Tuesday A.M. Report

Cargill profits double in Q4, down on year: Citing lower costs and stronger demand, Cargill Inc. more than doubled profits in its fourth quarter but ended with lower profits overall for the year, the company said Tuesday. Minnetonka-based Cargill earned $691 million in the quarter ended May 31, up $364 million, or 111 percent, from the company’s $327 million profit in the same quarter one year prior. Read full story

Medtronic buying Osteotech for $123 million: Medtronic Inc. on Tuesday said it will spend about $123 million to acquire Osteotech Inc., which specializes in bone-regeneration technologies. Fridley-based Medtronic plans to pay $6.50 per share for Eatontown, N.J.-based Osteotech, a 66 percent premium over Osteotech’s Monday closing price. Read full story

Government seizes untaxed cigarettes in Minnesota: Authorities seized thousands of untaxed cartons of cigarettes across the state recently, the Minnesota Department of Revenue announced Monday. Nearly 10,300 cartons containing 2 million cigarettes were seized by state and federal authorities between May 2009 and June 2010. Most of the cigarettes were sold by American websites but manufactured in Ukraine. Read full story

Ingenix continues acquisition spree: UnitedHealth Group subsidiary Ingenix announced Monday it is buying Axolotl, the company’s third acquisition in the past month. San Jose, Calif.-based Axolotl is a leading provider of health information exchange services, which allow health information and clinical expertise to be shared electronically among physicians, hospitals, labs and radiology centers at the local, regional and state level. Read full story

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