Compiled by Mike Mason
TOP STORIES
Measure A, a battle over Michael Harrah’s plan to build a 37-story office tower between downtown Santa Ana and the Civic Center, passed with 56% of the vote. The tower, dubbed One Broad-way Plaza, would be Orange County’s largest building. Before construction can start, Harrah’s Caribou Industries Inc. needs to lease half of the building, according to his pact with the city … Kent Foster is passing the reins at OC’s largest company. Foster, 61, said he plans to step down as chief executive of Santa Ana-based technology products distributor Ingram Micro Inc. on June 1. Foster’s set to become chairman. Taking over as chief executive is Foster’s hand-picked successor, Gregory Spierkel, Ingram Micro’s co-president. Kevin Murai, Ingram’s other co-president, is set to become president and chief operating officer. A year ago, Foster surprised many of Ingram’s customers and analysts when he fired longtime chief operating officer and presumed heir apparent Michael Grainger.
TECHNOLOGY
Irvine-based chipmaker Microsemi Corp. said it plans to shutter plants in Colorado and Ireland as part of its four-year consolidation plan. The plant in Broomfield, Colo., accounted for about 12% of Microsemi’s yearly sales and has 165 workers. The plant in Ireland accounted for less than 5% of the chipmaker’s annual revenue and has 70 employees. Both plants are owned by Microsemi, which plans to sell them. Microsemi has closed nine plants since 2001, including a chipmaking facility in Santa Ana. The Ireland and Colorado closures are expected to result in about $6 million to $10 million in annual cost savings for the company … Irvine-based Newport Corp. said it hired an investment bank to help sell its robotic systems operations, the largest part of its advanced packaging and automation systems unit in Northern California … Irvine-based VitalStream Inc. said it opened a sales office in New York and a data center in the Netherlands … Interplay Entertainment Corp. named Rose, Snyder & Jacobs as its accounting firm. The struggling game maker, which closed its Irvine office last year, is part of France’s Titus Interactive SA. Interplay’s previous accountant, Squar, Milner, Reehl & Williamson LLP, resigned last month, citing the game maker’s loss of key accounting workers … Laguna Hills-based Interchange Corp. said its president and chief operating officer, Michael Sawtell, has left the company. Interchange, a paid Internet search and advertising services provider, said Sawtell “agreed to resign” from the company on March 31.
Brea Community Hospital was ordered to close by a bankruptcy court judge. The hospital will shutter in the next two to three weeks as the long-term care patients are moved to other facilities. Newport Beach-based Sovereign Healthcare has offered to buy the hospital and surrounding land for $30 million … Irvine-based Sun Healthcare Group Inc. said it bought a pair of Texas medical staffing companies for undisclosed terms.
Irvine-based Standard Pacific Corp. said it took 2% less orders for new homes in the first quarter, versus a year earlier. Cooler demand in Southern California, fewer communities open for sale in some markets and a decision by the company to slow sales in Florida accounted for the decline … Santa Ana’s City Council approved an 18-story condominium high-rise on E. First American Way near Main Street and MacArthur Boulevard. Santa Ana-based Coastal Rim Properties Inc.’s 194-condo project, called Geneva Gardens, is set to begin construction in the fall … Santa Ana-based title insurer First American Corp. said it plans to buy San Francisco-based LoanPerformance, which does risk and mortgage performance. Terms of the deal weren’t disclosed.
Australia’s Macquarie Securities USA Inc. offered to pay $1.9 billion to lease the struggling San Joaquin Hills (73) Toll Road for 50 years. The 15-mile toll road is in danger of defaulting on debt payments in a decade or so because of lower-than-expected traffic. The toll road’s board is expected to hear an official proposal soon … The Costa Mesa City Council voted to keep its job center open for three months to study whether it should be shuttered. The council had decided last month to close the center, popular with day laborers, because of cost and area development concerns.
Huntington Beach-based surfwear maker Quiksilver Inc. said it plans to buy retail chain Surfection. The Australian chain owns seven shops under its name and runs five stores that sell Quiksilver and Roxy-branded clothing, known as Quiksilver Boardriders Clubs, in New South Wales, Australia. The deal calls for Quiksilver to pick up five of the seven Surfection shops and all five Quiksilver/Roxy stores. Terms weren’t disclosed … On the retail sales front: Foothill Ranch-based retailer Wet Seal Inc. reported a 36% jump in March sales from stores open at least a year. Analysts were looking for a 22% gain in same-store sales. Meanwhile, Anaheim-based Pacific Sunwear of California Inc. reported same-store sales gain of 4.8% for the five weeks ended April 2, versus a year earlier. That’s less than the 7.9% sales gain analysts were expecting, according to a poll by Thomson Financial.
