Banking & Finance

Defense spending continues to bolster Oshkosh Corp. The company reported that its fiscal third quarter net income was up 10.3 percent to $75.7 million and that its net sales for the quarter were up 7.6 percent to $2.176 billion.

Racine-based Modine Manufacturing Co. announced that it has completed the acquisition of Surrey, B.C.-based Geofinity Manufacturing. The terms of the deal were not disclosed.

Neenah-based Bemis Company Inc. reported that its net income fell 24 percent to $42.3 million and its net sales fell 3.5 percent to $1.32 billion during its fiscal second quarter.

When the economy is good, banks are flush with money and are willing lenders. Competitors make less than prudent short term decisions and bankers feel they must follow suit in the lemming- like pursuit of profits.

Milwaukee County will receive $3.24 million from the federal government for buses and bus infrastructure, Sen. Herb Kohl, D-Wisconsin, announced.
The state of Wisconsin is getting a total of $11.78 million in federal funds for buses, including the money for Milwaukee County, Kohl said.

Artaflex Inc. of Ontario, Canada, has entered into a definitive agreement to acquire Menomonee Falls-based MTI International Inc.

Erik Buell Racing LLC of East Troy will receive $20 million in new investments that will help the company expand production of EBR brand sport motorcycles and create about 200 new jobs.

The Federal Reserve Bank of Chicago reports in its latest “Beige Book” that the economic conditions in the Seventh District, which includes Wisconsin and most of the upper Midwest, continue to improve, although the pace of growth has slowed.

ManpowerGroup, a Milwaukee-based leader in innovative workforce solutions, announced it has successfully completed its acquisition of the remaining 26 percent stake in Kolkata, India-based Web Development Company Limited (WDC), a leading IT services and professional resourcing company offering consulting, development and application support services to several large clients in India and across the Asia Pacific region.

Brown Deer-based Bank Mutual Corp. reported second quarter net income of $1.3 million, or 3 cents per share, compared with a net loss of $51.4 million or $1.12 per share, in the same period a year ago.