3M CEO Inge Thulin said the company aims to grow revenue from existing businesses by 4 to 6 percent annually between 2013 and 2017; meanwhile, the company hopes to increase earnings per share by 9 to 11 percent each year during that period and boost research spending to 6 percent of sales by 2017.
Banking + Finance
The Plymouth-based travel agency operator said that the acquisition will add about $850 million in total sales volume to its bottom line.
President and CEO Chris Policinski said in a prepared statement that the co-op’s strong third-quarter results were driven by its dairy foods and animal feed businesses—and he expects to end the year strong.
Can a campaign that shows
employees thanking bosses for their insurance plan be believed?
Residential real estate brokerage firm HomeServices of America has formed a new joint company that will launch a real estate brand called Berkshire Hathaway HomeServices and more than quadruple its network of brokers from about 16,000 to more than 69,000.
3M, Tennant, and Donaldson recently lowered their earnings outlooks, citing current economic conditions.
Amid dismal quarterly earnings, Imation also said that it will explore “strategic alternatives” for its consumer electronics brands and businesses as it increases its focus on data storage and security; an analyst said that although Imation has “the resources to be successful,” he doesn’t see such businesses as highly attractive to potential buyers.
CEO Inge Thulin said that the company continues to grow despite a “slow-growth economy,” although it now expects 2012 earnings to be in the range of $6.27 to $6.35 per share—down from the previously expected $6.35 to $6.50 per share.
Target, which has been seeking a buyer for almost two years, said that it will “continue to earn a substantial portion of the profits” generated by its credit card portfolio.
Merrill Corporation is expected to essentially replace its existing $626 million of debt with new loans that have later deadlines, and both Moody’s and S&P expect to upgrade the company’s credit ratings if the refinancing is executed as planned.
The stock surge came after Debtwire news service reported that private equity firm Cerberus Capital Management is trying to arrange $4 billion to $5 billion in debt financing to back a bid.
While reporting disappointing second-quarter financial results, Supervalu said that it is in “active dialogue with several parties” regarding a potential sale.
St. Paul-based Ecolab is selling its vehicle care division to Atlanta-based Zep, Inc., for roughly $120 million in cash.
T-Chek Systems, which initially focused on customers in the trucking industry, has since branched into the financial services sector; C.H. Robinson CEO John Wiehoff said the payment services industry “continues to consolidate and evolve” and that it was the “right time” for a sale.
Northill Capital didn’t reveal the financial terms of the deal but said its investment represents approximately 58 percent of Riverbridge’s equity.
The company announced its intent to purchase a 26.4 percent stake in LifeTech Scientific Corporation—a move that comes about two weeks after it agreed to buy another China-based medical device maker.
The company plans to complete a direct public offering, and its shares will be traded via the “over-the-counter” market.
The company will pay about $1.7 billion in cash and issue roughly 8 million shares of its stock for Champion Technologies, which offers products and services to the oil and gas industry.