Clarcor Inc. subsidiary PECOFacet has opened an office in the United Arab Emirates in the Dubai Airport Free Trade Zone. PECOFacet is included within Clarcor’s industrial/environmental filtration segment, which has annual sales of about $530 million.
Scott Thompson, PECOFacet’s President, said: “We are very excited about our new office in Dubai. While PECOFacet has been providing innovative solutions throughout the Middle East for many years, our new office brings the next level of responsiveness and service to our customers in the Middle East. PECOFacet maintains a commitment to, and investment in, research and development which has resulted in significant technology advances in filtration, separation, and coalescence. Several key examples of which are PECOFacet’s patented PEACH® Gemini PuraSep® gas coalescers, XtreamPure® liquid housings and the PEACH® filter cartridge manufacturing process.”
The board of Delek Logistics Partners has declared a third-quarter dividend of 40.5 cents per share. That's up from 39.5 cents in the spring and 38.5 cents in the first three months of the year. Chairman and CEO Uzi Yemin had indicated on the back of some July acquisitions that the quarterly payout would likely top 40 cents.
Bill McConnell at TheStreet.com writes about the apparent greater likelihood that Louisiana-Pacific will be asked by the Federal Trade Commission to divest some of the manufacturing capacity it will have after it buys Canadian rival Ainsworth. It will likely come down to how the FTC's staff looks at the proposed combination's effects on Western Canadian production.
A key factor in the antitrust review is how broadly the regulators view the affected market. A broader view that geographically includes all of North America and includes both plywood and oriented strandboard (OSB) would make an extended review unlikely. If the DOJ limits the market to a smaller geographic area like the U.S. Pacific Northwest and considers the merger's impact only on OSB, then the likelihood of a long review and divestitures rises substantially.
SEE ALSO: LP buying Canadian competitor for $1.1B
Equipment finance company Cat Financial posted third-quarter profits of $118 million, up 8 percent from the same time in 2012. New financings continue to be down slightly from last year, although North America bucked that trend. Credit quality also continues to steadily improve, with past dues down 35 basis points from a year ago.
Avondale Partners analyst Mark Montagna has begun covering shares of local home goods retailer Kirkland's with an 'outperform' rating. He sees the stock (Ticker: KIRK) climbing to $23 from its current level of $18. If it gets there, it'll be the highest level for Kirkland's since the spring of 2010.
Goldman Sachs has upgraded Delek US Holdings to 'buy' from 'neutral' and thinks the stock (Ticker: DK) can just about get back to the $40 level it reached early this year as the refining sector's fundamentals begin to improve. "The core driver of our bullish MidCon call is that domestic light oil spreads will have to remain wide as incremental 'shale' oil production saturates the Gulf Coast. Given the geographic positioning of its refining system, Delek is well positioned to take advantage of our corresponding forecast for wider Brent-WTI crude oil spreads," the firm's analysts wrote.
Peter Benedict at Robert W. Baird says Tractor Supply is still a "top idea" ahead of the company's third-quarter earnings report Wednesday. Benedict says his recent research showed that demand for the Brentwood-based retailer's products remains strong and gross margins continue to improve. He reiterated his 'outperform' rating and $70 target for the stock (Ticker: TSCO), which closed Monday at almost $69.
It's been almost two and a half years since New York City officials said they had chosen Nissan to be the supplier of the next generation of yellow cabs. But after a bunch of legal and regulatory wrangling, it's looking increasingly unlikely the company's NV200 will ever hit the streets of the Big Apple. Fortune's Alex Taylor III says the whole project could end up costing Nissan $150 million.
The trouble started soon after the contract was announced in May, 2011. The city was sued by the United Spinal Association for selecting a model that was not wheelchair accessible. A compromise was reached, but the genie was out of the bottle. [...] Strike three came in October when a third state Supreme Court judge, ruling on another claim by the taxi lobby, said the Taxi & Limousine Commission couldn't require the purchase of a particular vehicle, because the power to compel doesn't exist under the city charter.
Clarcor board member (and former Vanderbilt Owen School of Graduate Management dean) Jim Bradford last Thursday cashed in a number of the stock options granted him between 2006 and 2010. The strike prices for the almost 39,000 options ranged between $25 and $35; selling the shares that resulted from their exercising generated Bradford a profit of more than $920,000. Since bottoming out at about $23 in early 2009, Clarcor shares (Ticker: CLC) have risen almost 150 percent.