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Business News

Merger Monday


It is merger Monday and Hillshire Brands, makers of Ball Park Franks and Sara Lee, are buying Pinnacle Foods, makers of Birds Eye and Duncan Hines for $6.6 billion in cash and stock.  The purchase price is an 18% premium to Friday’s closing price. (Reuters)

 

Qualcomm is in talks to buy Israeli chipmaker Wilocity.  The deal is reported to be for about $300 million.  Wilocity, founded in 2007, makes chips that allow for faster internet speeds that are important to streaming video users and device makers. (Reuters)

 

Oregon’s Precision Castparts posted a $479 million profit in the first quarter up 15.4% from last year. Sales were up almost 4%.  The company has been in acquisition mode for the last three years, but has still been able to raise cash.  At the end of March Precision had $361 million in cash, up 29% from last year.  Time to go shopping.  (Zacks)

 

The Oregonian is reporting Vestas Wind Systems may be moving their Portland sales and service offices to Colorado.  The move would mean the loss of 200 jobs from Oregon.  Just four years ago the company had as many as 400 jobs in the State. Vestas has gotten over $11 million in tax payer subsidies since coming to Oregon in 2010. (Oregon Live)


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