FSIN, Fushi Copperweld, Inc.
** FSIN reported that it has entered into an Agreement and Plan of Merger with entities affiliated with its Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited, at a price of $9.50 per share in cash.
FSIN, through its wholly owned subsidiaries, Fushi International (Dalian) Bimetallic Cable Co. Ltd., and Copperweld Bimetallics LLC, is the leading manufacturer and innovator of copper-clad bimetallic engineered conductor products for electrical, telecommunications, transportation, utilities and industrial applications.
More about FSIN at www.fushicopperweld.com
AES, The AES Corporation
** AES reported that it closed the sale of its interests in wind generation assets in France for approximately 34 million (US$ 42 million) to Boralex Europe S.A.
Through its subsidiary AES Southern Europe Holdings, B.V., AES sold the 34.5 MW St. Patrick wind farm and its minority share of InnoVent SAS, which controls 114 MW of wind assets in operation and under construction. On a proportional basis, the transaction represents 73 MW of generation capacity.
According to the company, the use of proceeds will be evaluated in accordance with AES capital allocation policy to maximize total shareholder returns by paying down debt, investing in new businesses or repurchasing shares. These assets contributed approximately $3.5 million of net income to AES in 2011. With total expected proceeds of approximately $42 million, the implied P/E multiple for this transaction is 12 times 2011 earnings.
AES provides affordable, sustainable energy to 27 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities.
More about AES at www.aes.com.
GY, GenCorp Inc.
** On its second quarter fiscal 2012, GY posted net sales of $249.9 million compared to $229.9 million in the same period the prior year, and net income of $1.7 million, or $0.03 diluted income per share, compared to a net income of $0.0 million for the second quarter of fiscal 2011. .
GY is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the companys excess real estate assets.
More about GY at www.GenCorp.com.
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