009&yr=2008

SMALL BUSINESS (back to top)
– Antiques shop fading into history
http://gazettextra.com/news/2008/aug/18/antiques-shop-fading-history/

INVESTING (back to top)
– Dow ends day down 180 points
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080818/APC03/80818034/1028

– Baird Venture Partners exceeds target in third venture fund
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily1.html?surround=lfn

– Report: Pension board downplays investment plan risks
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080818/APC03/80818037/1028

REAL ESTATE (back to top)
– Home sales slow; prices hold
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080819/GPG03/808190603/1247

– Housing starts dip to lowest level since March ’91
http://customwire.ap.org/dynamic/stories/H/HOUSING_STARTS?SITE=WIMAD&SECTION=HOME

– Neighbors cry ‘flip-flop’ after panel OKs 2 Sequoya Commons entrances
http://www.madison.com/tct/news/stories/301268

AGRIBUSINESS (back to top)
– State & National Milk Production Up in July
http://www.wisconsinagconnection.com/story-state.php?Id=1006&yr=2008

– Crop Report: Wisconsin Counties Need Rain!
http://www.wisconsinagconnection.com/story-state.php?Id=1007&yr=2008

– WLIC Introduces the ‘Livestock Vantage’ Animal ID Program
http://www.wisconsinagconnection.com/story-state.php?Id=1008&yr=2008

TRANSPORTATION (back to top)
– Marquette Interchange in Milwaukee reopens, far ahead of schedule
http://www.madison.com/tct/news/301267

– Airport project set for flight
http://www.dailyreporter.com/item.cfm?recid=20049330&snippet=t&forward=%2Fitem%2Ecfm%3Frecid%3D20049330%26snippet%3Df

– AirTran to hike fees for second, oversized bags
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily7.html?surround=lfn

– Fewer airline passengers expected over Labor Day holiday
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily5.html?surround=lfn

RETAIL (back to top)
– Back to school: Shaky economy hits kids
http://hosted.ap.org/dynamic/stories/S/SCHOOLS_HARD_TIMES_WIOL-?SITE=WIMAD&SECTION=HOME

– A cheer for craft beer
http://www.jsonline.com/story/index.aspx?id=784536

– RV sales hit pothole
http://www.jsonline.com/story/index.aspx?id=784547

– A difficult balancing act
http://www.gmtoday.com/news/local_stories/2008/Aug_08/08162008_08.asp

REGULATION (back to top)
– EPA grant fuels local initiative to preserve at the pump
http://www.madison.com/tct/news/stories/301191

– Vote on tax for Madison schools considered
http://www.madison.com/wsj/topstories/301231

TOURISM (back to top)
– Hoteliers puzzled by Brookfield’s abandonment of tourism bureau
http://www.gmtoday.com/news/local_stories/2008/Aug_08/08182008_03.asp

– Northern Wisconsin State Fair director hired
http://www.leadertelegram.com/story-news_local.asp?id=BHH5TK83EIU

– ‘Fonz’ statue to be unveiled Tuesday
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily6.html?surround=lfn

UTILITIES (back to top)
– Minnesota Gov. Pawlenty, rumored GOP VP candidate, talks energy during nuclear power plant tour at UW-Madison
http://www.madison.com/wsj/home/local/301218

– Newest WPS power plant dedicated
http://www.wausaudailyherald.com/apps/pbcs.dll/article?AID=/20080818/WDH0101/80818077/1618/WDH03

– Offset rising heating bills
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080819/GPG0101/808190623/1978/GPGnews

HEALTH CARE (back to top)
– Health costs to rise in ’09
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080819/APC03/808190463/1028

FINANCIAL SERVICES (back to top)
– Legion Insurance to close Milwaukee office
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily9.html?surround=lfn

– Fannie Mae, Freddie Mac fall on Barron’s curtain call
http://milwaukee.bizjournals.com/milwaukee/stories/2008/08/18/daily8.html?surround=lfn

– Thrivent moves bank workers
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080819/APC03/808190472/1028

– Credit management workshops set
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080819/APC03/808190479/1028

MANAGEMENT (back to top)
– Ethics expert kicks off series
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080819/APC03/808190475/1028

– St. Norbert’s CEO speaker series opens Sept. 17
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080819/GPG03/808190606/1247

– ‘I.O.U.S.A.’ shows include Buffett views
http://www.jsonline.com/story/index.aspx?id=784543

BUSINESS COLUMNS (back to top)
– Larry Avila: There’s always a hook to lifetime guarantees
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080819/APC0701/808190469/1436/APC03

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