Compiled by Julie Leupold
TECHNOLOGY
Lawyers for executives of Irvine-based Broadcom Corp. recently met with Alice Fisher, chief of the criminal division at the Justice Department, to try and head off indictments over backdated stock options at the Irvine chipmaker, according to legal newspaper the Los Angeles Daily Journal. The story didn’t say which executives the lawyers were representing. The story raised questions about the roles of Broadcom general counsel David Dull and Henry Samueli, the company’s cofounder, chairman and chief technology officer. Federal investigators also are looking at former executives Henry Nicholas and Bill Ruehle and struck a plea bargain late last year with former human resources executive Nancy Tullos.
IBM Corp. completed its acquisition of Sweden’s Telelogic AB, a software maker that has its U.S. headquarters in Irvine. The acquisition took longer than expected because IBM faced regulatory hurdles with the European Commission. IBM first announced the $750 million deal in June. European regulators found last month that “no other antitrust clearances are required” and gave IBM the green light. The company’s Telelogic North America Inc. unit has about 85 local workers.
Ingram Micro Inc.’s former president and chief operating officer Kevin Murai has joined Synnex Corp., a Fremont-based service provider to electronics makers, software publishers and resellers. Murai left Ingram Micro at the end of 2007 to care for his extended family in Toronto. At Synnex, Murai was appointed co-chief executive with Bob Huang, who is expected to retire in November. At that time, Huang is expected to be named chairman and Murai will become the sole chief executive.
HEALTHCARE
Shares of Ista Pharmaceuticals Inc., an Irvine eye drug company, plunged last week, after the company said clinical trial results for a new version of its flagship Xibrom drug were disappointing. The company’s shares fell 36% on a recent market value of $43 million. Ista also said that it hired financial adviser Cowen & Co. to evaluate opportunities for the drug maker, including potential mergers and acquisitions that would allow the drug maker to grow. An analyst said that means Ista probably is considering selling itself.
Lake Forest-based Skilled Healthcare Group Inc. spent $13.2 million to buy two facilities in Wichita, Kan. Skilled, which operates nursing homes and assisted living facilities, bought one of each from a seller affiliated with Redman Resources LLC, a private company based in suburban Kansas City. The nursing home has 152 beds, while the assisted living center has 34 units.
FINANCE
Newport Beach-based farm chemical maker American Vanguard Corp. said that bad Midwest weather could cause first-quarter results to fall short of last year’s levels. The company, which counts yearly sales of about $225 million, didn’t offer a specific forecast for quarterly results, which are due in early May. Sales are expected to be near what they were a year earlier, while earnings could come in lower because of weather and costs related to growth initiatives, the company said. Shares of American Vanguard finished down about 10% last week on a market value of about $395 million.
APPAREL
New Jersey’s Russ Berrie and Co. is acquiring Costa Mesa-based baby bedding maker CoCaLo Inc. for $16 million, the company said. Russ Berrie is buying CoCaLo, along with New Jersey-based baby furniture maker LaJobi Industries Inc. CoCaLo will be folded into Russ Berrie’s I & J; Hold Co. unit, which is the company’s infant and kids business. Russ Berrie said it could pay up to an additional $4 million to CoCaLo, depending on the company’s performance through 2010. Renee Pepys-Lowe, who started CoCaLo in 1998, will run CoCaLo as a separate business, and hold the title of president. She’s signed a three-year employment agreement with Russ Berrie.
OTHER NEWS
Outgoing Orange County fairgrounds chief executive Becky Bailey-Findley will be replaced by Steve Beazley, her second-in-command. Beazley, the fairgrounds’ chief operating officer, will take the helm in August at the end of the Orange County Fair.
Costa Mesa-based body armor maker Ceradyne Inc. won a $41 million Army contract. The order for its body armor inserts, designed to protect the sides of troops, are scheduled for delivery from June to September this year. More orders from the Army are expected, according to the company.
