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February 16, 2007

Dow Chemical Co. announced a quarterly dividend of 37.5 cents a share, payable April 30 to shareholders of record on March 30.

It is the 382nd consecutive cash dividend issued by the Midland-based company.

Dow has paid a cash dividend every quarter and either maintained or increased it since 1912.

North American venture capital investments in the cleantech category of alternative energy more than doubled to $3.6 billion from 2004 to 2006, according to an Ann Arbor research network.

Ann Arbor-based Cleantech Venture Network said energy-related investment accounted for $2.6 billion, or 72%, of the venture capital money spent in the cleantech sector last year.

In Michigan, venture capital dollars are being spent in the area of alternative energy, in part, through Gov. Jennifer Granholm's 21st Century Energy Plan. The program includes spending more than $100 million over three years on alternative energy research and investment.

Cleantech is a new term used to describe companies that use innovative technology to create products and services that compete favorably on price and performance, while reducing the product's environmental impact, according to www.miradorltd.com.

Valassis Communications Inc., the largest provider of newspaper inserts, plans to sell senior unsecured notes to finance its $1.2-billion purchase of Advo Inc.

The company expects proceeds of $590 million from the sale, Livonia-based Valassis said Wednesday.

Standard & Poor's assigned the notes a below-investment-grade rating of B- Thursday, saying Valassis faces challenges in trying to reverse declining profitability. Valassis has been engaged in a price war since 2002 in its coupon business and is trying to cut costs to raise profit margins, S&P said.

Moody's Investors Service rated the offering B3, also below investment grade. Moody's downgraded the company's rating to B1 from Ba1 on Feb. 12 because of the additional debt Valassis will take on with the acquisition.

Beth Pritchard has resigned from the board of directors of Borders Group Inc.

Pritchard, a board member of the Ann Arbor-based book and music retailer, said she was stepping down because of the growing demands of her position as president and chief executive officer of the specialty retailer Dean & Deluca. With Pritchard's resignation, there are now nine board members left.

Borders said Pritchard, who has been a member of the board since March 2000, will step down immediately.

"At this time the board is not thinking of replacing her," said Anne Roman, a spokeswoman for Borders, on Thursday. "But the board assesses board size periodically."

Borders has more than 1,300 stores and 34,000 employees worldwide.