| Timken Adds Casting Line To Aerospace Aftermarket Unit
Canton, OH - The Timken Company recently announced that it has launched a fully integrated casting operation to produce precision aerospace aftermarket components at the company's new facility in Mesa, Ariz. Timken is now the only supplier in the aerospace aftermarket with the full capability to produce its own castings. Installation of casting equipment at a facility that also includes design, machining, heat treating, finishing and testing operations positions Timken to produce precision parts under one roof. Timken relies on the casting process to manufacture turbine blades, vanes, nozzles and turbine engine hardware for the aerospace aftermarket. "This strategic investment is another move to differentiate ourselves in how we bring value to customers," said Barry Stonehouse, general manager of Timkens aerospace aftermarket solutions.
Brandeis hires new CIO to manage endowment
This January, Brandeis hired Deborah Kuenstner as its new Chief Investment Officer and Vice President for Investment Management in order to help manage the universitys increasingly large endowment. The institution of the management of the endowment as a job for a single individual is a relatively new step for the university. For a long time the endowment was overseen by someone who had the endowment as one of many responsibilities, said Kuenstner. This individual was Jeff Solomon, who did have responsibility solely for the endowment toward the end of his time at Brandeis. Two years ago, we reorganized Jeff Solomons job, explained Peter French, Executive Vice President and Chief Operating Officer. His job portfolio was defined to specifically focus on the endowment.
Like water in the bank
Building on investor interest in the sector, several new U.S.-based funds have come to market, including Boenning & Scattergood, which manages the Praetor Water Equity Fund, and New York-based Terrapin Asset Management, which manages a US$50-million hedge fund. Mr. Rohner debunks the notion that water-related companies are difficult to source. "Worldwide there is always an opportunity coming up," he said. Otto Spork, chief executive of Toronto- based Sextant Capital Management, who is flogging a new ?100- million global water hedge fund, says the general buzz about water is flushing out private companies around the world. After being interviewed on Canadian TV recently, Mr. Spork fielded six calls from international entrepreneurs. Even local investors are becoming more bullish about the sector.
Kerkorian bid may put Chrysler in tight spot
NEW YORK: Billionaire Kirk Kerkorian's Tracinda Corp has written an exclusivity clause into its $US4.5 billion ($NZ5.9b) offer to buy Chrysler that industry experts call a shrewd move but a potentially troublesome one for the auto maker's board. DaimlerChrysler, which confirmed on Wednesday that it was talking with prospective buyers of the money-losing Chrysler unit, could run into problems with irate rival bidders and disgruntled shareholders if it accepts an exclusive arrangement with just one buyer, academics said. Kerkorian, who was once Chrysler's largest single shareholder, is seeking 60 days' exclusive rights to conduct due diligence on Chrysler. "It's classic Kerkorian - it's shrewd, smart, excellent business," said Anthony Sabino, attorney for Sabino & Sabino and a professor of law and business at St.
Liquor Stores Income Fund Announces Offer to Acquire all ...
EDMONTON, ALBERTA--(CCNMatthews - April 10, 2007) - Liquor Stores Income Fund ("Liquor Stores") (TSX:LIQ.UN) announced today that it has made an offer to acquire all of the outstanding trust units of Liquor Barn Income Fund ("Liquor Barn") (TSX:LBN.UN).
Liquor Stores is offering Liquor Barn unitholders 0.53 of a trust unit of Liquor Stores in exchange for each Liquor Barn trust unit, which represents a value of $11.30 per Liquor Barn trust unit, or a premium of approximately 34.6%, based on the closing prices of the Liquor Stores units and the Liquor Barn units on the Toronto Stock Exchange (the "TSX") on April 9, 2007, the last trading day prior to the date of commencement of the offer. The offer also represents a premium of approximately 35.7% based on the volume weighted average trading prices of the Liquor Stores units and the Liquor Barn units on the TSX for the 20 trading days ended April 9, 2007.
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