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Almanac
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Business New Haven
5/1/2000
By: BNH
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TTransPro Divests
NEW HAVEN - TransPro Inc. will sell its Crown specialty metal-fabrication division to the Carthage, Mo.-based Leggett & Pratt in a deal valued at $37.5 million. The buyer, which makes office furniture, will pay $28,6 million in cash and assume $8.9 million in debt. TransPro manufactures and supplies heat-transfer components and specialty fabricated metal products for automotive and industrial uses. The deal is expected to be consummated by the end of June.
Strange Bedfellows
NEW HAVEN - Last month the heavy-metal band Metallica sued Yale University and software maker Napster, as well as two other universities, claiming the software's use in downloading MP3 music files at the schools constituted copyright violation. Yale was later dropped from the copyright infringement lawsuit, apparently in response to the university's decision to ban the use of Napster software. “We appreciate the prompt and responsible reaction by Yale University in dealing with the gross violations of copyright laws and the protection of intellectual property,” Metallica said in a statement. Napster is software that allows users to download MP3 music files in large quantities. The company is also being sued by the Recording Industry Association of America for allowing alleged copyright violations. Napster has caused problems at many universities by clogging up network resources, and Yale had previously implemented a partial ban to free up Internet bandwidth during the day.
Packard BioScience IPO Yields $108 Million
MERIDEN - Packard BioScience Co. April 20 announced that it had raised some $108 million in an initial public offering. Stock in the company, which makes tools used in drug discovery, trades on the NASDAQ exchange under the ticker symbol PBSC. Company officials said some of the money raised will be used to pay down debt and increase spending on research and development, as well as potential new acquisitions and collaborations. Packard BioScience is a $260 million company which employs more than 14,000 worldwide. It has markets in 60 nations.
At Long Last, Noodles
NEW HAVEN - Four months after originally scheduled, the Ivy Noodle noodle house was at last slated to open in late April at the site of the former Daily Caffe at the intersection of Elm and Park streets. The restaurant becomes part of Yale's Broadway redevelopment project. Saying she was confident that the Asian-themed eatery would pass city inspections, Ivy Noodle co-owner Coreen Guo told the Yale Daily News that she planned to open her doors on either April 28 or 29. The restaurant's three principals all hail from Singapore.
Food for Thought
SHELTON - NeuVis, which builds e-commerce exchanges and other e-business applications, last month announced a strategic partnership with Freshnex, a company that creates Internet transaction platforms for trading perishable foods in the grocery and foodservice industries. Under terms of the partnership, NeuVis and Freshnex will jointly develop an e-business platform in hopes of creating a supply chain solution for the food industry. “Freshnex has changed the fresh food distribution industry for good, and there is no going back,” said NeuVis Chairman Arun Gupta. “Freshnex has the business processes, proprietary software and key industry alliances necessary to speed market acceptance. In addition, the NeuVis e-business platform provides Freshnex with a reliable, scalable system that will meet its needs in a rapidly changing market.”
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