A tale of two tilapia farms, right here in River City.
Manufacturing
NewPage, which employs 285 at its Duluth paper mill, said that the proposed merger “posed significant downside risks to its stakeholders, employees, and business.”
St. Jude Medical claims that a defective device reported to the U.S. Food and Drug Administration last month did not have the same flaw as an older line of devices that was recalled last year.
The recently damaged mill’s future remains uncertain as owner Verso Paper Corporation is still assessing the costs and the processes that would be required if it were to repair the mill.
Maplewood-based 3M said the acquisition of Federal Signal Technologies Group will expand its traffic products business.
Third Wave Systems, Inc., which makes manufacturing software, will use the money to develop technology designed to boost efficiency in factories.
A preliminary assessment of the paper mill, which was damaged by an explosion and fire last month, revealed that it would take several months to repair; but the company that runs it will explore all of its options after the full damage, repairs, and cost are known.
Amid anti-trust concerns, the company had proposed selling some of the liquid finishing businesses that it recently acquired from Illinois Tools Works, but the Federal Trade Commission is seeking public comment on a proposed order that would require it to divest all of them.
The latest closures and job cuts will occur across Europe and are part of the company’s efforts to streamline its operations in the region and consolidate them with the industrial adhesives business of Forbo Group, which H.B. Fuller recently acquired.
The Monday fire also resulted in substantial damage to the plant; a cause has not yet been determined.
Round Lake-based Farley’s & Sathers Candy Company and Forest Park, Illinois-based Ferrara Pan Candy Company did not release many details—including where the combined company will be based—but said that the post-merger company will be headed by Ferrara Pan’s current CEO.
The company has agreed to buy Brazil-based food company Yoki Alimentos, S.A., for about $859 million, thus confirming rumors that surfaced earlier this year.
The state's 2011 exports increased $1.4 billion, or 7.3 percent, from the previous year.
H.B. Fuller has agreed to sell its paints unit, which is based in Central America, to a Colombia-based company so that it can focus on its adhesives business.
The upgrade, which will increase the mill's production capacity, will also help retain jobs in St. Paul, according to the Minnesota Chamber of Commerce.
A company spokesman said that the cuts are not specific to a single function or department, and he declined to disclose how many Minnesota employees are affected.
The acquisition includes the light construction and "hardscape" product assets of New York-based Stone Construction Equipment, Inc.
Eden Prairie-based Phillips & Temro Industries is closing a plant in Canada and moving some of its operations to Minnesota-which will result in 80 new local jobs.