f
ARCHIVED  July 1, 1997

Front Range Inc.: Hach to repurchase stock

LOVELAND — Hach Co. of Loveland has signed an agreement to repurchase almost 3.2 million shares of common stock from Lawter International.

The shares represent about 28 percent of Hach’s outstanding common stock and will be purchased at $19 per share. The purchase will be made using about $25 million to $30 million of onhand cash, supplemented by bank loans.

Amgen expands Longmont site

LONGMONT — Amgen Inc. of Thousand Oaks, Calif., has bought an additional 162 acres of land adjoining its existing 72-acre property in Longmont. The undeveloped land will be used to expand the company’s biotech manufacturing facilities still under construction.

Last October, Amgen broke ground for its manufacturing complex slated for completion in 1998. The facility will include a 50,000-square-foot utility plant, a 100,000-square-foot administration and laboratory building and a 50,000-square-foot warehouse.

Piedmont Farms Inc. reaps loans

WELLINGTON — Piedmont Farms Inc. — the third-largest organic produce farm in the nation — won $4.5 million in loans to continue business despite debts that forced the farm to seek Chapter 11 bankruptcy protection last December.

In 1995 and 1996, Piedmont experienced $7.2 million in crop damage due to extreme weather. Chapter 11 of the U.S. Bankruptcy Code allows a company protection from creditors’ lawsuits while it reorganizes its finances.

The $4.5 million loan package, endorsed by U.S. Bankruptcy Judge Marsh Krieger, includes a $1 million infusion deal for operating capital. This includes $500,000 from the Weld/Larimer Revolving Loan Fund, to be repaid in three years, and $500,000 from the Cooperative Financial Association, which is due in September.

The CFA is also lending $3.3 million for the farm’s existing debts. An additional $200,000 was negotiated between Piedmont and its other creditors.

The Texan grocery chain H.E.B. committed to purchase 40 percent of Piedmont’s 1997 harvest, which results in $4 million of revenue. This pledge helped secure the farm’s loan.

Stacey to remain PVH chief

FORT COLLINS — The Poudre Valley Health System board has named Rulon Stacey as permanent president and CEO. Stacey has held the position since April 2, after the health system board fired then CEO Mike Marini.

Stacey’s new contract will increase his annual salary from $200,000 to $225,000 with a guaranteed 12-month severance package. PVH has paid almost $1 million in severance packages to three CEOs since 1993.

Shareholders sue DII Group

NIWOT — Shareholders of The DII Group Inc. have filed a class-action suit against the company, charging that DII and its officers and directors misrepresented the business to inflate the price of DII stock, and misrepresented the status and success of its acquisition of Orbit Semiconductor Inc.

The shareholders claiming a grievance in Boulder District Court are those who purchased stock between April 1 and Sept. 8, 1996.

The plaintiffs allege that on Sept 8, just 11 trading days after the Orbit acquisition was approved, DII revealed that second-half 1996 revenues would be at least $40 million less than earlier forecast and its earnings per share would be at least 35 cents less than earlier forecast.

The revelation resulted in the stock price dropping almost $8 per share.

Whole Foods trades for Amrion

BOULDER — Amrion Inc., long searching for a partner to help its product make headway in the mass market, will be acquired by Austin, Texas-based Whole Foods Market Inc. in a stock swap.

Each share of the vitamin and nutraceutical company will be exchanged for 0.87 share of Whole Foods, in a transaction valued at $146 million. The merger is subject to approval by shareholders of both companies and is scheduled to close in September.

Amrion, in the throes of expansion that may take it out of Boulder County, has been in a growth mode for the past year, posting a 40 percent increase in revenues and a 45 percent increase in profits. Whole Foods, the nation’s largest natural-foods retailer, will open its first Colorado store in the former Best building between 28th and 30th on Pearl Street early in 1998.

NETdelivery now in Boulder

BOULDER — NETdelivery Corp. has reduced its work force from 40 to 25 employees and consolidated operations to the Pearl East Office Park.

NETdelivery was organized two years ago in Fort Collins to develop push technology used by large retailers, for example, to direct their online advertising to prospective buyers’ e-mail boxes.

LOVELAND — Hach Co. of Loveland has signed an agreement to repurchase almost 3.2 million shares of common stock from Lawter International.

The shares represent about 28 percent of Hach’s outstanding common stock and will be purchased at $19 per share. The purchase will be made using about $25 million to $30 million of onhand cash, supplemented by bank loans.

Amgen expands Longmont site

LONGMONT — Amgen Inc. of Thousand Oaks, Calif., has bought an additional 162 acres of land adjoining its existing 72-acre property in Longmont. The undeveloped land will be used to expand the company’s biotech manufacturing facilities still under construction.

Last…

Related Content