Market News
Bemis Company (BMS)
Bemis Company announced that the U.S. District Court
for the District of Columbia has signed an order, approving Bemis` acquisition
of the Food Americas operations of Alcan Packaging, a business unit of
international mining group Rio Tinto plc (LON: RIO; ASX: RIO), subject to
certain conditions.
The Food Americas operations recorded 2009 net sales of
approximately $1.4 billion and operate 23 plants in North America, South
America, and New Zealand. With this agreement, Bemis has satisfied the U.S.
regulatory approval requirements necessary to complete the acquisition. Bemis
expects the transaction to close as soon as possible.
The order signed by the court requires Bemis to divest certain Alcan Packaging
Food Americas packaging assets in the United States after closing. The packaging
assets that will be divested represent approximately $100 million in annual net
sales and include two facilities with production equipment used to produce
packaging for fresh meat and retail natural cheese products.
Feb 25 · 9:15:00 PM · Source: Reuters
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by Michael Oliveto
Allegheny Energy (AYE)
Allegheny Energy declared a regular quarterly dividend in the amount of $.15 per share payable March 22, 2010 to shareholders of record on March 8, 2010.
At today''s $22.95 stock price the dividend yield is 2.61%.
Feb 25 · 9:06:00 PM
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by Michael Oliveto
American Oil & Gas Inc. (AEZ)
American Oil & Gas Inc. (NYSE Amex: AEZ) announces that drilling
operations have commenced on American's Ron Viall 1-25H well located in
156N-98W Sections 24 and 25 in Williams County, ND. The well is currently
drilling at an approximate vertical depth of 10,930' and a measured depth
of 11,080'. Casing has been set around the curve and current operations
are focused on drilling the planned 9,000' lateral in the Bakken
formation. The Ron Viall well is spaced on 1,280 acres. American owns a
95% working interest in this well.
The Tong Trust 1-20H well, located in Sections 17 and 20 of T157N-R96W,
Williams County, ND, is scheduled for completion operations to commence in
early March. This well is being drilled, completed and funded under the
terms of a previously announced participation agreement. The casing, and
the associated completion assembly have been set which will facilitate up
to 26 fracture stimulation stages in the Bakken formation.
One more well in production.
Feb 25 · 9:05:00 PM · Source: Company Press Release
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by Jeffrey Epstein
Allegheny Technologies (ATI)
Allegheny Technologies declared a regular quarterly dividend in the amount of $.18 per share payable March 26, 2010 to shareholders of record on March 11, 2010.
At today''s $43.12 stock price the dividend yield is 1.67%.
Feb 25 · 9:03:00 PM
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by Michael Oliveto
Airgas (ARG)
Airgas announced its supply agreement with Goodrich, the Charlotte, NC-based global supplier of systems and services to the aerospace, defense and homeland security industries has been extended for an additional two years.
Airgas will continue to be Goodrich`s preferred supplier of industrial gases, welding supplies and safety products, providing savings to those Goodrich facilities that use more than one product line. The agreement is part of the Airgas Strategic Accounts program, which provides supply chain management solutions to corporate customers with multiple manufacturing sites nationwide.
Feb 25 · 9:01:00 PM · Source: Reuters · Related: Goodrich
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by Michael Oliveto
Chevron (CVX)
Chevron Corporation today announced that executive vice president,
Charles A. James, will leave the company effective May 2, 2010. James, who
intends to retire from the active practice of law, will join the adjunct faculty
of the law school at Arizona State University and pursue other charitable
ventures. This move is part of a planned transition under which James led the
recruitment of his successor, R. Hewitt Pate, vice president and general
counsel. Pate joined the company in August 2009 and has reported to James during
this transition period.
"Charles has provided tremendous leadership to our global legal team over the
past eight years," said John Watson, Chevron`s chairman and CEO. "During his
tenure, he created a world-class law function and guided our legal strategy on a
range of complex and important legal matters. Charles will have an ongoing
consulting relationship with Chevron and we look forward to drawing on his deep
understanding of the law and our business. We wish him well."
No known reason to think this is anything other than a pre-planned transition, expected to go smoothly. If not, oil sheen in the executive suite would be evident.
Feb 25 · 8:59:00 PM · Source: Company Press Release
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by Jeffrey Epstein
Honeywell (HON)
Honeywell announced today that its 12th Turbine-Powered Civil Helicopter Purchase Outlook projects flat overall deliveries of new civil use helicopters during the five-year period 2010 – 2014 compared to the 2005 - 2009 period.
Continued soft economic growth prospects in key markets, lingering tight credit conditions, high inventories of used current production models for sale, and weak new order intake are still constraining growth.
Feb 25 · 8:57:00 PM · Source: Company Press Release
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by Michael Oliveto
Alcoa (AA)
Alcoa announced that it has been appointed by the U.S. Army Tank
Automotive Research, Development and Engineering Center (TARDEC) to collaborate
on the Army`s Fuel-Efficient Ground Vehicle Demonstrator (FED) project. In
partnership with Ricardo Inc., Alcoa Defense will produce a tactical wheeled
vehicle structure that significantly improves fuel efficiency while also
maintaining survivability, performance and payload capability.
TARDEC is embarking on the FED project to help achieve the Army`s long-term goal
of reducing fuel consumption on the battlefield, which will also reduce U.S.
dependence on foreign oil. The innovative solutions featured in the FED vehicle
may become widely adopted by industry to enhance fuel efficiency in the next
generation of tactical wheeled vehicles.
Feb 25 · 8:54:00 PM · Source: Reuters
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by Michael Oliveto
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