Deal Boosts Whittaker in Health-Care Networking
Whittaker Corp., with headquarters in Simi Valley, has completed the acquisition of Xyplex Inc. from Raytheon Co. for $117.5 million in cash and stock.
The acquisition makes Whittaker a major provider of computer networking products and expands the firm’s position as a leader in health-care networking.
The closure of the deal, announced March 4, included approval under the Hart-Scott-Rodino Antitrust Improvements Act.
“With the addition of Xyplex, our communications business has the products, distribution channels and technology--all the ingredients to successfully compete on a world scale,” said Thomas A. Brancati, president and chief executive of Whittaker.
Located in Littleton and Boxborough, Mass., the Xyplex unit, which makes a wide range of Internet working and access-server equipment for computer networks and the Internet, will be integrated with the Whittaker Communications division in Santa Clara. Operations will continue at all locations within the United States and at foreign offices.
The new combined organization will be renamed Whittaker Xyplex.
The Xyplex acquisition underscores Whittaker’s strategy to grow in two principal business segments, aerospace and communications.
The merged firm holds major and growing market positions in the health care, education, banking/finance and government markets, and strong distribution channels for its products, which include about 300 resellers and systems integrators worldwide.
Whittaker provides products and services with a high-technology or engineering content. Founded in 1942, the company employs about 1,500 people in offices around the globe.
First National Bank Names Myers to Succeed Crew
First National Bank of Ventura has named J. Roger Myers of Ventura chairman of its board of directors.
Myers succeeds Bill Crew, who will remain on the bank’s board but is leaving Ventura with his wife for a five-year sailboat cruise around the world. Myers, a bank founder who has served on the board since 1987, was corporate secretary and chairman of the loan committee.
Myers is a partner in the law firm of Myers, Widders, Gibson & Long in Ventura and was president of the Ventura County Bar Assn. in 1992. He has practiced law in Ventura County for 27 years.
He was vice president of the Ojai Unified School District board from 1977 to 1979.
First National Bank of Ventura, at 3200 Telegraph Road in Ventura, more than doubled its earnings in 1995 over the previous year. The bank was founded in 1987.
Franklin Telecom Gets Hughes Aircraft Order
Franklin Telecom of Westlake Village has received a substantial order from Hughes Aircraft for its ICP186 Multi Processor Computer System, company officials said.
Franklin has been selling this product to Hughes and other customers requiring co-processor systems for eight years. There have been no recent orders from Hughes, however, because for a time the aircraft manufacturer had more of the computers than it needed, a Franklin official said.
“The significance of this order is that it indicates a break in the ‘hold’ environment for advanced systems of this kind at Hughes,” said Frank W. Peters, Franklin’s president and chief executive officer.
Franklin Telecom, in business since 1981, designs and manufactures communications devices, high speed access cards and software.
DDL Restructures Its Retirement Liability
DDL Electronics of Newbury Park has successfully restructured its unfunded retirement obligations under several benefit plans covering certain former officers, key employees and directors, officials said.
As a result of the settlement agreement reached last month with the participants in these plans, DDL recorded a gain of about $2.55 million and has reduced its liabilities by a corresponding amount.
DDL President and CEO Gregory L. Horton said the settlement “represents a major milestone in DDL’s ongoing efforts to improve its balance sheet and increase shareholder value.”
Under terms of the settlement, the participants agreed to relinquish all future payments due them in return for 600,000 stock purchase warrants.
The warrant exercise price will be equal to the New York Stock Exchange closing price of DDL’s common stock on May 31, minus $1.50, subject to a minimum exercise price of $2.50 and a maximum exercise price of $6.
The warrants may be called for redemption by the company at any time after June 1.
New Company Specializes in Out-of-Court Mediation
A Ventura County attorney and arbitrator has formed a company that specializes in resolving real estate legal matters through mediation, which he calls a faster and less expensive alternative than the courtroom.
Lindsay Nielson, president of Ventura Appraisal Consulting Corp. and a senior partner in the Ventura law firm of Nielson, Wedding & McNair, has opened Real Estate Arbitration & Mediation Services in Ventura.
The new firm was established to help parties in a dispute reach an agreement out of court.
Nielson has practiced real estate law for more than 20 years and has testified as an expert in more than 50 cases involving land taxes, bankruptcy and land use.
Home Construction Up 44.5% for 2 Months
Residential construction in Ventura County showed a marked increase during the first two months of this year over the same period last year, though construction of nonresidential units was down.
According to a study by the Construction Industry Research Board, building permits issued in the county during January and February showed a 44.7% increase over permits issued in the first two months of 1995.
Valuations of those permits--just over $59 million--was 46.3% higher than a year ago, according to the study.
There were 259 residential building permits issued in the county in January and February. All but six of those were for single-family units.
The valuations of permits issued for nonresidential construction during those two months came to $15.9 million, a drop of 39.8% from January and February 1995.
The study does not show where in Ventura County the building permits were issued. The CIRB does a monthly study on construction trends throughout California.
March figures are expected to be released sometime next month.
Vitesse Reports Record 2nd-Quarter Revenue
Vitesse Semiconductor Corp. has reported record revenue and net income for the second quarter that ended March 31.
Revenues in the second quarter of fiscal 1996 were $15.6 million, an increase of 56% over the $10 million in the second quarter of fiscal 1995, and an increase of 11% over the $14 million in the first quarter of fiscal 1996.
Net income for the second quarter was $2.6 million, or 14 cents per share, compared with a net loss of $1 million, or 7 cents per share, in the second quarter of fiscal 1995. The second quarter’s net income also was better than that of the first quarter’s $1.8 million, or 10 cents per share.
Vitesse President and Chief Executive Officer Lou Tomasetta said the second-quarter report came on the heels of a successfully completed secondary offering of 2.4 million shares of common stock at $18 per share.
“The offering has enabled us to strengthen our balance sheet through increased cash and reduction in debt,” Tomasetta said.
Vitesse Semiconductor of Camarillo designs and manufactures digital integrated circuits for telecommunications, data communications and automated test equipment systems providers.
Bank of America Handles County’s Cash Management
Bank of America has been chosen to provide cash-management services to the county of Ventura.
The bank will handle accounts ranging from the treasurer’s office and school districts to courts and the Sheriff’s Department. Cash-management services will include account reconcilement, electronic payment processing and direct deposit.
Bank of America and The Bank of New York submitted a joint proposal for the county’s business after the two banks formed an alliance in 1995 to offer custodial services to public entities.
