Consolidation of Power: Wisconsin Energy’s Integrys acquisition creates massive utility firm
With six utilities serving 4.4 million electric and natural gas customers in four states, Milwaukee-based WEC Energy Group is now one of the largest utilities – and one of the largest corporations – in the country.
The company was formed through Milwaukee-based Wisconsin Energy Corp.'s recent $9 billion acquisition of Chicago-based Integrys Energy Group. It was the largest non-bank acquisition ever made by a Wisconsin company.
The Integrys acquisition will likely bring more jobs to the Milwaukee area and should slow the growth of utility rates for Wisconsin energy consumers.
But the yearlong process of gathering OKs from both companies' shareholders, as well as federal and state regulators, was only the beginning. WEC is in the process of integrating two massive corporations and setting the course for its future, even as energy demand has plateaued and aging infrastructure demands to be replaced.
The company was formed through Milwaukee-based Wisconsin Energy Corp.'s recent $9 billion acquisition of Chicago-based Integrys Energy Group. It was the largest non-bank acquisition ever made by a Wisconsin company.
The Integrys acquisition will likely bring more jobs to the Milwaukee area and should slow the growth of utility rates for Wisconsin energy consumers.
But the yearlong process of gathering OKs from both companies' shareholders, as well as federal and state regulators, was only the beginning. WEC is in the process of integrating two massive corporations and setting the course for its future, even as energy demand has plateaued and aging infrastructure demands to be replaced.
Johnson Controls to spin off Automotive Experience division
Glendale-based Johnson Controls Inc. recently announced it plans to spin off its Automotive Experience business to create a separate company.
The tax-free split would form a new publicly traded company, and is expected to be finished in about a year. Johnson Controls did not say where the new company will be based.
The tax-free split would form a new publicly traded company, and is expected to be finished in about a year. Johnson Controls did not say where the new company will be based.
U.S. added 215,000 jobs in July
The U.S. added 215,000 nonfarm payroll jobs in July, according to figures released by the Department of Labor on Friday.
Weekend Preview
The Wisconsin State Fair is underway, and there are a variety of other festivals and events on tap for the weekend.
Physicians Realty Trust recovers from loss
Milwaukee-based Physicians Realty Trust today reported second quarter net income of $3.3 million, or 4 cents per share, compared with a net loss of $600,000, or 2 cents lost per share, in the second quarter of 2014.
Strattec ends fiscal year on down note
Milwaukee-based Strattec Security Corp. reported fiscal fourth quarter net income of $1.9 million, or 33 cents per share, down from $6.4 million, or $1.58 per share, in the fourth quarter of 2014.
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Connecture narrows loss on new customer growth
Brookfield-based Connecture Inc. reported a second quarter net loss of $4.3 million, or 20 cents lost per share, compared with $5.4 million, or $34.77 lost per share, in the second quarter of 2014.
CSA Partners creates ‘curated community’ of startups with Ward4
Milwaukee's newest startup co-working space is located in the Historic Pritzlaff Building in a corner of Milwaukee between downtown and the Third Ward.
It's appropriate, then, that the space should be called Ward4. The “curated community” was formed by CSA Partners, a venture fund led by Milwaukee County Executive Chris Abele, Brian Taffora, Pat Farley, and Steve Mech.
Ward4 officially opened on June 1, sandwiched on the second floor of the building, above three event halls and below several floors that will be developed into apartments. By June 3, it was full.
It's appropriate, then, that the space should be called Ward4. The “curated community” was formed by CSA Partners, a venture fund led by Milwaukee County Executive Chris Abele, Brian Taffora, Pat Farley, and Steve Mech.
Ward4 officially opened on June 1, sandwiched on the second floor of the building, above three event halls and below several floors that will be developed into apartments. By June 3, it was full.
Hatching a Business
Wisconsin was recently ranked dead last nationwide in business startup activity. While some take issue with what the ranking measured, the fact remains that Wisconsin isn't exactly known for churning out innovative new companies.
