Pacific Northwest Nautilus, the maker of Bowflex and StairMaster exercise machines, said all four nominees supported by dissident investor...
Nautilus, the maker of Bowflex and StairMaster exercise machines, said all four nominees supported by dissident investor Sherborne Investors were elected to its board.
Edward Bramson was elected chairman, the Vancouver, Wash.-based company said Monday in a statement.
Robert Falcone will remain president and chief executive officer, Nautilus said.
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Korean airline orders 5 737 jets
Boeing won an order for five 737-800s from Jeju Air, South Korea’s largest discount airline.
The aircraft have a total list price of $374 million, but based on price estimates by aircraft-valuation firm Avitas, the airplanes are worth about $227 million after standard discounts.
The 737s will be the first Boeing airplanes for Jeju Air, doubling its fleet, which consists of five regional jets, Boeing said Monday.
Jeju Air’s order is part of a plan announced by the airline Nov. 14 to add 15 Boeing 737s to its fleet by 2013 to begin flights to Japan and China.
Separately, Boeing won a U.S. Air Force contract, valued up to $1.3 billion, to enhance the C-17 cargo aircraft fleet, the Defense Department said Monday.
Kerkorian firm buying 35% stake
Kirk Kerkorian’s investment company Tracinda will pay $684 million for a 35 percent stake in Delta Petroleum in a deal that will help Delta speed drilling activities in the Rocky Mountains.
The $19-a-share purchase price represents a 23 percent premium to the company’s closing stock price Friday.
The deal must go before the Securities and Exchange Commission.
Delta shares rose $3.19, or 20.5 percent, to $18.69 Monday.
Patent legal fight settled with Nortel
Vonage and Nortel Networks have settled their patent litigation, allowing for cross-licensing of the telecom companies’ technology.
The agreement does not call for any payments by either company.
The settlement involves a limited cross-license to three Nortel and three Vonage patents, and dismisses claims relating to past damages and the remaining patents. The settlement is subject to final documentation.
This year, Vonage agreed to settle four other patent suits, and in each case, promised to pay the other side for prior use of its products.
Despite having now settled all of its legal battles, Vonage still faces many challenges as cable companies roll out their own digital phone services and consumers increasingly opt for cellphones in place of landlines.
Shares of Vonage rose 11 cents, or 5.5 percent, to $2.11 in morning trading. Shares of Nortel climbed 11 cents to $15.35.
Manufacturing slows in China
China’s manufacturing activity expanded at a slower pace in December, according to a government survey of purchasing managers released today.
The Purchasing Managers’ Index (PMI) fell to 55.3 last month from 55.4 in November, the statistics bureau said in an e-mail. A reading above 50 indicates expansion.
China is trying to cool investment to curb environmental damage and the risk of bad loans and idle factories should demand for exports slow. The government last month raised borrowing costs to a nine-year high and pledged a “tight” monetary policy.
The figure for December showed “a normal seasonal fluctuation,” said Zhang Liqun, a researcher at the State Council Development & Research Center in Beijing.
China’s investment and economic growth quickened in October and November, and the PMI has not yet reflected those changes, he said.
Of 20 industries surveyed, 18, including transportation-equipment manufacturers, garment producers and general equipment makers, scored more than 50, today’s report showed.
$8 million award proposed for exec
Delphi wants to pay Executive Chairman Steve Miller $8.3 million for his work steering it through the company’s high-stakes and complex Chapter 11 bankruptcy case.
The Troy, Mich.-based auto supplier detailed in court papers how much it plans to award Miller and CEO Rodney O’Neal when the company leaves bankruptcy protection.
Management compensation is typically a lightning rod in bankruptcy cases.
Before the board’s decision Friday, two unions including the United Auto Workers had said they plan to object to Delphi’s compensation plan, which did not disclose the $8.3 million the company wants to award Miller.
Neither the UAW nor Delphi returned calls for comment Monday.
Compiled from Bloomberg News, Dow Jones Newswires, The Associated Press and Detroit Free Press