TARP: East West Bancorp Inc., owner of the county’s second largest bank by assets, said it has fully repaid more than $306 million to the U.S. Treasury Department under the Troubled Asset Relief Program. The Pasadena bank holding company said that it used cash on hand to repurchase preferred stock and pay a final dividend of $1.8 million. East West also plans to repurchase outstanding warrants that would have allowed the U.S. Treasury to purchase 1.5 million shares of its common stock.
ACQUISITION: Teledyne Technologies Inc. in Thousand Oaks has signed a $336 million deal to buy Dalsa Corp., a Waterloo, Ontario, maker of high-performance digital imaging and semiconductor products. Teledyne, which makes electronic components and subsystems, said it will pay Dalsa stockholders a 26 percent premium over the company’s closing price the day before the deal was announced Dec. 22.
LABOR WIN: The Los Angeles City Council has approved a five-year, $2 billion project labor agreement that requires contractors on nearly 100 current and future public works projects to hire workers through union halls. The agreement, the largest in L.A. city history and one of the biggest of its kind in the nation, also requires contractors to hire 30 percent of their project workers from local communities. The deal applies to infrastructure projects, such as sewer and street repair. The agreement represents a blow to nonunion contractors who have been trying to stop the spread of such labor agreements.
JOBLESS: Los Angeles County’s jobs picture was mixed in November as the county added more than 16,000 jobs but the unemployment rate shot up to a record 12.9 percent as more residents re-entered the job market to search for work. The county’s unemployment rate reached its highest rate in modern history, up from 12.6 percent in October and 12.3 percent the previous November.
BOUGHT: A North Carolina brand management company plans to add L.A.’s trendy Rock and Republic name to its stable of apparel labels. Bankrupt Culver City jeans maker Rock and Republic Enterprises is selling the brand to VF Corp., a Greensboro public company with 30 lifestyle brands, including Wrangler and Lee. Financial terms were not disclosed, but VF reportedly will pay about $57 million in a deal that needs bankruptcy court approval. Rock & Republic filed for Chapter 11 in April.
DELAY: U.S. Food and Drug Administration regulators have told they need an additional four weeks to decide whether to approve MannKind Inc.’s experimental inhaled insulin treatment Afrezza, the company said. The Valencia biotech’s announcement came in advance of year-end FDA deadline to report to the company on its progress in reviewing the drug. MannKind has been waiting nearly a year for a decision since the FDA requested more safety study information.
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