Economic Development

Milwaukee-based Rexnord Corp. has closed its previously announced initial public offering (IPO) of 27.2 million shares of common stock at $18 per share.

Milwaukee investor Sheldon Lubar, his family and his company are in the midst of a busy week in which they agreed to invest $15 million in Ixonia Bancshares, parent company of ISB Community Bank, and they acquired Madison-based Erdman Company.

U.S. Bank announced it plans to open four full-service locations inside local Walmart stores over the next two years.

BMO Harris Bank plans to close six of its Wisconsin locations, including three in the Milwaukee area, on June 29.

The number of first-time unemployment claims in the United States fell to a four-year low last week, as employers continued to hire at a healthy pace.

The Greater Brookfield Chamber of Commerce has named new members to its Board of Directors for 2012.

Precision Castparts Corp., a Portland, Ore.-based Fortune 500 company, has acquired Mayville Die and Tool Inc., a machining company in Mayville.

Mitchell Bank, an independent community bank established in Milwaukee in 1907, has named banking veteran Thomas Hart as president and a member of its board of directors.

Wauwatosa-based Irgens Development Partners LLC is in discussions with U.S. Bank about developing an office building at the site of the annex parking garage, located southeast of the U.S. Bank Center at 777 E. Wisconsin Ave. in downtown Milwaukee, according to sources.

Menomonee Falls-based Actuant Corp. announced that it has acquired Turotest, a leader in the design and manufacture of instrument panels, gauges and senders serving the Brazilian agriculture and industrial markets.