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Friday A.M. Report

Block E building, built for $132 million, sold to Alatus for $14 million: Alatus LLC bought the Block E retail complex in downtown Minneapolis for $14 million, a fraction of what it cost to develop the complex in the first place. Alatus didn’t say how much it paid when it closed on the deal in July, but the price was recently disclosed in Hennepin County property records. Block E was initially developed for about $132 million. Read full story

Jennie-O Turkey leads Hormel profits: Higher earnings from Hormel Foods Corp.’s turkey division led third-quarter profit growth of about 11 percent for the Austin-based food processor. Earnings for the quarter (ended July 25) grew to $85.4 million, or 63 cents per share, from $77.2 million, or 57 cents per share, the company said today. Hormel reported sales of $1.7 billion, up 10 percent from the prior year. Read full story

Carlson, IBM try to fight $76 million lawsuit in secret: A 10-year outsourcing deal between Carlson Cos. Inc. and IBM Corp. has ended about five years early with a nearly $76 million lawsuit, but both companies are trying to keep the details under wraps. The Minnetonka-based hospitality and travel titan last year terminated a decade-long contract inked with IBM in 2005, according to recently filed federal court documents. Carlson is seeking $75.8 million from IBM for fraud and breach of contract, among other charges. IBM denied Carlson’s allegations but has yet to address them in court. Read full story

Repellex licenses UMD scientist’s animal repellent for plants: Repellex USA has licensed an animal repellent for plants developed by University of Minnesota-Duluth scientist Tom Levar, the Niles, Mich.-based company announced Thursday. The product makes plants inedible to deer and mice by emitting a hot pepper concentrate through the roots of young plants. Read full story

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