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VOL. 127 | NO. 210 | Friday, October 26, 2012

Daily Digest

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Watertite Files $6.7 Million Loan on Collierville Facility

Watertite Products Inc. has filed a $6.7 million deed of trust, assignment of leases and rents, security agreement and fixture filing on the 86,918-square-foot warehouse at 202 Industrial Park Lane in Collierville.

Watertite is a subsidiary of Compton, Calif.-based IPS Corp., which manufactures “adhesives, solvent cements, and numerous components and supplies for the plumbing, construction and plastic fabrication industries,” according to the company’s website.

One of the products made at the Collierville facility is Water-Tite, a product for washing machines.

Built in 1987, the Class A warehouse sits on 4.98 acres on the south side of Industrial Park Drive, southeast of the intersection of Progress Road and East Poplar Avenue.

The Shelby County Assessor of Property, which lists the street as Industrial Park Lane, shows a 2012 appraisal of $3.2 million.

William D. Barton signed the trust deed as CFO of Watertite.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Medtronic Shaped Articles Promoting InFuse, Senate Says

Medical device maker Medtronic Inc. helped write and edit medical journal articles attributed to outside physicians, which downplayed the risks of the company’s best-selling bone graft, according to a report by Senate investigators.

The Senate Finance Committee said Thursday that the world’s largest device maker did not disclose its role in shaping 13 key studies of InFuse, which helped turn the bone graft into an $800-million a year product. The studies, funded by Medtronic, failed to mention serious risks of InFuse including male sterility, infection and increased back and leg pain.

Senate investigators also reported that Medtronic paid the study authors $210 million in consulting fees for unrelated work over 15 years.

The Minneapolis-based company said it disagrees with many of the findings in the report.

InFuse has been used in a half-million patients and had sales of about $800 million in fiscal 2011, according to Medtronic reports.

The committee’s report is the latest in a series of federal inquiries into Medtronic’s promotion of InFuse, which is widely used for procedures not deemed safe or effective by federal health authorities. Earlier this year the Department of Justice closed a four-year investigation into InFuse, after first subpoenaing the company in October 2008.

The Food and Drug Administration approved InFuse in 2002 for use in spinal, oral and dental graft procedures, but most of the time it has been used in neck surgeries and other procedures. Physicians are allowed to use drugs and medical products off-label as they see fit, but companies cannot market their products for off-label uses. Use of InFuse in neck surgeries can lead to problems swallowing, breathing and speaking. Some patients had to have other surgeries because of those problems.

Senate investigators said Medtronic staff inserted language into studies of InFuse suggesting the product was less painful than alternatives.

– The Associated Press

Two Memphis Marriotts Complete Renovations

Two East Memphis Marriott hotels, Courtyard Memphis East/Park Avenue and Residence Inn Memphis East, have recently completed major renovations.

Residence Inn Memphis East revamped its 105 guestrooms with modern furnishings and bold colors, granite countertops and stainless steel appliances, deluxe signature bedding, 37-inch televisions and high-speed Internet.

Also enhanced was Residence Inn’s public area’s multi-functional space, with high-definition television and free wireless Internet in the lounge area; private studies; and outdoor spaces with comfortable seating, barbecue grills, a fire pit and relaxing music.

Meanwhile, the Courtyard Memphis East/Park Avenue hotel has redefined its lobby with bright and contemporary colors, separate guest welcome pedestals, GoBoard technology for local navigation, flexible seating options, an enlarged business library, high-definition televisions, free wireless Internet access and a 24/7 food and beverage market.

Courtyard Memphis East’s guest rooms have also been updated with more stylish designs, plush bedding, large flat-screen TVs, a functional work area and separate seating area and complimentary wireless Internet access.

Additionally, Courtyard Memphis East has introduced a guest recycling program, with receptacles for paper, glass, plastic and metal located by side exits.

– Sarah Baker

Mueller Industries CFO Steps Down From Position

Kent A. McKee, executive vice president and chief financial officer of Memphis-based Mueller Industries Inc., has resigned effective Friday, Oct. 26, to pursue other opportunities, according to the company.

McKee will remain as a consultant to the company that makes brass, copper and plastic tubing and fittings used in commercial and home construction.

Jeffrey A. Martin, Mueller’s vice president of corporate development, will serve as interim CFO as the company searches for a permanent replacement.

– Bill Dries

Synergy Treatment Centers Gets Grant for Property

Synergy Treatment Centers has received a grant to rehabilitate the 46-year-old property at 1157 Peabody Ave.

The $214,508 grant to the drug and alcohol treatment center was awarded by the Federal Home Loan Bank of Cincinnati through the U.S. Department of Housing and Urban Development’s affordable housing program. The transitional housing facility on Peabody Avenue is available to qualified individuals who have successfully completed a residential drug and alcohol treatment program, and provides housing and supportive services as they integrate back into society.

The facility got new plumbing, electrical wiring, windows, air conditioners and heaters, cabinets, flooring, exterior landscaping, interior painting, new furnishings and new fixtures. First Tennessee Bank provided construction financing.

There are three apartment units that provide housing for up to 15 male residents. Each unit is fully furnished and contains three bedrooms, a full bathroom and an efficiency kitchen. Utilities are included in the rent.

An open house and ribbon cutting ceremony, with the support of the Greater Memphis Chamber, will be held Nov. 14 from 10 a.m. to 2 p.m.

– Andy Meek

Luttrell’s Executive Assistant Moving to Evolve Bank & Trust

Shelby County Mayor Mark Luttrell’s executive assistant is leaving his position soon to become director of communications for Evolve Bank & Trust.

Dan Springer, 28, was hired on with the county in September 2010. Before serving in Luttrell’s office, he worked in U.S. Sen. Bob Corker’s office as a legislative correspondent.

As communications director for Evolve, Springer will oversee the company’s communications and marketing strategies as well as community and government relations. He’ll continue to serve Luttrell’s office until Nov. 2 and move to the bank later in the month.

– Andy Meek

Nike Green Lights Frayser Expansion

Less than a week after winning a 15-year payment-in-lieu-of-taxes agreement, Nike Inc. executives have apparently ended their deliberations about where to build a larger supply chain distribution center.

The Beaverton, Ore.-based brand said in a statement Monday, Oct. 22, that the $301 million project will be an expansion of the Northridge plant in Frayser.

After winning the $57.8 million tax break from the board of the Memphis and Shelby County Economic Development Growth Engine, Nike executives stressed that the company was still weighing other competitive offers for the project elsewhere.

Elliott Hill, the general manager of Nike North America, said in the Monday statement, “The Northridge investment is a commitment that will help enable Nike’s future growth and bring new opportunities into Memphis.”

The expansion is a more centralized operation for wholesale and retail distribution in a city that is already home to Nike’s second largest base of employees in North America.

– Bill Dries

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920