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Transportation equipment industry

Michigan-Based Companies Make Headlines with Major Deals and Fines

Strategic Insights

— 2 min read

Old Kent Financial Corp. has announced a deal to acquire Illinois-based Pinnacle Banc Group Inc. in a tax-free stock deal worth $243 million, marking the company's entry into the Chicago market. This move is expected to make Old Kent the Chicago area's fifth-largest bank in terms of deposits, pending regulatory and shareholder approval. Meanwhile, Consumers Energy is warning customers about carbon monoxide detectors purchased from the utility, as part of a national recall affecting 1 million detectors, including 4,000 units sold by Consumers. In other news, Ford Motor Company has named Dr. Wolfgang Reitzle as group vice president of the newly created Premier Automotive Group, overseeing brands such as Jaguar, Volvo, and Aston Martin.

Key Takeaways:

  • Old Kent Financial Corp. is acquiring Pinnacle Banc Group Inc. in a $243 million deal, making it the Chicago area's fifth-largest bank in deposits.
  • Consumers Energy is warning customers about recalled carbon monoxide detectors, as part of a national recall affecting 1 million detectors, including 4,000 units sold by the utility.
  • Ford Motor Company has appointed Dr. Wolfgang Reitzle as group vice president of the Premier Automotive Group, overseeing brands such as Jaguar, Volvo, and Aston Martin.
  • The Graphic Artists Guild has voted to affiliate with the United Auto Workers, joining the National Writers Union as a UAW affiliate.
  • Lakeshore Electro-Plate, Inc. of Stevensville, Mich., has been fined $59,974 by the EPA for allegedly violating federal law requiring hazardous chemical reporting.
  • Intermet Corporation has authorized the purchase of up to 10 percent of its outstanding shares of common stock, representing an estimated 2.58 million shares.

Statistics:

  • The recall includes 350,000 Lifesaver alarms and 650,000 Nighthawk alarms, with the Nighthawk units affected manufactured between November 8 and March 9.
  • The EPA has proposed a fine of $59,974 for Lakeshore Electro-Plate, Inc.
  • Intermet Corporation has authorized the purchase of up to 10 percent of its outstanding shares of common stock, representing an estimated 2.58 million shares.
  • Old Kent Financial Corp. is acquiring Pinnacle Banc Group Inc. in a $243 million deal.

Sources:

  • "Old Kent buying Pinnacle Banc Group" from United Press International (UPI) on March 19.
  • "Consumers Warns on C0 Detector Recall" from United Press International (UPI) on March 19.
  • "Ford names head for new Premier Group" from United Press International (UPI) on March 19.
  • "Graphic Artists Guild Votes to Join UAW" from United Press International (UPI) on March 19.
  • "EPA Fines SW Mich. Electroplating Firm" from United Press International (UPI) on March 19.
  • "Intermet to buy back up to 10P of stock" from United Press International (UPI) on March 19.

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