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$IFF agreed to buy David Michael & Co., a privately-held flavors company headquartered in Philadelphia, PA, for undisclosed terms. The transaction, funded from existing resources, is expected to add about $85MM in revenue in 2017. Until deal closes, which is expected to occur in 4Q16, David Michael and $IFF will operate as separate companies.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.