Smith & Nephew unit sells vascular business

Smith & Nephew's endoscopy unit, based in Andover, said it sold its vascular business to InaVein LLC, a Boston area investor group led by Jonathan Donaldson and Patrick Maley. The price was not disclosed. Smith & Nephew spokesman Joe Metzger said the product line, which includes a system for minimally invasive removal of varicose veins, generates less than $5 million in annual sales and involves fewer than 20 employees. Metzger said no job cuts are planned as part of the deal. (Todd Wallack)

Inverness Medical Innovations Inc. said it has completed its $302 million acquisition of Alere Medical Inc., a Nevada provider of health and care management services. Inverness of Waltham has made a series of acquisitions this year as it looks to broaden its portfolio of medical devices and diagnostic tests, including tests that consumers can do at home, and, now, healthcare services. (Chris Reidy)

State Street Corp., the world's largest money manager for institutions, replaced the head of fixed income after several funds reported losses. Paul Greff, leader of the fixed income team at the State Street Global Advisors unit, is leaving, as is Michael O'Hara, head of active fixed income, the Boston company said. Mark Marinella was named to the new post of chief investment officer for fixed income and will take over Greff's responsibilities, State Street said. Sean Flannery, regional investment chief for North America, left the company. (Bloomberg)

Mercury Computer Systems Inc. said it named Mark Aslett president and chief executive effective immediately, replacing founder Jay Bertelli, who will stay on as executive chairman. The Chelmsford maker of digital signal and image processing systems said the changes are the result of its ongoing succession plan. Aslett previously served as CEO of networking equipment company Enterasys Networks. (AP)

California Attorney General Jerry Brown sued 20 companies, including Mattel Inc., and Toys "R" Us, claiming they sold toys containing "unlawful quantities of lead." The suit, filed in Alameda County Superior Court, alleges the companies knowingly exposed children to lead and failed to provide warning of the risk, which is required under the Safe Drinking Water and Toxic Enforcement Act of 1986, known as Proposition 65. Spokeswomen for Mattel and Toys "R" Us said the companies were expecting the suit and already had implemented a system of checks to ensure their quality and safety standards weren't violated again. The suit, which was joined by the Los Angeles city attorney's office, also named as defendants Wal-Mart, Target, Sears, KB Toys, Costco Wholesale, and others. (AP)

Xerox Corp., the world's largest maker of high-speed color printers, will pay a quarterly dividend for the first time since 2001. Shareholders as of Dec. 31 will get 4.25 cents a share, payable Jan. 31, the Norwalk, Conn., company said. It's the first dividend since April 2001, when it paid 5 cents a share. Xerox eliminated its dividend to save $140 million annually after posting back-to-back yearly losses. Xerox also said 2008 profit will be $1.31 to $1.35 a share, compared with the $1.31 average estimate of seven analysts surveyed by Bloomberg. It also forecast 2009 earnings of $1.45 to $1.50. The company reiterated its 2007 projection of $1.18 to $1.20 a share. Analysts project $1.19 a share this year. (Bloomberg)

A tax credit for buyers of Honda Motor Co. hybrid models is due to phase out starting at the end of the year, the Internal Revenue Service said. Honda is the second automaker to hit a limit of 60,000 hybrid vehicles that qualify for the credit, which is designed to encourage sales of the fuel-efficient cars. Toyota Motor Corp. hit the limit last year, while Honda did so this fall, the IRS said. Customers who buy a Honda hybrid before the end of 2007 will still be eligible for the full tax credit. In the first half of next year, buyers of Honda hybrids will be able to claim only 50 percent of the original tax credit, or $650 for Honda Accord hybrids and $1,050 for Honda Civic models. After July 1, the credit will be cut to $325 for the Accord models and $525 for the Civic, the IRS said. (AP)

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