Scottish entrepreneur Jim McColl is to sell Clyde Union Pumps, the business he joined as an apprentice, to American Fortune 500 company SPX Corporation.

Glasgow-headquartered Clyde Union Pumps will continue to be run as a standalone business under the leadership of the same management team.

The Timken Company has announced an open-innovation agreement with the University of Akron, Ohio, to accelerate technology development.

The Timken Company will fund and equip a new Timken Engineered Surfaces Laboratory currently under construction on the UA campus, one of five laboratories to be housed in the new engineering research building where the two organizations plan to combine their expertise in materials and surface engineering.

Tullow Oil has announced that a long-awaited deal in Uganda is to be completed next month.

The news, which sent the company’s shares rocketing yesterday, was made as the company released its results for the first half of 2011.

Tullow has been waiting since last year to finalise a deal that will bring in new partners, France's Total and China's CNOOC, to commence a €7 billion oil development project in Uganda. The company now expects to complete the deal in September, at which time it will receive approximately €2 billion from the two companies.

Members of Norwich & Peterborough Building Society (N&P) have voted in favour of a merger with Yorkshire Building Society (YBS), the UK’s second largest building society.

Of those who voted, 89.61 per cent of savers and 87.22 per cent of borrowers voted in favour of N&P to merge with YBS.

The newly merged society will have three million members, approximately £34 billion of assets and a national network of 224 branches and 89 agency offices.

Ford Motor Company and Toyota Motor Corporation are to collaborate on the development of an advanced new hybrid system for light truck and SUV customers.

The world’s two leading manufacturers of hybrid vehicles have signed a memorandum of understanding on the product development collaboration, with the formal agreement expected by next year.

Software provider Skype is to acquire US-based GroupMe, a provider of mobile group messaging services, it has been announced.

Luxembourg-based Skype said the acquisition will underpin its drive to provide a global multi-modal and multi-platform communications experience, complementing Skype's existing market position in voice and video communications by providing “best in class” text-based communications and innovative features enabling users to connect, share locations and photos and make plans.

Nissan Canada today announced a list of 27 retailers selected to sell, support and service the all-electric Nissan LEAF in Canada.

The selected retailers have passed a rigorous certification process, have modified their sales and service departments and undergone specialized training to provide the unique vehicle service required, in time for the Nissan LEAF launch in the Canadian market.

Israeli food flavourings company Frutarom Industries has acquired UK-based Aromco for £15 million, it has been announced.

The transaction is Frutarom’s fourth acquisition of a flavour company since the beginning of 2011.

Hertfordshire-based Aromco develops, manufactures and markets flavours for the beverage, dairy, confectionary, bakery and savoury markets. The company had sales of £7.7 million in 2010.