All CATEGORIES
☰ Menu
Your Business

Diebold gets more antitrust approvals for $1.8 billion purchase

By Jim Mackinnon Published: May 31, 2016

Diebold Inc. continues to get antitrust approval for its $1.8 billion purchase of Germany-based ATM maker Wincor Nixdorf AG that will create the world’s largest ATM manufacturer and financial services software company.
Green-based Diebold on Tuesday said it recently cleared antitrust requirements in Portugal, Russia, Slovakia and Spain.
Diebold earlier obtained antitrust clearance in the United States, China, Turkey and Austria.
The takeover offer still needs antitrust approval in other countries. The acquisition is expected to close this summer. Diebold will then change its name to Diebold Nixdorf.

To read more or comment...

Cleveland-area home prices dip slightly

By Jim Mackinnon Published: May 31, 2016

Home prices in the greater Cleveland area dipped slightly in March, the latest Case-Schiller Home Price Indices show.
Cleveland area prices fell 0.1 percent in March from February, according to seasonally adjusted figures released Tuesday. The unadjusted Cleveland prices were up 0.1 percent. The comparable seasonally adjusted national home price index rose 0.1 percent.
Cleveland-area home prices are up 2.8 percent from a year ago, placing the Northeast Ohio metro region with three other cities – New York, Chicago and Washington, D.C. – for the smallest year-over-year price gains. All four cities had rising jobless rates from March 2015 to March 2016.
Cleveland’s March index level of 111.05 was its second highest since January 2008, down just slightly from 111.19 in February.
 

To read more or comment...

Ohio Attorney General warns of latest IRS scam twist: paying with iTunes cards

By Betty Lin-Fisher Published: May 27, 2016

Those pesky IRS scam calls have a new twist: convincing victims to pay with an iTunes card.

Ohio Attorney General Mike DeWine is warning consumers to beware of callers who claim to represent the IRS and ask for payments via iTunes giftcards, after 10 Ohioans recently reported losing between $1,000 and $11,500 to the ploy.

As a reminder, the IRS does not call consumers. The scam has also taken other twists, including scammers pretending to be with other government agencies or law enforcement.

Here's the remainder of the press release from DeWine's office:

To read more or comment...

Owner of Akron data storage center expanding to Independence

By Katie Byard Published: May 27, 2016

Involta, the owner of a 4-year-old facility in Akron that holds troves of computerized data for customers, said Friday that customer demand is prompting it to  build a second data center in Northeast Ohio.

This one will be on now vacant land on Pleasant Valley Road in Independence.

The planned 25,000 square-foot Independence facility will include storage space,  mechanical and electrical infrastructure and office space for use by clients – customers who store their data at the center.

Like it’s Akron counterpart, it will be highly secure.

To read more or comment...

Chamber event this morning honored 2016 Excellence in Business Award winners

By Katie Byard Published: May 26, 2016

The Greater Akron Chamber has named winners of its 2016 Excellence in Business Award. They were recognized at an event Thursday morning at the Sheraton Suites on Front Street in Cuyahoga Falls.

An item in Thursday's Beacon Journal incorrectly said the awards event was Thursday evening. The mistake was made by a reporter.

The chamber said winners of the award demonstrate “outstanding performance, growth, staying power, innovation” and also “provide leadership in the community.”


The award winners are Laudan Properties, a property management company in Twinsburg; Pritt Entertainment Group, a video production and marketing enterprise in Akron; and Securitec One, Inc.; a provider of security systems in Sharon Township. USA Firmware, a product design and consulting services company in Brecksville won the Emerging Business Award.

To read more or comment...

Pro Football Hall of Fame Village to get 243-room luxury hotel

By Jim Mackinnon Published: May 26, 2016
cantonhotel

The $500 million Hall of Fame Village development in Canton is getting a swoopy, upscale football-themed hotel.
Construction of the 243-room hotel and conference center at the Pro Football Hall of Fame site off I-77 will start in September and is expected to open in May 2018, according to developer Industrial Realty Group and Hall of Fame Village LLC.
“This final design concept is consistent with the goal of making Hall of Fame Village world class. This hotel will be extraordinary and unlike anything ever created,” Stuart Lichter, president and chairman of IRG, said in a statement.
Features of the new hotel include:
• A grand lobby that will serve as the “living room for Hall of Fame Village” with 40-foot ceilings, a large fireplace, oversized furniture, and technology incorporated to accommodate huge projection screens.
• A VIP perch and meeting space overlooking the lobby.
• A ballroom for up to 600 people for dinner and also include breakout meeting rooms.
• High level technology and guest rooms themed in football.
• A two-story “Commissioner Suite” at the peak of the property.
• A restaurant with a large operable wall that opens to a view of Hall of Fame Village’s “Main Street”.
The developers have not decided on whether the property will be branded as the Hall of Fame hotel or carry another name.
Crestline Hotel & Resorts LLC, an independent hospitality management companies, will manage the property.
Besides the hotel, the Hall of Fame Village will include:
• The Tom Benson Hall of Fame Stadium.
• A civic and convention center.
• The Center for EXCELLENCE, to train athletes and also have a coaches university, an institute for the integrity of officials, and an academy of corporate excellence.
• A 1,400-seat symphony hall.
• Retail, restaurant, office and residential space.
• Legends Landing, a senior care facility for retired hall of famers, coaches, officials, administrators and others associated with the NFL.

To read more or comment...

Greater Akron Chamber to recognize winners of 2016 Excellence in Business Award

By Katie Byard Published: May 25, 2016

The Greater Akron Chamber has named winners of its 2016 Excellence in Business Award. They will be recognized at an event Thursday evening at the Sheraton Suites on Front Street in Cuyahoga Falls.
The chamber said winners of the award demonstrate “outstanding performance, growth, staying power, innovation” and also “provide leadership in the community.”
The award winners are Laudan Properties, a property management company in Twinsburg; Pritt Entertainment Group, a video production and marketing enterprise in Akron; and Securitec One, Inc.; a provider of security systems in Sharon Township. USA Firmware, a product design and consulting services company in Brecksville won the Emerging Business Award.
 

To read more or comment...

Davey Tree of Kent names 19-year employee Karen Wise to divison manager post at Davey Resource Group

By Katie Byard Published: May 25, 2016

The Davey Tree Expert Co. of Kent  said Wednesday it has promoted 19-year employee Karen Wise, who started with the company as a wetland scientist, to division manger of Midwest natural resource consulting for Davey Resource Group.
Davey Resource Group, also headquartered in Kent, is a division of Davey Tree that provides wetlands consulting, regulatory permitting, endangered species consulting, and ecological restoration and mitigation services.
Wise joined Davey Resource Group in 1997 as a wetland scientist. Since then, she’s served as wetland section leader, department manager and manager of ecological service and Eastern urban forestry. Most recently, she was the operations manager of Davey Resource Group’s natural resources consulting team.
She received her bachelor’s degree in biology from Wheeling Jesuit College and her master’s degree in natural resources from the Ohio State University.
She is a member of the Ravenna Shade Tree Commission and regularly volunteers for the Portage Park District Foundation and Western Reserve Land Conservancy.
 

To read more or comment...

Timken names its human resources VP an officer of the company

By Jim Mackinnon Published: May 24, 2016

Bearings maker the Timken Co. in Jackson Township has named its vice president of human resources, Ronald J. Myers, an officer of the company.
“Ron’s leadership in advancing initiatives that foster greater employee growth, engagement and success, and his ability to partner across the company are helping us execute our strategy and strengthen our business,” Timken President and Chief Executive Officer Richard G. Kyle said in a statement.
Myers, who joined Timken in 1982, was promoted to his current position in 2015. He has a bachelor’s degree in business management and business education from Baldwin Wallace University and a master’s degree from Case Western Reserve University’s Weatherhead School of Business.
 

To read more or comment...

TimkenSteel to sell $75 million in notes

By Jim Mackinnon Published: May 24, 2016

Canton steelmaker TimkenSteel will sell $75 million in convertible senior notes that it intends to use to repay in part an asset-based revolving credit facility.
The senior notes will mature on June 1, 2012, the company said Tuesday. Total principal amount could reach $86.25 million.
Interest rate and other details were not available Tuesday.
 

To read more or comment...

Summit County jobless rate drops in April but remains higher than a year ago

By Jim Mackinnon Published: May 24, 2016

Summit County’s unemployment rate dropped in April from March but was higher than a year ago, according to figures released Tuesday morning.
Summit County had a jobless rate of 5 percent last month, down from 5.6 percent in March and up from 4.7 percent in April 2015, the Ohio Department of Job and Family Services announced.
Akron’s unemployment rate was 5.8 percent in April, down from 6.5 percent in March and up from 5.6 percent a year ago.
The jobless rate in Cuyahoga Falls was 4.7 percent, down from 5.2 percent in March and up from 4.1 percent a year ago.
Rates were not adjusted to take into account seasonal factors.
The comparable Ohio unemployment rate was 4.8 percent, down from 5.4 percent in March and up from 4.6 percent a year ago. Ohio’s seasonally adjusted rate last month was 5.2 percent.
The comparable U.S. unemployment rate was 4.7 percent, down from 5.1 percent in March and up from 5.1 percent in April 2015. The seasonally adjusted rate for April was 5 percent.
Unemployment rates dropped in all 88 Ohio counties. The low was 3 percent in Mercer County, with a high of 12.3 percent in Monroe County.
Jobless rates elsewhere in Northeast Ohio for April, March and April 2015:
• Cuyahoga County: 5, 5.6, 5
• Cleveland: 6.5, 7.1, 6.5
• Medina County: 3.9, 4.5, 3.9
• Portage County: 4.8, 5.6, 4.5
• Stark County: 5.5, 6.1, 5
• Canton: 6.6, 7.2, 6
• Wayne County: 3.7, 4.2, 3.6

To read more or comment...

Goodyear's NASCAR race tires get new logo for Memorial Day weekend race

By Jim Mackinnon Published: May 23, 2016

For the seventh consecutive year for NASCAR’s Coca-Cola 600 race on Memorial Day weekend, Goodyear Tire & Rubber Co. has customized its Goodyear Eagle race tires to support U.S. armed forces.
Goodyear has replaced its Eagle logo on the race tires with “Support Our Troops”. All tires that will be used in the May 29 race will carry the Support Our Troops logo. The Coca-Cola 600 takes place at the Charlotte Motor Speedway in North Carolina.
Goodyear in 2014 surpassed a three-year goal of hiring 1,000 veterans. The company said it intends to hire another 1,000 veterans over three years.

To read more or comment...

Allegiant begins Orlando flight from Akron-Canton Airport

By Betty Lin-Fisher Published: May 19, 2016

 

Low-cost airline Allegiant Air began its twice-a-week Orlando nonstop today from Akron-Canton Airport.

The flights on Thursdays and Sundays will fly into Orlando's Sanford International Airport. Flights leave Akron at 7:01 p.m. and arrive at 9:21 p.m. Flights leaving Orlando depart at 4:01 p.m. and arrive at 6:21 p.m.

To celebrate the new flights, Allegiant is offering one-way fares on the new route for as low as $44.

To read more or comment...

FirstMerit declares dividend

By Betty Lin-Fisher Published: May 19, 2016

Akron-based FirstMerit  Corp. today said its board of directors had declared a dividend of 14.69 per share, or 37 cents per depository share, on the company's 5.875 percent non-cumulative perpetual preferred stock, Series A. It will be payable on August 4 to shareholders of record on July 20.

To read more or comment...

RPM International subsidiary completes China company purchase

By Jim Mackinnon Published: May 18, 2016

Medina-based RPM International Inc.’s Carboline Co. subsidiary now owns all of its Chinese joint venture, Carboline Dalian Paint Production Co., Ltd.
Carboline acquired the remaining 51 percent of the company, also known as Carboline Dalian.
Terms of the deal were not disclosed.
Carboline Dalian has annual sales of approximately $11 million. It makes corrosion control coatings and linings for oil and gas, power and petrochemical-related projects. Headquarters are in Dalian, China, with operations in Shanghai, Tianjin, Guangzhou and Hong Kong.
Carboline first bought 49 percent interest in the company in 2009.

To read more or comment...

Goodyear creates 'business transformation' senior leadership position

By Jim Mackinnon Published: May 18, 2016

Goodyear Tire & Rubber Co. has created a new senior leadership position and filled it by promoting from within.
Richard J. Noechel is the company’s new senior vice president, business transformation, and will report directly to Chief Executive Officer Richard Kramer. Noechel will lead the company’s efforts to drive efficiency throughout the business, Goodyear said.
Noechel has been the Akron tire maker’s vice president and controller since 2011; he first joined the company in 2004 and held a number of positions over the years, including chief financial officer of the company’s South Pacific subsidiary.
He previously worked for Kmart Corp., DaimlerChrysler Corp. and Price Waterhouse.
Evan Scocos, vice president and general auditor, will succeed Noechel as vice president and controller. Scocos joined Goodyear in 2004. He previously worked at Ernst & Young and Oglebay Norton Co.
Both appointments are effective June 1.
 

To read more or comment...

Akron area's Midway Plaza sells for more than $1 million; center is one of the oldest in the region

By Katie Byard Published: May 16, 2016

A New York real estate company has paid more than $1 million for one of the Akron area’s oldest strip centers, the struggling Midway Plaza.
Namdar Realty Group of Great Neck, New York, bought the plaza — totaling more than 150,000 square feet and hit with vacancies  — for $1.25 million.
Most of the property, built in 1955 at Tallmadge Avenue and Brittain Road, is in Tallmadge. The front part of the parking lot is in Akron. The property, including the parking lot, encompasses more than 18 acres.
Joel J. Gorjian , an executive with Namdar Realty, said in a news release issued Monday that the purchase was an all-cash deal. The seller was Commercial Properties Inc.
Check back with www.Ohio.com for more details.

To read more or comment...

Goodyear senior note redemption to save company $14 million annually

By Jim Mackinnon Published: May 13, 2016

Goodyear Tire & Rubber Co. expects to save about $14 million annually through its redemption of $900 million in senior notes that pay 6.5 percent interest.
To pay for the redemption, Goodyear is selling $900 million of senior notes that pay 5 percent interest and are due in 2026, and will also use cash and cash equivalents. The redemption of the senior notes, due in 2021, will be on June 13 this year, the company said.
The Akron tire maker said it continues to expect to pay between $350 million and $375 million in interest expense in 2016.

To read more or comment...

Goodyear's refinanced debt to pay 5 percent interest

By Jim Mackinnon Published: May 11, 2016

Goodyear Tire & Rubber Co.’s $900 million in new 10-year senior notes will pay investors 5 percent annual interest, the Akron tire maker announced Wednesday.
Goodyear will use the net proceeds of the offering, which was announced Tuesday, along with cash and cash equivalents, to redeem in full $900 million in senior notes due in 2021 that pay 6.5 percent.
The refinancing in part will reduce Goodyear’s debt interest payments and push out debt maturities.

To read more or comment...

New pop-up retail store/salon in downtown Akron

By Betty Lin-Fisher Published: May 11, 2016

Another new pop-up retail store has opened in downtown Akron.

Apotheclaire, an eco-responsible salon and store, has opened in the location of the former Beauty Lounge salon at 70 E. Mill St.

The salon, which its owner says offers a variety of natural, organic and chemical-reduced alternatives for all ages and genders, is the latest client of the Downtown Akron Partnership (DAP) pop-up retail program. The program aims to help business development and improve city vibrancy by filling vacant spaces with retail shops. DAP will provide rental assistance for the first six months as part of its support from the John S. and James L. Knight Foundation.

Designed with re-purposed furniture from apartments and a nearby church, Apotheclaire is also a retail shop that sells a variety of natural and organic beauty, skin, hair, personal and home care products.

To read more or comment...

Don't fall for scam saying Akron is offering HVAC rebates

By Betty Lin-Fisher Published: May 11, 2016

Summit County's Office of Consumer Affairs is alerting consumers about a fake email scam.

The email contains an offer supposedly from the City of Akron which says that homeowners can receive up to $1,500.00 in rebates from the city when they replace their old inefficient HVAC units with new energy efficient ones. According to the Akron Police Department, the City of Akron is not offering any type of rebate for the replacement of HVAC units.

Chris Verich, Deputy Director of the Office of Consumer Affairs says that “Consumers should first ignore this email, but if these or other SPAM emails persist they should mark them as junk or spam in their email service.”

To read more or comment...

New car, truck sales tumble in April in Northeast Ohio

By Jim Mackinnon Published: May 10, 2016

Sales of new cars and light trucks fell nearly 17 percent in April compared to a year ago in 21 counties in northern Ohio.
The Greater Cleveland Automobile Dealers’ Association on Tuesday reported that sales last month dropped to 19,749, down 16.8 percent from 23,729 a year ago.
Since Jan. 1, sales total 77,732 in the region, down 8 vehicles from 77,740 sales for the same period in 2015.
“Despite the precipitous sales drop in April, we are still essentially flat with last year,” Louis A. Vitantonio, association president, said in a statement. “Due to warmer weather and aggressive incentives from manufacturers, we had a much stronger first quarter than we initially anticipated. This is an instance of the market correcting itself. We still project the market will be flat or achieve only nominal growth when compared with last year.”
Summit County new vehicle sales fared slightly better than the overall region.
New car and light truck sales in the county totaled 2,048, down 406, or 16.5 percent, from 2,454 a year ago, according to the Northeast Ohio Automobile Dealers Association.
Across northern Ohio, car sales fell by 20 percent in April compared to a year ago. Light truck and SUV sales were down 10.1 percent last month compared to April 2015.
Ford was April’s best-selling brand in the region with 3,158 vehicles, followed by Chevrolet with 2,566 sales. Honda was third with 1,757 sales, and Toyota fourth with 1,612 vehicles sold.

To read more or comment...

Goodyear to sell $900 million in 10-year notes

By Jim Mackinnon Published: May 10, 2016

Goodyear Tire & Rubber Co. is selling $900 million of unsecured 10-year senior notes.
The Akron tire maker on Tuesday said it intends to use the net proceeds from the sale, along with cash and cash equivalents, to redeem in full $900 million aggregate principal amount of 6.5 percent senior notes due in 2021.

To read more or comment...

Timken Co. to pay 376th consecutive quarterly dividend

By Jim Mackinnon Published: May 10, 2016

The Timken Co. will pay a dividend of 26 cents per share on June 2 to shareholders of record as of May 20. That will be the Jackson Township bearing manufacturer’s 376th consecutive quarterly dividend since it joined the New York Stock Exchange in 1922.

To read more or comment...

FirstEnergy's Davis-Besse plant returns to service

By Betty Lin-Fisher Published: May 10, 2016

The Davis-Besse Nuclear Power Station in Oak Harbor has returned to service, after a shutdown for refueling and maintenance.

The nuclear power plant is owned by FirstEnergy Nuclear Operating Company, a subsidiary of Akron-based FirstEnergy Corp.

The plant returned to service at 11:07 p.m. on May 9, following a March 26 shutdown. The company said the 908-megawatt plant is currently operating at approximately 45 percent power and is expected to reach full power in the next week.

Here is more information from the company on the maintenance work:

To read more or comment...

Postal carriers to pick up food donations with mail Saturday

By Betty Lin-Fisher Published: May 9, 2016

Have some donations for a food drive? Let your mail carrier pick them up!

 

This Saturday, postal carriers will participate in a Stamp Out Food Hunger drive. Simply leave non-perishable donations in a bag by your mailbox and the carrier will do the rest.

Here's more details:

To read more or comment...

Kent's Davey Tree grows again through acquisition

By Katie Byard Published: May 9, 2016

The Davey Tree Expert Co. of Kent has acquired the assets of Jones Bros. Tree & Landscape, a residential tree care company based near Memphis, Tenn.
Terms of the acquisition were not disclosed.
Jones Bros. has been in business since 1938. Davey’s Memphis office opened in 1990, giving both companies a combined 100-plus years of experience serving the market, Davey noted in a news release.
Jones Bros.’ 30-plus employees will have the opportunity to become employee owners at Davey, one of the largest employee-owned companies in the United States. Davey is a tree, shrub and lawn care company.
Jim Stief, executive vice president, U.S. residential operations, said Davey is committed to future growth – organically and through acquisitions.
The acquisition of the Tennessee company follows a Davey Tree subsidiary’s purchase of Total Tree Care in Connecticut earlier this year.
Terms of the acquisition were not disclosed.
Total Tree Care, founded in 1957, serves residential clients in Connecticut. The six employees from Total Tree Care who are joining Davey will be based out of the Hamden, Conn., office of Davey subsidiary The Care of Trees.
Davey, one of the largest employee-owned ventures in the country, has acquired more than a dozen companies since 2013.

 

To read more or comment...

National Interstate to pay quarterly dividend

By Jim Mackinnon Published: May 9, 2016

Richfield insurer National Interstate Corp. will pay a quarterly dividend of 14 cents per share on May 31 to shareholders of record as of May 20.

To read more or comment...

Kasich names Asim Haque new PUCO Chair

By Betty Lin-Fisher Published: May 9, 2016

Ohio Gov. John Kasich has named a current Public Utilities Commission of Ohio member as its new chair.

Kasich has appopinted Asim Z. Haque the new chairman. Haque, a PUCO member since 2013 and the current vice‑chair, will succeed Andre Porter. Porter, an Alliance native, recently announced his decision to step down as chairman on May 20 to accept a position in the private sector.  

“Throughout his three years of service on the PUCO, Commissioner Haque has demonstrated an exceptional command of the issues and challenges facing Ohio’s energy markets.  No one is better prepared to apply that level of expertise and independent judgment to the role of chairman,” Gov. Kasich said.

“I am honored by the governor’s confidence in my ability to lead the commission, and I look forward to working with my fellow commissioners and the talented PUCO staff to foster energy policies that further strengthen Ohio’s job growth with affordable, reliable power,” Haque said.

To read more or comment...

Developer to build $405 million mixed-use complex at Nautica site in Cleveland

By Jim Mackinnon Published: May 9, 2016

Cleveland’s renewed Flats section soon may get a $405 million “live, work and play” neighboring development that includes residential units, hotel, office building and more in what is being named the Nautica Waterfront District.

Developer Jacobs Investment Inc. said it intends to redo much of what was the 22-acre Nautica Entertainment Complex that now contains the Greater Cleveland Aquarium and Windows on the River facility in the former FirstEnergy Powerhouse. The redevelopment will retain the aquarium and banquet/meeting facility.

The master plan calls for adding 664 residential units; a 150-room hotel; a 187,500 sq. ft. 15-story office building; an “iconic” water feature: 3,715 additional parking spaces: and other amenities to the site that sits along the west bank of the Cuyahoga River near Lake Erie.

Construction is expected to start in 2018 and take seven years go complete.

To read more or comment...

Retired Teamsters get reprieve as federal government rejects Central States pension cuts

By Jim Mackinnon Published: May 6, 2016

Retired Teamsters facing imminent massive cuts to their pensions won a significant battle Friday that preserves their monthly retirement checks but still leaves open the huge issue of how to keep their pension plan solvent in years ahead.

The struggling Central States Pension Fund, which sought to cut monthly pensions – some by as much as 69 percent – to hundreds of thousands of Teamsters starting July 1 to remain solvent, had its proposal denied.

“What a victory,” an emotional Mike Walden said after hearing the news. “Man, what a victory. ... I don’t know whether to drink or cry. Probably do both.”

Walden is the retired Teamster from Cuyahoga Falls whose Northeast Ohio Committee to Protect Pensions helped spearhead a national campaign to preserve pensions from being cut under a 2014 federal law.

To read more or comment...

Summit Food Policy Coalition gets its first director; wants to increase access to healthy food

By Katie Byard Published: May 6, 2016

Summit County Food Policy Coalition, a group aiming to increase access to healthy food, has its first paid staff member, Beth Knorr.
Knorr will continue to serve as director of markets for the nonprofit Countryside Conservancy, overseeing Countryside’s farmers markets in the area.
For the Summit County Food Policy Coalition, Knorr will serve as director, a part-time position.
The Akron Community Foundation will pay $150,000 of a period of three years to pay Knorr’s part-time salary, as well to implement various plans.
The coalition, which was founded about nine years ago, also seeks to support entrepreneurial efforts surrounding local foods.
Knorr is far from new to the coalition. She is the group’s longtime steering committee member and is a former board chair.
Katie Fry, the coalition’s current board chair, said coalition board members chose Knorr in part because of her history with the coalition,  as well as her ability to raise funds and awareness.
The new position is the outgrowth of nearly two years of research and meetings initiated by Akron Community Foundation. In 2014, the foundation  commissioned an assessment of the local food network to identify needs surrounding healthy food availability, and to set the foundation’s own funding priorities concerning food access.
The director position will transition from 20 hours per week to full time over the course of three years. Knorr’s office will continue to be at Countryside’s headquarters in Boston Township.

 

To read more or comment...

Dominion's SCO goes up by 10 cents, still low at $1.95/mcf

By Betty Lin-Fisher Published: May 5, 2016

 The monthly natural gas price for residential customers who are on the Standard Choice Offer (SCO) continues to be low.
    Effective May  13, Dominion East Ohio's SCO rate will be $1.95 per thousand cubic feet (mcf). It's slightly higher than April’s $1.85/mcf, but by 10 cents or 5 percent. It’s also 59 cents or 23 percent lower than the price a year ago of $2.54/mcf.

    Development of shale energy resources in Ohio and other states has 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 May would be $34.91, down $2.13, or 5.8 percent, from $37.04 a year ago.

   The SCO is a monthly rate determined by a state-approved formula.

    All Dominion East Ohio residential customers also pay two charges directly to Dominion, regardless of their supplier to pay for delivery and other utility costs. This month, one has gone up and one has gone down in price.

To read more or comment...

National Interstate Corp. reports higher revenue but lower income

By Jim Mackinnon Published: May 3, 2016

Richfield specialty insurer National Interstate Corp. reported lower net income on higher gross premiums written for its first quarter ending March 31.
National Interstate had net income of $6.8 million, or 34 cents per share, on revenue (gross premiums written) of $164.7 million. That compares to net income of $7.1 million, or 36 cents per share, . on gross premiums written of $154.4 million a year ago.
Shares were down 35 cents, or 1.2 percent, to $30.48 as of 2:13 p.m. Tuesday. Net income and revenue fell below analyst expectations.
National Interstate reported its first quarter finances after the stock market closed Monday. Corporate executives spoke with industry analysts in a conference call Tuesday.
The company said that its first quarter results reflected improved underwriting results and net investment income. That was partially offset by other-than-temporary impairments that resulted in losses from investments, the company said.
Gross premiums written for the first quarter increased 6.6 percent compared to the first quarter of 2015 in part from a 5 percent rate increase on renewal business. National Interstate said it experienced premium growth in all the components.
“Overall we had a solid 2016 first quarter. We continue to obtain the necessary rate increases contributing to stable and slightly improving underwriting results. In addition our top line continues to grow with quality and appropriately priced risks,” Tony Mercurio, president and chief operating officer, said in a statement. “We remain confident in our underwriting and other business disciplines and are cautiously optimistic regarding the direction of the business.”
National Interstate Corp.’s majority shareholder, Cincinnati-based American Financial Group, is proposing to buy the Richfield company for $30 a share, for a total of $293 million. National Interstate created a special committee to consider the March 7 buyout proposal.
Great American Insurance Co., a subsidiary of American Financial Group, owns about 51 percent of National Interstate stock.

To read more or comment...

Montrose Ford to show off $3 million in renovations

By Jim Mackinnon Published: May 3, 2016

Montrose Ford on Medina Road in the Copley Township section of Montrose will show off its $3 million renovation project this Wednesday, with the public opening on Saturday, May 7.
Wednesday’s 10 a.m. ceremony will include speakers from the Copley Township board of trustees; Mike Thompson, head of Montrose Auto Group; the University of Akron; Fairlawn Area Chamber of Commerce; and other elected officials.

To read more or comment...

FirstEnergy opponents ask PUCO for rehearing, reversal of controversial plan

By Betty Lin-Fisher Published: May 2, 2016

Several groups opposing state regulators' approval of a controversial FirstEnergy Corp. plan have filed by today's deadline to ask for a rehearing and reversal. More are expected by the 5 p.m. deadline.

The Public Utilities Commission of Ohio last month approved what was called a power purchase agreement, guaranteeing certain profits for the electric utility. Opponents called the plan a coal bailout.

Last week, federal regulators blocked the plans, saying they were not valid until the utility first applies for approval from the Federal Energy Regulatory Commission. 

The PUCO's late March decision was expected to spark legal challenges. 

To read more or comment...

Stow businesswoman named SBA Person of the Year for Northern Ohio

By Katie Byard Published: May 2, 2016

 

Sharlene Ramos-Chesnes, co owner and CEO of InterChez Logistics Systems Inc. in Stow, on Monday was named the Small Business Person of the Year for SBA's Northern Ohio District.

InterChez is a logistics management company that does everything from help businesses with translation and interpretation services to managing transportation needs.

Here is the news release from the SBA Northern Ohio District:

To read more or comment...

Alliance native, PUCO Chairman resigning

By Betty Lin-Fisher Published: May 2, 2016

Alliance native and Public Utilities Commission of Ohio Chairman Andre Porter is resigning.

Porter, who became chairman last April, said in a letter submitted to Gov. John Kasich that he and his wife had decided to "a new opportunity for our family back in the private sector."

His resignation will be effective on May 20.

Porter was a PUCO member from 2011 to 2013 and was also director of the Ohio Department of Commerce from 2013 to 2015.

To read more or comment...

Cleveland Clinic names new chief human resource officer

By Betty Lin-Fisher Published: May 2, 2016

Cleveland Clinic has announced a new executive appointment.

Linda McHugh will be the new chief human resource officer.

Here is the press release:

 

To read more or comment...

Macedonia maker of spray-tanning systems acquires Tenn. company

By Katie Byard Published: May 2, 2016

Sunless Inc., the Macedonia maker of automated spray-tanning systems, has acquired a company in Tennessee that makes similar equipment.
Both companies’ equipment is found in salons, though the Tennessee company. Norvell Skin Solutions, is a leader in systems in which a professional does the application.

The combined companies employ 150 people.

Terms of the acquisition, finalized late last month, were not disclosed 
“This is an investment in the accelerating consumer trend toward UV-free tanning options, and the perfect time to leverage the brands’ leadership position,” said Meranee Phing, a partner at The Riverside Co., the Cleveland private equity company that owns Sunless.
No immediate changes are planned as a result of the acquisition, wrote Norvell head Rick Norvell on the Norvell website. He said the Norvell business, founded in 1983, would continue to operate out of the Norvell plant in Alexandria, Tenn. Additionally, he wrote, the Norvell family would remain in their current posts.
Sunless was formed through the 2009 merger of Mystic Tan and VersaSpa and it does business with roughly 7,000 salons in the United States.
Sunless’ headquarters are at 8909 Freeway Drive in Macedonia.
Sunless offers self-tanning products under the VersaSpa and Mystic Tan brands and Norvell offers products under the Norvell and Dancing with the Stars brands.
 

To read more or comment...

FirstEnergy and CEO Chuck Jones to be honored by National MS Society

By Betty Lin-Fisher Published: May 2, 2016

Akron-based FirstEnergy Corp. and its Chief Executive Officer Chuck Jones will be honored by the local chapter of the National Multiple Sclerosis Society.

The electric utility and Jones will be honored at the 9th Annual Akron Dinner of Champions on May 25 with the Norman Cohn Hope Award. It is the National Multiple Sclerosis Society’s most prestigious award for outstanding commitment to philanthropy and exceptional volunteer leadership, the society said .  

“We are so pleased to be honoring FirstEnergy and Chuck Jones,” said Janet Kramer, president of the Ohio Buckeye Chapter of the National MS Society, in a press release. “We appreciate FirstEnergy’s philanthropic efforts and Chuck’s volunteer leadership, which has touched so many in the community.”

Jones has been an active leader in many community organizations, including United Way, The American Red Cross and Youth Opportunities Unlimited. He serves on the Board of Directors of the Institute of Nuclear Power Operations, Greater Cleveland Partnership and Team NEO. He is past chair of the Board for the Greater Akron Chamber of Commerce.

To read more or comment...

Myers Industries shares rise on better than expected first quarter adjusted results

By Jim Mackinnon Published: May 2, 2016

Akron plastics and rubber products manufacturer Myers Industries Inc. lost money in its first quarter, while adjusted earnings came in higher than expected, causing shares to rise.
Myers Industries lost $3.3 million, or 11 cents per share, on revenue of $151.2 million for the quarter ending March 31. That compares to a profit of $2.6 million, or 8 cents per share, on revenue of $156.4 million a year ago.
Adjusted net income was $6.2 million, or 21 cents per share, compared to $3.8 million, or 12 cents per share a year ago.
Both adjusted earnings and revenue beat analyst expectations.
Shares were up 55 cents, or 4.1 percent to $14.03 as of 1:06 p.m.
The company said it continues to expect that revenue will be flat to down low-single digits for fiscal 2016.
“First quarter sales were in line with our expectations,” Dave Banyard, president and chief executive officer, said in a statement. “Operational improvements and the impact of favorable input costs contributed to the strong improvement in gross profit margin and a 75 percent adjusted earnings per share increase during the quarter. For the remainder of fiscal year 2016, we will continue to focus on executing on commercial growth initiatives in each of our businesses and developing an enterprise strategy that positions us for growth.”
First quarter results included estimated non-cash impairment charges of $8.5 million related to goodwill and other long-lived assets in Brazil and severance and other charges of $2 million related to the departure of the company’s chief financial officer.

To read more or comment...

A. Schulman Inc. to consolidate accounting functions in new Akron center

By Jim Mackinnon Published: May 2, 2016

Fairlawn polymer company A. Schulman, Inc. will create what it calls an Accounting and Shared Service Center of Excellence in Akron.
The center will add 15 jobs to A. Schulman’s local operations and will be responsible for back office processes for all U.S. and Canada operations. The company said about 25 people nationwide will lose their jobs.
The center is expected to be fully running in the first half of fiscal 2018, the company said Monday.
“The decision to create this SSC is in line with actions we’ve already successfully implemented in Europe, and will greatly enhance our internal processes and productivity. Additionally, this project will contribute to our Smart Savings initiative in the region,” Joseph Levanduski, executive vice president and chief financial officer, said in a statement.
A. Schulman said it expects to save about $2.5 million over the next 18 months, with the new center subsequently saving the company about $2 million annually.

To read more or comment...

BUSINESS VIDEOS

Prev Next