Compiled by Mike Mason
Irvine-based Microsemi Corp. said it plans to buy Bend, Ore.-based Advanced Power Technology Inc. for about $130 million in cash and stock. Advanced Power makes high-powered chips for defense, aerospace and medical device companies. The deal is set to close in the first quarter of 2006. It still needs regulatory and shareholder approval Anaheim-based DDi Corp. said its chief executive, Bruce McMaster, resigned to pursue other opportunities. McMaster, who has been chief executive since 1997, was replaced by Chief Financial Officer Mikel Williams. The company plans to search for a new chief financial officer. The printed circuit board maker emerged from bankruptcy protection two years ago.
Irvine-based Devax Inc. said it raised $32 million in funding to finance a study for a stent it is developing. The funding round was led by InterWest Partners and U.S. Venture Partners. New investor Bio-Star Private Equity Fund funded part of the deal, which calls for Michael Sweeney of InterWest and Casey Tansey of U.S. Venture to join Devax’s board Irvine-based Edwards Lifesciences Corp. plans to sell its Lifespan ePTFE vascular grafting device unit to Canada’s Angiotech Pharmaceuticals Inc. for $14 million. The deal is expected to close in the fourth quarter San Juan Capistrano-based Clarient Inc. signed a pact to provide research services to Pfizer Inc. Nationwide Health Properties Inc. posted a third-quarter profit of $12.7 million, down from $21.9 million a year ago. Revenue jumped 20% to $56.8 million in the period Santa Ana-based Advanced Medical Optics Inc. reported higher third-quarter profits, excluding charges. Advanced Medical said it earned $23 million in profits after charges on $248 million in sales, beating Wall Street’s expectations. The company also forecast 2006 and 2007 profits above Wall Street estimates Fountain Valley-based Sutura Inc. said it plans to spin off a unit that makes suturing devices. Sutura shareholders are set to get a stake in the new company, whose name has not been disclosed Fullerton-based Beckman Coulter Inc. said it earned $36.2 million in the third quarter, down 37% from a year earlier but higher than expectations. Excluding charges relating to Hurricane Katrina and discontinued products, the medical device maker posted a $70.1 million profit in the quarter. Beckman said revenue rose 2% to $593.4 million in the period Irvine-based Allergan Inc. said it earned $151 million in the third quarter, up 64% from a year earlier, on a 19% rise in sales to $606 million.
San Francisco-based AMB Property Corp. said it now plans to build 509 condominiums in Anaheim’s Platinum Triangle, down from 1,023 it previously planned to build The Irvine Company took over management of Island Hotel Newport Beach, formerly known as the Four Seasons, which used to manage the hotel.
The University of California, Irvine, said it received $108 million in research grants in the quarter ended Sept. 30. The amount was a quarterly record for the college.
Costa Mesa-based Ceradyne Inc. said the Air Force ordered $17.8 million of its ceramic body armor. Ceradyne is expected to start making shipments in January, with the contract expiring in September. The Defense Supply Center in Philadelphia placed the order Foothill Ranch-based Kaiser Aluminum Corp. said it will spend $75 million to expand its mill in Trentwood, Wash. The move will help the company, which is in bankruptcy reorganization, meet demand for high-end aluminum products from the aerospace industry. The expansion is set to unfold during the next three years Santa Ana-based Corinthian Colleges Inc. has agreed to license its name and class materials for automotive training schools in China, Taiwan and Hong Kong. Corinthian, an operator of for-profit colleges, signed the agreement with the CIBT School of Business & Technology Corp. in China. The pact allows CIBT to offer transportation maintenance certificate, diploma and degree programs. CIBT is a unit of Capital Alliance Group Inc. of Vancouver, British Columbia. Terms of the deal weren’t disclosed … Aliso Viejo-based Fluor Corp. said it won a contract for engineering work at the Habshan Gas Complex Expansion project in Abu Dhabi. The $999 million expansion of the gas processing complex calls for Fluor to build two sulphur recovery units and a acid gas enrichment complex, among other work. Meanwhile, Fluor was recommended for a $913 million toll road project in Virginia Newport Beach-based chemical company American Vanguard Corp. said it’s acquiring an insecticide from Germany’s BASF AG. Terms of the deal weren’t disclosed Irvine-based Gatekeeper Systems Inc. paid about $2 million for a unit of Minneapolis-based DJ Products Inc. that makes devices to help gather shopping carts Foothill Ranch-based retailer Wet Seal Inc. continued its rebound in October while Anaheim’s Pacific Sunwear of California Inc. posted its second solid month in a row. Wet Seal, which closed more than 100 unprofitable stores and revamped its management during the past year, said sales at stores open at least a year rose 47% in October. Pacific Sunwear, which runs stores selling surf-inspired clothes and urban fashions, said same-store sales rose 8% last month.
