A subsidiary of AIG Highstar Capital will buy AMPORTS, Inc., the Jacksonville, FL-based ports operator. AMPORTS operates ports in Baltimore, MD, Brunswick, GA, and Benicia, CA, as well as on the east and west coasts of Mexico. While the terms of the sale were not disclosed, Highstar will buy AMPORTS from private equity fund Lincolnshire Management, Inc. For AIG, the current deal comes close on the heels of another purchase: AIG Global Investment Group recently bought P&O Ports North America from DP World of Dubai. AIG Highstar Capital, a group of private equity professionals, is sponsored by AIG Global Investment Group. Highstar manages assets valued at more than $3 billion.
Microsoft Windows Vista brings in profits
Microsoft's client division reported $5.3 billion in revenue for the third quarter, reflecting a 67% increase from the previous year's numbers attributed primarily to Windows Vista sales. The group's sales rose to 17%. Sales in the company's business division, which primarily consist of Windows Office sales, enjoyed a 34% gain. A large number of customers bought Windows Vista during the third quarter, leading its sales figures to overtake those of Windows XP.
Werner sale approved by U.S. Bankruptcy Court
The sale of Werner Co. for about $270 million has been approved by the United States Bankruptcy Court for the District of Delaware. Pennsylvania-based Werner, a leading manufacturer and marketer of ladders and other climbing equipment in the U.S., will be bought out by a group including asset-management firm Black Diamond Capital Management, New York-based hedge fund Brencourt Advisors, LLC, Levine Leichtman Capital Partners III, LP, Milk Street Investors, LLC, Schultze Asset Management, LLC, and the TCW Group, Inc. Werner Co. filed for bankruptcy protection last year due to high aluminum prices and debt. The sale could significantly reduce the company's financial liabilities. Employees and customers will remain unaffected, as the company will continue operations as usual.
Value of Apple shares increases in response to reported second-quarter earnings
Apple, Inc., (NASDAQ:AAPL) reported an increase of around 88% in its second-quarter earnings, following which the value of the company's shares increased to more than $100. After a jump of nearly 7.2% in one day, the stock settled at $98.84. The results exceeded estimates for the period. This jump in figures is being attributed to good sales of the company's Mac computers and iPods. Apple sold approximately 10.5 million iPods and nearly 1.5 million Macintosh computers during the quarter.
U.S. car sales weak in April
The Ford Motor Co. reports that U.S. auto sales for April were very slow. While this is being attributed to a dip in the housing market, an increase in gasoline prices, and a sluggish economy, the company feels that April sales have been remarkably weak. Other reports reveal that the dip in sales has affected carmakers throughout the U.S. automotive industry. In response, General Motors, Inc., has introduced a program that will offer financing at lower interest rates to customers with lower credit scores. On the other hand, Toyota Motor Corp. posted an 11% increase in U.S. sales, which surpassed GM's worldwide sales.