Market News
Glatfelter (GLT)
Glatfelter announced today that it has completed its previously announced acquisition of Concert Industries Corp. from Brookfield Special Situations Management Limited, an affiliate of Brookfield Asset Management for $235 million subject to a post-closing working capital adjustment.
Glatfelter financed the acquisition through a combination of cash on hand, proceeds from the 7 1/8% unsecured senior notes issued on February 5, 2010 and borrowings under its existing revolving credit agreement.
Glatfelter will operate Concert as a third business unit along with its Specialty Papers and Composite Fibers business units.
Feb 15 · 7:21:00 PM · Source: Environmental Expert · Related: Brookfield Asset Management Inc
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by Michael Oliveto
Franklin Electric (FELE)
Franklin Electric has told its 50 remaining employees at the Arkansas plant that their jobs are being eliminated and the plant will shut down.
The 50 workers are what’s left of as many as 800 employed there as recently as 2006.
Feb 15 · 7:16:00 PM · Source: Ft Wayne Journal Gazette
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by Michael Oliveto
Delta Air Lines (DAL)
Delta Air Lines CEO Richard Anderson blasted the U.S Department of Transportation Friday for picking winners and losers in its oversight of airlines, and called for further deregulation of the industry.
The top officer of the world’s largest airline criticized the DOT’s decision earlier this week to approve a takeoff and landing slot swap between the Atlanta-based carrier and US Airways Inc. with conditions that call for the airlines to sell some flying rights to competitors to maintain competition. Delta is the Twin Cities' largest carrier and has significant business operations in Eagan.
“Our industry needs to be deregulated and it’s clear the [Department of Justice] had no case to stop this transaction,” Anderson said of the government’s evaluation of the deal on grounds it could be anti-competitive. Instead, he said the Department of Transportation stepped in and “put its thumb on the scale of competition.”
Feb 15 · 7:12:00 PM · Source: Minneapolis St. Paul Business Journal
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by Michael Oliveto
Chicago Rivet & Machine Co. (CVR)
Chicago Rivet & Machine Co. declared a regular quarterly dividend in the amount of $.10 per share payable March 19, 2010 to shareholders of record on March 5, 2010.
At today''s $15.30 stock price the dividend yield is 2.61%.
Feb 15 · 7:09:00 PM
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by Michael Oliveto
Cano Petroleum (CFW)
Cano Petroleum announced that production for the quarter ended December 31, 2009 averaged 1,189 net barrels of equivalent oil per day (“BOEPD”). This is 1.2% lower as compared to production of 1,203 net BOEPD for the quarter ended December 31, 2008 (“Prior Year Quarter”) and 2.4% lower as compared to production of 1,218 net BOEPD for the quarter ended September 30, 2009. Production for the six-month period ended December 31, 2009 (“Current Six Months”) of 1,204 net BOEPD was 1.1% lower as compared to the six-month period ended December 31, 2008 (“Prior Year Six months”) of 1,218 net BOEPD.
Factors decreasing production for the Current Quarter include: (i) a 50 BOEPD temporary reduction to redistribute water injection at the Cato waterflood to enlarge the waterflood “footprint”, and (ii) a 22 BOEPD reduction due to curtailed Barnett Shale natural gas production at our Desdemona Properties. Otherwise, normal field declines of production were more than offset by consistent and increasing performance at waterfloods from both our Cato and Panhandle Properties.
Feb 15 · 7:05:00 PM · Source: Your Oil and Gas News
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by Michael Oliveto
BP (BP)
BP is in talks to pay about $1.2 billion for a majority stake in a privately held Canadian company with large reserves of oil-rich sand deposits.
Reliance Industries Ltd is thought to have made a rival $2 billion takeover bid but BP is understood to be the preferred partner, the paper said.
Feb 15 · 7:00:00 PM · Source: Reuters
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by Michael Oliveto
Beacon Roofing Supply (BECN)
Beacon Roofing Supply announced that it has acquired Independent Building Materials (“IBM”), a distributor of mostly residential roofing systems and related accessories with one location in Orlando, Florida.
Rick Stiskin, who co-founded IBM with his retiring partner Dennis Booth, will remain IBM’s General Manager and be part Beacon’s regional leadership team. Mr. Stiskin stated, "Dennis and I believe that joining Beacon presents a fantastic opportunity for IBM and our employees. Beacon’s size and reputation in the industry will allow us to better serve our customers and expand our product offering to help grow our business. We could not be more excited about IBM’s future."
Feb 15 · 6:57:00 PM · Source: AZO Building
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by Michael Oliveto
AMR (AMR)
The United States Department of Transportation gave its tentative approval to grant antitrust immunity to AMR Corp.'s American Airlines (American Airlines) and its four oneworld partners to form a global alliance.
If the decision is made final, American Airlines and its oneworld alliance partners British Airways, Iberia Airlines, Finnair and Royal Jordanian Airlines would be able to more closely coordinate international operations in transatlantic markets.
Feb 15 · 6:54:00 PM · Source: Reuters
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by Michael Oliveto
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