Kaman To Acquire Allied Bearings Supply of Oklahoma
Kaman Corporation (Nasdaq:KAMN – News) today announced that its subsidiary, Kaman Industrial Technologies Corporation (KIT) has agreed to acquire Allied Bearings Supply Company (Allied) of Tulsa, Oklahoma. Allied will become part of KIT, Kaman’s Industrial Distribution Segment. The transaction is expected to close on April 5, 2010 and terms were not disclosed.
Allied, founded in 1934, is a distributor of bearings, power transmission, material handling, and industrial supplies to such diverse markets as the oil, gas, refinery, drilling equipment, steel, cement, paper, and food industries. In addition to Tulsa, the company also has branches in Oklahoma City, Pryor, Ponca City, Ardmore and, Muskogee, Oklahoma; Fort Smith, Arkansas; and Houston, Texas. The company had annual sales of approximately $22 million in the fiscal year ended October 31, 2009. T. [Read the full article]
ISA CAPITAL DO BRASIL S.A. (the “Company”), a stock corporation (sociedade por acoes) organized under the laws of Brazil, today announced that it had received, as of 5:00 p.m., New York City time, on February 24, 2010, tenders and consents from holders of U.S.$287,157,000, or approximately 81.12%, of the outstanding 8.800% Senior Notes due 2017 (the “Notes”) in connection with its cash tender offer and consent solicitation for the Notes, which commenced on February 8, 2010. As a result, the Company has received the Requisite Consents related to its Consent Solicitation.
It is expected that the Company will execute an indenture supplement (the “Indenture Supplement”) to the indenture governing the Notes (the “Indenture”) to, among other things, eliminate substantially all of the restrictive covenants and certain events of default provisions in the Indenture. [Read the full article]
Net income up 33.2% year-on-year for the quarter and down 17.3% for the fiscal year. Client base continues to expand, up 13.8% YoY with 20,483 new clients in 4Q09.4Q09 loan growth continues to be driven by CrediPopular, a product targeted to working capital needs, which posted a 59.2% YoY loan portfolio growth.Non-performing loans to total loans down to 12.0% in 4Q09 from 12.5% in 3Q09 and 4Q08. Coverage ratio increased from 70.9% in 3Q09 to 73.4% in 4Q09. NIM after provisions including fees declined to 52.7% in 4Q09 from 57.9% in 4Q08, but increased from 46.0% in 3Q09 due to lower provisions. Provisions represent 37.6% of financial margin, compared to 45.2% in 3Q09 and 40.0% in 2Q09, however still above the 2008 quarterly average which stood at 28.0%.Efficiency ratio improved to 74.2% in 4Q09 from 77.7% in 3Q09, but deteriorated from 72.1% in 4Q08, mainly due to an increase in provisions.Funding costs decreased to 7.85% in 4Q09 from 10.86% in 4Q08. [Read the full article]
Liberty Acquisition Holdings Corp. (NYSE AMEX: LIA, LIA.U, LIA.WS) confirmed today that it is in discussions with respect to a potential business combination with Grupo Prisa (MCE: PRS.MC) of Spain, noting however that no definitive agreement has yet to be executed and that no assurance can be given that one will be so executed. Liberty is a special purpose acquisition corporation and as such is actively engaged in finding a suitable target business with which to consummate a business combination. Any such business combination would be subject to approval by the Liberty shareholders. [Read the full article]