FLINT — Diplomat Pharmacy Inc. (NYSE: DPLO) announced it had completed its acquisition of WRB Communications Inc., a health care service center company based in Chantilly, Va.
WRB specializes in relationship management programs for pharmaceutical manufacturers and health care service organizations.
Under the terms of the agreement, Diplomat is paying WRB $24.5 million cash and $4.5 million of Diplomat common stock. Under the terms of a two-year contingent earnout, WRB can earn an additional payout of up to $1 million based upon achievement of earnings-based targets in the 12-month periods ending May 31, 2018, and May 31, 2019. In 2016, WRB generated $15 million in revenue and $2.2 million in adjusted earnings before interest, taxes, depreciation and amortization.
Continue reading Diplomat Buys Health Information Provider
PLYMOUTH — The industrial laser maker Rofin-Sinar Technologies Inc. (Nasdaq: RSTI) said its shareholders have agreed to a $942 million buyout by Santa Clara, Calif.-based Coherent Inc. (Nasdaq: COHR).
The company said holders of more than 95 percent of Rofin-Sinar’s shares present at a special meeting of shareholders voted in favor of the transaction. That represents more than 74 percent of the outstanding shares of the company’s stock.
Coherent announced a $32.50-a-share cash offer for Rofin on March 16. Rofin stockholder approval was a condition to the closing of the merger. The completion of the transaction remains subject to the satisfaction of other conditions, including the receipt of regulatory approvals and the completion of Coherent’s financing. Rofin continues to anticipate that the transaction will be completed by Dec. 31.
There was no immediate word on the future of Rofin’s Plymouth operations.
Continue reading Plymouth Laser Maker’s Shareholders Agree To Buyout
MIDLAND — Dow Chemical Co. (NYSE: DOW) has completed the
transaction to restructure the ownership of Dow Corning Corp.
Dow is now 100 percent owner of Dow Corning’s silicones business, which had 2015 revenues of greater than $4.5 billion and is expected to generate more than $1 billion of annual earnings before interest, taxes, depreciation and amortization for Dow after cost-cutting measures are taken.
Continue reading Dow Chemical Completes Ownership Restructuring of Dow Corning
NORTHVILLE — The Northville-based thermal management technology developer Gentherm Inc. (Nasdaq: THRM) said this week that it will purchase Cincinnati, Ohio-based Cincinnati Sub-Zero Products.
CSZ manufactures patient temperature systems for the health care industry and environmental test chambers used by a wide range of manufacturing companies for product testing. CSZ also provides related environmental testing services to these markets. It posted 2015 sales of $63 million and has more than 300 employees.
Terms of the transaction were not immediately disclosed.
Continue reading Gentherm To Buy Cincinnati Company
PLYMOUTH — The industrial laser maker Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), which has spent the past few months locked in a proxy battle with a London-based investment firm, has turned to a California competitior for a buyout.
Santa Clara, Calif.-based Coherent Inc. (Nasdaq: COHR) has bid $32.50 a share, or $942 million, for RSTI, a 42 percent premium to Rofin’s Wednesday close.
The companies said the deal is expected to close in six to nine months, provided shareholders and regulators approve. Coherent said it plans to finance the buyout with existing cash and committed debt from Barclays.
There was no immediate word on the future of Rofin-Sinar’s headquarters work force in Plymouth.
Continue reading California Firm Bids To Buy Plymouth Laser Maker
ANN ARBOR — The Watson Health business unit of Armonk, N.Y.-based IBM (NYSE: IBM) announced plans to acquire Truven Health Analytics, an Ann Arbor-based provider of healthcare data analysis. The purchase price was $2.6 billion.
Truven has about 2,500 employees, roughly 750 of them at the Ann Arbor headquarters, Truven spokeswoman Ariana Nikitas said. And, she said, “this is a growth acquisition, so there are no changes planned at this time” to the Ann Arbor office or its staffing level.
Continue reading IBM Buying Ann Arbor Health Analysis Firm For $2.6 Billion
CHICAGO — Chicago-based DNS Capital announced the acquisition of Boyne City-based IMI Holding Corp. from the Chattanooga, Tenn. private equity firm River Associates Investments LLC. Terms of the transaction were not disclosed.
IMI is the parent of three businesses — Industrial Magnetics Inc., an industrial magnet manufacturer in Boyne City; Prater Industries Inc., a Bolingbrook, Ill. manufacturer of airlocks, mills, grinders, compactors and other equipment ofr changing the size of particles; and Sterling Controls Inc., a Sterling, Ill. manufacturer of process control and material handling equipment.
Continue reading Chicago Capital Firm Buys Michigan Manufacturer
AUBURN HILLS — The Auburn Hills automotive plastics manufacturer US Farathane Corp. said Wednesday that it had acquired Boston Plastics, a Shanghai headquartered manufacturer of plastic injected molded components and assemblies for the automotive, industrial, and consumer end-markets.
US Farathane said the acquisition, alongside the previously announced acquisition of Tepso Plastics, further accelerates its plans to be a global supplier to its customers. US Farthane is a portfolio company of Gores Group, a global investment firm.
Continue reading US Farathane Expands into Asia with Boston Plastics Acquisition
AUBURN HILLS — US Farathane Corp. Wednesday announced it has acquired Tepso Plastics Mex, a manufacturer of engineered plastic injection molded components and assemblies for the automotive sector with two production facilities in Mexico.
Terms of the acquisition were not disclosed.
US Farathane officials said Tepso’s production facilities in Monterrey and Romita, combined with its management team, asset base and manufacturing expertise, give US Farathane an opportunity to gain direct access into the growing Mexican auto sector.
“Tepso is the perfect fit for our expansion into Mexico, and we are excited to complete this acquisition as a key part of our strategy to provide global solutions to our customers,” said Andy Greenlee, US Farathane CEO. “In addition to two first class facilities, we are gaining access to an outstanding group of highly skilled and dedicated employees that have driven world class results. With locations in northern and central Mexico, we are well aligned to serve our existing and future customers. We are bullish on Mexico and feel we are ideally positioned for the future.”
US Farathane now has 13 manufacturing plants in the United States and Mexico. Based in Auburn Hills, US Farathane offers the auto industry plastic interior and exterior components. Customers include Fiat Chrysler Automobiles, Ford, General Motors, Honda, Toyota, and others. More at http://www.usfarathane.com.
US Farathane is a portfolio company of the Gores Group, a global investment firm based in Los Angeles, Calif. More at http://www.gores.com.
SOUTHFIELD — Luton, England-based Impellam Group plc (LON: IPEL) has purchased the Southfield-based staffing firm Bartech Holding Corp., the companies announced Wednesday.
The purchase price was $120 million — $115.4 million in cash and $4.6 million in stock. The deal also includes up to $6 million more in cash depending on performance, payable no later than 2018.
Bartech provides managed service provider and staffing services in the office, clerical and engineering fields. It currently manages more than 30,000 employees and consultants repersenting more than $3.5 billion of staffing spending for clients worldwide. Its revenues are predicted to top $270 million this year, up from just over $225 million last year.
Continue reading Detroit Staffing Firm Bartech Bought Out For $120M