From North America: Modine Manufacturing (NYSE:MOD) said fiscal fourth-quarter earnings rose 36 percent led by higher volumes at its North America unit and widened margins, despite posting lower revenue.
The Racine, Wisconsin-based company makes heat transfer products like air conditioners for server rooms and power steering coolers, among others catering to a wide-range of markets.
General Motors Co. (NYSE:GM) said Friday that it will shut down one of its two vehicle assembly lines at its Oshawa, Ontario car plant, one of the world's biggest auto plants.
The line employs 2,000 workers and is set to close in June 2013. The Oshawa plant produces the Chevrolet Impala sedan and Chevrolet Equinox SUV, production of which will be transferred elsewhere.
The company also said its May sales of 245,256 vehicles were up 10.9 percent, its highest total since August 2009.
Sales for GM's Chevrolet brand jumped 10 percent, while Buick saw sales jump 19.2 percent and GMC 19.3 percent.
Sales of GM's Cadillac brand, however, slipped 15.1 percent.
Global pharmaceutical company Forest Laboratories (NYSE:FRX) said Friday that it has inked a co-development deal with Nabriva Therapeutics for Nabriva's antibacterial agent, BC-3781.
Under the terms of the deal, Forest will provide Nabriva with $25 million, and together, the companies will fund and develop the drug over the next year.
Verizon Communications (NYSE:VZ) announced Friday a deal to buy Hughes Telematics (OTC:HUTC) for a total of $162 million, in an effort to expand into emerging machine-to-machine services.
Specifically, Verizon’s definitive merger agreement to acquire Hughes for $12.00 per share will allow the company to expand its capabilities in the automotive and fleet telematics marketplace, and accelerate its growth in vertical segments.
Biotech company Genzyme, a Sanofi company (NYSE:SNY), Friday announced "encouraging results" from its oral drug trial on patients with relapsing forms of multiple sclerosis (MS).
Genzyme said that results from the TOWER (Teriflunomide Oral in people With relapsing remitting multiplE scleRosis) trial assessed the efficacy and safety of once-daily, oral teriflunomide in patients with relapsing forms of MS.
Shares in oil and gas giant BP (NYSE:BP)(LON:BP) rose Friday as it said it would consider selling its stake in its Russian joint venture TNK-BP.
BP confirmed that it had received “unsolicited indications of interest” in its TNK-BP shareholding, although it did not name where the interest had come from.
Finnish handset maker Nokia Corp. (NYSE:NOK) has denied it was colluding with Microsoft Corp. (NASDAQ:MSFT) on intellectual property, responding to recent claims by Google (NASDAQ:GOOG).
Search company Google late Thursday filed an antitrust complaint with European regulators arguing that rivals Microsoft and Nokia were using proxy companies to brandish patents and to hurt the prospects of its Android mobile operating system.
Sara Lee Corp. (NYSE:SLE) late Thursday unveiled plans for a 1-for-5 reverse stock split and a special dividend after it spins off its international coffee and tea business.
The foods and household goods company has worked to sell off businesses and narrow its focus over the past few years.
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