said its subsidiary Teledyne Investment agreed to acquire Cougar Components Corp., a Sunnyvale-based microwave, microelectronic and optoelectronic company, for $26.5 million.
L.A.-based Teledyne said the acquisition will enable it to become a single source for standardized and customized defense electronics products. Teledyne said the transaction, expected to close on or about June 30, would add to its earnings in 2005. If completed, the acquired business would be operated as Teledyne Cougar, Inc., a business unit of Teledyne Microelectronic Technologies.
- Standard & Poor's Ratings Services said it may raise its debt ratings on Northrop Grumman Corp. , citing steady improvement in its earnings and cash flow, enhanced by high U.S. defense spending. Northrop's debt, including its BBB corporate credit rating, were placed on CreditWatch with positive implications. S & P; said it expects to conclude its review in the near term. Nearly $5.5 billion of Northrop's debt is outstanding, S & P; said.
- IRIS International, Inc. announced the closing of the acquisition of the urinalysis business segment of Quidel Corp. for $500,000 in cash by its subsidiary, IRIS Deutschland GmbH. The Chatsworth-based urinalysis systems manufacturer announced the agreement to acquire the Quidel assets on April 27. The acquired business, which generated $1.5 million in sales in 2004, complements some of IRIS International's product lines.
- Digital Theater Systems, Inc. said it legally changed its name to DTS, Inc. Shareholders of the Agoura Hills-based digital technology company approved the name change in mid-May. The company said the change is the result of its expansion into the consumer electronics, music, pro audio and broadcast markets, which is beyond the scope of what Digital Theater Systems was when it was founded. The new name is a reference to the company's DTS brand.
- Creative Computer Applications Inc. named Anahita Villafane as its chief financial officer. President and Chief Executive Officer Steven M. Besbeck stepped down today from the CFO position, which he also held, to promote Villafane. Villafane had been the Calabasas-based healthcare information technology company's controller and chief accounting officer since April 2000.
- Maguire Properties, Inc. has entered into terms for a new $458 million forward fixed-rate loan to be secured by the Gas Company Tower. The new 10-year, interest-only loan will have a fixed rate of 5.35 percent and is expected to close in July 2006. It will replace an existing $280 million floating-rate loan secured by Gas Company Tower, the L.A.-based real estate investment trust said in a statement.
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