Quote of the Week
‘There’s so much at stake now to get the right kind of CEO into these organizations to bring back the returns based on the amount put in, you want to make absolute sure you find the right kind of person for the position. The competition for people that have those kinds of track records is as fierce as ever.’
, Bruce Rychlik, managing director of executive search firm J. Robert Scott.
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Friday, Nov. 30
Cleveland-based Lincoln Electric Holdings Inc. said that it has acquired Oceanside’s Vernon Tool Co. Ltd., a privately held manufacturer of computer-controlled pipe cutting equipment.
Terms of the deal were not disclosed.
Vernon Tool has annual sales of $9 million. Lincoln Electric had annual revenue of $1.9 billion in 2006.
Lincoln Electric said it expects the acquisition to widen its influence in its global sales network. Lincoln Electric designs, develops and manufactures arc welding products, plasma and oxyfuel cutting equipment and has a network of distributors and sales offices in more than 160 countries.
The company trades on Nasdaq under the symbol LECO.
, Andrew Schweizer
Sunday, Dec. 2
End Zone For The Holidays:
The competing teams for San Diego’s two college football bowl games were announced.
For the Pacific Life Holiday Bowl, on Dec. 27, the University of Texas will play Arizona State University. The Texas Longhorns’ records are 9-3 overall and 5-3 in the Big 12 Conference. The Arizona State Sun Devils have a 10-2 record, going 7-2 in the Pacific-10 Conference.
The game, set to start at 5 p.m., will be televised on ESPN and pay each team $2.25 million.
In the San Diego County Credit Union Poinsettia Bowl on Dec. 20, the teams are the U.S. Naval Academy and the University of Utah.
The Navy team, which does not play in an athletic conference, finished the regular season with an 8-4 mark and is making its second appearance in the three-year history of the game. Utah, which also finished at 8-4, was 5-3 in the Mountain West Conference.
The game that begins at 6 p.m. and is telecast on ESPN will pay participating schools $750,000 apiece.
, Mike Allen
Tuesday, Dec. 4
Rancho Bernardo Rising:
Sony Electronics Inc. broke ground on its 11-story, $150 million headquarters in Rancho Bernardo.
Dignitaries shoveling the first dirt included Sony Electronics President Stan Glasgow and San Diego City Councilman Brian Maienschein, who represents the area.
The project will replace two existing buildings at the site, and provide Sony staffers with improved communication, and presumably, better work conditions.
The main product assembled at the site is Vaio laptop computers, but the site also houses Sony’s corporate administration, planning, engineering, development and marketing functions.
Sony Electronics, which generated revenue of $70 billion in its last fiscal year, moved its North American headquarters here from Park Ridge, N.J., in 2004.
The company first established operations in San Diego in 1971.
Among the features of the new building are a top floor used for a staff cafeteria with an exterior dining terrace, and an underground parking garage. Some 1,450 employees will work from the facility when it’s completed, sometime in mid-2009, a spokeswoman said.
The general contractor for the project is Sundt-Pacific Building Group, and the lender is Sumitomo Mitsui Banking Corp.
, Mike Allen
Wednesday, Dec. 5
From Ranch To Houses:
Carlsbad-based homebuilder Barratt American Inc. received approval to develop Fanita Ranch, a 2,600-acre master development in northern Santee. The Santee City Council unanimously approved the project after hearing several hours of testimony from residents both in favor and concerned about the scale of the project.
Plans include 1,412 acres, or 55 percent of the land, for an open-space preserve and 1,380 single-family detached homes, 15 live/work lots, eight commercial lots and a fire station on 1,188 acres. The single-family units will be in four neighborhoods: Sage Hill, Oak View, Sycamore Glen and Rock Point.
, Michelle Mowad
Thursday, Dec. 6
Entropic Changes Its IPO:
Entropic Communications Inc., a San Diego semiconductor company, told securities regulators that it plans to change the size of its initial public offering.
The company said it plans to offer its stock between $6 and $8 per share. Previously, the company expected its stock to sell for $9 to $11.
The company plans to sell 8 million shares.
Entropic plans to trade on Nasdaq under the symbol ENTR.
, Brad Graves