An aircraft maintenance base is the next step for Northwest Airlines' subsidiary Compass Airlines. The regional carrier, which is based in Chantilly, Va., said it plans to construct the facility at Louisville International Airport in Kentucky. The $9.85 million base, which will include three aircraft bays, will provide scheduled maintenance for the carrier's fleet of 76-seat Embraer E-175 regional jet aircraft. Compass expects construction to be completed in fall of next year. Because of Eagan-based Northwest Airlines' Louisville flight schedule and the city's proximity to Northwest hubs in Minneapolis-St. Paul, Detroit and Memphis, Tenn., the airline considered the Louisville site to be the best location for scheduled aircraft maintenance. HEI gets warning letter from Nasdaq
Microelectronics manufacturer HEI Inc. said that on Sept. 10 it received a letter from the Nasdaq Stock Market indicating that it is not in compliance with Nasdaq requirements for continued listing. For the last 30 consecutive business days, the bid price of the Victoria, Minn.-based company's common stock has closed below the minimum $1 per-share requirement. HEI will be given 180 days, or until March 10, to restore compliance. If the bid price closes at $1 or more for a minimum of 10 consecutive business days, it may continue to be listed. If it does not meet the requirements by the deadline, it will be evaluated for meeting the Nasdaq Capital Market listing criteria.Flooded businesses can get state aid
Commissioner Dan McElroy of the Minnesota Department of Employment and Economic Development said his department plans to provide up to $250,000 in a special fund to help affected businesses reopen quickly in flood-stricken communities of southeastern Minnesota. McElroy made the announcement Friday in Rushford. The money, which will be given out in grants of up to $5,000 to businesses in the seven counties designated as federal disaster areas, will be added to private-sector and nonprofit contributions to the Southern Minnesota Initiative Foundation's Business Recovery Fund.
NAMES
The Schwan Food Co., Marshall, Minn., appointed to its board Barbara Fitzgerald and Don Miller. Fitzgerald recently retired from PetSmart as senior vice president of retail operations. Miller retired after 40 years with Schwan, where most recently he was vice president and CFO.
BRIEFLY
Recreational vehicle maker Polaris Industries denied a report on Reuters.com Friday about company plans to build a new snowmobile plant in Southeast Europe. The Medina-based company said it will continue to produce its snowmobiles in Roseau, Minn. ... Piper Jaffray Cos., Minneapolis, said it has completed the acquisition of St. Louis-based Fiduciary Asset Management LLC, a move that significantly expands Piper's asset-management capability, Chairman and CEO Andrew Duff said.
INSIDER TRADES
Allete Inc.: Mark Schober, chief financial officer, bought 118 shares Sept. 1 at $42.28 per share; holds 118 shares.
Ikonics Corp.: Joseph Nerges, beneficial owner, bought 3,667 shares Sept. 6-10 at $8.98-$9.30 per share; holds 291,645 shares.
Lenox Group Inc.: Clinton Group Inc., beneficial owner, bought 33,200 shares Sept. 6 at $5.17-$5.19 per share; holds 1,999,877 shares. Conrad Bringsjord, director and beneficial owner, bought 97,400 shares Sept. 10-12 at $4.99-$5.01 per share; holds 2,101,317 shares.
US BioEnergy Corp.: CHS Inc., beneficial owner, bought 90,000 shares Sept. 7-10 at $10.45-$10.48 per share and 142,000 shares Sept. 11-12 at $10.46-$10.48 per share; holds 15,594,188 shares.
St. Jude Medical Inc.: Thomas Northenscold, vice president, sold 900 shares Sept. 5, option related, 10(b) 5-1 Plan; holds 2,242 shares.
Stratasys Inc.: Thomas Stenoien, chief operating officer, sold 4,440 shares Sept. 4 at $27 per share; holds 14,040 shares. Clifford Schwieter, director, sold 4,741 shares Sept. 6 at $27.42-$27.52 per share, option related; no further holdings.
Trading of company stock reported to the Securities and Exchange Commission, according to Bloomberg News; holdings include only common shares owned and do not include stock warrants or options.
- Staff and wire reports
