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A deal reached between Ecolab and the U.S. Department of Justice requires Ecolab to sell Champion’s chemical-management services for deep-water oil and gas wells in the U.S. Gulf of Mexico—which comprise about 3 percent of its business.
The high cost of feed ingredients fueled by a national drought was among the factors that caused Cargill’s third-quarter earnings to drop from $766 million to $445 million.
CHS’ energy segment saw quarterly earnings triple, helping to push the company’s total earnings past its 2008 record.
Some companies that were shunned by investors last year—including Best Buy—saw their shares rise the most during the first quarter.
Image Sensing Systems fired two Polish employees who are being investigated for alleged criminal conduct; the company's investigation into the matter, meanwhile, has cost $1.5 million to date.
The deal has been under scrutiny from federal regulators due to antitrust concerns, and Ecolab said that it continues to have “productive discussions” with the U.S. Department of Justice.
Following the sale, Supervalu will have annual sales of about $17 billion; meanwhile, the buyer, an affiliate of Cerberus Capital Management, will become the company’s largest shareholder, with 21.2 percent of outstanding common shares.
The company’s earnings climbed nearly 2 percent while sales increased 8 percent during the third quarter, driven largely by sales in recently acquired businesses.
Jason Michael Meyer admitted to diverting investors’ funds for his personal use through a fraud scheme that resulted in more than $11 million in losses.
The deal will add roughly $57 billion in assets under administration and 1,100 trust and agency contracts to U.S. Bank’s corporate trust division.
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