Economic Development

The Board of Trustees for Milwaukee-based Northwestern Mutual Life Insurance Co. has approved a dividend payout of nearly $5 billion for participating policy owners for 2012, an increase of more than $125 million over its expected 2011 payout. It will be the second-largest payout in the company’s history.

Menomonee Falls-based Magnetek Inc. announced that it has received conditional approval of its request for a waiver of the minimum funding requirements of the company’s defined benefit pension plan for the 2011 plan year.

Racine-based Modine Manufacturing Inc. reported fiscal second quarter net earnings of $1.4 million, or 3 cents per share, compared to a net loss of $16.7 million, or 36 cents per share, in the same period a year ago.

Johnson Controls Inc. reported record fiscal fourth quarter net income of $538 million, or 78 cents per share, up from $449 million, or 66 cents per share, in the same period a year ago.

First Business Financial Services Inc., the Madison-based parent company of First Business Bank-Milwaukee, reported third quarter net income of $2.2 million, or 83 cents per share, up from $969,000, or 38 cents per share, for the third quarter of 2010.

Financial resources

Bank Mutual has added three new employees, including a recently created leadership position.

U.S. gross domestic product for the July-through-September period expanded 2.5 percent, nearly double the 1.3 percent rate of growth in the second quarter and much faster than the first quarter’s tepid increase of 0.4 percent.

Germantown-based Lightning Pick Technologies was recently acquired by Matthews International Corporation, a Pittsburgh memorials and graphics imaging manufacturer.

A national social media campaign with more than 32,000 “likes” and almost 70,000 attendees on Facebook aims to get consumers to switch from commercial banks to credit unions.