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Archive for the 'Acquisitions' Category

Snap!VRS is buying competitor in telecom industry

August
19

Snap!VRS, a Pearl River-based company that focuses on telecommuications services for the deaf, is buying Viable Communications Inc., another company in the same industry.

Viable, based in Rockville, Md., specializes in videoconferencing hardware and software, video relay services, and interpreting services for the deaf community. Terms of the acquisition were not disclosed.

“Pairing our respective synergies will create a company capable of servicing the deaf community unlike any other,” said Snap!VRS President Tom Kielty.

Posted by Jay Loomis on Wednesday, August 19th, 2009 at 3:34 pm |
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PepsiCo buys Brazilian maker of coconut water

August
12

PepsiCo Inc., the Purchase-based beverage and snack food giant, is buying Brazil’s largest coconut water company as it looks to expand its business in one of the world’s fastest growing markets.

The acquisition of Amacoco Nordeste Ltda. and Amacoco Sudeste Ltda. also marks another step in PepsiCo’s ongoing efforts to capture additional customers by broadening its beverage portfolio into new categories.

PepsiCo’ food and beverage lineup already includes 18 different product lines that each generate more than $1 billion in annual sales. Executives see promise in adding coconut water to a product mix that also includes soft drinks, Gatorade sports drinks and Tropicana orange juice because coconut water is a popular beverage in Brazil and other countries.

Amacoco makes and sells Kero Coco and Trop Coco, Brazil’s top-selling coconut water brands.

“Amacoco will complement our current business and enhance our growth prospects throughout Latin America and beyond,” Massimo d’Amore, chief executive officer of PepsiCo Americas Beverages, said in a written statement. “Even in the nascent U.S. market, coconut water sales are enjoying extraordinary growth.”

PepsiCo touts coconut water as a good source of nutrients that “contains calcium and magnesium, and the same amount of heart healthy potassium as a banana or a glass of orange juice.”

PepsiCo gains contracts with coconut water suupliers and takes over two Brazilian factories as part of the acquisition. The company added that it hopes to expand sales in Brazil and other countries by building on the strength of its own distribution system and a network of independent distributors that currently distribute Kero Coco and Trop Coco.

The acquisition, which must be approved by Brazilian regulators, follows other investments that PepsiCo has made in Latin America. Those include buyouts of of Brazilian snack company Comercio de Doces Lucky Ltda. and the Peruvian snack business Karinto S.A.C.

“Within the last year, PepsiCo has announced plans to invest more than $3.3 billion in Latin America over the next several years,” said Luis Montoya, president of Latin America Beverages for PepsiCo.

Terms of the transaction were not disclosed.

Posted by Jay Loomis on Wednesday, August 12th, 2009 at 11:58 am |
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Broadview Networks buying assets from Canadian company

August
5

Broadview Networks, a Rye Brook-based business communications provider, said that it agreed to buy select assets of Natural Convergence Inc., an Internet phone company based in Ottawa, Canada.

The agreement calls for Broadview Networks to acquire the software for Natural Convergence’s Silhouette, the technology behind Broadview’s OfficeSuite Internet phone product. Broadview Networks also is buying hardware, inventory and intellectual property held by Natural Convergence, including patents and trademarks and service marks.

Posted by Jay Loomis on Wednesday, August 5th, 2009 at 3:02 pm |
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Starwood sells San Francisco hotel for $90 million

July
31

Starwood Hotels & Resorts Worldwide Inc. of White Plains said that it sold its W hotel in San Francisco to Keck Seng Investments Limited in Hong Kong for $90 million. Starwood, whose network includes nearly 1,000 hotels in 100 countries, said that it also agreed to a management contract to continue operating the San Francisco hotel as a W.

Posted by Jay Loomis on Friday, July 31st, 2009 at 1:55 pm |
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AFP Imaging sells unit to Italian company

July
31

AFP Imaging Corp., an Elmsford-based supplier of medical imaging systems, said that it sold its Italian Quantitative Radiology subsidiary to Cefla Capital Services SpA in a stock transaction.

Cefla’s dental group, based in Imola, Italy, is a major manufacturer of dental equipment. AFP said that it will use the proceeds from the sale to reduce debt, increase working capital and better position the company for expansion. Financial terms of the sale were not disclosed.

Posted by Jay Loomis on Friday, July 31st, 2009 at 1:45 pm |
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IBM to buy software company for $1.2 billion

July
28

IBM Corp. said that it will pay $1.2 billion to buy SPSS Inc., a Chicago-based technology company that makes software to help companies analyze data and identify business trends.

The buyout values SPSS, a publicly traded company, at $50 a share, or more than 42 percent above Monday’s closing price of $35.09. In trading yesterday on the Nasdaq Stock Market, shares of SPSS soared $14.29 to $49.38.

Shares of IBM dropped 65 cents to $116.98 on the New York Stock Exchange.

The acquisition is expected to be completed before the end of the year if it receives shareholder and regulatory approvals.

The all-cash buyout expands IBM’s presence in the market for business analytics software that is designed to help companies develop a competitive advantage through the smart use of information that can help control costs, increase efficiency and boost profitability.

The global market for such software is expected to increase 4 percent this year to $25 billion this year, according to IDC.

“With this acquisition, we are extending our capabilities around a new level of analytics that not only provides clients with greater insight — but true foresight,” said Ambuj Goyal, IBM’s general manager for information management.

IBM said that the addition of SPSS will allow it to offer products that are targeted at meeting the needs of major industries, including customer retention for financial services, patient care improvement data in the healthcare industry, crime prevention for the public sector and scouting site locations for retailers and manufacturers.

“This technology has also been used in political campaigns to zero in on likely voters to determine what campaign messages have the greatest impact on undecided voters,” IBM said in a written statement.

IBM has made about 80 acquisitions in hardware, software and services since Chief Executive Officer Sam Palmisano took the reins in 2002, according to Bloomberg News. Most of the deals, including the $4.5 billion purchase of Cognos Inc., have increased the scale of IBM’s software business.

In a second acquistion announced yesterday, IBM said that it bought Ounce Labs, Inc., a privately-held company in Waltham, Mass. Ounce makes software that helps companies reduce the costs related to security and compliance concerns. Financial terms of this buyout were not disclosed.

Posted by Jay Loomis on Tuesday, July 28th, 2009 at 1:42 pm |
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Pepsi Bottling Group completes acquisition

July
27

Pepsi Bottling Group Inc. of Somers said that it has completed its acquisition of Pepsi-Cola Bottlers for the Merrimack Valley Inc. The Haverhill, Mass.-based company is a Pepsi-Cola franchised bottler serving northeastern Massachusetts. Financial terms of the transaction were not disclosed. The acquisition was originally announced on May 14.

Posted by Jay Loomis on Monday, July 27th, 2009 at 12:26 pm |
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Visant expands product lineup through acquisition

July
22

Visant Corp., an Armonk-based marketer of class rings and high school graduation products, said that it has completed an acquisition of Rennoc Corp.’s team outerwear business. The deal gives Visant an expanded product lineup that will include school award letter jackets and team apparel. The Rennoc products will be marketed and sold primarily through sporting goods dealers. Financial terms of the acquisition were not disclosed.

Posted by Jay Loomis on Wednesday, July 22nd, 2009 at 12:07 pm |
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SmartPros Ltd. announces acquisition

July
1

SmartPros Ltd., a Hawthorne-based provider of professional education and corporate training, said that it has purchased Executive Enterprise Institute, a provider of live conferences and seminars for corporate finance, tax and legal industry professionals. The newly acquired business will operate as SmartPros’ EEI Division in Hawthorne. Financial terms of the acquisition were not disclosed.

Posted by Jay Loomis on Wednesday, July 1st, 2009 at 3:36 pm |
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Mercury Solar Systems buys Long Island solar company

June
26

Mercury Solar Systems, a New Rochelle-based company that installs solar electrical systems, has expanded its presence in the region with the acquisition of K-Star Solar, a major residential solar installer on Long Island.

Mercury’s expansion comes at a time when solar energy companies are expected to benefit from the incentives for renewable energy development in the $787 billion economic stimulus legislation passed by Congress and signed by President Barack Obama earlier this year.

Mercury, already a major player in the Northeast, has installed hundreds of solar systems in New York, New Jersey and Connecticut.

K-Star Solar will be renamed Mercury Solar Systems after the acquisition is completed. Kevin P. Harvey, K-Star’s president, will join Mercury’s Long Island team as its divisional president and focus on Mercury’s Long Island installations.

“With K-Star we have an instant footprint in this market and we believe together we can offer commercial and residential customers cutting edge, highly efficient solar solutions at affordable prices,” said Jared Haines, president of Mercury Solar Systems. “The federal and state incentives for solar systems have also never been better, but customers need a company with local knowledge to help them leverage the benefits of solar.”

Nationally, the solar energy industry has steadily grown during the past 10 years. The number of companies shipping solar thermal collectors climbed from 28 to 60 from 1998 to 2007, according to the Energy Information Administration. The number of units shipped rose from 7,756 to 15,153 over the same time period.

Posted by Jay Loomis on Friday, June 26th, 2009 at 11:23 am |
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Reader’s Digest to sell educational publisher

June
25

Reader’s Digest Association Inc. announced an agreement to sell an educational publishing business as the Chappaqua-based media company continues its restructuring in a challenging economy.

Gareth Stevens Inc., a unit of Reader’s Digest that publishes educational books for youths from pre-kindergarten through high school ages, will be sold to Roger Rosen, owner of Rosen Publishing, and Gary Spears, a co-founder of Gareth Stevens in 1984.

Reader’s Digest did not disclose terms of the sale. It has owned Gareth Stevens since a 2007 merger between Reader’s Digest and WRC Media.

Reader’s Digest said that it will continue to manage order processing and customer service for Gareth Stevens at offices in Strongsville, Ohio, until the transition to new ownership is completed in September.

Reader’s Digest, whose flagship magazine is the world’s largest with nearly 70 million readers in more than 60 countries, has been hurt by the global economic slowdown that has eroded advertising revenues and accelerated declining print subscriptions.

In May, the privately held company reported a 17 percent drop in revenues and a net loss of $462 million during its fiscal third quarter ending March 31, much worse than the net loss of $53.6 million a year earlier.

In January, Reader’s Digest responded to the challenging economy with a restructuring program that included layoffs of about 280 employees, or 8 percent of its global work force of 3,500.

The restructuring also has included asset sales as Reader’s Digest repositions its businesses. Gareth Stevens, part of the company’s Weekly Reader Publishing Group, became a non-core business when Reader’s Digest executives opted to focus on the core Weekly Reader brand.

Posted by Jay Loomis on Thursday, June 25th, 2009 at 3:04 pm |
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TransCare Ambulance Corp. to buy another ambulance company

June
19

TransCare Ambulance Corp., a Brooklyn-based private ambulance service that serves the Hudson Valley, Westchester County and New York City, announced plans to buy Alamo Ambulance Service Inc.

The sale is subject to approval of the sale by the New York State Attorney General and the New York State Supreme Court.

Alamo provides ambulance and wheelchair transportation for Health Quest, a hospital and health care services provider in the mid-Hudson Valley, including Putnam and northern Westchester counties.

TransCare said it will assume ownership of Alamo’s assets, including its fleet of ambulances. Alamo’s employees will join TransCare with no layoffs anticipated, according to a news release.

Posted by Jay Loomis on Friday, June 19th, 2009 at 1:13 pm |
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PepsiCo and partner buy Jordanian dairy producer

June
4

PepsiCo Inc. has expanded its presence in the Middle East by acquiring a controlling stake in a Jordanian dairy producer with its joint venture partner.

International Dairy and Juice Limited, the joint venture formed earlier this year by PepsiCo and Saudi-based dairy company Almarai, bought 75 percent of Teeba Investment for Developed Food Processing Company, a major producer and distributor of dairy and juice products in Jordan. It is the first acquisition made by the joint venture.

“This is an important step forward in our ongoing effort to build a diversified global portfolio of foods and beverages, addressing consumers’ need for nutrition as well as fun and refreshment,” Michael White, PepsiCo vice chairman and chief executive officer of PepsiCo International, said in a written statement.

PepsiCo, the Purchase-based beverage and snack food giant, formed the joint venture to look for investment opportunities in the Middle East, Africa and Southeast Asia. PepsiCo owns 52 percent of the joint venture and Almarai owns 48 percent. Financial terms of the acquisition were not disclosed.

Posted by Jay Loomis on Thursday, June 4th, 2009 at 11:56 am |
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Bunge to pay $108.5 million for margarine business

May
14

Bunge Ltd., the White Plains agribusiness giant, agreed to pay $108.5 million to buy the margarine business of Raisio Oyj, an agricultural and food products company based in Finland. The sale, subject to regulatory approval, includes margarine plants in Finland and Poland. Bunge will also gain control of several brands, including Keiju, Makuisa, Masmix and Pyszny Duet. About 330 of Raisio’s Finnish and Polish employees will be transfer to Bunge.

Posted by Jay Loomis on Thursday, May 14th, 2009 at 3:09 pm |
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Pepsi Bottling agrees to buy Massachusetts bottler

May
14

Pepsi Bottling Group Inc., the largest distributor of Pepsi beverage products, is expanding its service territory through an acquisition.

Somers-based Pepsi Bottling said that it agreed to buy Pepsi-Cola Bottlers for the Merrimack Valley Inc. The Haverhill, Mass-based bottler serves northeastern Massachusetts and employs about 70 workers.

It is the fourth major acquisition of a bottler that Pepsi Bottling has announced in 2008 and 2009 to expand its footprint around the country.

“We continue to capitalize on geographic growth opportunities as part of our strategy to win in the marketplace and create shareholder value,” Pepsi Bottling Chief Executive Officer Eric Foss said in a written statement.

Pepsi Bottling said that it expects to complete the acquisition during the third quarter. Financial terms were not disclosed.

Posted by Jay Loomis on Thursday, May 14th, 2009 at 1:27 pm |
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Third Eye Technologies buys tech services firm

May
1

Third Eye Technologies, a White Plains-based computer services company, has expanded its presence in the region through the acquisition of Pair M Technology, another computer services company in White Plains. Third Eye, founded in 1991, specializes in tech services for small to mid-sized businesses. The acquisition is Third Eye’s second in the area in two years. In 2007, Third Eye purchased Jade Systems of Cold Spring.

Posted by Jay Loomis on Friday, May 1st, 2009 at 3:48 pm |
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Tompkins Financial sees higher 1Q profit

April
29

Tompkins Financial Corp. of Ithaca, the owner of Mahopac National Bank and Tompkins Trustco, said it had first-quarter net income of $7.74 million, or 79 cents a share, on net interest income of $25.9 million. For the comparable quarter a year earlier, it had net income of $7.54 million, or 77 cents a share, on net interest income of $19.7 million.
The higher numbers partially reflect Tompkins’ acquisition in May 2008 of the parent company of Sleepy Hollow Bank, which was merged into Mahopac National.

Posted by Jerry Gleeson on Wednesday, April 29th, 2009 at 2:34 pm |
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Pepsi buys Peruvian company

April
17

Purchase-based PepsiCo Inc. said this morning it has acquired Karinto S.A.C., a Peruvian-based marketer of corn chips, nuts and seeds, for an undisclosed price.

The company said the acquisition shows its commitment to invest in South America. It follows the recent acquisition of Brazilian snack company Comercio de Doces Lucky Ltda., maker of the Torcida and Fofura brands.

Karinto and its manufacturing partner, Bocaditos Nacionales S.A., were founded together in Lima in 1968, PepsiCo said. Their product portfolio includes Los Cuates chips, Fripapas and Papi Frits potato chips and a variety nutritious snacks, including seeds, raisins, mixed nuts and the number one-selling peanut brand in Peru, the company said.

The acquisition includes both companies, including two manufacturing plants in Lima, and all of their brands.

Posted by Allan Drury on Friday, April 17th, 2009 at 9:20 am |
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IBM completes Outblaze acquisition

April
16

IBM Corp. said that it has completed its acquistion of e-mail software assets from Outblaze Ltd., a privately held online messaging company in Hong Kong. Armonk-based IBM originally announced the acquisition in January to expand its offerings of e-mail services over the Internet. Financial terms of the deal were not disclosed.

In a related announcement, IBM said that it will open a computing laboratory in Hong Kong to act a global hub for its Web-based messaging services.

Posted by Jay Loomis on Thursday, April 16th, 2009 at 1:39 pm |
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ITT buys German company to expand in plumbing market

April
16

ITT Corp., a White Plains-based industrial conglomerate, said that it will expand in the energy-efficient plumbing and heating market with the acquisition of Laing GmbH of Germany.

The buyout of privately held Laing will give ITT a foothold in the market for energy-efficient circulator pumps used in residential and commercial plumbing, heating, ventilating and air conditioning systems.

“Upon completion of the acquisition, ITT will be able to offer customers a comprehensive range of high-performance and ‘green’ pump technology and products that meet more stringent energy standards,” Gretchen McClain, president of ITT’s fluid and motion control business, said in a written statement.

ITT added that the deal fits with its corporate strategy to expand in the rapidly growing market for energy-efficient products. Laing’s pumps also complement ITT’s own products for the building sevices market.

Laing, based in Remseck, Germany, employs 500 workers in Germany, Hungary, the United States and Japan. Last year, the company generated $40 million in sales.

The companies did not disclose financal terms of the acquisition that is expected to be completed during the second quarter, pending regulatory approvals.

Posted by Jay Loomis on Thursday, April 16th, 2009 at 12:51 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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