News Article | March 31, 2015
Royal Philips NV agreed to sell a majority stake in its Lumileds lighting components unit to a group of investors as Chief Executive Officer Frans van Houten focuses the Dutch company on the consumer health-care market. The buyers led by GO Scale Capital beat a rival consortium consisting of KKR & Co. and CVC Capital Partners and will pay Philips $2.8 billion for the 80.1 percent stake. GO Scale is a fund sponsored by GSR Ventures, which has offices in Beijing, Hong Kong and Silicon Valley, and Oak Investment Partners. “It’s a good deal for Philips,” said ING Bank analyst Robin van den Broek. The winning bid was higher than expected as analysts valued the whole asset at about $2.7 billion, he said. The sale marks a turning point for Philips, which has sold lighting products since its founding in 1891. The separation of the unit, the world’s biggest maker of lamps and bulbs, mirrors Munich-based Siemens AG’s move in mid-2013 to spin off Osram Licht AG as an industrywide shift toward more-efficient light-emitting diodes intensified competition. GO Scale Capital said in an e-mailed statement today the purchased business will benefit from the cooperation with its other lighting assets and allow to expand its automotive LED business. The fund’s other investments include Boston Power, a U.S.-based manufacturer of electric vehicle batteries, and Chinese company Xin Da Yang. “The team brings deep knowledge of the LED components and automotive technology industries,” GO Scale Capital said. “This uniquely complements Lumileds’ high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale.” The new company will continue under the name Lumileds. Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, will serve as interim chairman. Wu, a Chinese investor in solar power and lighting technology, has made co-investments with Cheng Kin Ming, a Hong Kong property tycoon who has amassed about $20 billion in solar manufacturing assets. Lumileds, which sells lighting components to the general illumination, automotive and consumer electronics markets, has operations in more than 30 countries. In 2014, it generated sales of about $2 billion. The buyers paid an “attractive price” for the stake and will allow Lumileds to expand capacity, Van Houten said during a conference call with journalists. Philips will retain the remaining stock. As part of the transaction, the company will transfer about 600 patent groups tied to LED manufacturing and automotive lighting and expects the transaction to be completed in the third quarter, the CEO said. Philips shares dropped 0.8 percent to 26.43 euros at the close in Amsterdam, valuing the company at about 24.7 billion euros. Philips plans to carry out an initial public offering of its overall lighting business next year to focus on a potential 100 billion-euro ($107 billion) consumer health-care market. The Dutch company is focusing the company on medical technology, betting that patients will increasingly monitor their health and nutrition on smartphones and other devices. The company is creating a business called HealthTech, bringing together products such as medical scanners, toothbrushes and espresso machines. Philips was advised by Morgan Stanley and the winning consortium worked with Zaoui & Co.
News Article | October 19, 2015
HERCULES, CA--(Marketwired - Oct 19, 2015) - Bio-Rad Laboratories, Inc. ( : BIO) and ( : BIO.B), a global provider of life science research and clinical diagnostic products, will report financial results for the third quarter 2015 on Tuesday, November 3, 2015, following the close of the market. The company will discuss these results in a conference call scheduled for 2 PM Pacific Time (5 PM Eastern Time) that day. To listen, call 877-311-4349 within the U.S. or 720-634-9933 outside the U.S., passcode: 55492775. You may also listen to the conference call live via a webcast that is available on the "Investor Relations" section of our website under "Quarterly Results" at www.bio-rad.com. The webcast will be available for up to a year. About Bio-Rad Bio-Rad Laboratories, Inc. ( : BIO) and ( : BIO.B) develops, manufactures, and markets a broad range of innovative products and solutions for the life science research and clinical diagnostic markets. The company is renowned for its commitment to quality and customer service among university and research institutions, hospitals, public health and commercial laboratories, as well as the biotechnology, pharmaceutical, and food safety industries. Founded in 1952, Bio-Rad is based in Hercules, California, and serves more than 100,000 research and healthcare industry customers through its global network of operations. The company employs more than 7,600 people worldwide and had revenues exceeding $2.1 billion in 2014. For more information, please visit www.bio-rad.com.
"The NOAA designated an additional 39,414 square miles of water as critical habitat for the North Atlantic right whale. But could more be done?" "The endangered North Atlantic right whale will get a larger government-protected habitat the National Oceanic and Atmospheric Administration (NOAA) announced Tuesday. The NOAA Marine Fisheries Service designated an additional 39,414 square miles of ocean as critical habitat for the endangered right whale, about the size of the state of Kentucky. “With fewer than 500 individuals left in the wild, every whale is vital to the species’ survival and recovery,” Defenders of Wildlife senior staff attorney Jane Davenport said in a press release. “This critical habitat expansion is an investment in the future of this unique whale.” "
Federal officials finalized rules Monday for a West Coast ban on catching forage fish, the small fish that larger species, seabirds and marine mammals depend on for food. The ban on new commercial fisheries will protect little schooling fish that play a critical role in the marine food web but that are not actively fished or managed, the National Marine Fisheries Service said. It marks the first action under a new approach to fisheries management that considers how one species affects others in the ecosystem. The ban does not affect existing fisheries for forage fish, such as sardines and anchovies. It covers species including Pacific sand lance, silversides and certain varieties of herring, smelt and squid. The restrictions apply to federal waters from 3 to 200 miles off Washington, Oregon and California, and do not affect fishing authorized by tribes. Fishermen generally do not target forage fish in federal waters, and no West Coast fishing boats are known to be considering efforts do so. But global demand is increasing for their use in fish meal or oil to feed livestock or farmed fish, which could put pressure on the species, said Paul Shively, who directs West Coast ocean conservation efforts for the Pew Charitable Trusts. The protections represent a real change in the way ocean resources are managed, conservation groups said. "Instead of responding to a fishery crisis, they're being proactive," said Ben Enticknap, senior scientist with the conservation group Oceana. "Too often, fisheries start up and nothing is done to manage them in a sustainable way until the population crashes and by then, it's too late." The Pacific Fishery Management Council, which oversees fisheries for dozens of species along the West Coast, adopted the ban last March by unanimous vote. The NOAA published final rules Monday to implement the ban, which takes effect May 4. Shively said he hopes the move clears the way for other regions and state agencies to adopt similar protections. Under the rules, commercial fishing for the small species cannot be developed until the Pacific Fishery Management Council weighs scientific information and considers potential effects to other fisheries, fishing communities and the marine ecosystem. The rules limit the amount of forage fish that could be caught incidentally while fishing for other targeted species. It also includes provisions that allow future experiments with targeting forage fish under certain conditions. Glenn Spain, with the Pacific Coast Federation of Fishermen's Associations, said protecting forage fish that are the basis of the food chain is "an obvious no-brainer."
In a report released by the Ecological Society of America today, 18 conservation researchers and practitioners propose six broad strategies to raise the effectiveness of the ESA for endangered species recovery, , based on a thorough review of the scientific literature on the status and performance of the law. "The ESA is one of our country's strongest environmental laws, but it has only partly fulfilled its conservation promise," said Daniel Evans, who led the report while serving as a policy fellow at the United States Forest Service. "Innovation will be key to implementing the ESA in the coming decades because the threats to at-risk species are pervasive and persistent. Many listed species are conservation-reliant, requiring ongoing management for the foreseeable future, and climate change will continue to shuffle the mix of species in ecosystems, increasing both extinction risk and management uncertainty." The ESA grants the administering agencies, the National Marine Fisheries Service (NMFS) and the Fish and Wildlife Service (FWS), discretion to interpret the requirements of the law, including the meaning of "endangered." The agencies determine the management actions needed for species protection and recovery and prioritize conservation efforts. Funding for conservation actions under the ESA has not kept pace with the growth of the US economy, increased environmental pressures due to development and encroachment of invasive species, and the subsequence expansion of the number of species at risk. "Throughout the ESA's 42-year history, government funding has been insufficient to recover most listed species and funding has been highly skewed among groups of species. For example, as we discuss in the paper, from 1998 to 2012 over 80 percent of all government spending went to only 5 percent of all listed species," said Evans. The number of officially endangered species has grown from the original 78 species listed by the ESA's forerunner, the Endangered Species Preservation Act of 1966, to 1,590 listed as endangered or threatened in January 2016. Only 32 species have recovered sufficiently to be removed from the list. It is likely that some species may remain indefinitely "conservation-reliant" after recovering to sustainable numbers. Reliant species require consistent interventions to maintain historic habitat, connect small genetic populations isolated by development, or control predators, competing invasive species, or parasites. These species are more complicated to graduate from the list than success stories such as the bald eagle, which went from 417 nesting pairs in 1963 to more than 11,000 in 2007. In "Species recovery in the United States: increasing the effectiveness of the Endangered Species Act," the 20th report in the Ecological Society's peer-reviewed series Issues in Ecology, Evans and colleagues recommend that the administering federal agencies, state natural resource management agencies, Native American tribes, and their conservation partners: "By adopting these strategies, conservation managers, policymakers, scientists, and the public can use the ESA more effectively and efficiently to save species at risk," said Evans. Explore further: Hundreds of threatened species not on official US list