Other items of interest in Orange County Business Journal
Opus Bank in Irvine created a commercial real estate unit, the latest addition to its corporate structure. Opus is among the largest commercial banks based in Orange County, with $3 billion in total assets. The new unit consists of Opus’ income-property banking and structured finance divisions. The income-property department has been in place since Opus launched and has funded more than $1.5 billion worth of loans in multifamily residential, industrial and office properties, according to Opus.
A German court ruled last week that Medtronic Inc. infringed on a patent owned by rival Irvine-based heart device maker Edwards Lifesciences Corp. The decision immediately stopped sales of Minnesota-based Medtronic’s CoreValve and CoreValve Evolut less-invasive replacement heart valves in that country and requires their recall from the market and payment of damages to Edwards. Medtronic, which employs about 700 people in OC, said it plans to appeal. Medtronic got the CoreValve in 2009, when it spent $700 million for Irvine-based startup CoreValve Inc.
Tustin-based contract manufacturer Design West Technologies Inc. received a $20.9 million contract from the U.S. Navy to assemble, test and package communication transponder systems. Design West makes weapons systems, including small arms, military vehicles components and electrical equipment. It also provides environmental testing and lab services. Design West employs about 50 workers in Tustin, where it has a corporate office and operates a second manufacturing facility. Work on the recently awarded Navy contract is expected to be done by July 2018.
Irvine-based telescope maker Meade Instruments Corp. agreed to a sale to Sunny Optics Inc., part of Ningbo Sunny Electronic Co. in Zhejiang, China. Meade will sell all outstanding shares of its common stock to Sunny Optics at $4.21 per share, for a total value of $5.5 million. Meade announced the sale after cancelling a pending deal with another optics products maker, JOC North America LLC, a unit of Jinghua Optics & Electronics Co. in Guangzhou. JOC had offered to pay $3.45 per share of Meade’s common stock, which would have amounted to $4.5 million.
Money Mailer, a private coupon-printing company in Garden Grove, has laid off 111 production department employees, or about half of its workforce. The layoffs started in May and continued into this month. They’re a result of production outsourcing to other U.S. printers, the company told the Orange County Register.
Costa Mesa-based networking equipment maker Emulex Corp. named Jeffrey Benck chief executive. Benck, who previously held the titles of president and chief operating officer, replaces James McCluney, who took over the top post in 2006. McCluney was named executive chairman of the board. Paul Folino stepped down from his role as executive chairman and will serve as a director. All of the changes took effect last week.
Irvine-based Quality Systems Inc. said last week it’s hiring advisers to examine its “strategy, direction and alternatives,” sparking speculation it may be up for sale. The company wouldn’t comment on the speculation.
An expedited security screening program expanded to Terminal B at John Wayne Airport last week. The Transportation Security Administration’s PreCheck program allows frequent fliers of Alaska Airlines, American Airlines, Delta Air Lines, United Airlines and US Airways, along with members of the U.S. Customs and Border Protection’s Trusted Traveler program, to get through screening quicker. Participants can leave their shoes on and keep laptops in their carry-on bags, among other perks during the check-in process. A dedicated lane for PreCheck fliers at Terminal B will be open from 5 a.m. to 7 a.m. Monday through Friday and between 6 a.m. and 8 a.m. on weekends.
