FOR SALE: Oil giant BP plans to sell its Carson refinery, which supplies about 25 percent of L.A.’s gasoline demand, by the end of 2012. The divestment is part of a larger plan to cut by half BP’s U.S. refining capacity, which also includes selling off some Texas facilities. BP acquired the Carson refinery through the oil giant’s 2000 takeover of Arco. It has 1,200 employees, 500 contractors and the capacity to produce about 265,000 barrels per day.
SETTLEMENT: California Attorney General Kamala Harris has announced a $6.5 million settlement of a predatory lending case against former Countrywide Financial Corp. Chief Executive Angelo Mozilo and former President David Sambol. The money will help establish a statewide foreclosure crisis relief fund. Mozilo and his team were accused of allowing loose lending policies, and not fully informing borrowers of the risks.
MERGED: First General Bank has announced its merger with American Premier Bank is complete. The combined bank retains the name of First General Bank, and has five branches in the San Gabriel Valley and Orange County. First General is based in Rowland Heights and American Premier was based in Arcadia. The community bank now has $320 million in assets.
ACQUISITION: L.A. biotech billionaire Dr. Patrick Soon-Shiong has acquired Vitality Inc., a Cambridge, Mass., maker of pill bottles that use a variety of electronic means to remind patients to take their medicine. The company’s GlowCap bottle lights up, plays a melody and can even use wireless communications to ring patients. It also sends weekly reports to doctors.
INVESTMENT: A consortium of investors organized by Colony Capital LLC has acquired two more portfolios of distressed real estate loans from the Federal Deposit Insurance Corp. for about $193 million. The portfolios had a total unpaid principal balance of $817 million and were acquired at 24 percent of that number. Like other deals Colony has struck with regulators, the FDIC retains a 50 percent equity interest in the assets and Colony will be in charge of disposing of the assets.
NAMED: AEG has reached a naming-rights deal with Farmers Insurance for a proposed National Football League stadium in downtown Los Angeles. The deal is potentially worth $700 million over 30 years. The downtown project, which faces competition from a rival City of Industry plan backed by billionaire developer Ed Roski Jr. of Majestic Realty, still needs government approvals. Mayor Antonio Villaraigosa named a blue-ribbon commission to review the AEG plan that will be co-chaired by First Deputy Mayor Austin Beutner and Sony Pictures Entertainment Chief Executive Michael Lynton.
UPHELD: The Los Angeles City Council decided not to overturn the Harbor Commissioners’ denial of a Long Beach company’s bid to build a shipyard at the Port of Los Angeles, but urged commissioners to find a site for the shipyard. The commission had earlier rejected Gambol Industry Inc.’s plan to build a repair facility at a port site, saying it would delay deepening the main channel so it could handle larger ships. In an unusual move, the council questioned the commission’s decision, then allowed it to stand.
NEW JOB: Greg Waldorf, the former chief executive of Pasadena online matchmaker eHarmony, has been named CEO-in-residence of Accel Partners, a Silicon Valley venture firm. Waldorf stepped down Jan. 19 from Santa Monica-based eHarmony, which is rumored to be preparing an initial public offering. He was a founding investor in of the site 11 years ago and served the last five years as chief executive. At Palo Alto-based Accel, Waldorf will work with the firm’s current portfolio companies and scout new prospects.
EARNINGS: Tetra Tech Inc. reported net income of $22.3 million, 19 percent higher than a year earlier. Revenue rose 13 percent to $611 million. … Ameron International Corp. reported per-share profit of $2.88, 89 percent higher than a year earlier, but did not report net income totals. Sales fell 9.6 percent to less than $124 million. … Health Net Inc. reported fourth quarter net income of $80.4 million, 78 percent higher than a year earlier. Revenue fell 11 percent to $3.37 billion … Avery Dennison Corp. reported fourth quarter net income of $114 million, 128 percent higher than a year earlier. Sales rose 8 percent to $1.64 billion. … Mattel Inc. reported fourth quarter net income of $325 million, 1 percent lower than a year earlier. Revenue rose 9 percent to $2.12 billion. … THQ Inc. reported a net loss of $14.9 million, compared with net income of $542,000 a year earlier. Revenue fell 12 percent to less than $315 million. … International Rectifier Corp. reported net income of $43.9 million, 55 percent higher than a year earlier. Revenue rose 34 percent to nearly $282 million.
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