Myers Industries Inc., the Akron plastics and rubber manufacturer, reported net income of $180,000, or 1 cent per share, on revenue of $139 million for the fourth quarter ending Dec. 31.
That compares to a loss of $12.4 million, or 39 cents a share, on revenue of $158.3 million a year ago.
The company said adjusted income per share from continuing operations was 6 cents, compared to 8 cents for the fourth quarter of 2014.
Shares of Myers were up 39 cents, to $11.92 at 3:31 p.m. Thursday.
President and CEO Dave Banyard said in a news release that fourth quarter results fell short of expectations. “Several of our key segments, including food, auto aftermarket... and our Brazil business, did not perform as we had anticipated.”
Myers said it anticipates that for the current fiscal year, revenue will be flat to “down low-single digits on a constant currency basis” as the “impacts of softer demand conditions persist across many of [the company’s] end markets.”
Banyard said that after his first 80 days at Myers, he is “optimistic that we have the building blocks to drive long term shareholder value. While certain of our end markets remain soft in the near term, the company is demonstrating an encouraging ability to generate cash flow in this choppy environment.”
Banyard succeeded John Orr, who retired in December after 10 years as the company’s chief executive. Banyard previously was group president at Roper Technologies, where he was group president of Fluid Handling Technologies. Roper is headquartered in Sarasota, Fla.
Myers said for the full fiscal 2015 year, net sales were $601.5 million, compared with $623.6 million for fiscal 2014.
The company said gross profit for the full year, however, increased to $178.3 million, compared with $161.3 million for fiscal 2014.
Locally, Myers owns the Akro-Mils plant in Wadsworth, where workers make plastic and steel storage products for industrial, commercial and consumer use. The company’s corporate headquarters are on South Main Street in Akron.
Akron-based landscaping company Edenscape LLC is looking to hire 20 or more employees before April 1.
“We have seen strong growth the last few years as the economy has been improving,” Brian Kenny, president, said in a statement. “Our commercial and residential clients are spending money on improving their landscapes to enhance their lifestyle or improve their company image.”
Property enhancement trends include outdoor living areas, fireplaces and water features.
Prospective employees need to have a good attitude, be honest, a strong work ethic and be passionate about a job well done, Kenny said. The company recruits through help-wanted postings in local publications, job fairs, signs on their trucks and by hiring friends of existing employees.
For more information, go here.
The Federal Reserve Board reappointed Loretta J. Mester as president and chief executive officer of the Federal Reserve Bank of Cleveland.
The board also reappointed Greg Stefani as first vice president and chief operating officer.
The terms are for five years, effective March 1.
Mester’s responsibilities include helping formulate U.S. monetary policy
The Cleveland Fed’s territory includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. Mester and Stefani oversee 950 employees in Cleveland, Cincinnati, and Pittsburgh.
Jim Smith, the long-time editor of Akron-based trade magazine Tire Review, died unexpectedly Thursday morning while at an industry conference in San Diego, Calif. He was 58.
Tire Review’s web site notes: “Jim spent more than 30 years working in the tire and automotive industries, with the last 16 years spent at the helm of Tire Review. Those who knew Jim know he was very passionate about the industry.
“A Kent State University journalism major, Jim served as editor for a number of community newspapers in Northeast Ohio before joining Modern Tire Dealer as assistant editor in 1984. During his stint with MTD, Smith was promoted to senior editor and also served as editor of the Kovach Tire Report. Smith spent four years in brand and corporate public relations roles with Bridgestone Americas, before joining Nashville’s Stumpf Bartels Advertising in 1992.
“Jim joined Tire Review in October 1999. Over the years he helped the publication grow and instituted a number of programs for the magazine, including the Top Shop Awards.”
Read the full piece here.
His friend, Bob Ulrich, editor at Modern Tire Dealer, writes about Jim here.
Diebold Inc. is getting closer to completing its $1.8 billion purchase of ATM-maker Wincor Nixdorf in Germany.
The Green maker of ATMs said that the required waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 has been terminated early.
That means “significant regulatory requirements have now been satisfied in the home countries of Diebold and Wincor Nixdorf,” Diebold said. The deal, once consummated, will create a company with a new name, Diebold Nixdorf, which will be the world’s largest ATM manufacturer and financial services software company.
Diebold has officially launched its tender offer for all shares of Wincor Nixdorf.
“Achieving the Hart-Scott-Rodino milestone in the United States is a meaningful step toward completing the business combination with Wincor Nixdorf, and I am encouraged that the process continues to move forward,” Andy W. Mattes, Diebold president and chief executive officer, said in a statement. “Our pre-integration planning with the Wincor management team is progressing in a very positive direction, which gives us confidence we can hit the ground running and achieve synergies quickly.”
Custom steelmaker TimkenSteel has a new way to make high-pressure steel tubing for use in the production of low-density polyethylene tubing.
The Canton manufacturer said its new process is more streamlined and cost efficient than with earlier methods; steel tubing that previously took more than a year to make now can be done in months and can be made in smaller lot sizes.
TimkenSteel said recently accepted its first order of high pressure tubing for a major petrochemical producer.
The special bar quality steel is forge-rolled and heat treated in Canton, then sent to Houston to be bored and honed.
Japan tire maker Bridgestone Corp.’s net income for 2015 fell from a year ago while revenue increased.
Bridgestone reported nearly $2.5 billion in net income on revenue of $33.2 billion for the year ending Dec. 31, 2015. That compares to net income of more than $2.6 billion on revenue of $32.2 billion for 2014.
NASCAR star Dale Earnhardt Jr. has signed on with Goodyear to promote the Akron company’s tires in a series of broadcast, digital and print ads.
Earnhardt will be Goodyear’s “featured expert” in the promotions.
Earnhardt has won NASCAR’s Most Popular Driver award each of the past 13 years. He had his first NASCAR Sprint Cup victory in 2000 and then won the Daytona 500 in 2004 and 2014.
Goodyear Tire & Rubber Co. makes NASCAR race tires at its plant in Akron.
Goodyear said the television spot theme is about hard work, tradition and pride, with Earnhardt highlighting Goodyear’s involvement in NASCAR.
“Dale Jr. is a true icon and superior brand ambassador,” Seth Klugherz, Goodyear’s director of marketing, said in a statement.
Signet Jewelers Ltd. [NYSE:SIG], with corporate offices in Akron, said this week it plans to delist from the London Stock Exchange.
The company’s common shares will continue to be traded on the the New York Stock Exchange.
Signet, the world's largest retailer of diamond jewelry, said it will delist from the LSE because less than 1 percent of its annual trading volume is executed on that exchange.
Shares will continue to be traded on the LSE until March 11. Cancellation from trading will take effect at 8 p.m. GMT on March 14.
The company employed roughly 3,000 in Summit County last year. This figure includes employees at Signet’s stores. Signet operates Kay Jewelers, Jared the Galleria of Jewelry and Zales stores.
The growth of hotels in suburban Akron-Canton locales continues with the opening this week of the Embassy Suites by Hilton in Jackson Township.
The 150-room hotel, at 7883 Freedom Ave., near the Akron-Canton Airport, is owned by Corporex of Covington, Ky., an investment company with holdings in commercial and residential real estate development and ownership.
Corporex entities own a variety of hotel properties in Ohio and other states. The Fairfield Inn & Suites on Greentree Avenue in Canton is among Corporex's Ohio properties.
The new hotel in Jackson is an all-suites property that offers complimentary breakfasts and evening receptions, including appetizers and beverages.To read more or comment...
Timken Co. says it has what may turn into a $1 billion or higher multi-year contract from the U.S. government.
The Jackson Township bearings maker said the U. S. Dept. of Defense has agreed to a contract in which Timken will make what are called main reduction gears for the Navy’s next generation DDG 51 guided missile destroyer.
If all options in the fixed price contract are exercised, the defense department could pay more than $1 billion to Timken. The company expects to make the gears for the Navy over the next decade.
The main reduction gears will be built by Philadelphia Gear Corp., which Timken bought in 2011.
Diesel engine owners, rejoice! The average price for a gallon of diesel in the United States has fallen below $2 for the first time in 11 years, the U.S. Energy Information Agency said Wednesday.
From the EIA:
"EIA's weekly survey of diesel prices shows that the U.S. average retail price for on-highway diesel fuel was $1.98 per gallon (gal) on February 15, falling below $2/gal for the first time since February 14, 2005.
"The U.S. average retail diesel price had last approached, but not gone below, the $2.00 mark in early 2009. Falling diesel prices reflect both decreasing crude oil prices and increasing inventories of crude oil and refined products worldwide.To read more or comment...
Sorry, IKEA fans. The big-blue store isn't coming to Cleveland for now.
Cleveland.com is reporting that IKEA has dropped its plans to build in the suburb of Brooklyn.
The Swedish-based haven for do-it-yourselfers and designers had a contract to buy 16 acres from the Plain Dealer Publishing Co. off Interstate 480 in Brooklyn.
But the retailer faced too many environmental obstacles, Cleveland.com reported.To read more or comment...
FirstEnergy Corp. lost $226 million, or 53 cents per share, on revenue of $3.5 billion for its fourth quarter ending Dec. 31.
The loss was less than a year ago, when the Akron-based electric utility reported losing $306 million, or 73 cents per share, on revenue of $3.5 billion. FirstEnergy reported after the stock market closed Tuesday.
For the full 2015 fiscal year, FirstEnergy earned $578 million, or $1.37 a share, on revenue of $15 billion. That’s up significantly from fiscal 2014, when FirstEnergy had net income of $299 million, or 71 cents per share, on revenue of $15 billion.
Adjusted net income for the fourth quarter showed a profit of 58 cents per share, compared to adjusted earnings of 80 cents a share for the fourth quarter of 2014.
“In 2015 we achieved our financial commitments, while making tremendous progress on initiatives across our company. We put a number of obstacles behind us, improved our strength and flexibility, and completed critical work necessary to serve our customers and implement our strategies going forward,” Charles E. Jones, FirstEnergy president and chief executive officer, said in a stateemnt. “This year, we will continue to focus on regulated growth through our Energizing the Future transmission initiative, while strengthening our utilities business and managing risk across the company. We also look forward to resolving our Ohio Electric Security Plan, which will shape our longer-term strategic outlook.”
FirstEnergy expects to have 2016 first quarter net income of $305 million to $345 million, or 72 cents to 82 cents per share.
Bearings maker Timken Co. will pay a quarterly cash dividend of 26 cents per share on March 3 to shareholders of record as of Feb. 23.
That will be the Jackson Township-based company’s 375th consecutive quarterly dividend it has paid since joining the New York Stock Exchange in 1922.
When it comes to buying companies, RPM International Inc.’s acquisition history shows it doesn’t walk on egg shells.
And in one new instance, it buys them – sort of.
Medina-based RPM on Thursday announced it bought Holton Food Products Co., which supplies food stabilizer and dry egg white products for bakery and prepared food companies.
Terms of the transaction were not disclosed. Holton will be placed under RPM’s Mantrose-Haeuser subsidiary and give RPM a "key entry" into the bakery market, the company said.
Holton, based in LaGrange, Ill., near Chicago, has annual net sales of $7 million.
Holton’s dry egg white products, along with its food stabilizers, are used in meringue toppings, fillings, cookies, cakes, pies, and other dessert and entrée items, the company said. The products optimize appearance, texture, moisture control, production efficiency, freeze-thaw stability and shelf life, RPM said.
Beachwood-based Omnova Solutions has sold its non-core rubber manufacturing business in Valia, India for $5 million.
The buyer is Apcotex Industries Limited of India. Omnova initially acquired the India facility through its purchase of the Eliokem specialty polymers business.
The former Omnova business generated approximately $28.2 million in sales and reported a net loss of $400,000 in 2015. The sale is not expected to have a material impact on Omnova’s 2016 operating income.
Omnova said it will maintain a sales office in Mumbai “to manage the continued growth of the company’s specialty polymers in the Indian market through imports from other Omnova facilities in Asia, Europe and North America.”
The Akron SCORE chapter is holding free workshops for small businesses at The Taylor Institute for Direct Marketing at the University of Akron.
The workshops are:
• Feb. 16, Starting Your Own Business
• Feb. 23, Marketing for Success
• Feb. 24, Starting Your Own Business
• Feb. 25, Fundamentals of Writing Your Own Business Plan
All but one workshop will be 5:30 p.m. to 8:30 p.m.; the Feb. 24 workshop will be 8:30 a.m. to 11:30 a.m.
Additional SCORE workshop information is online at www.akron.score.org or by calling 330-379-3163.
Akron SCORE serves Medina, Portage, Summit and Wayne counties. The local organization has 68 mentors with experience in a wide variety of business disciplines. Akron SCORE is in the Summit County Building, 175 S. Main St, Suite 204. Akron.
Akron SCORE is sponsoring more than 100 workshops in its service area in 2016.
New SUV and light truck sales outperformed cars as overall vehicle sales were up in January from a year ago in Northeast Ohio.
Sales rose 3.1 percent to 19,770 from 19,172 in January 2015 in a 21-county region, the Greater Cleveland Automobile Dealers’ Association reported Tuesday.
New car sales fell 2 percent from a year ago while sales of light trucks and SUVs climbed more than 14 percent, the association reported.
For the first time in recent history, Chevrolet beat out Ford to start the year, the association said. Chevrolet sold 3,247 vehicles to Ford’s 3,123 vehicles in January. Honda was third at 1,707, beating fourth place Toyota by five vehicles.
Summit County new vehicle sales figures for January were not available Tuesday.
The Max & Erma’s in the Montrose area abruptly shut down after business Sunday, following reports last month that the restaurant had been spared in a round of closings.
The closing of the Max & Erma’s, on Medina Road in Fairlawn, in the Montrose area, comes after Glacier Restaurant Group of Montana purchased the Max & Erma’s chain from American Blue Ribbon Holdings of Nashville, Tenn.
News of Glacier Restaurant Group’s purchase came a week after American Blue Ribbon said it was closing 13 Midwest Max & Erma’s, including one in North Canton, in the Belden Village area, in Stark County.
Blue Ribbon said it was closing the 13 restaurants because it was in “in the process of streamlining operations," dealing with "under-performing locations.”
At that time, the only other Max & Erma’s in Northeast Ohio affected was the restaurant in Westlake, outside Cleveland.
Signs on the doors of the closed Montrose Max & Erma’s thank customers for their patronage and provide a website address for employees to inquire about benefits.
Max & Erma’s began with a single restaurant in 1972 in Columbus.
The chain filed for bankruptcy protection in 2009, and American Blue Ribbon bought it in the next year.
American Blue Ribbon Holdings owns O’Charley’s and other restaurants, including Bakers Square.
At Glacier, Max & Erma’s joins four other restaurant brands: MacKenzie River Pizza Grill & Pub, Ciao Mambo, Craggy Range Bar & Grill and Latitude 48.
Go to www.Ohio.com for updates later.
A. Schulman Inc. continues to expand its compounding capacity in Europe.
The Fairlawn polymer company on Monday said it added two new production lines at its Kerpen, Germany, plant, for high performance compounds. Schulman specializes in high-performance plastic compounds, composites, powders and resins.
The added capacity is aimed at Schulman customers in automotive, electrical and electronic markets.
Schulman in 2015 expanded the capacity of its Bornem masterbatch plant in Belgium.
Wooster-based firefighter equipment maker Akron Brass Holding Corp. is getting a new owner.
IDEX Corp. in Illinois has an agreement to buy Akron Brass Holding for $224.2 million. Akron Brass is an indirect wholly owned subsidiary of Premier Farnell plc and had about $120 million in revenue for the 12 months ending Dec. 31.
The company makes what it calls “engineered life-safety products” for safety and emergency response markets. Products include apparatus valves, monitors, nozzles, specialty lighting, electronic vehicle-control systems and firefighting hand tools.
Premier Farnell shareholders need to approve the sale. The deal is expected to close in about 50 days, pending regulatory and other approvals. The company will be placed under IDEX’s fire and safety/diversified segment.
“The acquisition of Akron Brass creates a $330 million premier fire and rescue platform serving the global firefighting industry,” IDEX Chairman and Chief Executive Officer Andy Silvernail said in a statement. IDEX had about $2 billion in revenue last year.
Giant Eagle is voluntarily recalling cod fillets.
Here is the information:
All lot codes up to and including February 8, 2016 of Giant Eagle brand Japanese Breaded Cod Fillets, prepared and sold from the Seafood department inside Giant Eagle and Market District supermarkets through February 4, 2016 have been voluntarily recalled by Giant Eagle due to an undeclared soy allergen. People who have an allergy or severe sensitivity to soy run the risk of serious or life-threatening allergic reaction if they consume these products. The product is safe for consumption by those who do not have soy allergies.
To read more or comment...
Travelers are the centerpiece of a new ad campaign by the Akron-Canton Airport.
In the latest brand campaign, Enjoy the Journey, the airport said travelers share what makes traveling through CAK a pleasure. The new campaign is anchored by new TV commercials and an all new www.akroncantonairport.com website.
The TV commercials feature real customers talking about their journey. The first set of three 30-second commercials began airing the last week of January. The new ads can be seen on WJW (Fox 8), WEWS (Channel 5), and WKYC (Channel 3) during morning newscasts and various other times throughout the day. The ads can also be viewed on a variety of cable TV stations including the Weather Channel and CNN. They can also be seen on the airport's YouTube channel and on the new website.
The ads will not be airing during the Superbowl this Sunday, an airport official said.To read more or comment...
The monthly natural gas price for residential customers who are on the Standard Choice Offer is going down.
Effective Feb. 15, Dominion East Ohio's SCO rate will be $2.21 per thousand cubic feet (mcf). That's 7.5 percent or 18 cents/mcf lower than the January rate of $2.39/mcf.
It is also 33 percent or $1.30/mcf cheaper than the price of $3.30/mcf a year ago. Development of shale energy resources in Ohio and other states have led to lower national market prices for natural gas, Dominion said.
Under the company's filing, the average SCO residential customer's bill for the month of February would be $69.70, down $24.39 or 25.9 percent from the monthly bill from a year ago, $94.09.
All Dominion East Ohio residential customers also a monthly charge of $24.83 and delivery charges. The delivery charge has increased by 5.32 cents/mcf to 29 cents/mcf.To read more or comment...
Bridgestone Americas, Inc. is going to be an official National Football League sponsor for another five years.
The Nashville-based company, which has its technical center in Akron, announced that it signed a new five-year sponsorship agreement with the NFL that names Bridgestone as “the Official Tire of the NFL.”
The deal extends an eight-year relationship, Bridgestone said. It also advances the “Bridgestone Performance Moments” campaign platform.
The NFL relationship provides an ideal platform for millions of women and men to engage with and learn about Bridgestone products and services, said Philip Dobbs, chief marketing officer, Bridgestone Americas Tire Operations.
The formula used for Dominion East Ohio customers who buy their natural gas at the Standard Choice Offer rate this spring will fall to unprecedented numbers -- a negative five cents below wholesale rates.
The Standard Choice Offer, also known as the SCO, is the monthly variable price set by a state-approved formula and offered by suppliers who bid in a yearly Dominion East Ohio auction.
The SCO is determined monthly by using the closing price on the third to last day of the previous month on the New York Mercantile Exchange (NYMEX) plus the "adder."
Last year, the "adder" price was already at a historic low of 2 cents per thousand cubic feet (mcf).To read more or comment...
AT&T has upgraded its wireless network within Summit County with more than 15 enhancements during 2015, the company reported on Wednesday. The improvements include adding greater capacity and speeds to cell sites in the area. Across Ohio in 2015, AT&T made more than 680 upgrades to its wireless network.
“AT&T’s thousands of Ohio employees are focused on providing an enhanced customer experience. Our investment in the local wireless network is one way we’re accomplishing that,” said Adam Grzybicki, president, AT&T Ohio.
Said State Rep. Kristina Roegner, R-Hudson, in a press release: “"AT&T’s investment in Summit County supports our residents and businesses. They depend on quick and efficient mobile Internet access in our fast-paced world. This is important for our regional economic development. And it continues to be a priority because our businesses want to innovate and expand.”
AT&T could not provide specific numbers for Summit County's upgrades, but said from 2009 through 2014, AT&T invested nearly $140 billion including investments in its wireless and wireline networks and acquisitions of wireless spectrum and operations.To read more or comment...
Diebold Inc. has completed its $350 million sale of its North American electronic security business, Diebold Electronic Security, to Securitas AB.
Diebold, based in Green, announced the deal last year. Ten percent of the purchase price is contingent on the successful transfer of certain customer relationships to Securitas, the company said.
The newly sold business will operate under the name Securitas. Diebold said the brand transition will be complete by the end of this year. The security unit has 1,100 employees.
As part of the sales agreement, Securitas will be Diebold’s preferred supplier for electronic security solutions in North America. Diebold also will be Securitas’ preferred provider of ATM-related solutions and services.
The sale is an important part of the financing of Diebold’s purchase of Wincor Nixdorf, said Andy Mattes, Diebold president and chief executive officer.
A Goodwill Outlet Store will open in Jackson Township, selling items after they have cycled through the regular Goodwill stores.
The store at 4379 Whipple Ave NW in the building formerly occupied by Circuit City, will open on Feb. 12 at 9 a.m. It will be operated by the Goodwill Industries of Greater Cleveland and East Central Ohio.
Sometimes referred to as "pound stores," the outlet stores are stocked with merchandise from the traditional Goodwill stores that have not sold. Items are sold at various prices per pound by weight and in some cases, individual prices per item. In all cases, the goods are heavily discounted from the traditional Goodwill store.
Goodwill Industries of Akron also has an outlet store. It moved from its location on Waterloo Road, where it had been since 2003, to 1400 S. Arlington Street in Akron last year.To read more or comment...
Preferred Compounding, a large and growing custom rubber compounder headquartered in Barberton, has been sold to a team of company managers and a private equity firm in Boston.
The sale, terms of which are not being disclosed, was revealed Monday.
The deal is similar to one in 2010, in which leaders of the Barberton company teamed with Wingate Partners, a private equity firm out of Dallas, to purchase the company from private-equity firm Watermill Group of Lexington, Mass.
Now, Preferred Compounding managers and Audax Private Equity in Boston have acquire the company from Wingate.
Preferred Compounding has grown into the second largest compounder in North America since Wingate and company managers bought it in 2010, according to the company. Check back with www.Ohio.com for more information.