21st Century Insurance Group reported second quarter net income of $23 million (26 cents per share), an 18 percent dip from $28 million (33 cents) for the same period a year earlier. Direct premiums written for the Woodland Hills-based insurer rose 2 percent to $323 million. This marks the third straight quarter of declining profits for 21st Century. In May, 21st Century agreed to be bought by insurance giant American International Group Inc. for $813 million. Shares in 21st Century were down 6 cents to $21.84 in afternoon trading Wednesday on the New York Stock Exchange.

Abraxis BioScience Inc. said late Tuesday that it has acquired a sterile injectable equipment manufacturing facility from Watson Pharmaceuticals Inc. Terms were not disclosed. The facility, located in Phoenix, is fully-equipped and has chemistry and microbiology laboratories. Los Angeles-based Abraxis also owns a manufacturing facility in Melrose Park, Ill. Shares in Abraxis were up 9 cents to $20.11 in trading Wednesday on the Nasdaq.

Red Rocket Inc. said Wednesday that it has acquired the switching power supply business of Celetronix Power in India. Terms of the deal were not disclosed. Red Rocket is a privately held electronics and power supply manufacturer based in Camarillo. Celetronix has about 105 employees, Red Rocket said.