The Milwaukee Post

14 • Milwaukee County Post • June 6, 2014 BUSINESS BRIEFS Milwaukee Tool Corp. buys Empire BROOKFIELD – Milwaukee Tool Corp. said Monday it has acquired Mukwonago- based Empire Level. Empire Level is a leading manufacturer of levels, squares, layout tools, and safety and utility tape, according to a statement released by Brookfield's Milwaukee Tool. Financial terms of the deal were not dis- closed. www.milwaukeetool.com Joy Global acquires MTI MILWAUKEE – Joy Global said Monday it has closed on its acquisition of Canada- based Mining Technologies International Inc. for $46.8 million. Mining Technologies, which makes underground hard rock mining equipment, sells to North American markets. Milwaukee-based Joy Global is purchasing "substantially all of the assets associated with MTI's hard rock drilling, loaders, dump trucks, shaft sinking and raise bore product lines," according to a company statement. Joy Global is a leading manufacturer of mining equipment. www.joyglobal.com Knowledge Summit set for June 20 MILWAUKEE – The Independent Business Association of Wisconsin, the Tool, Die & Machining Association of Wisconsin and event sponsor First Business Bank will hold the 2014 Wisconsin Manufacturing Knowledge Summit on June 20. Coffee and networking will begin at 7 a.m. and breakfast will be served at 7:30 a.m. at the Wisconsin Club, 900 W. Wisconsin Ave., Milwaukee. Kent Lorenz of Acieta and Richard Kalscheuer of R&R Insurance will present Manufacturing Matters, which will take a look at the health of manufacturing in Wisconsin, the nation and around the globe. A roundtable discussion with Lt. Gov. Rebecca Kleefisch, "What's Grinding My Metal," will begin at 9:15 a.m. and give manufacturers the opportunity to discuss their concerns. The cost is $32.00 to attend. To register, visit IBAW.com. Downtown Milwaukee building sold MILWAUKEE – Riverview Realty Partners, an affiliate of Five Mile Capital Partners, has purchased downtown Milwaukee's 411 East Wisconsin Building for $74.3 million. The 654,165-square-foot building's anchor tenant, Quarles & Brady LLP, has extended its lease for 10 more years, according to a statement. Stamford, Conn.- based Five Mile plans to spend approxi- mately $17.5 million to improve the build- ing's elevators, heating, ventilation and air conditioning system, lobby, roof and adjacent parking structures. In addition, the company will also reno- vate Quarles & Brady's 186,000 square feet of space on the top eight floors of the 30- story building, the statement said. Other major building tenants include von Briesen & Roper S.C., Mercer Human Resource Consulting, Morgan Stanley Smith Barney, PNC Financial Services Group, Wisconsin Athletic Club, American Appraisal and Lindner & Marsack S.C. www.quarles.com GE company to cut 90 jobs MILWAUKEE– About 90 employees are affected in GE Healthcare Monitoring Solutions' decision to reduce its workforce at its facility at 8200 W. Tower Ave. The layoffs will begin late next year. The Department of Workforce Development plans to coordinate rapid response services with the Milwaukee Area Workforce Investment Board. Modine reports 8.6% sales increase MILWAUKEE – Modine Manufacturing Co. said last week fiscal fourth-quarter sales were up 8.6 percent to $390.6 million, from $359.6 million a year earlier. Racine-based Modine posted net income of $119.4 million, or $2.49 a share, compared with a loss of $2.1 million, or 4 cents, in the same period last year. North American sales increased 4 percent to $145.1 million, while European sales increased nearly 15 percent to $158.8 million. Modine said net income for the full fiscal year was $130.4 million, or $2.72 a share, compared to a loss of $24.2 million, or 52 cents, for fiscal 2013. www.modine.com Wisconsin Ag exports keep growing MILWAUKEE – Export numbers released recently by the Wisconsin Department of Agriculture, Trade and Consumer Protection show a 25 percent value increase for the first quarter of 2014 compared to the same time period in 2013. Dairy products, including dairy deriva- tives, jumped 63 percent compared to the same period last year with a combined value of $140 million. Wisconsin ranked fourth among U.S. states in the export of dairy products. Wisconsin also ranks first in the export of ginseng, sweet corn and mink fur skins for the first three months of the year and comes in second for the export of cheese, whey and cranberries. www.datcp.wi.gov Airadigm to cut staff MILWAUKEE – About 55 employees are affected by Airadigm wireless provider's decision to close its facilities in Little Chute, Appleton, Green Bay, Madison and Wausau by Aug. 1 this year. The Department of Workforce Development will work with regional part- ners to provide rapid response services. Mayo Clinic cutting workforce MILWAUKEE – About 51 employees are affected by Mayo Clinic Health System Franciscan Healthcare's decision to reduce its staff and separately contract for med- ical transcription services. The layoffs will begin September this year. The Western Wisconsin Workforce Development Board plans to provide rapid response services. Advisers receive national honors BROOKFIELD – A pair of financial advisers in Ameriprise Financial's Greater Milwaukee office have been recognized by the by the National Association of Board Certified Advisory Practices as Premier Advisors. Gary Dunco and Robert DiDonato were two of 23 advisers in the state to receive the honor, which is awarded annually by NAB- CAP. The two men focus on helping clients plan for their lifelong financial goals through a personal, long-term financial planning relationship. Advisers were evaluated based on 20 cat- egories, including customer service model, experience, credentials, compliance record and other criteria. Less than one half of 1 percent of advis- ers in the Milwaukee area have received the recognition. Scholarship winners announced MILWAUKEE – The Milwaukee/NARI Foundation, Inc., announced that the fol- lowing students will receive Foundation scholarships for attending the institutions listed during the 2014-15 academic school year: Heather Furness, Fond du Lac, Mount Mary University; Kristin Holstine, Hartford, Waukesha County Technical College; Caleb Klaty, Oconomowoc, University of Wisconsin-Waukesha; Jake Landry, Plymouth, Milwaukee School of Engineering; Brian Mueller, Belgium, Milwaukee School of Engineering; David Soller, Racine, University of Wisconsin- Stout; Kevin Thiessenhusen, New Berlin, Waukesha County Technical College. 1Q net income drops at Wisconsin banks MILWAUKEE – Wisconsin banks saw first-quarter net income drop to $226 mil- lion from $256 million in the first quarter of 2013, according to the Quarterly Banking Profile released by the Federal Deposit Insurance Corp. Total bank assets were $99.5 billion, down from $97.1 billion a year ago. Total deposits were $78.9 billion, up from $78.3 billion in the first quarter of 2013, accord- ing to the FDIC report. The report included 257 reporting insti- tutions in Wisconsin, a slight drop from the 264 that were included last year. Banks saw an increase in first-quarter lending, with $67.8 billion in total loans and leases, compared to $66.4 billion in the same quarter of 2013. Nationally, FDIC-insured institutions reported aggregate net income of $37.2 bil- lion in the first quarter, a 7.6 percent decrease from the $40.3 billion in earnings reported a year earlier. Reporting $48 million in net income for the quarter, Green-Bay-based Associated Bank, N.A., led Wisconsin banks. Rounding out the top three non-specialty banks with top net income for the quarter were Glendale's Guaranty Bank with $8.3 mil- lion, and Racine's Johnson Bank with $6.8 million. Two Waukesha County banks ranked in the top 50 for first-quarter net income. Brookfield's RidgeStone Bank had net income of $2.7 million for the quarter, and Town Bank, Hartland, had $1.4 million. Toward the middle of the pack were Waukesha's InvestorsBank, $744,000; North Shore Bank, Brookfield, with $576,000; Brookfield's Spring Bank with $508,000; Great Midwest Bank, Brookfield, $379,000; Waukesha State Bank, $354,000; and Brookfield's First Business Bank- Milwaukee, $261,000. The Waukesha County bank with the lowest first-quarter net income was Waukesha-based First Federal Bank of Wisconsin with $28,000. Among banks that lost the most money in the first quarter were West Bend-based Westbury Bank with $1.7 million; Gratiot State Bank, $486,000; and Madison's Home Savings Bank with $390,000. www2.fdic.gov – Kirsten Klahn, Special to The Post

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