Xten acquires Ill. plastic molder
Kenosha plastic injection molder Xten Industries has acquired the assets of Paramount Plastics LLC in Lockport, Ill.
Paramount is worth $18 million. It was founded in 1990 and has 24 presses of up to 2,000 tons, which it uses to make products for the automotive, industrial, consumer durable, health and fitness and packaging industries.
Xten, a $45 million company, will benefit from Paramount’s large-tonnage molding capabilities and additional presses.
“We are very excited about the addition of Paramount, which greatly increases Xten’s production capabilities and substantially expands our customer base,” said Matthew Davidson, Xten CEO and Co-founder.
Paramount’s employees will stay on with Xten, providing invaluable operational expertise.
“One of the qualities both Xten and Paramount share is our dedication to providing exceptional service,” Davidson said. “Given this common focus, we’re certain Paramount’s current customers will notice no decline in our ongoing support.”

comment »

---

Eaton Corp. acquires Cooper Industries
Eaton Corp., a diversified power management company based in Cleveland, has acquired Dublin, Ireland-based Cooper Industries, the parent company of Cooper Power Systems in Waukesha.
Cooper, a leading electrical equipment supplier founded in 1833, focuses on energy efficiency for a global customer base.
Eaton, founded in 1911, makes power distribution, power quality, control and automation, power monitoring and energy management products.
The $11.8 billion transaction is expected to close at the end of 2012, at which time a two-year transition and evaluation will take place.
Until that time, there will be no decisions on changes to individual locations like Cooper Power Systems, an Eaton spokesman said.
The new company will be called Eaton Global Corporation Plc and headquartered in Dublin. Cooper shareholders will receive $39.15 per share in cash and 0.77 in ordinary shares for each Cooper share.
“This compelling combination of Eaton’s power distribution and power quality equipment and systems with Cooper’s diversified component brands, global reach and international distribution creates a game changer to serve the electrical industry,” said Alexander M. Cutler, Eaton’s current chairman and chief executive officer.. “We’re excited about bringing together two great companies to create shareholder value and continue our global growth. This combination significantly expands our ability to better serve our customers with their demands for critical energy saving technologies as they address the impact of the world’s growing energy needs.”
The combined companies would have posted historical revenues of $21.5 billion and EBITDA of $3.1 billion in 2011.

comment »

---

BMO Harris buys Bradley Center naming rights
Milwaukee's Bradley Center has been renamed the BMO Harris Bradley Center after the bank made an undisclosed investment in the future of the building.
Four other major investors — Kohl's Corp., Harley-Davidson Motor Co., Northwestern Mutual Life Insurance Company Inc. and Rockwell Automation Inc. — and 22 other local companies invested in the MMAC's Champions of the Community project to provide upkeep funding for the aging arena.
The individual company contributions were not released, but Metropolitan Milwaukee Association of Commerce (MMAC) president Tim Sheehy said $18 million has been raised so far, including the BMO investment.
Great cities that are built to last invest in their people, culture and infrastructure, Sheehy said. The BMO Harris Bradley Center supports 2,350 jobs and has a $204 million gross annual economic impact.
"The Bradley Center has served us well, but it now enters the next phase — serving as a bridge to a new facility," Sheehy said.
BMO Harris Bradley Center CEO Steve Costello paid tribute to the building's inception with a $93 million donation from the Jane Bradley Pettit family and looked to the future of the space.
"It's been absolutely amazing to see the business community come together and support Mrs. Pettit's gift to the state of Wisconsin — this building," Costello said.
He said the newest funding is meant to extend the life of the BMO Harris Bradley Center for the next five years while the community plans for a new arena.
Costello said the focus is on maintaining the building for the next five years, but said no specific improvement decisions have been made. Long-term, a new arena will likely be necessary to keep an NBA team in Milwaukee, he said.
Sen. Herb Kohl, the owner of the Milwaukee Bucks, reiterated that he will make a personal contribution to a future arena.
"It was critical that we come up with the wherewithal to come up with a way to make this facility a bridge to the future," he said.
Brad Chapin, executive vice president of personal banking at BMO Harris Bank, called the BMO Harris Bradley Center the "crown jewel of downtown Milwaukee" and said the bank is making a substantial commitment to its future.
BMO has agreed to a six-year sponsorship of the Bucks, and a BMO Harris Boys and Girls Clubs seating section will be created.
"We will set aside seats for every home game for the Bucks and other events for the use of nonprofits across the state of Wisconsin," Chapin said.
Marc Marotta, Bradley Center board chairman, said the building will continue to pay tribute to its founders.
"The Bradley name will remain on this building for as long as this building exists," he said.

comment »

---

MGIC files lawsuit in pool insurance dispute
MGIC Investment Corp. announced that its Mortgage Guaranty Insurance Corp. subsidiary has filed a lawsuit in Federal District Court in Milwaukee against Freddie Mac and the Federal Housing Finance Administration (Freddie Mac's conservator) regarding the pool insurance dispute between MGIC and Freddie Mac.
MGIC said it would not comment on the suit beyond a communication it has sent to Freddie Mac, which said in part: "That we took the initiative in seeking to resolve our dispute through the judicial system does not mean we cannot seek to resolve it 'out of court.' Indeed, we welcome the opportunity to continue such discussions, but could not accept the terms on which Freddie Mac was willing to do so. As Freddie Mac's largest mortgage insurance counterparty, we place the highest value on the long and fruitful relationship between our two companies. We trust our attempt to seek resolution of this dispute through litigation will not affect that relationship. From our perspective, we intend to conduct "business as usual" on the various matters between us and hope after due reflection Freddie Mac will concur this approach makes sense."
MGIC is the nation's largest private mortgage insurer as measured by $169.0 billion primary insurance in force covering 1.1 million mortgages.

comment »

---

REIT buys Delafield shopping center for $15.1 million
Ramco-Gershenson Properties Trust, a Farmington Hills, Mich.-based real estate investment trust (REIT) announced that it has purchased the 113,617-square-foot Nagawaukee Shopping Center in Delafield for $15.1 million.
Located northeast of I-94 and Highway 83, Nagawaukee Shopping Center is anchored by a Kohl's Department Store and also has Bath & Body Works, GNC, Maurice's, the UPS Store and Cost Cutters as tenants.
The shopping center is also anchored by a 60,000 square foot Sentry Supermarket, which is not part of the acquisition.
Nagawaukee Shopping Center is Ramco-Gershenson's third property in the greater Milwaukee area and its fourth asset in the state of Wisconsin.

comment »

---

Appleton Papers to merge with Dallas firm
Appleton Papers Inc. and Hicks Acquisition Company II Inc. announced a definitive agreement under which Appleton will engage in a business combination with Hicks in a transaction valued at $675 million.
The combined company will be listed on the Nasdaq exchange, positioning Appleton for long-term growth and profitability with an improved balance sheet and greater access to capital. Appleton is a leading manufacturer of specialty high value-added coated paper products and a provider of proprietary encapsulation applications. Dallas-based Hicks is a special purpose acquisition company founded and headed by Thomas Hicks with approximately $149.3 million of cash in trust. It was also announced that when the transaction closes, Appleton will change its corporate name to Appvion. The new name combines the words "applied" and "innovation," reflecting the company's successful transformation from a paper company to a business focused on coating formulations and applications, and specialty chemicals. Appleton was founded in 1907 in Appleton, Wis. Under the terms of the proposed business combination, Hicks Acquisition Company II will invest the cash held in trust, less expenses and amounts paid for certain repurchases and redemptions of its stockholders, to acquire an equity interest in Appleton. Proceeds from the transaction may be used by Appleton for reducing the amount of debt outstanding, capital expenditures to facilitate growth initiatives, reducing the amount of warrants outstanding or other general corporate purposes. Thomas Hicks said, "We are tremendously pleased to be partnering with Appleton, its management team and its employee-owners. Appleton is a true leader in its markets with a broad and diverse product line, globally respected brands, a legacy of innovation and a world-class management team. We are very impressed by Appleton's recent steps to further transform its business to value added converting and encapsulation. In particular, we believe that its recent agreement with Domtar allows the company to focus on its core, value-added capabilities, while reducing asset intensity and substantially increasing its profitability and free cash flow. We look forward to completing the transaction and supporting the management team as they continue to realize Appleton's full potential." Members of the Appleton management team will continue in their current positions under the new ownership structure. "This transaction will be the latest milestone in Appleton's transformation from a paper producer to a company focused on coating formulations and applications, and specialty chemicals," said Mark Richards, Appleton's chairman, president and chief executive officer. "The combination with Hicks Acquisition Company II provides the company with capital to further strengthen our balance sheet, support our businesses and pursue attractive growth opportunities in our markets. Our customers will benefit as we continue to expand and improve the value-added products and services we provide them. Appleton ESOP participants, through their ownership interests in Paperweight Development Corp., the parent company of Appleton, will be able to share in an even stronger company and hold a more flexible security with greater potential for appreciation. We are proud to partner with Tom Hicks and his colleagues, who have a decades-long record of supporting and building the value of specialty manufacturing companies." Following completion of the transaction, Hicks and Christina Weaver Vest, CEO of Hicks Acquisition Company II and a managing director and partner of Hicks Equity Partners, will join the existing Appleton board of directors. The current Appleton directors, Stephen Carter, Terry Murphy, Andrew Reardon, Kathi Seifert, Mark Suwyn and George Wurtz, all of whom are independent directors, and Richards will remain on the board. Richards will continue to serve as board chairman. The boards of directors of Hicks Acquisition Company II, Paperweight and Appleton have unanimously approved the proposed transaction. Completion of the transaction, which is expected during July 2012, is subject to expiration or early termination of any applicable Hart-Scott-Rodino waiting period and certain other closing conditions.

comment »

---

Profits dip at Brady Corp.
Milwaukee-based Brady Corp. reported fiscal third quarter net income of $27.7 million, or 52 cents per share, down from $28.6 million, or 54 cents per share, in the same period a year ago.
Excluding $2.7 million of after-tax restructuring charges in the third quarter of fiscal 2012 and $0.9 million of after-tax restructuring charges in the same quarter last year, net income was up 3.0 percent to $30.3 million.
The company's quarterly sales dipped 1.9 percent to $331.6 million.
"Our Americas region is performing well, fueled by strength in our U.S. business. In EMEA, our growth initiatives and reallocation of resources to the stronger sub-regions are partially counter balancing the weak macro-economy, enabling our EMEA revenues to be down only slightly when compared with the prior year. During the quarter, our revenues were below our internal expectation, but profitability was maintained through reductions in selling, general, and administrative expenses, including reduced incentive compensation," said Brady president and chief executive officer Frank Jaehnert. "After quarter-end, we completed two acquisitions for a purchase price of approximately $36 million. These two acquisitions, Pervaco AS in Norway and Runelandhs Forsaljnings AB in Sweden expand our presence in the Scandanavian region, which is an under-penetrated market for Brady. We also announced the acquisition of Grafo Wiremarkers Africa (Pty) Ltd in South Africa during the third quarter, which is our first acquisition on the African continent."

comment »

---

Associated Banc-Corp adds Yee to executive suite
Associated Banc-Corp announced the appointment of James Yee to the role of executive vice president, chief information and operations officer.
Based in Green Bay, Yee will be responsible for the overall direction, leadership and results of the corporation's information technology systems and strategies, as well as key operational activities.
"Jim will be a tremendous asset to our team," said Associated president and chief executive officer Philip Flynn. "His approach to technology and business processes will advance the bank's operations for the benefit of our customers, while positioning us for continued success in the market."
Yee brings 37 years leadership experience in the management of information technology and back office operations in the financial services industry, including more than 15 years of experience as a chief information officer. Most recently, Yee held the position of executive vice president and chief information officer with Union Bank in California.

comment »

---

Thrivent to host meeting at Miller Park
Thrivent Financial for Lutherans will hold its annual member meeting at Miller Park on Tuesday, May 29 from 4:30 to 8:30 p.m.
More than 1,000 Thrivent Financial members are expected to attend the event, which will include tailgating and live music, ballpark food, a member resource fair and a speed volunteering opportunity.
President and CEO Brad Hewitt and several other company leaders will address attendees from the field, followed by Q&A.
Tailgating will start at 4:30 and the program will start at 7:30.
For more information, contact Brett Weinberg at 612-844-4272.

comment »

---

Waterstone holds processor conference
Pewaukee-based Waterstone Mortgage Corp. hosted its first-ever national mortgage processors conference from May 6 to 8 at the Milwaukee Hilton.
The event, “Accelerate: Navigating the Curves with Excellence,” drew about 60 attendees to learn about industry updates, managing stress and participate in social events.
“We are thrilled with the turnout and engagement we saw during this conference, and consider it a tremendous success,” said Eric Egenhoefer, President and CEO of Waterstone Mortgage. “This conference was beneficial not only to our mortgage processors, but also to our company and our customers. With the knowledge they received during the conference, we are confident that our mortgage processors will be able to take their roles to the next level and continue to provide superior levels of customer service.”

comment »

---

Associated Bank receives Ag honor
The U.S. Department of Agriculture has awarded Associated Bank a Certificate of Achievement for assisting the department and the Rural Development Guaranteed Rural Housing Program in 2011.
Associated provides 100 percent financing with no down payment, flexible credit guidelines and 30-year terms for rural home buyers through the GRH program.
The bank lent more than $5 million through the program last year.
“More than $338 million in [total] GRH funding was delivered to Wisconsin homeowners resulting in more than 2,750 home purchases,” said Stan Gruszynski, Wisconsin State Director, USDA Rural Development. “Associated’s efforts have helped many Wisconsin families achieve their dream of homeownership.”

comment »

---