The road to financial success started in H.J. Mennie’s garage in rural Illinois, where the tool and die maker built a parts-manufacturing business selling to Fortune 500 companies from Caterpillar Inc. to Cummins Inc. His strategy worked for four decades, until the last recession and global commerce’s volatility cut into the firm’s profits and workforce.
Herbalife Ltd., the nutrition company hedge fund manager Bill Ackman has accused of being a pyramid scheme, boosted its share buyback by 50 percent to $1.5 billion and announced a $1 billion sale of convertible bonds.
Smith & Wesson Holding Corp. led a decline in stocks of firearms makers amid speculation President Barack Obama will renew a ban on assault weapons following last week’s elementary school shooting that left 20 children dead.
Brazilian gunmaker Forjas Taurus SA is emerging as a likely bidder for Freedom Group Inc. as analysts bet that proposed U.S. gun controls will fail to deter demand in the world’s largest consumer firearms market.
The two biggest publicly traded gun manufacturers in the U.S. are poised to outstrip average profit growth by Standard & Poor’s 500 Index companies as the proposed tightening of regulations after a deadly elementary school shooting heightens demand for weapons.
Two years ago, John Webster decided to capitalize on soaring gun sales by opening a shop in Tempe, Arizona. Last year, realizing he could use his connections with machinists to undercut competitors, he got a manufacturing license to make his own silencers in nearby Mesa.
Peter Brant, a one-time billionaire and an early patron of artist Andy Warhol, is using part of his contemporary art collection to help recapitalize the family newsprint business, according to state regulatory filings and people familiar with the matter.