Jack in the Box to buy Del Taco as chains grow
Jack in the Box announced Monday it would acquire quick-service chain Del Taco for around $575 million.
Del Taco is second in size in the growing Mexican food segment to only Taco Bell. Del Taco's 600 locations include 2,500-square-foot eateries opened last year in both Fort Oglethorpe and Dalton, Georgia.
"This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities," Jack in the Box CEO Darin Harris said in a statement. "Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities and unit growth for both brands."
The burger chain will pay Del Taco shareholders $12.51 per share in cash for the acquisition, compared to the $7.53 closing price Friday for Del Taco stock. Jack in the Box plans to finance the acquisition by issuing additional securitization notes.
Solmax acquires geosynthetics maker Propex
Propex, a North American geosynthetics manufacturer with operations in Ringgold, Georgia, has been purchased by Solmax, the companies announced Monday.
Propex produces geosynthetic products and erosion control systems. Its products are used in the construction of infrastructure projects including levees, roads, bridges and airports. Propex's geotextiles are shipped to customers in more than 35 nations.
Mike Gorey, chief executive officer of Propex, said the combination of strengths between the companies will lead to long-term growth and increased capacity to address the expanding demand for environmentally sustainable solutions.
"As the leading player of infrastructure products and services, we harness the ability to increase the adoption rate of superior solutions over traditional methods," he said in a statement.
John Henderson, president of Solmax Americas, said Propex is a recognized leader in geosynthetic products and solutions across North America.
"This acquisition expands the products and solutions that Solmax can offer its customers in many different market segments," he said in a statement. "It also provides us with additional non-woven geotextile expertise and capacity to further extend our footprint in the environmental and civil-infrastructure markets."
Semiconductor maker hiring 500 in Georgia
Micron Technology, one of the world's largest semiconductor manufacturers, will open a state-of-the-art memory design center in Atlanta next year, according to Georgia Gov. Brian Kemp.
The new facility will include offices, a data center and research and development operations, creating 500 jobs in the metro Atlanta region.
"With the obstacles manufacturers and tech companies across the world are facing, we are glad to see Micron Technology move into the No. 1 state for business where they will have everything they need to succeed and contribute to our thriving economy," Kemp said.
A Fortune 500 company, Micron has operations across 17 nations. The new 93,000-square-foot site will open its doors for business in January, officials said.
— Compiled by Dave Flessner