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Thursday, 18 July 2013 16:30

July 18, 2013: Stryker reports Q2 after the bell; Gentex buys Homelink from JCI; new angel group raises $2M

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Welcome to the MiBiz News Ticker.  Rather than throw another e-newsletter at you or write 400-word stories about news that can be boiled down to a few sentences, we've started this new section, which will be updated throughout the day.  Send breaking news to [email protected]

Stryker Corporation (NYSE: SYK) released second-quarter results after the bell today.  Net sales grew 5 percent to $2.2 billion and net earnings declined 34.5 percent to $213 million versus last year's Q2 results. The Kalamazoo-based med device supplier reported that its quarterly results included pre-tax charges totaling $189 million related to separate product recall and regulatory matters, as well as $37 million in pre-tax charges related to acquisition integration and restructuring. Excluding charges, adjusted net earnings grew 1.3 percent to $380 million, or $1 per share.  The EPS number fell short of Wall Street estimates of $1.03 per share, according to Thomson Reuters I/B/E/S.  Stryker said it expects sales to grow between 4 and 5.5 percent for the full year, excluding the impact of foreign currency and acquisitions.  The complete earnings release with financials is here.  [4:39 p.m. EST]

The Michigan economy is showing more signs of life. Comerica Bank's Michigan Economic Activity Index, posted here, edged up 3 percentage points in May to 125.2. Chief Economist Robert Dye attributed the increase to strong U.S. auto sales having a positive affect on the local economy, including employment. Dye expects Michigan's improvement to continue through the rest of the year.

Gentex Corporation (NASDAQ: GNTX) announced it has signed a definitive agreement to acquire the HomeLink vehicle-control business from Milwaukee-based Johnson Controls, Inc. for $700 million.  The company said the acquisition should add $125 million to $150 million a year in annual revenue and is expected to help improve consolidated gross margin by 1 percent to 1.5 percent.  The transaction is expected to close on or about September 30, 2013.  Gentex hosts its quarterly conference call on July 24 at 10:30 a.m. EST.  More here from the company and the MiBiz team is working on a story that provides some context from several analysts and industry watchers. [8:36 a.m. EST]

Ann Arbor SPARK announced it closed funding on a new $2 million angel fund to help finance early stage companies in Michigan.  The Michigan Angel Fund has 70 members, according to this release, and calls itself "the largest angel organization in Michigan."  The group has already funded its first company:  East Lansing-based BioPhotonics Solutions, a Michigan State University technology spinout.  The Fund's website has some more specific criteria for companies here.

Old National Bank (NYSE: ONB) named Phil Harbert president of the company's new Michigan region, according to this new release. The Evansville, Ind.-based banking company entered the Southwest Michigan market recently via the acquisition of 20 former Bank of America branches in Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage and St. Joseph. The branches opened under the Old National brand on July 15. Harbert joins Old National from 1st Source Bank, where he worked for 28 years, most recently as president of the Kalamazoo region.

A delegation of senior government food protection officials from China will travel to the International Food Protection Training Institute (IFPTI) in Battle Creek to participate in  an in-depth training program titled: Leadership Seminar: “Dairy Safety and Lab Quality,” from July 22 to July 24 at the Western Michigan University Kendall Center. The program is a partnership between the State of Michigan Governor's Office, the Michigan Department of Agriculture and Rural DevelopmentMead Johnson Nutrition, and Covance Laboratories, Inc[3:28 p.m.]

Traverse City news outlet The Ticker (no relation) reports the former Lear Corporation facility at the intersection of S. Airport Rd. and LaFrainer is under contract to be sold to Environmental Protection, Inc. The company expects to close on the property in september. The owner, Faith Reformed Church, has owned the 80,000-square-foot property since 2007 and was listed for $1.7 million. Read more here[2:45 p.m.]

The Michigan Alternative and Renewable Energy Center (MAREC) in Muskegon is set to host a discussion on renewable energy and energy efficiency applications as it relates to agriculture policy and rural economic development July 25. The program runs from 8:30 a.m. to Noon followed by a complimentary lunch. MAREC is located at 200 Viridian Dr. Muskegon, Michigan 49440.

Read 2886 times Last modified on Wednesday, 24 July 2013 06:57