Idexx buys Brazilian firm that distributes its products
Idexx Laboratories Inc. said Wednesday that it acquired its Brazilian distributor of dairy and bovine testing products, as well as other food-safety testing products.
Terms of the acquisition of Madasa do Brasil Ltda. were not disclosed. The deal is expected to add about $2 million to Idexx revenue over the remainder of 2013 and have no material impact on earnings, Idexx said.
Idexx said the deal will strengthen its presence in Brazil as it aims to continue to grow its livestock, poultry, dairy and water businesses in that country.
Westbrook-based Idexx said it also is eager to work with Madasa’s other suppliers to offer a broader portfolio of food- and animal-safety testing products to the Brazilian market. The country also opens a new market for its pet products and services, Idexx officials said.
Home improvement fervor boosts Lowe’s 2Q income
Lowe’s second-quarter net income rose 26 percent as Americans feeling good about sprucing up their homes again snapped up indoor and outdoor home products and supplies.
The second-largest home-improvement chain’s results beat Wall Street expectations. It also raised its full-year earnings and revenue forecasts Wednesday, and the stock rose $1.73, or 3.9 percent, to close at $45.81.
The strong performance comes a day after rival Home Depot Inc.’s results also topped analysts’ estimates and it lifted its outlook.
Target revises forecast after 13% drop in profit
Target Corp. on Wednesday became the latest in a string of companies that have lowered their business expectations as they contend with an uncertain economy.
The cheap chic retailer muted its annual profit forecast after reporting a 13 percent drop in second-quarter profit as its expansion into Canada — its first foray outside the U.S.– has proven more challenging than it expected.
Kia recalls 2014 Sorentos with potentially flawed axle
Kia is recalling more than 9,700 SUVs in the U.S. and Canada because the front axle can fail and the vehicles can lose power.
The recall affects 2014 Sorento SUVs with 2.4-liter, four-cylinder engines and front-wheel-drive. They were built from Jan. 7 through March 12 of this year.
Kia says the right axle drive shaft can crack and fail. If that happens, the SUVs can lose power or roll away when parked. The company says there haven’t been any crashes or injuries reported.
— From staff and news services