The stock market was flat today as Wall Street absorbed a mixed bag of economic indicators.
On the good side, the economy grew slightly faster than previously reported in the fourth quarter, the U.S. Commerce Department estimated today. U.S. real gross domestic product increased at a 5.9 percent seasonally adjusted annualized pace in the final three months of 2009, revised up from 5.7 percent estimated last month, the fastest pace in six years.
However, resales of U.S. homes and condominiums fell 7.2 percent in January to a seasonally adjusted annual rate of 5.05 million, the lowest in seven months, the National Association of Realtors (NAR) reported today.
Sales of existing homes have fallen two consecutive months after rising steadily through the fall on the back of a federal tax credit for first-time home buyers.
"It's not good news," said Lawrence Yun, chief economist for the NAR. "There is rising concern about the strength of the housing recovery."
Yun said he still hopes for a surge of sales in the spring with the renewed and expanded tax credit for buyers.
Meanwhile, U.S. consumer sentiment fell slightly in February amid concerns about the weak job market and a slow economic recovery, The Thomson Reuters/University of Michigan consumer sentiment index fell to 73.6 from 74.4 in January.
The Dow Jones Industrial Average clung to single-digit gains this morning, and local stocks in the BizTimes Stock Index also were flat. The largest local gainers this morning were Joy Global Inc. (up 37 cents to $50.53) and Johnson Controls Inc. (up 35 cents to $31.28). The largest local decliners this morning were Manpower Inc. (down 86 cents to $50.95) and Ladish Co. (down 49 cents to $16.63).

The state has approved a $615,000 project to construct a berm along Miller Park Way to improve drainage in the area around Miller Park.
Work is scheduled to begin in April after opening day of the Milwaukee Brewers’ baseball season.
Roadways will remain open during construction.  Work will be restricted during games at Miller Park. The southbound exit ramp from Miller Park Way to Canal Street will be reduced to one lane when crews are working.  Additionally, some nighttime closures will occur for ramp gate installation at the intersections of Wisconsin Avenue and U.S. 41 and at Miller Park Way and National Avenue.
The contractor, Musson Brothers, Inc., is scheduled to complete the project by the end of May 2010, weather permitting.
The entire project, which was approved by Gov. Jim Doyle as part of his effort to improve the state’s infrastructure, will be paid for with state transportation funds.

Milwaukee-based Briggs & Stratton Corp. announced today that it has entered into a stipulation of settlement that, if given court approval, will resolve more than 65 class-action lawsuits that have been filed against the company and other engine and lawnmower manufacturers.
The suits allege, among other things, that the companies misled consumers with incorrect power labeling on their lawnmower engines.
As part of the settlement, Briggs & Stratton and the other settling defendants have agreed to establish a class-wide cash settlement fund totaling $51 million, as well as certain injunctive relief concerning the power labeling of engines for the next 10 years. In addition, Briggs & Stratton will offer a one year extension of its current warranty for all class members filing a claim.
As part of the stipulation, Briggs & Stratton has denied that it has done anything wrong and seeks a resolution to avoid further protracted and expensive litigation.
Briggs & Stratton expects to recognize a pretax expense of approximately $31 million ($19 million after tax) in the third quarter of fiscal 2010 to reflect the impact of the settlement.
The stipulation, once approved, will resolve nationwide class-action litigation that first commenced in June 2004.
The proposed agreement has been submitted to Judge Lynn Adelman of the United States District Court for the Eastern District of Wisconsin for preliminary approval .

Herzing University Brookfield will open a new 15,000-square-foot campus March 1 at 555 S. Executive Drive., west of Brookfield Square Mall in the Executive Drive Office Park.
Herzing University Brookfield is the third institution to open a location in the Executive Drive Office Park, joining Ottawa University and Cardinal Stritch University.
Six months earlier, Herzing University Kenosha opened a 14,000-square-foot campus in a former Aurora Health Care building at 4006 Washington Road. Herzing University Kenosha currently offers associate and bachelor’s degrees in technology, business, health care, design and public safety.
Herzing University Brookfield will be the 11th ground campus in the United States for the Herzing Educational System, which consists of Herzing University in the United States and Herzing College Canada. The Herzing Educaitonal System was founded in Milwaukee in 1965.

MRPC, a Butler-based single-source provider of silicone molding, two-material molding and micro-molding for medical device components and assemblies, has promoted Greg Riemer to company president.
Riemer had been serving as chief operating officer of the 89-year-old Wisconsin company. The promotion marks the completion of a three-year leadership succession plan at the firm.
“Greg’s hands-on experience, coming in the midst of the worst recession our generation has ever known, coupled with his twenty years of industry experience in the plastic, rubber and silicone molding area, provides him with the tools appropriate to lead MRPC,” said John Schlump, MRPC’s chief executive officer. “During the last three years, Greg has built an executive leadership team to support the strategic growth plan for the company.”
In his six years with MRPC, Riemer has been among those at the company instrumental in guiding the firm’s focus on medical/life science device manufacturing and engineering services. In the past two years, MRPC has made multi-million dollar enhancements to its Butler manufacturing facility, including the addition of two new clean rooms and four new molding machines at the company, which has 100 employees.
“MRPC has made many tremendous technological advancements and we have a great team throughout,” said Riemer, who is the grandson of MRPC’s founder. “We’re on the leading edge of a growing industry and I’m really excited about our prospects.”

Diamond Foods Inc./quotes/comstock/15*!dmnd/quotes/nls/dmnd announced it has entered into a definitive agreement to acquire Kettle Foods, a manufacturer of premium potato chips that operates a large production plant in Beloit, from Lion Capital LLP for $615 million in cash.
Pursuant to the agreement, Diamond will acquire Salem, Ore.-based Kettle operations in both the United States and the United Kingdom. The transaction is structured as a purchase of all of the outstanding shares of a parent holding company of the U.S. and U.K. Kettle operating entities. It is expected to close by the end of Diamond's fiscal year 2010, subject to customary conditions, including regulatory approval.
Kettle Foods’ brands include 28 flavors of natural potato chips, including Sea Salt and Fresh Ground Pepper, Backyard BBQ, Spicy Thai and Sea Salt and Vinegar.
"In Diamond Foods, we are putting the Kettle brand in great hands," said Tim Fallon, president of Kettle Foods North America, who helped steer the company's double-digit growth over the past several years and will remain at the helm of the U.S. operations. "This is a company with a history of investing in new product development and creative marketing, which will only amplify the work we're doing to attract new customers and innovate in the premium category."
"Kettle Foods' passion for making great tasting, natural potato chips has attracted a loyal consumer following and shaped a truly premium brand that has our deep respect," said, Michael Mendes, chairman, president and chief executive officer of Diamond Foods. "Diamond and Kettle Foods share a history of relentless focus on flavor and product quality and working collaboratively with our retail partners. By adding Kettle, including its talented team of employees, our snack business will have greater scale, which will help us to drive even greater innovation in the snack market. We expect that the acquisition will be accretive in the first year and is a strong, strategic fit to better support our long-term growth plans."
Lyndon Lea, partner of London-based Lion Capital, said, "Our successful ownership of Kettle Foods reflects Lion's distinctive strategy of investing in and growing strong consumer brands. Since our acquisition in 2006, we have dramatically increased Kettle's strategic value through category-leading innovation and penetration gains in the U.S. and U.K. snacking markets, leading to double-digit annualized growth in group revenues and 30% annualized growth in group profitability. In the U.S., we doubled the capacity of the business through investment in a new manufacturing plant in Wisconsin, which supported even higher rates of profit growth within the U.S. market. We are pleased to be selling this iconic brand and highly strategic asset to Diamond Foods, whose heritage of delivering the consumer premium snacking products and market-leading innovation complements the core tenets of Kettle Foods."
Diamond Foods is based in San Francisco.

The Wisconsin Manufacturers & Commerce announced the winners of its 22nd annual Wisconsin Manufacturer of the Year Awards Thursday night in Milwaukee.
The awards recognized Wisconsin manufacturers that demonstrate a commitment to business excellence which has a positive impact on the company and the state, making Wisconsin a better place to live, work and play.
Forty Wisconsin businesses were nominated for the awards.
The winners of the Grand Awards were: Oshkosh Corp.’s Defense Division, Oshkosh, mega company category; American Orthodontics Corp., Sheboygan, large company category; Sentry Equipment Corp., Oconomowoc, medium company category; Northwoods Paper Converting, Beaver Dam, small company category; and Frito-Lay, Inc., Beloit, sustainability category.
"The award acknowledges the progress and growth at Oshkosh Defense, as well the hard work and experience of our employees," said Andy Hove, Oshkosh Corp. executive vice president and president of the Defense Division. "This award is a tribute to the dedication of our workforce in building the finest military tactical wheeled vehicles to help supply our Armed Forces and help protect the lives of someone's son, daughter, mother or father."
The winners of the Special Awards were: Mayville Engineering Company Inc. (MEC), Mayville, “Community Involvement and Conservation Education;” Wisconsin Aluminum Foundry Company Inc., Manitowoc, “Industry Perseverance;” and Plastic Components Inc., Germantown, “Commitment to Community and Employees.”

A federal judge Thursday has cleared the way for Neenah-based Bemis Co. Inc. to complete its $1.2 billion purchase of Alcan Packaging Food Americas from Rio Tinto. A U.S. District Court judge signed an order, approving the deal between the Neenah-based flexible packaging maker and the London-based mining group. The deal includes 23 plants in North America, South America and New Zealand. Read more in BizTimes Milwaukee's headlines from around the state at http://www.biztimes.com/#news.

BizTimes Milwaukee has launched its 2010 Nonprofit Directory. Submissions for the directory were collected since the beginning of 2010. The directory includes vital information about 501(c)3 organizations based in or serving Milwaukee, Waukesha, Walworth, Racine, Kenosha, Washington, Ozaukee or Sheboygan counties. The directory is intended to connect the region's nonprofit organizations with the business community. Nonprofit organizations can still update the directory by submitting at online at www.biztimes.com/nonprofit. For the latest news about Milwaukee’s nonprofit industry, read the new edition of the BizTimes Nonprofit Weekly, which includes a story about Milwaukee-based Admission Possible, a nonprofit organization dedicated to helping low-income, promising students prepare for and earn admission to college.

Busy readers of the BizTimes Daily can get a jumpstart on the weekend ahead by reading the OnMilwaukee.com Weekend Preview. OnMilwaukee.com is a media partner of BizTimes.

For the second consecutive day, a writer in the Milwaukee Biz Blog defends the insurance companies in the health care reform debate. Read John Rauser’s blog by clicking here.

The Salvation Army of Greater Milwaukee announced today that its 2009 Christmas Campaign fell $400,000 short of its goal at a time when demands for its services have never been higher.
The campaign raised $2.6 million of its $3.0 million goal.
The donations received will be used for an array of social services that range from providing food for the hungry, assistance for the disable and the ill, clothing and shelter for the homeless and opportunities for under privileged children.
Major Jesse G. Collins, Salvation Army Milwaukee County commander said, “Meeting the Christmas goal was critical to helping families through the economic crisis and although Christmas is over donations may continue to be made to help us help families in Milwaukee who are still in great need. We are thankful to all of the caring people in this community who gave so selflessly in these trying times at Christmas.  The requests for assistance currently far outweigh our available resources. We will have to make tough decisions about critical programs and services we provide to those most in need.  Our mission is not to turn families away. We are committed to providing assistance to as many families and individuals throughout Milwaukee as we can. This can only happen with on going support of donations.  We are hopeful those that can give will do so in the coming days, weeks and months, as we continue to meet the daily emergency requests of the hungry, the homeless and the troubled throughout the year.”
The campaign kicked off on Nov. 7, 2009. Donations were received from across the Milwaukee area through the traditional Red Kettle Campaign, direct mail contributions, on-line and text donations.
Donations can be made to: The Salvation Army Divisional Headquarters, 11315 W. Watertown Plank Rd., Wauwatosa, WI  53226 or call 1-800-264-6412.

Jeff Hamilton will become the president of Sprecher Brewing Company in Glendale on Monday.
Founder Randal Sprecher will remain the company’s chief executive officer.
Hamilton joined Sprecher Brewing in 2005 as vice president and general manager. Since that time, the company has seen strong sales, increased distribution and the recent introduction of Chameleon Brewing, a line of American-style craft beers.
Hamilton is currently the vice president of the WisconsinBrewers Guild and a member of the Glendale Marketing Committee.
Announcing the promotion, Randal Sprecher said, "Jeff Hamilton has grown greatly in the skills necessary to handle the fast moving, complex and always challenging beer business. Jeff has proven to be well-seasoned and ready to be Sprecher Brewing Company’s next president. Jeff and I will work closely to make sure that Sprecher continues to be an industry leader among microbreweries and gourmet soda manufacturers."
Established in 1985, Sprecher Brewing produces beers and gourmet sodas at 701 W. Glendale Ave.