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COPYRIGHT 2001 Gale Group

Week In Review

Sunday, March 21, 2004

Husco investments pay off in contracts

Investing in new product development during the industrial downturn has paid off for Husco International, a privately held manufacturer of hydraulic components. The company won a series of contracts that will generate more than $500 million in sales over the next three to five years. The orders will mean double-digit sales growth and require Husco to add more than 200 employees worldwide by 2009.

Power plant cleanup may go on power bills

Wisconsin Energy Corp.'s Pleasant Prairie power plant will undergo a $325 million environmental cleanup that may be paid for through a special charge on electric bills. The project was approved by the Public Service Commission, and the utility is now considering whether to finance it through a new funding mechanism created by a bill signed into law last week.

Jobs up, but jobless rate is ahead of the nation's

Wisconsin's unadjusted jobless rate jumped ahead of the national average last month, even though hiring picked up in the beleaguered manufacturing sector. Adjusted for seasonal fluctuations, unemployment grew to 5.2% last month from 5.0% in January, according to the Wisconsin Department of Workforce Development. Wisconsin netted 15,900 jobs -- about twice the number it usually gains in February.

Sears looking at sites for stand-alone store

Sears, Roebuck & Co. has looked at sites in Milwaukee and in the North Shore suburbs for a possible stand-alone store that would replace an existing one in Glendale's Bayshore Mall, according to real estate industry sources. A possible Sears Grand store, a concept being tested by the retailer, would have up to 200,000 square feet.

Grenadier's closes, will be replaced by Mocean's

The red-jacketed soldier with the bearskin hat will soon be gone from the corner of N. Broadway and E. Mason St. Grenadier's, the restaurant that it towered over for almost three decades, has closed. John V. "Johnny V." Vassallo confirmed that his company, Global Restaurant Systems, has purchased Grenadier's and will transform it into a seafood restaurant called Mocean's. Much like his popular Mo's Steak Houses, it will have high service and a casual atmosphere.

99% of firms responding had steel disruptions

In a survey of its members, Wisconsin Manufacturers & Commerce found that 99% of companies that responded had experienced a business disruption because of rising steel prices and steel shortages, with 18% reporting "critical" disruptions and an additional 57% reporting "significant or very significant" disruptions. In response, the business group created a page on its Web site that lists inventories of steel and other metals to buy or sell. In just a week, it has received more than a dozen postings from manufacturers and metal fabricators.

Scott Air sold, will become Sterling Aviation

Scott Air has been sold to Chris and Dan Doerr, former owners of Leeson Electric Corp. of Grafton. The Doerrs plan to double the size of the Milwaukee charter service, rechristened Sterling Aviation.

Nuveen says in-and-out trading found in fund

Nuveen Investments Inc. said it found evidence of inappropriate trading in one of its mutual funds. The Chicago investment firm, which is a bidder for Strong Financial Corp., said in a regulatory filing that it had discovered frequent in-and-out trading as it was responding to requests for information from the Securities and Exchange Commission and a subpoena from the Massachusetts securities division.

Subsidy question delays city OK for Sheraton

Milwaukee officials delayed plans to sell a city-owned downtown property for a Sheraton hotel development after concerns were raised about the amount of city subsidies proposed for the project.

Marine Bank parent lost $30.7 million last year

CIB Marine Bancshares Inc., the parent of Marine Bank in Wisconsin, lost $30.7 million last year -- a figure that could rise as the Pewaukee banking firm accounts for millions of dollars in problem business loans.

Mirro being sold as distressed asset

Mirro, the aluminum cookware maker that closed its factory in Manitowoc last fall, is being sold to a private equity firm specializing in distressed assets. Newell Rubbermaid said it had an agreement to sell Mirro and two other businesses for $310 million to a unit of New York private equity firm Cerberus Capital Management.

Bay Shipbuilding gains assistance to upgrade

Bay Shipbuilding Co. will receive $2 million in state financial assistance to help upgrade a Sturgeon Bay manufacturing plant.

Lawmakers move to guard payday loan users

After watching payday loan stores increase by 20-fold in Wisconsin over the last decade, lawmakers have taken steps to better protect consumers who use them. But some, including the state's top financial regulator, say a bill passed by the Legislature doesn't go far enough. The governor has yet to review the bill.

Grant sought to cut emergency room visits