Business Report

State adds $109 million to rainy day fund

The state of Wisconsin’s rainy day fund just received $109 million, its largest deposit ever, after the state ended its last fiscal year with a $342 million surplus. The rainy day fund is used for periods of economic uncertainty, but…

Madison Chamber, MAGNET form partnership

The Greater Madison Chamber of Commerce and Madison MAGNET, an organization for young professionals, have formed a partnership that will enable the two groups to work together more closely yet still remain independent. The alliance will help expose MAGNET’s younger…

Madison won't renew golf pro contracts

The city’s parks department has chosen not to renew the contracts of the golf pros at four city golf courses so it can redirect savings to upgrade the clubhouses and golf facilities. The PGA pros, all private contractors, are Mark…

Marquette poll: presidential, senate races are tied

Changing opinions among independent voters and the impact of the first presidential debate have brought both the presidential and U.S. Senate races in Wisconsin to a dead heat, according to results of a new round of the Marquette Law School…

Trek Bicycle Corp. cuts ties to Lance Armstrong

Citing the conclusions of a U.S. Anti Doping Agency report, Trek Bicycles has announced it will end its 14-year relationship with Lance Armstrong. Armstrong, who won the Tour de France seven times only to see his titles stripped, had been…

Attention young – and well-seasoned – execs!

In February, IB will announce its 2013 class of 40 Under 40 business and community leaders and will also feature seven still-employed executives over the age of 70 in a 7 over 70 profile. If you fit the bill, or you know someone who…

General Beverage to double size of corporate headquarters

General Beverage and General Beer Sales will more than double the size of its corporate headquarters in Fitchburg, at 6169 McKee Road, when it adds 53,000 sq. ft. to its current facility. Construction is expected to take about 18 months.…

Quad/Graphics inks deal with Time, Inc.

Sussex, Wis.-based printer Quad/Graphics inked a $900 million agreement with Time, Inc. to print the majority of its magazines, including Fortune, Golf, People, Sports Illustrated, and Time. The company also announced it purchased the assets of Vertis Holdings, Inc., a…

Xolve and Hopster to receive state venture capital funding

WHEDA has selected two Middleton companies to receive venture capital funding from the State Small Business Credit Initiative. Xolve, which manufactures graphene, one of the strongest and most conductive materials in the world, secured $2 million in funding, while Hopster,…

Epic to use federal tax credits for wind turbines

Taking advantage of federal tax credits and its own capital, Epic Systems will build six commercial wind turbines along Highway 12 northwest of Madison, according to a report in the Wisconsin State Journal. The structures, which would be Dane County’s…

Investor Carl Icahn makes another pitch for Oshkosh Corp.

With an offer some analysts call too low, investor Carl Icahn is making a new attempt to buy Oshkosh Corp., the state’s largest manufacturer – this time for $32.50 per share, according to a report in the Milwaukee Journal Sentinel.…

WPS faces likely job cuts after loss of federal contract

Madison-based WPS Health Insurance may see a significant reduction in workers as a result of the loss of a federal contract it had since 1966, according to an article in the Wisconsin State Journal. Company CEO Michael Hamerlik only noted…

Spectrum Brands Holdings to acquire Stanley Black & Decker

Madison-based Spectrum Brands Holdings, Inc. will acquire Stanley Black & Decker for $1.4 billion in cash in a deal expected to be completed by the end of the year. The hardware and home improvement business will operate as a separate…

World Dairy Expo sets new records

The Wisconsin Ag Connection reported that this year’s World Dairy Expo attracted a record number of attendees from over 90 different countries. Breed sales resulted in the World Classic 2012 Holstein Sale averaging $33,111 per lot, which was the highest…

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