Wisconsin Business Briefs: Trek to drop sponsorship of ArmstrongWisconsin Business
-- The Wisconsin company that made bicycles for Lance Armstrong says it will no longer support the embattled cyclist. The Trek Corporation of Waterloo joined Nike and Anheuser-Busch yesterday in cutting their ties with Armstrong.
WATERLOO - The Wisconsin company that made bicycles for Lance Armstrong says it will no longer support the embattled cyclist. The Trek Corporation of Waterloo joined Nike and Anheuser-Busch yesterday in cutting their ties with Armstrong.
Trek said it was disappointed by the conclusions from the U.S. Anti-Doping Agency. That group released its evidence last week of an elaborate doping ring, which it said involved Armstrong and his former U.S. Postal Service teammates. The anti-doping agency banned Armstrong from competitive cycling a few weeks ago – and it stripped him of his seven Tour de France titles.
Trek voiced its support for Armstrong in August, citing his quote, “remarkable contributions to the sport of cycling and the fight against cancer.” Trek says it will continue to support the Live-Strong charity that Armstrong started to fight cancer. Armstrong stepped down from the charity yesterday, saying he hopes it will put more focus on the foundation’s mission. Armstrong denies doping. But he chose not to fight the allegations through arbitration. He cited flaws in the process.
Milwaukee water technology company A.O. Smith reports a 38-percent increase in its quarterly operating profits. The firm said today it made $37-million-dollars from its operations in the third quarter of the year, up from about $27-million in the same quarter of 2011. Earnings rose from 58-cents a share to 79-cents. A year ago, A.O. Smith had a one-time gain of $150-million after selling its industrial motor division to the Regal-Beloit Corporation. Also, A.O Smith acquired boiler manufacturer Lochinvar. And the company says it still plans to consider acquisitions in what it calls “water heater and water treatment investments all over the world.” CEO Paul Jones said A.O. Smith’s businesses continue to do well in a challenging worldwide economy. Smith raised its expected earnings by a nickel-a-share from its previous outlook. Earnings for the entire year are now expected to be 2.85-to-2.95 per share.
Workers at Marinette Marine are about three-quarters’ finished making a new $200-million Arctic research vessel. Ship-builders from Wisconsin and Upper Michigan are putting together a 261-foot craft called the “Sikuliak". Terry Whitledge, a chemical oceanographer at the University of Alaska in Fairbanks, says 24 scientists will be able to work on the ship. It will help marine researchers collect water samples – and it will map ocean-bottoms with a multi-beam system that can produce three-dimensional images. The National Science Foundation will own the ship, and the University of Alaska will operate it. Officials say it will appear in Alaskan waters in 2014, and its home port will be in Seward, Alaska.