From WisBusiness.com …
— Swiss pharmaceutical giant Roche has dipped into Madison to purchase another biotech company.
This time around, it’s buying Mirus Bio Corp. for $125 million in a transaction expected to close later this year, the companies said. Roche bought Madison-based DNA chip maker NimbleGen for $272.5 million in 2007.
Mirus Bio is a leader in RNAi (ribonucleic acid interference) technology, a technique to determine how genes are turned off and on in cells — something that could result in new medicines and prevent disease-causing proteins from being made.
Mirus Bio officials said Roche will maintain its RNAi research site in Madison. Roche is headquartered in Basel, Switzerland, and employs 79,000 people worldwide.
— Rockwell Automation says its fiscal third quarter net income dropped to $152.6 million, or $1.03 per share, from $164.2 million, or $1.05 per share, for the same quarter last year.
The Milwaukee-based manufacturer’s total quarterly sales grew to $1.5 billion from $1.3 billion a year earlier. The company said foreign currency translation contributed five percentage points and acquisitions contributed four percentage points to Rockwell’s revenue growth rate.
— A sluggish economy and the march of advertisers to the Internet is resulting in a net-earnings decline of 36.4 percent for Journal Communications in the second quarter.
The company said profits from to $9 million, or 16 cents per share, from $14.2 million, or 21 cents per share, for the corresponding quarter last year.
The Milwaukee-based parent company of the Milwaukee Journal Sentinel said its quarterly revenue declined 5 percent to $140.1 million from $147.5 million a year earlier. In a bit of good news, the communications company said total online revenue was up 15.9 percent in the second quarter to approximately $4.7 million.
— Ningbo Vice Mayor Wu Hemin is urging continued economic cooperation between Milwaukee and the highly industrialized Chinese port city during a trade conference in Milwaukee.
Through a translator, Wu highlighted the advantages Ningbo offers in terms of free trade areas, manufacturing and transportation infrastructure, a business-friendly regulatory environment and quality of life amenities. The pitch went to a group of about 100 meeting at a hotel near the airport Tuesday.
The day-long event included talks on the Ningbo economy, a presentation about Milwaukee by the Metropolitan Milwaukee Association of Commerce, lunch and a networking session.
Wu, along with a delegation of 30 Ningbo officials and business leaders, is in Milwaukee for a week-long trade mission. On Monday, he presented the city with a gift of two stone lion statues, which are now placed at the entrance to the Zeidler Municipal building. The delegation is to attend a China-U.S. water symposium in Milwaukee on Friday.
For details on the symposium visit:
http://www.wispolitics.com/index.iml?Article=131118
— Wisconsin property taxes were 4.4 percent of personal income in fiscal year 2006, ninth highest in the country, according to a new Wisconsin Taxpayers Alliance report.
The study also found net property taxes rose 5.7 percent in 2008, the largest increase since 2005. The state imposed levy limits on municipalities and counties beginning in 2006.
The report used U.S. Census Bureau information to compare Wisconsin’s property taxes to other states. It found nationally that property taxes accounted for 3.5 percent of income.
Read the study:
http://www.wistax.org/news_releases/2008/0806.html
— Gov. Jim Doyle is in Washington, D.C., today to join members of Congress to unveil legislation that would give federal approval to the Great Lakes Compact. Doyle is chair of the Council of Great Lakes Governors.
— The ongoing work of the City of Milwaukee’s Brownfields Team to assess and remediate contaminated properties has received a new $1.3 million boost by the U.S. Environmental Protection Agency.
Milwaukee Mayor Tom Barrett announced Tuesday that the EPA awarded five grants to the Redevelopment Authority of the City of Milwaukee:
– $200,000 for environmental assessment at sites contaminated with petroleum.
– $200,000 for assessment at sites contaminated with hazardous substances.
– $200,000 for cleanup of 2227 N. 31st St.
– $200,000 for cleanup of 522 W. North Ave.
– $500,000 in supplemental funding for the Brownfield Revolving Loan Program.
See story: http://www.biztimes.com/daily/2008/7/22/#milwaukee-brownfields-team-gets-boost-from-epa
*****************************************
WISBUSINESS LUNCHEON: Global Warming Task Force Co-Chairs
Tuesday, August 12, 11:45 am, The Madison Club
WisBusiness.com, The Madison Club and Madison Magazine present “The Madison Business Luncheon” on Tuesday, August 12, with featured guests Global Warming Task force Chairs Roy Thilly of the Wisconsin Public Power and Tia Nelson of the Board of Public Land Commissioners.
Learn more about the Global Warming Task Force: http://dnr.wi.gov/environmentprotect/gtfgw/
Sponsored by Xcel Energy.
This event is open to the public, and the price for lunch is $19. Call the Madison Club to register at (608) 255-4861. The luncheon starts at 11:45 a.m. and ends at 1 p.m.
****************************************
THANKS TO OUR WISBUSINESS SPONSORS
- University of Wisconsin-Milwaukee
- Madison Gas & Electric
- University Research Park
- Wisconsin Technology Council
****************************************
QUICK LINKS
Use these links to jump directly to a news summary topic
Technology | Biotech | Economy | Manufacturing | Labor | Small Business | Investing | Real Estate | Agribusiness | Transportation | Retail | Regulation | Tourism | Utilities | Health Care | Financial Services | Management | Business Columns |
Press Releases
Aurora St. Luke’s Medical Center Achieves Triple Gold Recognition
Aurora St. Luke’s Medical Center Breaks Ground With New Early Detection Program for Pancreatic Cancer
Blood-Related Genetic Mechanisms Found Important in Parkinson’s Disease
Clean Wisconsin Launches Advertising Campaign Opposing Alliant’s Proposed Coal Plant
Get Cooking, America! Taste of Home Announces America’s Best Loved Recipe Contest
Healthcare Executives Place Higher Priority on Energy Efficiency Than Others, Research Shows
Johnson Controls Acquires PWI Energy to Expand Global Energy Services
Johnson Controls Recognized for Commitment to Corporate Responsibility
NASA Co-op Pushes Student to New Frontier of Vehicle Design
Northwestern Mutual Foundation Honors 25 Top Volunteers
Playing it Safe
Wyoming Students Take Charge of Their Tuition, Acquiring Mediasite by Sonic Foundry for Fall Classes
For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
TOP STORIES
*************
Pentair to close Sheboygan plant: Decision will impact 350 employees… Pentair Inc. will close its Sheboygan facility by the end of June 2009, affecting the jobs of approximately 350 employees. The Golden Valley, Minn.-based manufacturer of commercial and residential water-filtration units confirmed the move Tuesday after employees had been informed Monday. Pentair also will close a distribution center in Sheboygan Falls. Work being done at the Sheboygan plant will be moved to other facilities in the United States, Mexico and China, according to Rachael Jarosh, Pentair’s vice president of corporate communications. She said some employees may be offered jobs at other Pentair facilities, including three in Wisconsin at Delavan, Brookfield and Glendale.
http://www.sheboyganpress.com/apps/pbcs.dll/article?AID=/20080723/SHE0101/807230462/1973
Biotech giant Roche to buy Mirus Bio: For the second time in two years, Roche, one of the world ‘s biggest pharmaceutical and biotechnology companies, is buying a Madison biotech. Mirus Bio Corp. will be purchased by Roche for $125 million. If regulators approve, the deal is expected to close within two months, Mirus president Russell Smestad said Tuesday. And while Mirus will undergo structural changes, all of the company ‘s nearly 60 employees will keep their jobs and stay in Madison, said Smestad, who will stay on at least through the transition. “This is a milestone deal for the company, its shareholders and its employees, ” he said.
http://www.madison.com/wsj/home/biz/297386
Rockwell Automation 3Q profit drops 7 percent: Industrial parts maker Rockwell Automation Inc. said Tuesday its fiscal third-quarter earnings dropped 7 percent as expenses grew and economic conditions weakened in Europe and the United States. But the Milwaukee-based company still beat Wall Street’s expectations, sending shares up $1.56, or 3.6 percent, to $45.19. The company’s shares have traded in a 52-week range of $40.58 to $74.85. The company, which provides industrial automation equipment and services to help improve companies’ manufacturing processes, posted profit of $152.6 million, or $1.03 per share, for the period ended June 30. That was down from profit of $164.2 million, or $1.05 per share, a year ago.
http://www.lacrossetribune.com/articles/2008/07/23/wi/09wis.txt
State hands out flood grants to boost tourism: Wisconsin officials have handed out nearly $230,000 in grants to bolster Wisconsin tourism after last month’s floods. Gov. Jim Doyle approved $250,000 worth of grants to step up marketing and promotion after national reports of extensive flood damage in Wisconsin. Tourism operators and state officials are concerned those reports may keep people from visiting Wisconsin attractions this summer. Nonprofit marketing organizations such as chambers of commerce and visitor and convention bureaus are eligible for the money. The recipients include organizations in Crawford and Green counties, Baraboo, La Crosse and Spring Green.
http://www.gmtoday.com/news/front/topstory11.asp
Wisconsin bankruptcies up: Bankruptcy filings in Wisconsin rose more than 38% in the first half of the year as mortgage debt and other financial obligations pushed hundreds of consumers into insolvency. The housing slump has been added to the list of main reasons — job loss, divorce or a major medical problem — that people typically file a bankruptcy petition, experts said. An increasing number of people are unable to handle monthly payments on adjustable-rate mortgages, they said, and dropping or stagnant property values have stopped homeowners from drawing on equity in their homes. “I had a couple recently who just decided to let the house go. They said it didn’t make sense to pay this much when they don’t have any equity.”
http://www.jsonline.com/story/index.aspx?id=775365
Fiserv inks deal with Brazilian banking giant: Financial technology provider Fiserv Inc. of Brookfield said Tuesday that it has landed a contract with a $160 billion Brazilian bank to supply core banking system technology for a new U.S. bank. Brazilian banking giant Banco do Brasil is establishing Federal Savings Bank, an initiative of its U.S. division designed to provide banking services to underserved Brazilian immigrants. The venture, which plans to open five branches in the coming months, has contracted with Fiserv subsidiary Information Technology Inc. for a suite of banking applications. Financial terms of the contract were not disclosed.
http://milwaukee.bizjournals.com/milwaukee/stories/2008/07/21/daily13.html?surround=lfn
************************************************************
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
************************************************************
TECHNOLOGY (back to top)
– Craves to host Farm Technology Days 2009
http://www.beloitdailynews.com/articles/2008/07/22/news/local_news/news20.txt
BIOTECH (back to top)
– Swiss giant Roche acquires Madison firm Mirus for $125M
http://www.madison.com/tct/business/297272
– Wisconsin Farmers to Share in USDA’s Renewable Energy Funds
http://www.wisconsinagconnection.com/story-state.php?Id=888&yr=2008
ECONOMY (back to top)
– Journal Communications earnings fall
http://www.jsonline.com/story/index.aspx?id=775369
– Madison residents adjust spending, saving
http://www.madison.com/wsj/home/biz/297387
– Madison 3rd best place for retirees, AARP says
http://www.madison.com/tct/mad/breaking_news/297439
MANUFACTURING (back to top)
– Bemis Co. to issue earnings Tuesday
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230589/1028
– Harley-Davidson adds trike to 2009 lineup
http://www.jsonline.com/story/index.aspx?id=775386
LABOR (back to top)
– Rockwell reports earnings decline, hiring slowdown
http://www.jsonline.com/story/index.aspx?id=775371
– Unified Board ratifies two contracts
http://www.journaltimes.com/articles/2008/07/23/local_news/doc48861fce77a4d766637251.txt
SMALL BUSINESS (back to top)
– Company reproduces Wright home decor pieces
http://www.madison.com/wsj/home/local/297385
– Marchant’s Fabric to close
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080723/GPG03/807230673/1247
INVESTING (back to top)
– Neenah Paper declares dividend
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230569/1028
– UnitedHealth stocks jump
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080723/GPG03/807230672/1247
REAL ESTATE (back to top)
– Sun Prairie City Council looks to block development of new apartment units
http://www.madison.com/tct/news/stories/297320
– Winnebago not interested in selling Tri-County Arena
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC0101/807230595/1979/APCnews
– Larsen Green project begins first phases
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080723/GPG03/807230669/1247
– SNC adding apartment-style housing
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080723/GPG0101/807230681/1978/GPGnews
– Runoff rules could cost developers
http://www.dailyreporter.com/item.cfm?recid=20049116&snippet=t&forward=%2Fitem%2Ecfm%3Frecid%3D20049116%26snippet%3Df
AGRIBUSINESS (back to top)
– Crop Reporting Deadline Extended
http://www.wisconsinagconnection.com/story-state.php?Id=889&yr=2008
– Cashton Farm Supply Destroyed by Fire
http://www.wisconsinagconnection.com/story-state.php?Id=890&yr=2008
– Oak Wilt Disease Starting to Show Up in Southern Wisconsin
http://www.wisconsinagconnection.com/story-state.php?Id=892&yr=2008
TRANSPORTATION (back to top)
– Light rail on fast track
http://www.madison.com/tct/news/stories/297339
– State plans $100,000 study on interstate flooding
http://www.lacrossetribune.com/articles/2008/07/23/wi/13wis.txt
– AirTran poised to add flights
http://www.jsonline.com/story/index.aspx?id=775428
– Airlines say new fees will bring in millions
http://www.madison.com/wsj/home/biz/297395
– Gas prices coming down
http://www.madison.com/tct/news/stories/297436
RETAIL (back to top)
– V. Richards Market owner, manager accused of selling stolen produce
http://www.jsonline.com/story/index.aspx?id=775394
– New food choices headed to Shoppes
http://www.marshfieldnewsherald.com/apps/pbcs.dll/article?AID=/20080723/MNH0101/807230660/1980
– Retail project awaits richer days
http://kenoshanews.com/article_comments/view_comments.php?articleNum=3273715
REGULATION (back to top)
– Report: Wisconsin property taxes among highest
http://hosted.ap.org/dynamic/stories/W/WI_PROPERTY_TAXES_WIOL-?SITE=WIMAD&SECTION=HOME
– State says repair shops should be able to test emissions
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230592/1028
– Sobering up: Behind Madison’s harder line on downtown booze
http://www.madison.com/tct/news/297389
– Oshkosh considers allowing low-speed electric cars
http://www.lacrossetribune.com/articles/2008/07/23/wi/16wis.txt
– Required calorie counts not likely on Madison menus
http://www.madison.com/tct/news/stories/297256
– West Bend contractor fined for bluff work in Mequon
http://milwaukee.bizjournals.com/milwaukee/stories/2008/07/21/daily23.html?surround=lfn
TOURISM (back to top)
– Downtown Neenah blossoms with aesthetic improvements
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230565/1028
UTILITIES (back to top)
– Storm water runoff sullies lakes and Arboretum
http://www.madison.com/tct/news/stories/297325
– Renewable energy wins starting spot at Lambeau
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080723/GPG0101/307230009/1978/GPGnews
HEALTH CARE (back to top)
– Aspirus calls for improved access
http://www.wausaudailyherald.com/apps/pbcs.dll/article?AID=/20080723/WDH0101/807230662/1981/WDHnews
– ThedaCare acquires Oshkosh surgical center
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230585/1028
– Clinic, insurer continue talks
http://www.marshfieldnewsherald.com/apps/pbcs.dll/article?AID=/20080723/MNH0101/807230658/1980
– Economy hits mental health
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230586/1028
– St. Luke’s to add rooftop ‘healing garden’
http://milwaukee.bizjournals.com/milwaukee/stories/2008/07/21/daily25.html?surround=lfn
FINANCIAL SERVICES (back to top)
– 5 Lake Delton properties to get state funds
http://www.jsonline.com/story/index.aspx?id=775448
– Starion Financial relocates
http://www.madison.com/wsj/home/biz/297397
– Profits fall for UnitedHealth Group
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080723/APC03/807230577/1028
– Anchor BanCorp reduces dividend
http://milwaukee.bizjournals.com/milwaukee/stories/2008/07/21/daily24.html?surround=lfn
– Milwaukee receives $1.3M in EPA grants
http://milwaukee.bizjournals.com/milwaukee/stories/2008/07/21/daily17.html?surround=lfn
MANAGEMENT (back to top)
– Milwaukee Mile investors pick new leader
http://www.jsonline.com/story/index.aspx?id=775413
– Casco apartments get rural development award
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080723/GPG03/807230671/1247
BUSINESS COLUMNS (back to top)
– Mike Ivey: State ranks high for drinking, not for workforce talent
http://www.madison.com/tct/news/stories/297324
– Tannette Johnson-Elie: Small businesses do well to keep SCORE cards handy
http://www.jsonline.com/story/index.aspx?id=775284
Media Partners
—Channel3000
—Small Business Times
—Madison Magazine
—BusinessWeek
National Business Roundups ( back to top)
–YAHOO FINANCE: http://finance.yahoo.com/
–CNBC BUSINESS NEWS: http://www.cnbc.com
–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html
(c)2008 WisBusiness.com.
All rights reserved. Reproduction or retransmission of this publication, in whole or in part, without the express permission of WisBusiness.com is prohibited. Unauthorized reproduction violates United States copyright law (17 USC 101 et seq.), as does retransmission by facsimile or any other electronic means, including electronic mail.
