Briefcase

Farmland hopes to keep deal private

A suitor of Farmland Industries Inc.’s meat business has asked a federal judge to make public the terms of a multimillion-dollar loan package made to the bankrupt cooperative.

Those terms include strict deadlines for the sale of some assets, such as Farmland’s fertilizer and meat businesses, Farmland attorney Larry Frazen told Bankruptcy Judge Jerry Venters on Tuesday. If Farmland does not meet the deadlines, the banks could declare the loans in default and stop providing money to the cooperative.

But if Farmland is required to publicly reveal the deadlines, that information could be used to stall a deal in an attempt to force Farmland to accept less money, Frazen said.

Smithfield Foods, the world’s largest processor of pork products, wants the court to force Farmland to reveal the deadlines. The company offered to buy Farmland’s pork and beef businesses shortly before the cooperative filed for bankruptcy.

Venters said he would rule by week’s end on the issue.

Acquisition

Serologicals to buy life sciences company

Atlanta-based Serologicals Corp. has struck a deal to buy a California-based life sciences firm for $95 million.

Serologicals, which is building a plant in the East Hills Business Park, will buy Chemicon International, a company that provides a variety of devices and tools used by the life sciences industry.

Officials with Serologicals said the deal, expected to close March 31, was an important step in broadening Serologicals’ product base.

Serologicals stock was down 19 cents, or 1.84 percent, to close at $10.12 on the Nasdaq market.

Automotive

Independence plant may suffer job cuts

Dana Corp. is selling its Independence, Kan., auto parts plant, the city’s largest employer.

The Toledo-based company announced this week that the Kansas plant, along with most of its Engine Management Division, is being sold for about $120 million to Standard Motor Products of Long Island, N.Y.

The Independence plant employs about 600 people and makes computers that control fuel injection, ignition and other engine systems.

Standard’s chief executive Lawrence Sills told analysts on Monday that he expected to cut jobs to help stem monthly losses of $1 million at the Dana plants. It was not known how many job cuts may occur at the Independence plant.