Other news items of interest from the Orange County Business Journal
Irvine-based Mazda North American Operations unveiled a billboard in New York’s Times Square, where its latest model was set to get exposure during the New Year’s Eve celebration—a traditional magnet for tourists and media. The LED billboard includes moving and still images promoting the automaker’s 2014 Mazda6 sedan, which will go on sale next week.
Costa Mesa-based Hyundai Motor America Inc. is recalling 13,500 of its Veloster models due to an installation problem with the coupe’s sunroof that could cause its glass to shatter. The recall affects 2012 Velosters made between Nov. 1, 2011, and April 17, 2012, according to a National Highway Traffic Safety Administration document.
Santa Ana-based Edison Mission Energy, a wholesale-energy unit of Rosemead-based Edison International Inc., filed for Chapter 11 bankruptcy reorganization. It filed a proposal reorganization plan covering $3.7 billion in unsecured debt.
President Barack Obama appointed Mohamed El-Erian, chief executive of Newport Beach-based Pacific Investment Management Co., as chairman of the U.S. Global Development Council. El-Erian’s role at Pimco—where he also is co-chief investment officer alongside Bill Gross—is not expected to change. The presidential council was created in February to help drive global economic development and joint efforts between the private and public sectors. Other members appointed to the council include James Manyika, a director at McKinsey & Co.; Sylvia Mathews Burwell, president of the Walmart Foundation; and Richard Blum, chairman of Blum Capital Partners.
New York-based Moody’s Investors Service cut its rating from Aa2 to Aa3 on bonds typically issued in advance to meet the annual pension obligations of the County of Orange. Bob Franz, interim chief executive of the county, attributed the cut to recent municipal bankruptcies in Stockton and San Bernardino. The county usually pays its annual pension obligations in advance in exchange for a discount offered by the Orange County Employee Retirement System. Franz said that the county plans to make the payment in advance for 2013, adding that he doesn’t think Moody’s action will increase the costs of borrowing significantly.
Mission Viejo-based Ensign Group Inc. acquired Richland Hills Nursing and Rehabilitation Center in Forth Worth, Texas, on undisclosed terms. The buy brings Ensign’s total assets to 108 healthcare facilities, 86 of which are company-owned, four hospice companies and six home-health businesses in California, Texas and nine other states.
Santa Ana-based Goodwill of Orange County named former Disney marketing executive Joe Burke as vice president of marketing and community development, a new position for the nonprofit. Burke counts experience with a number of Orange County-based companies and brands, including the Disney Store, where he created national retail campaigns, in-store marketing and direct mailers as brand director of the retail chain.
Cisco Systems Inc. hired Barclays PLC to shop its Linksys LLC home-networking group in Irvine. Linksys has drawn interest from various suitors over the years, and the latest speculation involves possible overtures from several companies, including Fountain Valley-based networking-equipment maker D-Link Systems Inc.
II-VI Inc. of Saxonburg, Penn., paid $31 million for Tustin-based LightWorks Optics Inc., which makes precision optical systems and components. LightWorks operations are expected to operate as part of II-VI’s military and material division and work closely with its Exotic Electro-Optics unit, which is based in the Inland Empire city of Murrieta.
ECONOMIC INDICATOR
UP: Employment in Orange County in November, when the local economy posted a gain of 3,000 jobs and pushed the jobless rate down to 7%, according to the state Employment Development Department. That’s down from 7.2% the prior month and 8.1% a year ago. The statewide jobless rate was 9.6% for California and 7.4% nationally for November.
