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S&P drops Peet's, Lawson Products from SmallCap

NEW YORK (AP) -- Standard and Poor's said Monday that Coherent Inc. will replace Peet's Coffee and Tea Inc., and P.H. Glatfelter Co. will replace Lawson Products Inc. in its SmallCap 600 index.

The change will go into effect at the close of trading on Friday.

S&P said Peet's will no longer be part of the index because it's being bought by privately held German conglomerate Joh. A. Benckiser in a deal that's expected to close soon. S&P said Lawson's low market capitalization, of $63.5 million, is no longer representative of the index. To be part of the SmallCap 600, companies must have a market capitalization between $300 million and $1.4 billion.

Coherent, based in Santa Clara, Calif., trades on the Nasdaq stock exchange and makes photonic products for commercial applications and scientific research. P.H. Glatfelter Co. is based in York, Pa., and trades on the New York Stock Exchange. It makes and sells specialty papers and fiber-based materials.