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Minneapolis-based boat builder Genmar Holdings Inc. has spun off its Virtually Engineered Composites (VEC) technology into a separate company: VEC Technology.
Genmar said the new companys value is about $350 million.
The spinoff comes almost exactly two years after Genmar announced it had hired investment banking firm Bear, Steams & Co. Inc. to help find opportunities to expand the VEC technology for uses...