Company News
Published Sep 18 2001
Winland Electronics Inc., Mankato, has reduced its indirect
work force by 13 employees, a 12 percent reduction from its
total employment of 105, a measure expected to save the
company $540,000 annually. In addition, the company reduced
executive compensation by eliminating company-leased
vehicles for senior management.
Ault Inc., Brooklyn Park, has signed an agreement with
MagneTek Inc., to handle a private label of its new
high-efficiency dc/dc converters. Ault will have a worldwide
license to market MagneTek's dc/dc converters.
The St. Paul Companies Inc., St. Paul, said the New York
City operations of its reinsurance subsidiary, St. Paul Re, are
continuing from the company's Morristown, N.J., office. St.
Paul Re's offices were located at 195 Broadway, one block from
the World Trade Center.
Medtronic Inc., Fridley, has completed a private placement
of $2.0125 billion of its 1.25 percent contingent convertible
debentures due Sept. 15, 2021. The debentures will be
convertible into common stock at an initial conversion price of
$61.81 per share. The net proceeds were used to repay much of
the short-term credit facility it used to acquire MiniMed Inc.
and Medical Research Group Inc.
U.S. Bancorp. and TCF Financial Corp., Minneapolis, have
lowered their prime lending rates to 6 percent from 6.5 percent,
effective today.
Paper Warehouse Inc., St. Louis Park, has obtained a
three-year, $15 million line of credit with Wells Fargo Retail
Finance, a subsidiary of Wells Fargo & Co., San Francisco. The
credit facility will be used to provide general working capital for
Paper Warehouse, support its current operations and expand
the business.
Nash Finch Co., Edina, said it has gained new business
representing $70 million in annual sales. The new customers
include: Marketplace Foods, a supermarket retailer with four
stores in Wisconsin; Casey's Foods, a seven-store supermarket
retailer located in Kentucky; Viking Village Market, a
single-store independent retailer operating in Wisconsin; three
new Acme Fresh Markets in North Carolina, formerly Piggly
Wiggly retail outlets; and Casey's General Stores Inc., a
convenience store chain in the Midwest.
WebADTV Inc., a subsidiary of Intelefilm Corp.,
Minneapolis, and Allied Vaughn have agreed to jointly provide
digital asset management products.
Ault Inc., Brooklyn Park, said net sales and earnings would be
lower than previously issued guidance and current analyst
estimates for its fiscal year 2002 first quarter ended Aug. 31.
For the quarter, the company expects that net sales will be
between $10 and $11 million, with an anticipated loss of 13 to
16 cents per share.
The Mid-Continent Area Power Pool, St. Paul, said its
Power & Energy Market (PEM) filed a new PEM Market Rate
Tariff with the Federal Energy Regulatory Commission. The
new tariff supplements the existing service schedules.
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