advertisement

---

• Invensys Rail. Corp. executives joined Kentucky Gov. Steve Beshear and other state officials last week to announce Invensys’ plans for a $3.2 million expansion of its Jefferson County, Ky., headquarters. The Kentucky Economic Development Finance Authority has given preliminary approval to provide Invensys with up to $1.8 million in performance-based tax incentives if the company meets job and investment targets, according to a statement from Beshear’s office. The project is slated to add 75 jobs. “Invensys is the type of company, and these are the type of high-paying jobs — engineering and technology — we’re working to grow in our region,” said Joe Reagan, president and chief executive officer of Greater Louisville Inc.

• L.B. Foster Co. President and Chief Executive Officer Stan Hasselbusch plans to retire Dec. 31, according to the company. Hasselbusch joined the company in 1972 and held various positions until he was named president and CEO in 2002. L.B. Foster has retained Chicago-based firm Crist/Kolder Associates to lead the search for a successor.

• Alstom, a member of the Societa di Progetto Metro 5, has obtained a $112 million contract from the city of Milan, Italy, to supply infrastructure for an extension of the city’s first driverless Metro system. The infrastructure will include electric supply systems, electrical substations, traction systems, intrusion and fire-detection, tracks and platform screen doors, according to Alstom.

• Hollysys Automation Technologies Ltd. has agreed to acquire 100 percent of Singapore-based Concord Corp. Pte Ltd. (CCPL) and its group of companies, which provide electrification and related services to rail and industrial clients in Southeast Asia and the Middle East. The agreement calls for a cash-stock sale, equivalent to $43.2 million, with a two-year incentive share program for CCPL management if CCPL meets certain performance targets. The stock purchase agreement requires Hollysys to pay $20.75 million in Singaporean dollars at the signing, and $20.75 million in Singaporean dollars and 1 million shares of Hollysys common stock at the closing.