Amusement
Disneyland raised prices for annual passes for the second time in less than a year. It eliminated the no-blockout-days Premium annual pass, replacing it with the $849 Signature pass, which excludes two weeks around the Christmas and New Year’s holidays, and the $1,049 Signature Plus pass, which is usable every day of the year. Park observers say the increases are a way to thin crowds as Disneyland prepares to close some sections of the park in order to build a Star Wars-themed attraction. Walt Disney Co. also told the Wall Street Journal last week that it’s considering demand-based ticket pricing for its U.S. parks, including discounting tickets or adding perks on slow days and increasing ticket prices on days that typically attract bigger crowds.
Automotive
Hyundai Motor America Inc. in Fountain Valley plans to recall about 470,000 Sonatas over a condition that might cause engines to stall, according to the U.S. National Highway Traffic Safety Administration. The recall affects model years 2011 and 2012 manufactured at Hyundai Motor Manufacturing in Alabama.
Education
The University of California-Irvine is part of a team that will study water use and energy production under a $50 million grant. UCI researchers will work with UC campuses in Berkeley, Los Angeles, Davis, and Merced; Lawrence Berkeley National Laboratory; and the ecology and economics nonprofit Stockholm Environmental Institute in Somerville, Mass., on research that includes water treatment and water use at electricity plants. The money will come over five years from the U.S. Dept. of Energy, which is contributing 25%; Southern California Gas Co. and Southern California Edison, which are giving 25%; and China’s Ministry of Science and Technology, which is putting in 50%.
Finance
Bill Gross sued Pacific Investment Management Co. last week, seeking at least $200 million, news reports said. The suit said Newport Beach-based Pimco forced Gross to leave the bond fund manager last year after top executives—Gross, Mohamed El-Erian and Danial Ivascyn—disagreed over company strategy. Gross, Pimco’s co-founder, said he would donate any money recovered to charity, his lawyer told one newspaper.
Foothill Ranch-based mortgage lender loanDepot Inc. filed for an initial public offering with the Securities and Exchange Commission. The number of shares of its common stock and the price range for the proposed offering hadn’t been determined. It was founded in 2010 and is among the biggest nonbank mortgage lenders in the U.S., with about 4,000 employees, including more than 1,000 in OC. It has about 130 branches nationwide.
Healthcare
Allergan PLC, whose eye drug hub is in Irvine, said it will collaborate with Louisville, Ky.-based insurer Humana Inc. on research that will include glaucoma and other eye diseases. Allergan, which is based in Dublin and operates from New Jersey, said the two will “explore new ideas and ways to improve the health and well-being of patients, members and their caregivers.”
Retired Allergan Chief Executive David Pyott gave $6.5 million to London Business School’s 100 million pound, or $152 million, fundraising campaign. The school said the money will support its Sammy Ofer Centre, which is under construction, as well as a program to create 15 scholarships. Pyott, a 1980 MBA graduate of the school, earlier gave $1.5 million to the fundraising campaign.
Manufacturing
Santa-Ana based Garrison Manufacturing Inc. was acquired by Menlo Park-based private equity firm Salt Creek Capital on undisclosed terms. Salt Creek Capital focuses on buyouts of companies with up to $50 million in revenue. Garrison makes hydraulic cylinders and steering equipment for industrial and commercial vehicles.
Restaurants
The Tamarind of London Indian restaurant in Newport Beach closed this month after a four-year run. It had spent $3 million to redo a former Cal Cuisine restaurant, including adding tandoor ovens. Tamarind was a sister restaurant to one of the same name in London. Restaurant executives couldn’t be reached for comment.
Transportation
Orange County supervisors delayed action on a contract for $102 million in improvements at John Wayne Airport. Board Chairman Todd Spitzer said it would be wise to postpone approval of the contract while the search for a new airport director is under way.
