Koch Industries, the US company run by the billionaire Koch brothers David and Charles, has bought Sligo medical device manufacturer Protek Medical, according to the Sunday Independent. The company employs 180 people at its facilities in Sligo and Galway. It provides outsourcing services to the sector and produces custom-built equipment.
Ameriprise buys into PTSB
The Independent reported that Ameriprise, the world's biggest financial planning company built up a 3 per cent stake in recently floated Permanent TSB. Shares in PTSB fell below the €4.50 issue price with shares on Friday standing at €4.15. The State's remaining 75 per cent stake is valued at about €1.4 billion.
Bonus clawback at Tesco
Tesco, according to the Sunday Independent, has introduced a bonus-clawback provision for executive directors across the group. Executives could have to hand back their bonuses if results are misstated or damage is done to the company's reputation.
ESB share bailout deal
The Sunday Business Post reports that the Government is set to sign off on a new share bailout deal worth up to €100 million for ESB workers. The ESB gave shares to its workers in lieu of pay rises in 2001, but the projected windfall never materialised as employees are unable to sell them due to lack of demand. The ESB is now set to embark on a share buyback scheme for its current and retired workers.
IAG deal set to be approved
Also reported in the Sunday Business Post is that the €1.3 billion takeover of Aer Lingus by Willie Walsh's IAG it to receive the Cabinet's approval this week. According to the paper the final parts of a proposal have been hammered out and a report will be brought to Cabinet by Minister for Transport Paschal Donohoe. Ryanair is also expected to back the proposed deal.
Job cuts feared at Clerys
According to the Sunday Times, workers at Clerys department store fear that job cuts are in the offing as the company faces being sold to a property group. Unions have been in contact with management over fears that the preferred bidder, D2 Private, may close the store. Clerys is being sold by Gordon brothers, a US investment group that bought Clerys in 2012.
Uniphar profits up 50%
Uniphar Group, a drug wholesaler majority owned by independent pharmacists, increased operating profits by 50 per cent to €24 million last year and it is reported to be eyeing a stock market listing within two years.
