Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

Aerosonic Corp. acquires Oregon display firm

Aerosonic Corp. a Clearwater-based supplier of flight products for commercial, business and military aircraft, purchased all the stock of Op Technologies Inc., a Beaverton, Ore.-based developer and manufacturer of glass cockpit display solutions.

"The addition of Op Technologies' expertise and products to our company will allow us to compete on a larger scale across a wider number of aircraft models, and this transaction creates a path for meaningful revenue growth and reduces our cost and time to market for a family of products that addresses a significant component of our strategic plan," David Baldini, Aerosonic's chairman, president and CEO said in a press release. "We believe that this transaction will establish a new platform for future growth and will allow us to better serve our present and future customers."

General Dynamics

granted two more deals

The U.S. Army Field Support Command in Rock Island, Ill., has awarded General Dynamics Ordnance and Tactical Systems, a St. Petersburg business unit of General Dynamics, a $7.9 million modification to an existing demilitarization contract. This latest award for the demilitarization of obsolete and excess ammunition brings the total contract value to date to $80 million.

General Dynamics Ordnance and Tactical Systems currently oversees the resource recovery and recycling of six types of obsolete U.S. Department of Defense ammunition. So far the company has demilitarized more than 60,000 tons of munitions. About 95% of the processed materials have been recovered for re-use or recycling.

Engineering and program management will be performed in St. Petersburg, Florida.

The company was also awarded the first year of a multiple award contract for the production of 30mm PGU-15 A/B Target Practice Cartridges. The contract has a total potential value of $74.6 million. The 30mm PGU-15 A/B is designed as a low cost, target practice cartridge to train using the A-10 GAU-8/A Gatling gun.

General Dynamics Ordnance and Tactical Systems manufactures direct and indirect-fire munitions, mortar weapons and systems, artillery projectiles, bomb bodies and Ball Powder Propellant. The company also manufactures precision metal components; provides explosive load, assemble and pack services for a variety of munitions, tactical missile and rocket programs; and designs and produces shaped charge warheads and control actuator systems.

Progress Energy Florida

reports new energy peak

Progress Energy Florida reported its customers set a new summer peak-demand record for power use on Aug. 20. Between 4 and 5 p.m., Progress Energy's 1.7 million customers in Florida used an estimated 9,671 megawatt-hours of electricity passing the previous summer record of 9,406 MWh set Aug. 16, 2005.

The company generates power at 14 sites in Florida, using a mix of nuclear, coal, natural gas and oil. Progress Energy will complete its fourth natural gas-fired unit at the Hines Energy Complex in Polk County later this year.

Progress Energy Florida, a subsidiary of Progress Energy, serves a territory that includes the cities of St. Petersburg, Clearwater and the Central Florida area surrounding Orlando.

GeoPharma plans

stock buy-back

The board of directors for Largo-based GeoPharma, Inc. has authorized a share repurchase program of up to one million shares of the company's common shares.

"Our decision to repurchase shares is testament to our confidence in GeoPharma's strong financial position and the significant visibility of our future operating results," GeoPharma CEO Mihir K. Taneja says in a press release. "Combined with the continued successful execution of strategic initiatives designed to capitalize on both internal and external growth opportunities, we believe our capital allocation strategy reflects a balanced approach that will enhance shareholder value and further position the Company for long-term success."

The pharmaceutical company reserved the right to change, suspend or end the program at any time.

Etc...

Insignia Bank

creates investment arm

Sarasota's Insignia Bank has formed Insignia Investment Services, a full-service investment brokerage firm. Tim Self, vice president of investments, will manage new business line. Self, formerly a financial advisor with Raymond James and Associates, has been active in the Sarasota business community for more than 12 years. 

"We believe that most clients prefer the convenience of selecting asset management services such as retirement planning, insurance and annuities and estate planning from the same location as their banking services," Charles G. Brown III, chairman and CEO of Insignia Bank said in a press release.