Olsson's acquisition
of LR firm on track
FAYETTEVILLE -- Engineering firm Olsson said Monday that it has nearly completed the acquisition of FTN Associates Ltd. of Little Rock.
FTN Associates is a water and environmental engineering company founded in 1980. The move brings 55 full-time FTN employees to Olsson, with those workers based in Little Rock, Fayetteville, Baton Rougeand Creve Coeur, Mo.
The terms of the deal were not released. Based in Lincoln, Neb., Olsson has had an office in Fayetteville since 2018.
"Their services align well with our services and FTN is well-respected by their clients," Brad Strittmatter, Olsson's chief executive officer, said in a statement. "We believe joining forces will better serve clients and provide greater opportunities for employees to grow their careers."
The deal is expected to close on April 22.
-- John Magsam
Canoo announces
Arrival assets buy
Electric-vehicle maker Canoo said Monday it has acquired manufacturing equipment from Arrival Automotive UK Limited.
The deal covers "a substantial portion" of "advanced manufacturing assets" at a discount of 80% or more, according to a news release. The exact cost of the gear was not released. The equipment will be shipped to Canoo's manufacturing operations in Oklahoma. Emailed questions concerning the timing of the delivery were not returned Monday.
"Our current strategy will save our shareholders tens of millions of dollars, which today is not properly reflected in the value of our company," Tony Aquila, Canoo's chief executive officer and executive chairman, said in a statement. "We remain focused on capital discipline and the smartest way to invest and create value."
In January, Canoo said it had acquired "substantially all of the new and like-new assets" owned by Arrival Automotive USA Inc. which the company said has been delivered to Canoo's Oklahoma operation.
Aquila has said the company has an order book valued at more than $3 billion with customers that include Walmart.
The company recently performed a 1-for-23 reverse stock split in an move to stop its stock from being delisted. The shares closed Monday at $4.20, down 8 cents, or nearly 2%.
-- John Magsam
Index begins week
with a drop of 2.89
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 920.59, down 2.89 points.
"Stocks finished lower on Monday after the release of a lower-than-expected new home sales report and news that China plans to "phase out" chips from AMD and Intel in government [computers]," Chris Harkins, managing director at Raymond James & Associates, said.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.