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Southeastern Wisconsin financial service industry news
Tuesday, May 14, 2013
Snap-on acquires Challenger Lifts
May 14, 2013 09:00 AM
Kenosha-based tool manufacturer Snap-on Inc. has acquired Challenger Lifts Inc. for about $38 million in cash.

Challenger manufactures car lifts, jacks and auto accessories at a 140,000-square-foot facility in Louisville, Ky. It had about $45 million in sales for 2012.

“Challenger is an important addition to our Repair Systems & Information Group,” said Nick Pinchuk, chairman and CEO. “The Challenger vehicle lift product line complements and increases Snap-on’s existing undercar equipment offering, broadening our established capabilities in serving vehicle repair facilities. We believe this acquisition will further Snap-on’s progress along its strategic and coherent growth runway of expanding with repair shop owners and managers. We look forward to welcoming Challenger associates to the Snap-on family.”

Snap-on was founded in 1920 and has $2.9 billion in sales. It is headquartered in Kenosha and has a global presence.

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Johnson Investment hits $1 billion mark
May 14, 2013 09:00 AM
Johnson Investment Services, a division of Racine-based Johnson Bank, has surpassed $1 billion in assets under management.

The firm advises more than 8,500 clients, both individual and business, on financial and retirement planning.

“Breaking the billion dollar mark is a tremendous accomplishment,” said Jack Nelson, senior vice president – financial advisors sales manager. “We can attribute this achievement to our client focus, financial planning approach and rigorous investment discipline. All of this is delivered by one of the best advisor teams in the Industry.”

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Baird celebrates Give Back Week
May 14, 2013 09:00 AM
More than 1,000 associates at Robert W. Baird & Co. Inc. will volunteer their time to nonprofit organizations this from May 13 to 18 as part of the company’s Baird Gives Back Week.

About 450 Milwaukee employees, including senior leaders, will serve more than 25 organizations. These include Growing Poer, Hunger Task Force and Fondy Food Center.

The weeklong volunteer event began five years ago in Milwaukee and was extended to the entire company in 2011.

Baird sponsors the event as part of its commitment to the communities in which its employees live and work.

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David earns Top of the Table
May 14, 2013 10:00 AM
Jerry David, a wealth management advisor for Prescient Financial Solutions at Northwestern Mutual, has earned a Top of the Table membership in the Million Dollar Roundtable.

MDRT is an international association of 19,000 leading life insurance advisors. Top of the Table is the top tier of membership and recognizes David’s superior professional knowledge, client service and ethical conduct.

David has been at Northwestern Mutual since 1999. He holds a bachelor’s in mechanical engineering from University of Wisconsin-Milwaukee and a master’s in business administration from Marquette University. He is also a National Quality Award recipient.


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UW Credit Union awarded for leadership
May 14, 2013 10:00 AM
UW Credit Union has received an Excellence Award for Strategic Leadership from the CUNA Human Resources Training Development Council.

This is the second time the institution has received the award. It was bestowed in recognition of UWCU’s emerging leader program, which prepares employees for leadership roles over one year of training in corporate strategy, core business functions and mentorship.

Since the emerging leader program began in 2012, 89 percent of leadership roles have been filled by current employees, up from 40 percent in 2011.

 “This award is a reflection of our commitment to developing and promoting leadership from within our organization,” said Lee Wiersma, executive vice president and chief human resources officer of UW Credit Union. “We’re proud of our efforts that support and encourage employees’ continuous learning and engagement.”


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Platypus acquires NOISE Inc.'s Milwaukee office
May 14, 2013 10:00 AM
Platypus Advertising + Design announced that it is acquiring the assets and most employees at NOISE Inc.'s Milwaukee operation.

NOISE will close its Milwaukee office at 1863 N. Farwell Ave. on May 15. Six NOISE employees will join the Platypus team at N29 W23810 Woodgate Court West in Pewaukee.

"There is tremendous synergy between our agencies," adds Dan Trzinski, owner of Platypus. "We both have expertise and knowledge in tourism/hospitality and healthcare marketing and are excited to be able to join forces. This is a win-win for everyone."

"I've invested a lot of personal time on business travel to Wisconsin since moving to Florida and opening NOISE South in 2004," says John Sprecher, owner at NOISE. "It's been a wonderful experience but with three children under the age of 10 growing up fast, travel has become increasingly difficult for our family, physically and emotionally — so I've decided to focus my time and attention closer to home, and consolidate NOISE in Florida. I've known Dan Trzinski for many years and have long admired the work done at his agency. When we began discussions we both felt this would be a good fit for both of our companies and our clients. I'm very pleased to have found a great home for our staff and I'm confident that all of our current clients will find value and satisfaction from the added resources available at Platypus."

There will now be 21 employees at the Pewaukee-based office.

Established in 1987, the company was rebranded as Platypus Advertising + Design in 2005.

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Walton is new president of ACG Wisconsin
May 14, 2013 10:00 AM
The Wisconsin Chapter of the Association for Corporate Growth (ACG Wisconsin) announced that Tom Walton, managing director at Hanley, Hammill, Thomas, has succeeded Steven Peterson, managing director at Brass Ring Capital Inc., as chapter president.

Walton, who begins a two-year term, has been a member of the ACG Wisconsin board of directors since 2005. In addition, he has served on the board of directors of ACG Global and was chairman of ACG InterGrowth in 2009.

The association also elected six new members to its board of directors: Brian Casey, vice president and general manager, Cable & Custom Electronics, Honeywell Security Group; Patricia Hutter, partner, Quarles & Brady LLP; Doug Marconnet, managing director, Bridgewood Advisors Inc.; Mark Metzendorf, sales and marketing operations, Caterpillar Global Mining; Patrick Quick, partner, Foley & Lardner LLP; and Timothy Reardon, shareholder, Reinhart Boerner Van Deuren SC.

"Tom is an established leader in the field of corporate development and acquisition strategy, bringing a tremendous amount of talent and experience to this position," Peterson said. "Tom, along with ACG Wisconsin's six new board members and returning 22 board members will provide unique perspectives on enhancing our organization's role as a key player in corporate growth thought-leadership, emerging issues and trends, and best business practices."

ACG Wisconsin is comprised of approximately 215 business leaders in corporations, private equity, finance, and professional service firms. Target members are the leaders of Wisconsin businesses and private equity firms who have the principal responsibility for corporate growth initiatives within their organizations.

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State revenue projection increases by $575 million
May 14, 2013 10:15 AM
The Legislative Fiscal Bureau has estimated that the state will take in $575 million more in general purpose revenue through mid-2015 than previously estimated.

The Fiscal Bureau said that includes an additional $215 million in the current fiscal year followed by a boost of $180 million in 2013-14 and another $180 million in 2014-15.

"Our sound fiscal management means we can continue to invest in our priorities while protecting taxpayers," said Gov. Scott Walker. "The surplus and increased revenue projections should be invested in aid for our schools, lowering income taxes for middle-class families, holding the line on property taxes, and building our rainy day fund. Wisconsin's economy is growing, and our tough, but prudent, decisions mean we are better off than we were two years ago."

Shortly after the new revenue estimates were released, Assembly GOP members of the Joint Finance Committee this morning called for increasing state aid to K-12 education by $255 million more than Walker had previously proposed and putting more money into tax relief.

"Our promise is to give Wisconsin taxpayers the largest possible income tax cut that we can afford," said Rep. Dale Kooyenga, R-Brookfield. "The revenue numbers released today put us one step closer to accomplishing that goal."

Democratic legislators joined the call for increased funding for education.

"With new revenue projections, there can be no more excuses for the Republicans' continued lack of funding for the education of our public school children and job training for our workers," said Rep. Peter Barca, D-Kenosha. "Last budget Republicans cut public schools by $1.6 billion. With new revenue projections they can undo some of the damage they did to our public school classrooms and job training for our workers at our technical colleges and other vital training programs."

Read more in WisPolitics.com, a media partner of BizTimes Milwaukee.

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Acquisition of Vertis weighs on Quad/Graphics
May 14, 2013 10:00 AM
Quad/Graphics Inc. reported a first quarter net loss of $14.1 million, or 31 cents per share, compared with net earnings of$47.5 million, or $1.01 per share, in the same period a year ago.

The Sussex-based printer's quarterly sales grew to $1.1 billion from $989.6 million a year earlier.

During the quarter, Quad/Graphics completed the acquisition of Vertis Holdings Inc.

"Our first quarter results were in line with our expectations and we reaffirm our previously released 2013 annual guidance," said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. "In addition, we are pleased with our progress to date on the integration of Vertis. Our integration team has been focused on cost-savings initiatives and improving the overall efficiency and productivity of our platform, while also ensuring we continue to serve our clients well. Going forward, we remain focused on improving productivity; maintaining a strong and flexible balance sheet; investing in our existing business as well as pursuing profitable investment opportunities; and creating long-term value for our shareholders."

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MillerCoors profits dip
May 14, 2013 10:00 AM
SABMiller plc and Molson Coors Brewing Company reported first quarter net income of $271.9 million for Chicago-based MillerCoors LLC, a decrease of 1.2 percent compared to the 2012 first quarter.

Net sales for MillerCoors increased 1.6 percent in the first quarter to $1.788 billion.

"Across the country, beer volumes were challenged in the first quarter due to a combination of tough comparatives led by last year's unseasonably warm weather and the payroll tax increase that impacted our core beer drinkers' disposable income," said MillerCoors chief executive officer Tom Long. "However, our portfolio transformation strategy is working as evidenced by our growth in domestic net revenue per barrel, so there is reason for optimism as our strategy unfolds. Our new brand launches, Redd's Apple Ale and Third Shift, gained early traction with consumers and retailers ahead of our initial projections, and Tenth and Blake continues to deliver strong results led by Blue Moon."

During the first quarter, MillerCoors Premium Light brands decreased mid-single digits in the quarter. Coors Light declined low-single-digits in the quarter. Miller Lite declined high-single digits for the quarter.

The Tenth and Blake Beer Company in Milwaukee grew the MillerCoors Craft and Import portfolio by high-single digits in the quarter, driven by Blue Moon Brewing Company and the continued national expansion of Batch 19. Blue Moon was up high-single digits in the quarter. Jacob Leinenkugel Brewing Company's growth slowed to low-single digits for the quarter as the Summer Shandy brand was adversely affected by comparison's to sales during the unseasonably warm weather in the prior year.

The MillerCoors Economy portfolio, including Miller High Life and Keystone Light, declined mid-single digits in the quarter.

The Premium Regular portfolio, including Coors Banquet and Miller Genuine Draft, declined mid-single digits. The continued growth of Coors Banquet, which grew mid-single digits for the quarter, was offset by Miller Genuine Draft's double digit decline.

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Molly Newman This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Molly Newman. This bulletin is published every Monday morning. Send manufacturing industry news and tips to molly.newman@biztimes.com or call her at (414) 336-7144.

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