Business Watch -- WSJ
June 02 2016 - 3:05AM
Dow Jones News
CORNING
Swap Completed to Leave Dow Corning
Corning Inc. said it had successfully exchanged shares of
silicone company Dow Corning for cash and an interest in a
semiconductor company, ending a 73-year joint venture with Dow
Chemical Co.
Corning said it swapped its 50% stake in Dow Corning for $4.8
billion and a 40% stake in Hemlock Semiconductor Group, which makes
semiconductors for the solar-panel industry.
"Our position in Hemlock allows us to capture the potential
upside from a rebound in the solar market," Corning Chief Executive
Wendell Weeks said.
Dow Chemical said the deal would result in $400 million in cost
and growth synergies and provide complementary offerings in
segments where Dow Chemical already has market share.
The South Africa Competition Commission's approval came a little
over a month after AB InBev pledged to create a $69 million
investment fund in South Africa and promised that no employees in
the country would lose their jobs as a result of the merger.
--Austen Hufford
GENERAL ELECTRIC
Wisconsin Plant Will Relocate to Canada
General Electric Co. said Wednesday that Welland, Ontario, would
be the new home of its Waukesha, Wis., facility, following
Congress's failure last summer to reauthorize the Export-Import
Bank -- the export-financing entity in the U.S.
GE had flagged the move in September, saying it would cease
manufacturing gas engines at the Waukesha plant and move 350 jobs
to a new factory in a then-undetermined location in Canada.
The company said in September that it already had about 6,500
workers in Canada and has used Ottawa's export-financing entity to
support past sales.
Since GE announced the decision, President Barack Obama signed
legislation to reauthorize the Export-Import Bank for four more
years.
--Lisa Beilfuss
CRACKER BARREL
Revenue and Profit Up; Dividend on Tap
Cracker Barrel Old Country Store Inc. said revenue and profit
rose as an increase in the average customer check was partially
offset by traffic declines.
The company said it would issue a special one-time dividend of
$3.25 a share and increase its regular quarterly dividend to $1.15
a share, up from $1.10.
Shares rose 3.6% in premarket trading.
Cracker Barrel also raised its earnings forecast for the year,
now expecting adjusted per-share earnings of $7.45 to $7.55, up 5
cents from the previous guidance.
--Austen Hufford
(END) Dow Jones Newswires
June 02, 2016 02:50 ET (06:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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