Stories for July 2014
Thursday, July 31
Biotech entrepreneur Dr. Patrick Soon-Shiong, L.A.'s wealthiest man, will become the global director for cancer services and bioinformatics at Providence Health & Services, the hospital chain announced on Thursday.
The Countrywide Financial mortgage lender unit owned by Bank of America has been ordered to pay $1.3 billion in damages for selling thousands of defective loans.
Superior Industries reports lower income, Ryland misses on a one-time tax benefit and PS Business Park beats expectations.
Wednesday, July 30
Van Nuys aluminum wheel manufacturer Superior Industries announced Wednesday it would close its Arkansas plant – laying off 500 – as it prepares to open another in Mexico.
Wall Street applauded Amgen Inc.'s plan to cut up to 2,900 jobs, while investors were once more disappointed in DreamWorks' earnings.
Princess Cruises announced Wednesday it will add a third ship to its Royal Princess fleet, a 3,560-passenger vessel expected to set sail in 2017.
SeaPort Airlines adds service to San Diego from Burbank. Warner Bros. creates Harry Potter unit.
Tuesday, July 29
Amgen Inc. announced on Tuesday that it would cut up to 2,900 jobs, close plants and consolidate its offices at its sprawling Thousand Oaks headquarters complex.
Weak box office results for “How to Train Your Dragon 2” put a drag on DreamWorks Animation SKG Inc. second quarter earnings, which failed to match analysts’ expectations.
Walt Disney Co. on Tuesday announced the creation of an executive position to coordinate business efforts in Asia, a move that underscores the importance of the region to Disney’s growth strategy.
DineEquity shares rise. Avery Dennison declares dividend. Glendale office building sold.
Monday, July 28
The Marriott Warner Center, one of the Valley’s largest hotels, has been acquired by Laurus Corp., a Century City real estate investment and development company, the company announced on Monday.
Energy crop developer Ceres Inc. will receive nearly $39 million in financing from the Brazilian government to expand its product development program, the company announced Monday.
DreamWorks reconfigures its executive team, MRV Communications brings on a new board member, and Ryland opens a new housing development.
A tight county industrial market has sent builders scurrying to develop warehouses and offices in the Santa Clarita Valley, where land is cheaper and firms are migrating.
Developers plan to build three major industrial parks in Santa Clarita. But is there demand?
Author taps wrestling experience for tips on grappling with success.
Publishing: Olympic coach Leo Frincu offers life advice in his new book.
News and notes from around the greater San Fernando Valley
Beau Boeckmann has been named president and chief operating officer at Galpin Motors.
Market Watch Summary
Stocks remained nearly flat during the two-week period ended July 23, during which tensions in the Middle East and Ukraine tempered the market.
Major office and industrial deals in Antelope Valley.
Major office and industrial deals in Santa Clarita Valley.
Major office and industrial deals in Conejo Valley.
Major office and industrial deals in Burbank and Glendale.
Major office and industrial deals in San Fernando Valley.
Distribution: Next Point Bearing Group found lower rents and newer buildings in Santa Clarita.
Aerospace: Stealth aircraft built 25 years ago returns for regular maintenance.
A B-2 Spirit stealth bomber appeared in the skies above Palmdale this month as part of a commemoration marking the 25th anniversary of the aircraft’s first flight.
Medical Devices: Better blood-sugar control found among Type 2 pump users.
A new study shows that Medtronic Inc. insulin pumps achieve better blood sugar control than multiple daily insulin injections for Type 2 diabetics – a conclusion that should help the device gain further market penetration.
Corporate: KNBC starts comedy fundraising series with serious purpose.
KNBC (Channel 4) has been feeling generous this summer.
Investments: NVA is bought by Ares, which also acquired Guitar Center.
Investments: Ares Management purchases pet hospital chain NVA in Agoura Hills.
Education: Woodland Hills tablet maker scores big success with Warner Bros. characters.
Education: Looney Tunes characters help sell children’s tablets at $99 apiece.
Mitzvites offers digital missives including use of video.
Innovation: With Mitzvite, you can send Bar Mitzvah invitations with video.
Auctions America set to steer more than 400 vehicles before bidders.
Automotive: A classic car auction in Burbank will sell vehicles for as much as $1 million.
Biotech: Kythera reaches milestone as FDA to review anti-fat compound.
Biotech: A drug that can dissolve fat has inspired shareholders to back Kythera Biopharmaceuticals.
Technology: Northridge school begins new program.
Technology: Cal State Northridge sets up a tech transfer office to commercialize research.
hospitality: L.A. firm buying large Warner Center property.
Hospitality: The Warner Center Marriott is being sold and upgraded.
Concussion furor, rivals rattle helmet-maker Riddell
SPORTS: Concussion controversy has engulfed the NFL, but helmet supplier Riddell remains committed to football.
Friday, July 25
Home prices in the San Fernando Valley hit an eight-year high in June, though the price gains appear to be leveling off as market activity slows, according to a report by the Southland Regional Association of Realtors.
A fully leased Chatsworth industrial property was acquired for $16.8 million by Rexford Industrial Realty Inc., the Los Angeles real estate investment trust announced on Friday.
Avery Dennison misses expectations, Amgen and Ryland declare dividends, and Teledyne appoints new board member.
The board of the Los Angeles County Metropolitan Transportation Authority unanimously approved Thursday doing a feasibility study on converting the Orange Line busway into a light rail line.
Thursday, July 24
The Food and Drug Administration accepted an application on Thursday by a rival drug maker to approve a copy-cat version of Neupogen, one of the biggest money-makers for Amgen Inc.
St. Jude Medical Inc. will lay off up to 270 employees at its Sylmar heart-device manufacturing facility following a corporate restructuring.
Simulations Plus Inc. announced on Thursday a $7 million acquisition of a New York company that helps drug makers seek approval for their products.
DreamWorks Animation SKG Inc. has created holiday attraction that will debut later this year at seven malls around the country, the company announced Thursday.
Wednesday, July 23
The board of the Los Angeles County Metropolitan Transportation Authority will take up on Thursday the question of whether to conduct a feasibility study on converting the Orange Line busway into a light rail line.
Former Los Angeles City Councilman Richard Alarcon and his wife were convicted Wednesday of voter fraud and perjury in a case involving allegations they lied about their residence in order for him to qualify for office.
ArmaGen, a private biotech firm, has signed a licensing agreement to fund development of AGT-182, an investigational enzyme to treat degenerative nerve disorder Hunter syndrome.
Demand for film and television tax credits in California exceeds the supply resulting in the state losing out as those productions head elsewhere to film, a study released Wednesday by the California Film Commission concluded.
Guitar Centers opens in Times Square, Cheesecake Factory reports quarterly earnings.
Tuesday, July 22
Provision Interactive Technologies Inc. will receive up to $50 million to bring its 3-D holographic kiosks to retail stores, starting with a national pharmacy chain, the company announced Tuesday.
The board of directors at Time Warner Inc. made a change Monday to the company’s bylaws to prevent potential hostile takeovers by dissident shareholders.
Monday, July 21
A former Bank of America employee in Simi Valley received 30 months in federal prison on Monday for approving artificially low prices for property short sales in exchange for $1.2 million in bribes.
The first light-rail vehicle from Japanese transit manufacturer Kinki Sharyo Co. Ltd. arrived this month and was delivered to the final assembly plant in Palmdale.
Exelis receives Saudi contract. Bank of Santa Clarita reports earnings. United Online appoints board member.
Friday, July 18
L.A. County companies raised $472 million in venture capital in the second quarter, a 52 percent increase from the prior quarter, according to the latest Money Tree Report released Friday.
The unemployment rate fell to 8.1 percent in June as employers added 4,800 jobs, according to figures released Friday.
Following an accident that injured four riders last week, Six Flags Magic Mountain’s Ninja roller coaster was cleared to reopen Friday.
AmaWaterways debuts three ships. Fireman's Brew enters Michigan market.
Thursday, July 17
National Veterinary Associates was bought by Ares Management, a Century City private equity group, in a deal announced Thursday.
Home foreclosures fell in Southern California in June, continuing a trend to a more normal market, according to a report released Thursday.
Cheesecake opens first Mexican location. Capstone snags Indonesian order.
Wednesday, July 16
Time Warner Inc. said on Wednesday that it had rejected an unsolicited $80 billion bid by media mogul Rupert Murdoch that would have given shareholders a significant premium and created a media-and-entertainment behemoth.
Despite concerns over runaway production, on-location television filming and total on-location production increased in Los Angeles in the second quarter, but the industry group that tracks filming said the data was somewhat misleading.
Tutor Perini, a Sylmar construction company, and Ontic, a Chatsworth supplier of aerospace parts, both announced new contracts.
Tuesday, July 15
Traffic at the Port of Los Angeles increased by nearly 14 percent in June compared to a year earlier as shippers moved up their cargo due to the possibility of a work stoppage at the nation’s busiest seaport.
Masten Space Systems was one of three companies chosen by the government on Tuesday to develop a space plane to take small satellites into low-earth orbit.
PennyMac Mortgage Investment Trust has entered into an agreement with Bank of America to fund up to $550 million in new mortgages.
Monday, July 14
GrowLife Inc., a Woodland Hills seller of supplies to the marijuana growing industry, has relocated its corporate headquarters to Washington state, where voters have approved recreational pot use.
Ontic, a Valley supplier of aftermarket aerospace parts, has signed two licenses with Safran Power Systems to service military and commercial aircraft.
L.A. Press Club honors staff for best design and reporting.
Awards: The Business Journal wins top honors from the L.A. Press Club.
Owner decides to close the bar and sell the liquor license.
Rstaurants: Jerry’s Deli isn’t making money at its bar, so it decided to sell the liquor license.
Outlets at Tejon Ranch hopes drivers will exit from all directions
Development: Outlets at Tejon Ranch are opening next month after years of planning.
Transportation: Supporters believe opinion has changed.
Transportation: Supporters believe opinion has changed.
Health Care: Program helps compliance with reform law.
Health Care: Rite Aid has signed agreements to work with two Valley doctors groups.
News and notes from around the greater San Fernando Valley
St. Jude Medical Inc. has received an all-clear from the U.S. Food and Drug Administration over previous issues at the company’s Sylmar facility.
Philanthropy: New Agoura Hills office is first of four-phase project.
Philanthropy: Hilton Foundation is the largest non-profit in the region after moving to Agoura Hills.
Real Estate: United Online will downsize its offices now FTD sale is complete.
United Online Inc. wants to get back to its roots.
High in the Antelope Valley, U.S. Borax runs the largest open pit mine in California at ‘one of the richest borate deposits on the planet.’
Mining: A look at the open pit U.S. Borax mine in Boron.
Retail & Hospitality: PizzaRev says customers want its do-it-yourself entrees on site.
PizzaRev is dishing up a new recipe for business: catering.
Entertainment: Crown Media shareholders like growth, question Hallmark stake.
Minority investors in Crown Media Holdings Inc. once again are raising questions about the company’s future and whether it should be sold off to a larger media corporation.
Retail: New owner Vestis plans to take Sport Chalet’s stock out of public sector.
Acquisition: Sport Chalet Inc. was sold earlier this month to a private equity firm for $70 million.
Real Estate: Buyer confident time, money commitments will polish up business park.
Real Estate: A Santa Monica developer paid $11 million for a vacant Camarillo office park.
Polish maker launches new product to smooth and brighten nails.
Innovation: Orly International in Van Nuys wants to preserve your nails.
Friday, July 11
Beau Boeckmann has been named president and chief operating officer at Galpin Motors, the North Hills auto group announced this week.
A Los Angeles jury ruled on Wednesday that the Dodgers organization was negligent in the 2011 beating of Giants fan Bryan Stow and will need to pay Stow’s family millions of dollars in damages.
Ixia announced Friday a Nasdaq hearings panel has determined to continue listing the company on the exchange if certain conditions are met.
Kythera Biopharmaceuticals Inc. announced that the Food and Drug Administration has accepted its application for ATX-101, an experimental drug that dissolves chin fat.
Sensor technology development company Interlink Electronics Inc. announced Friday the resignation of two members of its board of directors.
Thursday, July 10
Energy crop developer Ceres Inc. on Thursday reported yet another quarterly loss, though the company did better than analysts expected.
Two pest and home ventilation contractors were charged Wednesday in a scheme to defraud elderly customers in the Valley and elsewhere in L.A. County.
Wednesday, July 9
Gov. Jerry Brown on Tuesday signed a bill into law that repeals legislation prohibiting above ground light rail across the San Fernando Valley.
The 53,000 square-foot LA Fitness in Van Nuys has traded hands for about $23.5 million.
Shares in AeroVironment Inc. jumped more than 13 percent on Wednesday after reporting better than expected fourth quarter earnings.
Tuesday, July 8
Superior Industries International Inc. faces a proxy battle at its upcoming annual meeting against a New York private investment firm.
Thousand Oaks agricultural biotech Ceres Inc. announced Tuesday it has licensed its genome visualization application to Bayer CropScience.
LegalZoom hires chief marketer, CrowdGather licenses casino games and IPC hires a top executive.
Monday, July 7
Walt Disney Co. announced on Monday the 11 early-stage entertainment and media technology companies chosen to participate in its new business accelerator.
Amgen Inc. has opted out of a collaborative agreement with Bind Therapeutics Inc., a company developing tiny particles that adhere to medicines and help the drugs circulate longer in the bloodstream and enter cells.
DineEquity announces Middle East expansion plans, Ryland launches new Texas development.
Thursday, July 3
State lawmakers on Thursday approved expedited legislation designed to give the state the upper hand in landing subcontracts for a strategic bomber project.
Simulations Plus Inc. reported higher quarterly revenue and earnings Thursday as it gained new customers and expanded sales in Asia.
A $2.8 billion contract for Boeing Co. to build NASA’s next generation rocket is good news for Aerojet Rocketdyne in Chatsworth.
Interlink Electronics Inc. has expanded its board of directors by two seats and appointed private equity investors to fill them.
Wednesday, July 2
Teledyne Technologies Inc. has invested in Ocean Aero Inc., a manufacturer of unmanned marine vehicles for scientific and energy-sector customers.
The U.S. Food and Drug Administration has given Breakthrough Therapy Designation status to blinatumomab, a drug in development at Amgen Inc. for treating certain cancers.
XCOR Aerospace has acquired a Dutch company that will handle the sales for upcoming suborbital flights aboard the Lynx space vehicle, it was announced Monday.
St. Jude Medical Inc. received notice from the U.S. Food and Drug Administration Tuesday that it has addressed issues at the company’s Sylmar manufacturing facility outlined in a warning letter received last year.
Nestle USA’s Coffee-Mate has made a multiyear agreement to sell branded coffee and creamer for Keurig coffee makers.
Tuesday, July 1
Sport Chalet Inc. will be acquired by Vestis Retail Group for about $70 million, the company announced Tuesday.
American Homes 4 Rent on Tuesday announced it will acquire Beazer Pre-Owned Rental Homes Inc. for a little more than $260 million in debt and stock.
A television series from Warner Bros. Pictures and two others that film in Santa Clarita were among the 26 projects receiving tax incentives from the California Film Commission, the agency announced Tuesday.