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Wednesday, May 29, 2024
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Executive Summary



TOP STORIES

Federal antitrust regulators declined to oppose AmeriSource Health Corp.’s $3.2 billion acquisition of Orange-based Bergen Brunswig Corp. and the deal was approved by shareholders of both firms, creating Valley Forge, Pa.-based AmerisourceBergen Corp., which began trading on the New York Stock Exchange under the symbol ABC A San Diego court of appeal allowed petitions for an initiative to mandate a park at the former El Toro base to be submitted to the county Registrar of Voters for certification, pending a final ruling on their validity Ingram Micro Inc., Santa Ana, will handle fulfillment for the newly opened Amazon.com Inc. online computer store.


ENERGY

The Assembly energy committee approved a bill to let Southern California Edison pay off short-term debt by issuing $2.9 billion in bonds to be repaid by charges on large electricity consumers.


TECHNOLOGY

Conexant Systems Inc., Newport Beach, agreed to sell its photomask operations to Florida-based Photronics Inc., which will become Conexant’s primary supplier of photomask products used in manufacturing semiconductors; 30 to 40 photomask jobs at Conexant will be eliminated France’s Titus Interactive granted distribution rights to the new games of its Irvine-based Interplay Entertainment Co. unit to Vivendi Universal SA so that Interplay can focus on game creation Anaheim-based Odetics Inc. subsidiary Iteris Inc. won a $13 million contract from the Federal Highway Administration to provide maintenance and support to the National Intelligent Transportation Systems program Kyocera Corp. plans to cut 10,000 jobs companywide, including an undisclosed number at its Irvine-based Tycom Corp. unit Aerofit Products, Buena Park, received a five-year contract from Boeing Co. for its hydraulic high-pressure fittings and said it will add employees ICX Electronics Inc., San Clemente, scrapped plans for an initial public offering, citing market conditions SBN.Com, Irvine, will be acquired by inactive Minnesota-based Shallbetter Industries in a deal that will give SBN access to the over-the-counter market tAA Inc., Irvine, also completed a shell-company deal to go public on the OTC Bulletin Board, merging with Pen Interconnect Inc., Santa Ana, and reverting to its former name, Amanda Co. Raining Data Corp., Irvine, named Carlton H. Baab president and chief executive and Geoffrey P. Wagner chairman Two men were arrested for allegedly trying to smuggle military coding devices to China after the firms they were buying the gear from, Irvine-based Rainbow Technologies Inc.’s Mykotronx Inc. unit, alerted authorities.


HEALTHCARE

The Cooper Cos. Inc., Lake Forest, will acquire the Swedish firm Medscand Medical for $12 million Gov. Gray Davis announced support for a package of patient-protection measures aimed at ensuring continuity of care in the event of contract disputes or insolvency among health plans and providers PacifiCare Health Systems Inc., Santa Ana, named former Social Security Administration commissioner Shirley S. Chater to its board.


GOVERNMENT

The Assembly unveiled a redistricting plan that has all or part of nine districts in OC, compared with the current seven The OC Transportation Authority approved a plan to add 720 miles of bike paths in the county that identifies 205 miles of priority bikeways that will cost $30 million to develop (see Editorial, page 50) The Seal Beach City Council voted to oppose the waiver granted by the U.S. Environmental Protection Agency that allows the OC Sanitation District to pump 243 million gallons of partially treated sewage that does not meet Clean Water Act standards daily into the Pacific Ocean The Board of Supervisors approved building a system of dams and pumps to divert runoff from the Talbert Channel and Santa Ana River to a treatment plant Former mayor Collene Campbell was appointed by the San Juan Capistrano City Council to serve out the unexpired term of resigned councilman John Greiner The Fullerton City Council named Chris Meyer temporary city manager, replacing James Armstrong, who is resigning to become city administrator of Santa Barbara VIP Rubber Co., La Habra, was fined $10,000 by the local water-quality board for allegedly discharging talc-contaminated water into a flood-control channel.


REAL ESTATE

A San Diego Superior Court judge dismissed a suit brought by landowner Signal Landmark contesting the state Coastal Commission’s decision to bar construction on portions of the Bolsa Chica mesa A Pacific Opinions poll found 35% of registered voters in OC favoring an airport at El Toro vs. 65% in favor of a park; however, 60% said they did not want to pay higher taxes for a park and 40% said they would not visit it Randy Anthony Abalos was indicted on federal fraud charges for allegedly defrauding lenders out of $1 million in a mortgage scheme involving homes in Nellie Gale Ranch Pegasus Research, Santa Ana, received the 10,000th hiring tax credit voucher issued for that city’s Enterprise Zone.


WHAT ELSE IS NEWS

American Vanguard Corp., Newport Beach, will acquire the Phosdrin insecticide business of BASF Agro BV Christopher G. Staff resigned as president and chief operating officer of Wet Seal Inc., Foothill Ranch, and his duties will be assumed by Chief Executive Kathy Bronstein and Chief Financial Officer Walter Parks BAX Global, Irvine, received a one-year contract from Liz Claiborne Inc. to handle the clothing maker’s Asian transportation and supply-chain management The Keith Cos., Costa Mesa, said it expects to make at least one acquisition by the end of the third quarter Ralph Allen & Partners was given the $573,000 county contract to remodel the Orange County Public Law Library in Santa Ana J. Michael Jenkins, president and chief executive of Costa Mesa-based Diedrich Coffee Inc., had surgery for gastric cancer and is undergoing treatment but the company said his doctors believe he can continue working Former Colton City Councilman Abe Beltran admitted in a plea agreement to taking bribes from Anaheim-based Taormina Industries and passing bribe money from the firm to another councilman, to secure a 20-year trash-hauling contract for Taormina; the company, which has not been charged, denied paying any bribes One worker was killed and two injured when a 900-pound slab of marble fell from a forklift at Royal Marble and Tile, Anaheim.

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