AUTOMOTIVE
Cypress-based Mitsubishi Motors North America Inc. said it plans to end U.S. production. It will sell its Normal, Ill. factory, where it will wrap up production of the Outlander Sport crossover vehicle, the only model it makes in North America. It plans to maintain sales in North America, shifting to imports of the Outlander Sport and the rest of its lineup from its parent company’s plants in Japan and other markets. The Illinois plant opened in 1988 as a joint venture with then-Chrysler Corp. Mitsubishi has fully owned it since 1991.
EDUCATION
A U.S. Bankruptcy Court judge said creditors of Santa Ana-based Corinthian Colleges Inc. can vote on the company’s bankruptcy plan, according to the Wall Street Journal. Creditors are owed about $300 million; it was unclear how much Corinthian would owe former students and the government, the news report said. Votes by lenders, former students and the U.S. Department of Education are due Aug. 21, and the Delaware court will consider the results at a hearing on Aug. 26.
HEALTHCARE
Irvine-based St. Joseph Health System said it’s working on a deal for an affiliation with Providence Health & Services, which has extensive operations in Los Angeles County, among other western U.S. markets. St. Joseph’s operates 16 hospitals in California, Texas and New Mexico, including St. Joseph Hospital-Orange, St. Jude Medical Center in Fullerton and Mission Hospital, which has campuses in Mission Viejo and Laguna Beach. It also has a partnership with Newport Beach-based Hoag Memorial Hospital Presbyterian under the St. Joseph Hoag Health banner. Renton, Wash.-based Providence Health is a not-for-profit with 34 hospitals, 475 clinics, 22 long-term care facilities, 19 hospice and home health programs and 693 supportive housing units in 14 markets spread over California, Oregon, Washington, Montana and Alaska. It also operates a health plan with more than 400,000 members.
Irvine-based Lombard Medical Inc. said it bought startup Altura Medical Inc. in a deal that could be worth up to $54 million, depending upon milestones. Lombard makes devices used to repair abdominal aortic aneurysms. Its lead device is Aorfix, which has Food and Drug Administration clearance. Lombard will pay $23.5 million now, with other payments possible based on commercial and regulatory milestones. Silicon Valley-based Altura makes an endograft device also used to treat abdominal aortic aneurysms.
Irvine-based Axis Research and Technologies Inc. filed papers with the Securities and Exchange Commission seeking to sell $20 million worth of stock in an initial public offering. The company is planning to sell 10 million shares at $2 each. The provider of medical education facilities said it would use proceeds to become fully operational. Its facilities include what it said in the filing is a 12,000-square-foot facility containing a biological skills laboratory. It said it hopes its stock will be quoted on the over-the-counter bulletin board exchange.
RESTAURANTS
Lake Forest-based Del Taco Restaurants Inc. said it will re-enter the Tennessee market in a franchise deal for 10 restaurants over the next five years. It plans to open the first by 2017, said Chief Executive Paul Murphy in the company’s second-quarter conference call.
Costa Mesa-based King’s Seafood Co. plans to open a Water Grill restaurant in Dallas in the fall of 2016. King’s operates 18 restaurants under six brands in three states.
SERVICES
Santa Ana-based Universal Protection Service acquired Guardsmark in Memphis, Tenn., on undisclosed terms. Universal’s parent company has about $1 billion in revenue and an estimated 50,000 employees, including about 3,600 in OC. Guardsmark has more than 125 offices in the U.S., Puerto Rico, Canada and the U.K.
TECHNOLOGY
A Yorba Linda software maker that specializes in survey analysis was acquired by local investment firm Poplar Capital Partners LLC, which is based in the same city. The value of the Productive Access Inc. purchase wasn’t disclosed.
