Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Mallinckrodt completes sale of nuclear imaging business * Mallinckrodt said Friday that it had completed the sale of its nuclear imaging business for $690 million to IBA Molecular.

The deal further advances Mallinckrodt's strategic plan to focus on specialty pharmaceuticals, the company said.

The sale affects about 800 employees worldwide including 350 in the St. Louis area and two manufacturing facilities, including one in Maryland Heights.

"The entire workforce and the manufacturing facilities have been transferred to IBAM," Mallinckrodt said in a statement.

IBA Molecular is based in Belgium; its North American headquarters is in Dulles, Va.

Mallinckrodt has a long corporate history of working with nuclear materials and played a key role in the Manhattan Project, which developed the atomic bomb.

In 2015, Mallinckrodt sold off its contrast media unit for $270 million, a move it said was also to focus on its specialty pharmaceutical portfolio.

Post said to be among bidders for Weetabix * Brentwood-based Post Holdings and the UK's Associated British Foods are among a group of four bidders vying for British cereal brand Weetabix, Reuters reported Friday, citing unnamed sources.

The 84-year-old business could fetch at least $1.88 billion, based on a valuation of more than 11 times Weetabix' core earnings, the sources said.

Weetabix, owned by China's Bright Food, has also attracted interest from Cereal Partners Worldwide, a joint venture between Nestl and General Mills, and Italian pasta maker Barilla, the sources said.

Post Holdings is the No. 3 cereal maker in the U.S.; its brands include Honey Bunches of Oats, Raisin Bran and Great Grains.

Midland States acquires Centrue * Midland States Bancorp is acquiring Centrue Financial Corp. for $175.1 million, or $26.75 a share.

Effingham, Ill.-based Midland said the acquisition was slated to finalize in mid-2017, pending regulatory approvals. …

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