Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

Jabil leases manufacturing space from Nokia Siemens

Nokia Siemens Networks Italy has signed a contract with Jabil Circuit Italy for Jabil to take over Nokia's Cassina de' Pecchi and Marcianise manufacturing plants. With antitrust approval, the closing is scheduled to occur Nov. 1. The two companies also signed a long-term manufacturing agreement. Employees at the two facilities are being offered similar positions and terms with Jabil.

The Marcianise site employs 335 and its main manufacturing lines are GSM and Edge Radio Access. The Cassina site employs 277 and manufactures microwave devices for wireline and wireless networks.

Jabil, a St. Petersburg-based electronic solutions company, will take control of the two manufacturing sites whose activity will continue on the same sites that Jabil will lease from Nokia Siemens Networks. Jabil is currently a manufacturing partner of the parent companies of Nokia Siemens Networks and will utilize its manufacturing sites for production of the telecommunication products.

Nokia Siemens Networks is a global enabler of communications services. The company provides a product portfolio of mobile and fixed network infrastructure solutions Nokia Siemens is headquartered in Espoo, Finland.

Biotech-material maker

moving to Naples

EnVont LLC, a Chesterfield, Mich.-based advanced research and development company focused on nano-based coatings and materials, plans to relocate its corporate headquarters and its research and development center to Collier County. The move is scheduled to take place over the next 60 to 90 days. IT will initially generate 20 jobs, but is projected to grow to more than 40 jobs over the next three years.

EnVont uses a proprietary technology to design and engineer manufacture-ready nanocoatings and nanocomposite-based materials. The nanocoatings can be applied to a variety of materials and surfaces to improve the physical appearance and overall material structure.

EnVont currently has operations in both Michigan and Connecticut. The company chose to relocate and consolidate its corporate headquarters and research and development center in Collier County because of the area's attractive business environment and high-quality of life, according to J. Nicholas Shevillo, EnVont president and chief operating officer.

"Both Michigan and Connecticut offered major incentives," Shevillo said in a press release. "But we believe that Florida is the best option to attract new employees and provides a location where executives from around the world would love to visit to evaluate our technology. We are also searching to establish a strong relationship with a university to compliment our research and development activities and to grow new talent for our organization."

EnVont will occupy 6,100 square feet in a building at 3073 S. Horseshoe Drive in the Collier Park of Commerce in Naples. Through the Economic Development Council of Collier County, the company received relocation assistance from the Governor's Office of Tourism, Trade and Economic Development and the Collier County Board of County Commissioners.

GeoPharma, Dynamic Health

merge, joint revenue $90 million

GeoPharma Inc. of Largo has finalized the acquisition of Dynamic Health Products Inc., a distributor of sports nutrition products and performance drinks.

GeoPharma has the ability to manufacture the majority of the products that Dynamic distributes, and the merger is expected to bring cost savings, productivity improvements and economy of scale advantages to both companies. The combined revenue of the two companies is expected to be more than $90 million annually.

"Undoubtedly, our companies are stronger collectively than we are individually," Mihir Taneja, CEO of GeoPharma, said in a press release. "With 3000 (Stock Keeping Units) and over 5,000 customers in its distribution-based business, Dynamic will expand and perfectly complement GeoPharma's already flourishing manufacturing and distribution business segments.

The combination of our two companies will allow for meaningful savings that currently tax each company as separate entities."

Dynamic sales will be recognized by GeoPharma during the company's third fiscal quarter ending Dec. 31. Dynamic's revenues for the six months ended Sept. 30 were $29.2 million.

Dynamic was ranked ninth in Entrepreneur magazine's Hot 500 as one of America's top fast-growth companies.

GeoPharma is a growing pharmaceutical company specializing in the manufacturing and distribution of over-the-counter, nutritional, generic drug and food products.

Bank of Florida

receives non-compliance letter

Bank of Florida Corp., a Naples-based $1.3 billion-asset holding company, has received a letter of reprimand from the Nasdaq saying the company failed to meet a listing requirement. The letter focused on the prior service of a director, who was deemed not truly independent, on the company's audit and nominating committees.

The director wasn't truly independent as the company originally believed because he managed a limited liability company, which owns the company's main office.

The company and the real estate limited liability company entered into their lease in 2002 and its terms have not changed since that time.

"Our noncompliance was wholly inadvertent and, in fact, Nasdaq specifically stated 'that the failure does not appear to have been the result of a deliberate intent to avoid compliance and, further, the company acted promptly to cure the deficiency,'" Michael L. McMullan, CEO and president of Bank of Florida, said in a press release. "Based on these statements and our prompt internal action to remedy the deficiency, we do not see the regulatory justification for Nasdaq's issuing the letter at this time."

Bank of Florida Corp. is the parent company for Bank of Florida-Southwest in Collier and Lee Counties; Bank of Florida-Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of Florida-Tampa Bay in Hillsborough County; and Bank of Florida Trust Co.

ETC.

Hillcrest Bank passes

$100 million asset mark

Naples-based community bank Hillcrest Bank Florida announced that it has surpassed $100 million in total assets in its first year of operations. Company officials say the rapid growth makes Hillcrest Bank Florida one of the fastest growing chartered financial institutions to reach that financial milestone in Collier County history.

For the quarter ended Sept. 30, the company reported total assets of $109.2 million, representing an increase of $27.6 million or 34% over the year-end 2006. Total loans as of Sept. 30 were $65.4 million, an increase of $21.8 million or 50% over year-end 2006, while total deposits were $89.6 million, an increase of $24.8 million or 38% over year-end 2006.

Hillcrest Bank currently operates one full-service banking office at 5325 N. Airport-Pulling Road, Naples. The bank also operates four retirement center branches and has plans to open a second full service branch in Bonita Springs during the first quarter of 2008.

Intertape Polymer offering

nets $62.9 million

Intertape Polymer Group Inc., a Montreal, Quebec, and Bradenton-based manufacturer of specialized polyolefin plastic, paper-based packaging products and other packaging systems, raised a total of $42.17 million and 20.6 million in Canadian dollars in its rights offering. Based on current exchange rates, this represents total proceeds of about $62.9 million. As a result, Intertape is issuing an aggregate of 17.97 million common shares, at the issue price of $3.44 or 3.61 in Canadian dollars per share.

The net proceeds from the rights offering have been dedicated to reducing Intertape's long-term debt. There are 58.9 million Intertape common shares issued and outstanding.

Media Vista Multimedia introduces

new Spanish evening newscast

Azteca America of Southwest Florida has debuted a new live local evening newscast in Spanish covering from Collier to Charlotte counties, called Noticias Southwest Florida, which translates as News of Southwest Florida. 

The 6 p.m. half-hour newscast will run on Comcast cable channels 251 and 600 and DIRECTV channel 14, broadcast channel 14 WTPH. Carlos Zapata, morning news anchor and senior producer of D'Latinos al Dia, will be the news anchor and senior producer and of this new newscast. The newscast is available to 431,000 households from Marco Island up to Port Charlotte through Collier, Lee, Charlotte, Hendry and Glades counties.

Noticias Southwest Florida will be produced and broadcast entirely from a  new set in the Azteca America SWFL/Media Vista Studios in Naples.