Montana Mills Bread Co., a Rochester, N.Y.-based chain of bakeries, said it will expand into the Washington area.
The company signed a franchise development agreement with Bread Partners LLC, a Rochester investment group led by the principals of the investment banking firm that brought Montana Mills public this year, to develop as many as seven Montana Mills bread stores in the Washington area.
Montana Mills said it expects the first stores to appear in early to mid-2003.
The Washington stores will be Montana Mills's first franchises.
The company owns 31 stores in the Northeast and Midwest that sell baked goods and have cafes attached.
LCC International Inc., a McLean wireless telecommunications services firm, hired Graham B. Perkins as its chief financial officer. Perkins had been chief financial officer of Dorsal Networks Inc., a fiber-optics company in Columbia recently bought by Corvis Corp.
AES Corp., an Arlington-based global power generator, said it will sell its interest in two generation businesses in Africa to CDC Group PLC's emerging markets power business, CDC Globeleq, for a total of $329 million in cash and assumed project debt. AES will sell its majority ownership of Songas Ltd., a gas-to-electricity business under construction in Tanzania, and its 95 percent interest in AES Kelvin Power Ltd., a coal-fired plant being refurbished in South Africa.
Mills Corp., an Arlington-based owner of regional shopping malls, agreed to sell 4 million shares of its stock to Salomon Smith Barney. Proceeds are expected to be about $115 million and will be used to fund the equity for Mills's recently announced acquisitions of the Cadillac Fairview and Riverside Square malls.
Hanger Orthopedic Group Inc., a Bethesda operator of prosthetic and orthotic patient-care centers, bought the orthotic and prosthetic operations of Greater Chesapeake Orthopaedic Associates LLC, which operates care centers in Baltimore and the Maryland cities of Bel Air, Lutherville and Westminster. The centers had sales last year of about $1.5 million. Terms of the deal were not disclosed.
HealthExtras Inc., a Rockville administrator of health insurance benefits, bought Pharmacy Network National Corp. of Raleigh, N.C., for $21 million cash. HealthExtras said the acquisition will add 10 to 12 cents a share on a pretax basis to annual earnings. It also anticipates that 2003 consolidated revenue will approach $400 million, with the acquisition adding $100 million to prior estimates.
Solipsys Corp., a Laurel software company specializing in integration work for the Defense Department, agreed to sell itself to Raytheon Co., the Massachusetts government and defense contractor. Solipsys is privately held, and terms were not disclosed. The transaction is expected to close during the first quarter of 2003, subject to regulatory approval.