L-3 to Acquire Grumman Canadian Division
L-3 Communications Corp. will acquire Northrop Grumman's Canadian navigation systems and space sensors system division. Terms of the acquisition were not disclosed. L-3 Communications is a leading supplier of intelligence, surveillance and reconnaissance (ISR) systems, avionics, and navigation technology. The Grumman division designs, develops and integrates electronic products and systems for aviation and ground vehicles, primarily in Canada and the United States.

Sentry Signs Dealer Agreement with Mexican Company
Sentry Technology Corp., based in Ronkonkoma, has signed a dealer agreement with ADT Security Services S.A. de C.V., Tyco International's, ADT-Sensormatic subsidiary in Mexico. Under the agreement, ADT will sell, install and service Sentry's product line, including SentryVision SmartTrack traveling camera system and the QuickCheck self-service kiosk for libraries. Sentry designs, manufactures, sells and installs radio frequency and electro-magnetic systems and closed circuit television solutions. The Company's products are used by retailers to detect shoplifting and internal theft and by industrial and institutional customers to protect assets and people.

Viacom Takes Stake in SBS
Manhattan-based Viacom Inc. has taken a 10% minority interest in Spanish Broadcasting System Inc. in an asset-for-equity arrangement. In exchange, Viacom's Infinity Broadcasting will turn over an underperforming San Francisco radio station, 93.3 KBAY-FM, to SBS, which it will reformat as a Spanish language station. Viacom currently has two Spanish stations, both in Fresno. Viacom may increase its stake in SBS to 15% if it chooses to exercise warrants. The 10% stake is valued at nearly $70 million.

Comverse Provides New Services to Vodafone
Westbury-based Comverse Technology Inc., the world's leading supplier of network-based communications services, announced that Vodafone Greece has begun using two new Comverse ImPact services: Notify Me and Who Called. The new services, which work on existing network equipment, provide information to subscribers who make and receive phone calls and are intended to increase revenue per user.

Verizon Sells Canadian Directory
New York-based Verizon agreed to sell its directory business in Canada to Bain Capital, a private investment firm, for $1.54 million. The directory, SuperPages Canada, is Canada's second-largest directory publisher, with revenues in 2003 of $293 million. The sale, which includes online directory operations, will allow Verizon to focus on its U.S. directory businesses, which include Internet and cell phone-based yellow pages advertising products and services.

Kodak Opens Shanghai Facility
Eastman Kodak Co. in Rochester has opened a facility in Shanghai, China to showcase the company's medical-imaging products and provide enhanced services to hospitals, clinics, and imaging centers. The new office will be staffed by trained technicians who will demonstrate Kodak equipment, train new users, and consult with customers. The facility also will serve as the Asia-Pacific Services and Research & Development headquarters of Kodak's Health Imaging Group.

Kroll Acquires U.K.'s FPR Ltd.
Kroll Inc., a global risk consulting company based in Manhattan, announced that its London-based international background screening subsidiary has acquired FPR Ltd., one of the U.K.'s leading pre-employment screening companies. The acquisition will merge Kroll PRM and FPR into a single operating entity that will conduct business under the Kroll FPR name. The acquisition will provide Kroll's international customers with a broader spectrum of services.

Bayer and Schering-Plough Form Alliance
Kenilworth, N.J.-based Schering-Plough and Germany's Bayer HealthCare have completed an agreement under the terms of which Schering-Plough will market and distribute the German company's primary care pharmaceutical products in the U.S. and Puerto Rico, including Bayer's antibiotics Avelox and Cipro, Adalat, its cardiovascular products and other, smaller products. Schering-Plough will pay Bayer an undisclosed royalty on product sales.

Xerox Wins $23 Million Brazil Contract
Xerox has won separate document services contracts from HSBC Bank in Brazil and in the U.K. The Brazil portion of the contract includes the replacement of 3,000 printers and improved systems at the bank's three major administrative locations in Brazil. The U.K. portion of the contract includes services and equipment in HSBC's retail banking facilities in the U.K.

Ovum Names IBM "Top Hosted Services Provider" in Western Europe
Armonk-based IBM has announced that an Ovum report, "Ranking of European Hosted Services Players" ranked IBM Global Services as the leading hosted services provider in Western Europe. The ranking by Ovum, an authority on the telecommunications industry, was based on revenue from hosted services, which include standardized, shared operation services over the Internet and WAN networks such as repeatable business, remotely delivered services, infrastructure services, and Web hosting. IBM is the world's larges information technology services and consulting provider.

American Bio Medica Receives Two Canadian Patents
Kinderhook-based American Bio Medica Corp has been awarded patents by the Canadian Intellectual Property Office. The first patent covers a drugs-of-abuse kit that includes a fluid receptacle and immunoassay test strips; the second patent is for a small, portable test card, also with immunoassay test strips. Both devices can detect the presence of a range of drugs and both provide visual drug presence indicators.

Deutche Bank Acquires Berkshire Mortgage Assets
Deutche Bank will acquire virtually all of the origination and servicing assets of Berkshire Mortgage Finance Limited Partnership, a subsidiary of Boston-based Berkshire Group. Berkshire Mortgage, one of the largest privately held commercial mortgage lenders in the U.S. with a mortgage portfolio of $18 billion, will become part of Deutche Bank's global Real Estate Debt Markets group. Berkshire Mortgage will retain its corporate offices in Boston and its regional offices in Bethesda, Md. and Irving, Calif.

Cushman & Wakefield Opens Athens Office
Cushman & Wakefield's European division, Cushman & Wakefield Healey & Baker, has opened a fully owned office in Athens. The new office replaces the joint venture between C&W and Sotiropoulos Bros., an Athens real estate company and it will be managed by Nicky Simbouras, previously a partner of the Greek joint venture partner. The company also announced its management of two shopping center developments in Maroussi and in Thessaloniki its role as consultant on two additional projects in Athens.

Toys R Us To Spin Off Babies R Us
New Jersey-based Toys R Us will separate its Babies R Us chain from its global toy business and operate it separately, although it will continue to operate all 1,000 retail toy stores through the 2004 holiday shopping season. The move will be combined with inventory reductions, the restructuring of the company's corporate headquarters in Wayne, NJ, and reductions of $150 million in capital spending and $125 operating expenses. The separation will lead to separate ownership of the two companies and is intended to help the company focus on its global boy business. Richard Markee, vice chairman of Toys R Us, has been appointed of Babies R Us and will become CEO after the two companies separate.

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