FINANCE

Microsemi in $130M Strategic Buy

Aliso Viejo-based Microsemi Corp. has reached a deal to acquire the timing device business of Vectron International for $130 million.

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St. John Cuts Include Boutique

St. John Knits International Inc. will cut 72 jobs in Irvine effective December 11, according to a Worker Adjustment and Retraining Notification it filed with the state Employment Development Department.

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BJ’s: Revenue Up, Earnings Down

BJ’s Restaurants Inc. in Huntington Beach reported revenue of $247 million in its most recent quarter, up about 6% year-over-year. Net income was $2.4 million—down two-thirds from the same period last year, when net income was $7.2 million.

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Record Grant for Vanguard

Vanguard University in Costa Mesa has been awarded a five-year, $3.75 million grant through the U.S. Department of Education’s Developing Hispanic-serving institutions program.

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OCC Foundation Gets $1.8M

The Orange Coast College Foundation said it received a gift of $1.8 million, the largest donation in its 32-year history.

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Pickup Family Gives Hoag $15M

Hoag Memorial Hospital Presbyterian in Newport Beach received a $15 million gift for its neurosciences institute from longtime local philanthropists the Pickup Family Foundation.

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Edwards Builds-Out ‘Tool Box’

Edwards Lifesciences Corp. reported $481 million in global sales for its core transcatheter heart valve technology, up some 17% from the same period a year ago but down compared with its last two quarters—$539 million for the first quarter and $487 million for the second quarter.

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Legacy Brander Launches Sites

MerchSource LLC launched retail websites for its FAO Schwartz and 5th Avenue Bergdorf Goodman brands.

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Automotive App Cuts Lending Deal

AutoGravity Corp. has another lender on its car-shopping app.

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UCI on $14.65M Literacy Team

University of California-Irvine is part of a group that received a five-year, $14.6 million U.S. Dept. of Education grant to improve literacy instruction.

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Konica Completes Ambry Buy

Japanese printer maker Konica Minolta Inc. and Innovation Network Corporation of Japan (INCJ) closed their joint acquisition of genetic diagnostics company Ambry Genetics Corp., in Aliso Viejo.

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September Unemployment Down

The September unemployment rate in Orange County was 3.6%, down from a revised 4.2% in August and lower than a year-ago estimate of 4%.

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PHG Names CFO, Ops Role; Moves GM

Pacific Hospitality Group in Irvine named Kent Crandall chief financial officer, hired a senior vice president of operations to report to COO Robb Walker, and shifted a GM to its Paséa resort.

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16 Franchisers Hit List

Several OC-based franchise systems made the 2017 Franchise Times 500 list, which ranks companies by 2016 systemwide sales.

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Del Taco Revises Full Year

Del Taco Restaurants Inc. in Lake Forest reported higher revenue and net income in its third quarter compared with the same period last year, but revised some projections downward for its full-year performance and shares fell about 20% in Friday trading to a $473 million market cap.

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HyperX Nets First NBA Sponsorship

The gaming division of Fountain Valley-based Kingston Technology Inc. has been named the official headset partner of the Philadelphia 76ers.

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Ad Shop Bought

Newport Beach-based digital marketing agency ymarketing was acquired by Sandbox in Chicago on undisclosed terms.

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Kaiser Aluminum Misses

Kaiser Aluminum Corp. reported revenue and earnings for the September quarter that fell below Wall Street expectations.

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Opus’ Credit for Weinstein Scrutinized

Investors are scrutinizing Irvine-based Opus Bank for its credit lines given to the notorious Hollywood filmmaker The Weinstein Company.

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Stearns Cuts Third of OC Workforce

Stearns Lending LLC, one of the nation’s largest non-bank mortgage lenders, is cutting 159 jobs, about a third of its workforce in Orange County.

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First Foundation Names Bank COO

First Foundation Inc. (Nasdaq: FFWM), an Irvine-based bank and wealth manager, promoted Lindsay Lawrence to a new position of chief operating officer of its banking unit.

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Q3 VC Investments Fall

Venture capital investments in Orange County declined to $178 million in the third quarter, the lowest amount since the first quarter of 2016, according to the VentureSource report from Dow Jones.

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Tech Vet Elevated at Ubiquity

Irvine-based Ubiquity, Inc. said Robert Fernander has been appointed chairman of its board of directors.

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ChromaDex Hires Ex-Mattel CFO

Irvine-based ChromaDex Corp., a maker of ingredients for dietary supplements, hired Kevin Farr as its new chief financial officer, effective immediately.

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SJC Office Products Maker Sold

Smead Manufacturing Co. Inc. bought U Brands LLC on undisclosed terms.

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