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Business Observer Thursday, Feb. 4, 2010 12 years ago

Corporate Report: Jabil, BP Solar deal expands to Mexico

St. Petersburg-based Jabil Circuit Inc. will assemble BP Solar modules for the North American market at Jabil's Chihuahua, Mexico, plant beginning in the second quarter through a recent agreement.

St. Petersburg-based Jabil Circuit Inc. will assemble BP Solar modules for the North American market at Jabil's Chihuahua, Mexico, plant beginning in the second quarter through a recent agreement.

The solar modules will have an initial capacity of 45 MW, but the agreement leaves open the possibly for expansion as demand increases.

Last October, Jabil started manufacturing BP Solar modules in Poland for the European market. BP Solar has since ordered a second assembly line there to handle continued strong demand.

Reyad Fezzani, CEO of BP Solar, said in a press release, “We expect [both] solar markets to grow significantly over the next several years and this contract will help ensure that we can meet the demand for our highest lifetime value products and services.”

Jabil also announced plans for a new quarterly dividend of seven cents per share to shareholders of record as of February 16 payable on March 1.

Jabil Circuit, with 22 facilities worldwide, provides electronics design, manufacturing and management services to global electronics and technology companies. BP Solar is the solar energy division of BP Alternative Energy.

Window maker PGT selling share rights
The board of directors of North Venice-based impact-resistant window and door manufacturer PGT Inc. declared a special dividend of rights to purchase up to $30 million shares of its common stock.

The company says it will use the capital raised through the offering to repay debt, begin an amended credit agreement, expand its product line and improve its manufacturing capabilities.

Rod Hershberger, president and CEO of PGT, said in a press release, “The proceeds from this offering, together with the cash we have, provide us with ample flexibility to continue outperforming the market and expand our business.”

Each whole subscription right will entitle its holder to purchase one share of PGT's common stock for $1.50 per share. PGT expects to distribute the rights on or about Feb. 12.

XCPT Communication Tech partners with Zimmer Dental
Venice-based XCPT Communication Technologies will provide software applications for digital initiatives by Carlsbad, Calif.-based oral implant company Zimmer Dental for the next three years.

Zimmer customers will be able to obtain licenses to a special customized version of the XCPT Patient Engagement software system.

Also, the executive teams of both companies will collaborate to create software products and functionality targeted to Zimmer customers.

“Delivering world-class implantology products, practice development offerings, and educational programs focused on empowering clinicians and shaping the future of implant dentistry will be enhanced by our partnership with XCPT,” Harold C. Flynn Jr., president of Zimmer Dental, said in a press release.

XCPT's software is a graphical, face-to-face, patient consultation tool.

Odyssey Marine Exploration awarded UK salvage contract
After a competitive bid process, Tampa deep-ocean shipwreck exploration company Odyssey Marine Exploration Inc. was awarded an exclusive, two-year salvage contract for the cargo of the SS Gairsoppa by the United Kingdom's Department for Transport.

The ship was a British cargo steamer enlisted by the country during World War II. A German U-Boat sunk it in February 1941 in the North Atlantic. It was reportedly carrying nearly 7,000 tons of cargo, including pig iron, tea, general cargo and a large quantity of silver.

Odyssey will assume the risk, expense and responsibility for the search, cargo recovery, documentation, and marketing of the cargo. If the salvage is successful, Odyssey will be compensated with an award for a majority of the net value of the recovered cargo after deducting for expenses.

Greg Stemm, Odyssey's CEO, said in a press release that the search should begin this summer and be completed in 90 days, adding the project will “expand our excellent working relationship with the UK Government, [and] will provide a significant economic benefit to the UK upon a successful salvage of this shipwreck.”

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