LOUISVILLE — Zayo Bandwidth, a metro fiber company based in Louisville, announced Tuesday it has acquired Indiana Fiber Works, IFW. Terms of the deal were not disclosed.
IFW operates a fiber-optic network that connects 21 of Indiana’s top 25 cities, including major markets such as Indianapolis, Fort Wayne and South Bend. The company also has a fiber connection in Cincinnati. In total, IFW’s 2,200-route-mile fiber network connects 180 buildings.
Additional business news briefs:
Angel Flight West honors Colorado pilots
MONTEREY, CALIF. — Angel Flight West has given its Distinguished Pilot award to a Durango pilot and doctor, James Irish. Irish flew 18 Angel Flight West missions in the past year, flying people, including a child with diabetes and a man who needed hip replacement, to and from medical facilities and donating the cost of the flights.
Durango pilot Stephen Martinez, who also flies for Angel Flight West, received the Wingman award. About 165 Colorado pilots fly for Angel Flight West. Arapahoe County-based Jeppesen Sanderson Inc. and Denver-based KPK Co. and its chief executive, Kevin Kaufman, received Golden Halo awards for supporting Angel Flight West.
World Trade Center elects new chair
The World Trade Center Denver elected Gregory Bowlin as the 2008 chairman of its board of directors. Bowlin is senior vice president and general manager of rail, logistics and terminals for Jeppesen, a Boeing Co.
Other officers elected include James Reis, president; Tim McCune from Colorado State University, secretary; and Robert Wilson from Pendleton Friedberg Wilson & Hennessey, treasurer.
Dean Foods cuts profit forecast
DALLAS — Dean Foods Co., the nation’s largest dairy producer, scaled back its profit forecast for the year, saying record-high milk prices are hurting sales and causing consumers to switch from name brands to cheaper private-label products.
The company also said Tuesday it plans to cut 600 to 700 jobs, more than 2 percent of its workforce. Dean lowered its profit expectations for the third quarter and all of 2007. The company expects to take a restructuring charge in the quarter for the job cuts.
Canadian bank buys Commerce Bancorp
MOUNT LAUREL, N.J. — Canada’s second-largest bank is bidding to bulk up its south-of-the-border presence by buying New Jersey-based Commerce Bancorp for $8.5 billion in cash and stock.
The deal announced Tuesday would nearly double TD Bank Financial Group’s United States presence.
Morgan Stanley to cut 600 jobs
NEW YORK — Morgan Stanley, the second-biggest U.S. securities firm, plans to cut 600 jobs after a decline in mortgage-related revenue contributed to lower third-quarter earnings than analysts estimated.
About 500 jobs will be eliminated in the U.S. and about 100 in Europe, including 90 from a U.K. mortgage subsidiary, the New York-based firm said in a statement.
New group targets health-care reform
Several labor, business, health-care and advocacy organizations on Tuesday announced the formation of the Partnership for a Healthy Colorado, a group that seeks to educate and engage citizens in a discussion about health-care reform.
The coalition includes the Colorado State Association of Health Underwriters, Kaiser Permanente, the Service Employees International Union and the National Federation of Independent Business.
