Investing

iRobot to buy Evolution who make the Mint Robotic Floor Cleaner

Clean Cermaic Tile floor - BSN

(Best Syndication News) - Today, iRobot Corp. (NASDAQ: IRBT) announced that they have signed a definitive agreement to purchase Evolution Robotics, Inc., which is the company who developed Mint® and Mint® Plus floor cleaner products.

The board of directors and stockholders of the privately held Evolution approved the definitive agreement for iRobot to acquire them. The cost to purchase Evolution is around $74 million. The transaction should be completed sometime in the fourth quarter 2012.

SuperValu will close around 60 Stores - Includes 27 Albertsons and 22 Save-A-Lot Locations

Shopping cart in parking lot - BSN

(Best Syndication News) - SuperValu Inc. (NYSE: SVU) announced that they will close around 60 grocery stores that are either underperforming or are non-strategic stores. The closures will include Save-A-Lot stores, Albertson’s stores, ACME stores, and more. The store closures will occur for most locations before December 1, 2012. A few store locations will still to be announced and all stores closures are expected to be completed by February 23, 2013.

SuperValu expects that closing the stores should create $35 million in cash within a year. Over the next 3 years, the company anticipates $80-90 million more in cash (pre-tax). The sale of the company’s assets is expected to be around $10 million for their fiscal 2013 year.

ConAgra Foods completes purchase of Bertolli and P.F. Chang’s Frozen Food Lines

Quarters - BSN

(Best Syndication News) - ConAgra Foods, Inc., (NYSE: CAG) announced the completion of their purchase of Bertolli® and P.F. Chang’s® Home Menu frozen meals business lines from Unilever PLC. The acquisition for completion would be $267 million total cash for consideration, which is subject to fine-tuning. The intention to buy the two frozen food brands was first announced on July 30, 2012.

In the agreement, ConAgra has gained control of the two frozen food businesses. There is a license for the use of the Bertolli brand name. The P.F. Chang's license was a transfer from Unilever’s existing agreement.

Verizon Wireless 4G LTE service to expand Coverage and Launch in New Markets

North America - BSN

(Best Syndication News) - Verizon Wireless announced that their 4G Long Term Evolution (LTE) network will soon be expanded to offer coverage to 75 percent of the population in the United States.

On August 16, Verizon Wireless will introduce the 4G LTE network to 34 new markets and will expand coverage in 38 existing markets. When the expansion is complete, Verizon Wireless will have their 4G LTE network available in 371 markets nationwide.

Nicola Palmer, chief technical officer of Verizon Wireless, said that they are ahead of their expansion schedule for the 4G LTE market in the United States. Palmer also said that Verizon Wireless has a goal to offer coverage to over 400 markets soon.

Starbucks announces partnership with Selecta

Credit: Starbucks

(Best Syndication News) - Starbucks Coffee Company (NASDAQ: SBUX) announced a new partnership with Selecta. The partnership will have Selecta distribute Starbucks premium 100% FairtradeArabica coffee through a pilot program called Starbucks Office Coffee. This new venture will operate in Switzerland starting in September.

Selecta is Europe's largest vending service company. Starbucks would have Selecta deliver their coffee to workplace environments. Currently, Selecta has coffee vending services at over 100,000-workplace locations throughout Europe. In Switzerland, there are 15,000 vending locations serviced by Selecta.

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