From WisBusiness.com …
— The east side of Madison should get a state-of-the-art theater complex with 16 stadium-seating auditoriums by the end of the year or early next year.
That’s the plan of Milwaukee-based Marcus Theatres, which says it plans to build an entertainment complex on 26 acres in the area known as “The Crossing” at U.S. Highway 151 and Nelson Road.
Officials site will accommodate the new theater and any future expansion, as well as a variety of what it calls “synergistic mixed-uses” on the remainder of the land.
Bruce Olson, president of Marcus Theatres, said the company also has signed an agreement to sell the nearby Eastgate Cinema property, located at 5202 High Crossing Road, to a Madison-based real estate company. The building will be razed and the site redeveloped for other use.
See the release:
— The Milwaukee Small Business Times reports that UW System President Kevin Reilly will name UW-Madison Business School Dean Mike Knetter and three other internal candidates as finalists for the chancellor position at the state’s flagship campus.
But a source who had seen the list of finalists said told WisPolitics the report was inaccurate and the perception the finalists were all internal was incorrect. The source would not divulge who was on the list of finalists.
The Small Business Times says that in addition to Knetter, other internal finalists included Provost Patrick Farrell, Physiology Department chairman Richard Moss, and College of Letters and Sciences Dean Gary Sandefur. The names of five finalists to replace retiring Chancellor John Wiley are scheduled to be released tomorrow.
The UW System had no comment on the candidates, with a spokesman saying that “confidentiality will remain in effect” for applicants who requested anonymity through the finalist selection process.
*See the Small Business Times article:
*See more on Knetter:
— As the losses continue to pile up for Great Wolf Resorts Inc., the Madison-based developer of indoor waterpark resorts, the company has announced that John Emery will resign as chief executive officer and a director of the firm.
The announcement was made near the bottom of a press release about the company’s quarterly earnings. Great Wolf lost $2.3 million in the first quarter.
Emery will resign rather than face a contested board election at Great Wolf’s annual meeting on Wednesday, May 28. The company is facing increasing pressure from Hovde Capital Advisors LLC, which controls a 5.6-percent stake in Great Wolf.
–The Harley-Davidson Museum will open its doors to the public in Milwaukee on July 12.
Grand Opening festivities will kick off with a “Harley-Davidson-style” ceremony at 10 a.m. and will continue throughout the weekend.
The 130,000-square-foot museum in Milwaukee’s Menomonee River Valley will have exhibits telling the stories of the people, culture, products and history of Harley-Davidson.
The museum will feature 20-acre park-like grounds, the Museum Restaurant and Café and a retail store. It will be open 24 hours a day. Tickets for the museum’s grand opening weekend and other dates go on sale online May 20.
For more information, see: http://www.harley-davidson.com/wcm/Content/Pages/HD_Museum/Museum.jsp?locale=en_US
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A Fund For Women encourages Dane County community groups to apply for grants
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For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
Joy Global lowers its 2008 earnings forecast: Mining equipment maker cites charges of acquisition deal… Joy Global Inc. lowered its 2008 earnings forecast Tuesday, citing higher charges from the acquisition of a conveyor equipment company it purchased in February and early termination of a maintenance and repair contract. Joy said it expects to earn from $2.96 to $3.22 a share, down more than 6% from the previous guidance of $3.15 to $3.45 a share. Analysts were expecting earnings of $3.41 a share on revenue of $3.24 billion, according to Reuters Estimates. The conveyor equipment company, Continental Global Inc., makes conveyor systems used in mining and industrial applications. Based in Canonsburg, Pa., it has manufacturing plants in the United States, the United Kingdom, South Africa and Australia.
Spectrum Brands cuts loss: Spectrum Brands Inc., which has its Rayovac and Remington units based in Madison, on Tuesday reported a smaller fiscal second-quarter loss. Spectrum reported a net loss of $111.7 million, or $2.19 per share, for the three months ended March 30, compared with a loss of $237.5 million, or $4.77 per share, a year earlier. Net sales rose 2 percent to $647.1 million from $634.5 million, led by double-digit sales growth in personal care and pet supply items. Excluding one-time items, the loss was 14 cents per share, nine cents better than the loss of 23 cents analysts were expecting, according to First Call. The company said foreign currency translation gains boosted sales by $27 million, or 4 percent.
Madison bars that banned drink specials win price-fixing case: Madison bars cannot be sued for a 2002 agreement to limit drink specials, the Wisconsin Supreme Court ruled Tuesday. The court refused to reinstate an antitrust lawsuit brought by drinkers claiming they were overcharged as a result of the bars’ pact to stop serving drink specials after 8 p.m. on Fridays and Saturdays. More than 20 Downtown bars joined the agreement, which was designed to thwart a ban the city was considering on specials such as 2-for-1 beers or $1 shots. City and UW-Madison officials argued the specials encouraged dangerous binge drinking by students. But a Minnesota law firm sued the bars in 2004 on behalf of UW-Madison students and other drinkers who claimed they were ripped off by the bars.
Beer tax hike urged: Health board wants lawmakers to act… Marathon County leaders have developed a resolution that calls on the state Legislature to raise Wisconsin’s beer tax — a move some local businesses say is unfair and badly timed. The Marathon County Board of Health approved a draft of the resolution Tuesday that would call for an increase to the tax on beer and other fermented malt beverages to pay for alcohol treatment, prevention and enforcement. In the last legislative session, Rep. Terese Berceau, D-Madison, proposed a bill to increase the tax from $2 to $10 per barrel of beer. The bill was not acted upon by legislators, but she plans to reintroduce it during the next legislative session, her office confirmed Tuesday.
Kohler acquires hospitality furniture firm Mark David: Kohler Co. is expanding its offerings with the acquisition of Mark David, an upscale provider of sourced case goods and upholstered seating to the hospitality industry. Kohler announced Tuesday that the acquisition was completed last Friday. Terms were not disclosed. Kohler’s best known products are for the bath and kitchen, and it also offers fine home furnishings and power systems as well as its world famous golf and resort complex north of Milwaukee. Mark David joins the Kohler Interiors Group, which is comprised of the Baker and McGuire brands of fine furnishings, Ann Sacks tile and stone, and Kallista, a luxury plumbing brand.
A&A to buy Connecticut manufacturer: A&A Manufacturing Co. Inc., a New Berlin manufacturer of protective systems, has agreed to buy Custom Products Corp. of North Haven, Conn., for $5.25 million in cash. Custom Products is a manufacturer of precision miniature clutches. Custom Products’ owner Bolt Technology Corp. announced the deal Tuesday, saying that its management believes Custom Products will be a better fit with A&A. The sale also will allow Bolt to focus on its core business in the oil services industry, said Bolt chairman, president and CEO Raymond Soto. The transaction is expected to be completed by the end of June.
WISBUSINESS FEATURED COLUMNISTS
– GREGG HOFFMANN: Contributor, WisBusiness.com
– TOM STILL: President, Wisconsin Technology Council
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– STEVE JAGLER: Executive editor, Small Business Times
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