Transportation Department Certifies Maxjet
Maxjet Airways, a new airline based in Dulles, said the Department of Transportation has given it the certification needed to begin service. Maxjet plans to provide discount fares to London from Baltimore-Washington International Airport and New York's John F. Kennedy International Airport but has cited the high price of jet fuel in delaying the intended start of service until next spring.
Freddie Portfolio Grows at 2.7% Rate in July
Freddie Mac, the McLean-based mortgage finance company, said its total mortgage portfolio grew at an annualized rate of 2.7 percent in July, or 8.9 percent for the year to date. The portfolio includes mortgages that it buys from banks and lenders and repackages as securities to sell to investors. In July, Freddie's holdings of mortgages and mortgage-backed assets for investment purposes shrank at an annualized rate of 9 percent, with growth for the year to date of 1.9 percent.
MERGERS & ACQUISITIONS
E.U. Approves Danaher Acquisition
European Union regulators cleared Danaher to buy Germany's Leica Microsystems, a manufacturer of high-powered microscopes. District-based Danaher, which makes Craftsman tools and laboratory instruments, agreed in July to pay LM Investments about $550 million for Leica, including the assumption of debt, pension liabilities, transaction costs and cash acquired.
Harman Buys Vehicle Entertainment Firm
Harman International, the District-based manufacturer of audio systems, said its consumer group has acquired PhatNoise. PhatNoise, based in Los Angeles, makes entertainment systems for vehicles, such as devices to play audio and video files and to connect iPods to car stereos. Terms were not disclosed.
Anteon to Support Mine-Clearing Ships
Anteon International of Fairfax, a government contractor that performs systems integration and engineering services, won a Navy contract worth up to $25.7 million over five years to support ships that find and clear mines.
Ace-Comm, a Gaithersburg provider of network business intelligence for telecommunications companies, had a profit of $337,000 (2 cents a share) in its fourth quarter, compared with a loss of $2 million (15 cents) in the comparable period a year earlier. Revenue grew 71 percent, to $6.8 million. For the year ended June 30, the company lost $6.5 million (44 cents), compared with a loss of $5.9 million (49 cents) in the previous year. Revenue grew 46 percent, to $20 million.
Compiled from staff and news service reports.