APPAREL
Lost Holdings in Irvine selected former Rip Curl executive Rick Petri as president, a new position. The entity was formed last month when surfing and skateboarding company Lost International LLC signed a deal with an investment group led by Chino-based Nick Agakanian. Design, merchandising, marketing and sales operations are based at the brand’s Irvine office, while manufacturing, sourcing and financing is coming from the new partner.
AUTOMOTIVE
Kia Motors America Inc. in Irvine recalled 256,459 Kia Soul and Soul EV vehicles, citing the potential for loss of steering, according to the National Highway Traffic Safety Administration. Kia said that in the affected vehicles, model years 2014 to 2016, the adhesive used during assembly may have insufficient bonding strength and could cause the pinion plug to loosen. Drivers can lose the ability to steer the vehicle if the pinion gear separates from the steering gear assembly. There were no reported accidents or injuries associated with the defect.
FINANCE
The establishment of a new state-chartered bank in Orange County was approved. The California Department of Business Oversight approved the application of Core Commercial Bank, which will be headquartered at 4490 Von Karman Ave. in Newport Beach. It’s the first new bank in California and the third in the U.S. since the financial crisis. No details on executive ranks were available. DBO documents indicate Core Commercial has ties to Carpenter & Co., an Irvine-based bank advisory and private equity firm headed by Edward Carpenter.
HEALTHCARE
Anaheim-based S.K. Laboratories Inc. was one of multiple companies indicted in a federal case targeting incomplete ingredient details or scientifically unsupported health claims by dietary supplements. It faces various charges involving the sale of the products. Also indicted was Irvine resident Sitesh Patel, who documents list as vice president of S.K. Laboratories.
San Clemente-based ICU Medical Inc. will close its manufacturing plant in Vrable, Slovakia, and cut 265 jobs, according to a Securities and Exchange Commission filing. The maker of needleless intravenous connectors and other devices said it’s closing the plant in the third quarter of next year to take advantage of excess manufacturing capacity at its plant in Ensenada, Mexico. It said it will take a $3.4 million restructuring charge in the current quarter. ICU employs 150 in Orange County and 2,400 companywide.
HOSPITALITY
Resort industry veteran Jeroen Quint was named the new general manager of Hotel Irvine after joining the 536-room hotel last month. The property is owned by Newport Beach-based Irvine Company. Quint has worked for resort operators Ritz-Carlton and Capella in Ireland, Italy, in Florida and on the East Coast.
SERVICES
Huntington Beach-based insurance brokerage company Confie acquired California Insurance Specialists on undisclosed terms. Santa Ana-based California Insurance, founded in 1972, provides homeowners and auto insurance policies. Its three locations—Santa Ana, Bakersfield and Dallas—combine for annual premiums of about $31 million. President Wayne Pratt and Senior Vice President Randy Parker will continue in their roles, and 33 other employees also are expected to stay.
TECHNOLOGY
Aliso Viejo-based chipmaker Microsemi Corp. increased its bid for PMC-Sierra Inc. to roughly $2.39 billion. Under the transaction, PMC shareholders would receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock. In its prior bid, Microsemi offered $9.04 in cash and 0.0771 a share.The new cash-and-stock offer of $12.05 per outstanding PMC share comes two days after PMC’s board rejected Microsemi’s prior offer of $11.97 per share, citing “recent stock market volatility exacerbated by recent geopolitical events.”
