Hartville Pet Insurance Group’s dogged pursuit of new venues and markets is paying off. The Akron company will begin selling its products through retail giant Target’s web site.
Hartville in late August will offer pet health insurance plans underwritten by United States Fire Insurance Company to visitors on Target.com.
Visitors interested in purchasing pet insurance will be redirected to a new “Hartville Pet Insurance Presented By Target” website. A variety of plan, coverage and pricing options, including options for wellness, behavioral and alternative therapies, will be offered.
The insurance company moved in July from Canton to larger quarters in the Lockheed Martin campus near Akron Fulton International Airport and the Akron Airdock.
Weak energy and industrial markets caused TimkenSteel to post a second quarter loss and significantly lower revenue compared to a year ago, the Canton-based speciality steel maker said Thursday.
TimkenSteel lost $24.3 million, or 54 cents per share, on revenue of $278.2 million for the second quarter ending June 30. That compares to a profit of $28.6 million, or 62 cents per share, on revenue of $442.2 million a year ago.
“Our second-quarter operating results reflect the impact of continued weakness in energy and some industrial end markets, which has our plants operating at below 50 percent melt utilization,” Ward J. “Tim” Timken, Jr., chairman, chief executive officer and president, said in a prepared statement. “We preserved shareholder value in this difficult market and generated positive cash flow by carefully managing working capital and taking action to reduce costs.
The company said it expects to maintain its dividend and will repurchase shares, while reducing capital spending this year to $75 million to $85 million from previous guidance of $80 million to $90 million.
TimkenSteel executives will discuss second quarter results in a conference call 9 a.m. this Friday. The public can listen in via live webcast at investors.timkensteel.com or by calling 877-201-0168
Timken Co.’s second quarter net income and revenue fell from a year ago and the Jackson Township company lowered its outlook for the year.
The bearings maker on Thursday reported net income of $36.7 million, or 43 cents per share, on revenue of $728 million for the quarter ending June 30. The company a year ago had net income of $62.7 million, or 68 cents per share, on revenue of $789.2 million.
Net income met analyst expectations while revenue fell short.
“The quarter came in near our expectations with demand up slightly compared with the first quarter,” Richard Kyle, president and chief executive officer, said in a statement. ““During the quarter, demand remained weak in many of our markets. As a result, we are reducing our outlook for the balance of the year, now expecting our top line to be slightly off from the first half.”
Shares were up 14 cents, or 0.4 percent, to $33.19 as of 2:29 p.m.
Earnings and revenue were hurt in large part by a stronger dollar as well as weak demand for products, the company said.
Full year revenue is now expected to be down 7 to 8 percent from a year ago, including 5 percent from foreign currency translation. The company expects to earn 30 to 40 cents per share; adjusted earnings that exclude one-time charges are expected to be $2.10 to $2.20 per share.
George S. Mayes Jr., Diebold Inc’s chief operating officer since eaerly 2013, has left the company after his position was eliminated as part of a restructuring of senior leadership.
The Green maker of ATMs and security systems made the announcement Thursday in addition to reporting its 2015 second quarter financial results. Diebold reported net income of $22.2 million, or 34 cents per share, on revenue of $733.4 million. Net income and revenue were down from a year ago but beat analyst estimates.
Mayes, 56, joined Diebold in January 2005 as vice president, global manufacturing and was promoted to COO in January 2013. The COO position is often an interim step to becoming a chief executive officer.
“George played a key role during the leadership transition in 2013 and helped me establish a strong foundation for the future of our company,” Andy W. Mattes, Diebold president and chief executive officer, said in a statement. “We wish him all the best in the next step in his career.”
The company did not say what Mayes will be doing next.
Mattes, a former Hewlett-Packard Co. and Siemens executive, was hired as Diebold’s CEO in June 2013 following the ouster in January of Thomas Swidarski in large part because of poor company financial performance. Mattes was hired to improve the company’s finances and to speed up Diebold’s transformation from primarily making hardware to a software focused business. Mattes calls the ongoing transformation “Diebold 2.0”.
Diebold said it is implementing what it calls “a more distributed leadership model at the senior level” that allows decisions to be made closer to the customer.
“It’s important that we continue to simplify our decision-making processes as we progress through our Diebold 2.0 transformation,” Mattes said. “We’ve developed a strong bench of accomplished leaders with relevant experience that gives me confidence we have the right composition to succeed in becoming a more services-led, software-enabled company.”
Goodyear Tire & Rubber Co. reported strong second quarter results that, while lower overall than a year ago, set records in some important categories. Shares rose strongly in early trading.
The Akron tire maker had net income of $192 million, or 70 cents per share, on revenue of $4.2 billion. That compares to net income of $213 million, or 77 cents per share, on revenue of $4.7 billion a year ago.
The company said foreign currency translation lowered revenue by $401 million.
Adjusted net income was $229 million, or 84 cents per share.
Results beat analyst expectations. Shares were up $1.45, or 4.9 percent, to $30.97 as of 10 a.m.
For the first half of the year, Goodyear had net income of $415 million, up from $155 million for the same six month period in 2014. Sales were $8.2 billion, down 10 percent from $9.1 billion for the same period in 2014. Foreign currency translation lowered revenue this year by $794 million.
For the second quarter, Goodyear’s North American tire unit had earnings of $321 million, a record amount that was up 54 percent from a year ago.
Overall segment operating income was a record $556 million, up 21 percent from a year ago.
Goodyear also reaffirmed its financial targets for 2015.
“We delivered outstanding segment operating income growth and achieved a segment operating margin of more than 13 percent, despite significant foreign currency and global economic headwinds,” Richard J. Kramer, chairman and chief executive officer, said in a statement. “North America continued to lead the way with a 54 percent increase in segment operating income and a 16 percent segment operating margin driven by strong demand for our products. Additionally, three of our four businesses posted segment operating margins in excess of 10 percent.”
Goodyear sold 40.8 million tires, up 1 percent from the second quarter of 2014. Tire unit volumes totaled 81.6 million for the first half of 2015, up 1 percent for the same period in 2014.
Acme Fresh Market has donated $20,455 to the local Boys & Girls Clubs, a result of a first-of-its-kind fundraiser for the local grocer.
In May, Acme officials said the company would donate 1 percent of all Food Club products sold at all Acmes between June 4 and July 4 to the local Boys & Girls Clubs. The goal was to raise $20,000 for the clubs and would be 1 percent of sales for the grocer’s private label brand of products.
Funds raised from Acme’s two Stark County stores were donated to the Boys & Girls Clubs of Massillon, and the amount from all other stores were donated to the Boys & Girls Club of the Western Reserve, company officials said.
“Locally owned Acme Fresh Market has been giving back to our community for over 120 years, and we are so proud to be able to build on that tradition with this donation to local Boys & Girls Clubs,” said Acme President Jim Trout.To read more or comment...
FirstMerit Corp.'s profits fell 4.9 percent for the second quarter, the Akron-based bank reported this morning.
The bank's net income for the second quarter was $56.6 million or 33 cents per share, compared to $59.5 million or 35 cents per share for the same time period a year ago.
In a press release, Paul Greig, chairman, president and chief executive officer said “our financial performance this quarter reflected continuing execution of our productivity and profitability initiatives. During the quarter we produced solid loan growth and achieved operating expense levels within our longer term cost reduction goals. Our strong capital levels supported solid balance sheet expansion which was augmented by solid credit quality ”
The bank said it was its 65th consecutive quarter of profitability.To read more or comment...
RPM International Inc. on Monday reported record earnings and revenue for its fourth quarter, while full-year net income fell from fiscal 2014.
The Medina holding company, whose subsidiaries specialize in coatings and adhesives, earned nearly $128 million, or 94 cents per share, on revenue of $1.37 billion for its fourth quarter ending May 31. A year ago, RPM had revenue of $108.8 million, or 80 cents per share, on revenue of $1.28 billion.
For the full 2015 fiscal year, RPM International had net income of $239.5 million, or $1.78 a share, on revenue of $4.6 billion. Adjusted net income was $323 million, or $2.38 a share, the company said. RPM finished fiscal 2014 with net income of $291.7 million, or $2.18 a share, on revenue of $4.4 billion.
Quarterly earnings and revenue beat analyst expectations.
Akron-based specialty retailer Signet Jewelers Ltd. is joining what is considered by many the prize jewel in the world of S&P indices.
Signet next week will become part of the iconic S&P 500 index, made up of the nation’s largest companies, replacing DirecTV, S&P Dow Jones Indices announced Friday. AT&T bought DirecTV on Friday.
Signet had been part of the S&P MidCap 400 index. The company in West Akron operates Kay Jewelers, Jared the Galleria of Jewelry and other chain stores.
The change takes place after the close of trading on Tuesday. Companies are placed into the S&P 500 index based on the value of a share of stock times the number of outstanding shares, also called market cap.To read more or comment...
RPM International Inc. in Medina has promoted three executives.
Kenneth Armstrong of Geauga County was named vice president of environmental, health and safety; Tracy Crandall of Medina was named vice president, associate general counsel and assistant secretary; and Melissa Schoger of Medina was named vice president of planning and financial analysis.
RPM is a holding company whose subsidiaries make coatings, adhesives and related products for consumer and industrial markets. Brands include Rust-Oleum, Zinsser, DAP, Stonhard, Tremco and Day-Glo.
TruTech Tools, Ltd. in the Akron area has acquired e-commerce HVAC wholesaler FieryChill, Inc. and also added a sales counter to its headquarters.
FieryChill, formerly based in Bedford Heights, was owned and operated by Daniel D. Hunter and Bill Spohn.
Terms were not disclosed. FieryChill will continue to operate as a separate brand and website owned and operated by TruTech Tools. TruTech Tools serves the HVAC, energy audit and related markets.
The new sales and pick up counter will allow face-to-face interaction between the technical sales team and customers.
The company will have a sales counter “grand opening” from 8:30 a.m. to 3:30 p.m. on July 29 at 515 E. Turkeyfoot Lake Rd., Suite H, New Franklin.
The Akron RubberDucks minor league baseball team revealed Wednesday that it has been donating food, leftover after games, to the Haven of Rest Ministries in downtown Akron.
The RubberDucks said Thursday the team has donated nearly 500 pounds of food so far this season to the Haven of Rest, a Christian mission that offers food and shelter to the homeless.
After, each home game, RubberDucks staff members quickly package up the leftover food, making sure the food temperature remains at a safe level, the team said.To read more or comment...
Low and moderate-income residents of Summit County can get a break on their electric bills through the Ohio Fuel Fund Grant Program.
The Summit County Department of Community and Economic Development will host a “fuel fund assistance day,” for all income-qualified FirstEnergy/Ohio Edison customers, at 8 a.m. Aug 5 at the Job Center, now known as Ohio Means Jobs Summit County, at 1040 E. Tallmadge Ave. in Akron.
The maximum in bill credits allowed per family in most cases is $300. However, $500 will be provided in cases of extreme hardship. To qualify, customers must have an active account and a pattern of ‘’good faith’’ payments, and have applied for the Home Energy Assistance Program or PIPP.
The county will provide help to the first 200 people who show up Aug. 5. (There will be other events if people arrive too late or cannot be there, and they can call 330-643-2068 for more details.)
Several years ago. FirstEnergy set aside money to fund the program following two state agreements over rate-related cases.
Applicants must be in households at or below 200 percent of the poverty line and have: a driver’s license or photo ID; social security card; most recent delinquent electric bill or termination notice; proof of gross monthly income over the last 30 days; proof of a “good faith” payment within the past 90 days of the date in which the customer applies for assistance.
On Aug. 5, applicants will be given a number upon arrival. Applicants arriving after 12 p.m. or after 200 numbers have been distributed can get additional information at the county’s fuel fund information line at 330-643-2068.
The person applying for assistance must be the name of the person on the utility bill.
For more information, call 330-643-2068.
Manufacturer TimkenSteel Material Services LLC told Texas state officials it will lay of 39 workers at a Houston plant that specializes in energy market products.
The parent company in Canton, which makes high quality steel bars and pipes, cited a “significant downturn in business” as the reason for the layoffs, according to the Houston Chronicle.
Manufacturers and oil patch suppliers have suffered alongside drillers as lower crude oil prices have led producers to idle rigs and trim orders for the manufactured goods that support drilling, the newspaper said.
TimkenSteel indicated in a filing with the state that the Houston layoffs would be effective on Sept. 19 and would be permanent. The company has a 100,000-square-foot plant in Houston that it says does precision machining and hole finishing for steel metals, bars or tubes.
Hudson-based specialty retailer Jo-Ann Fabric and Craft Stores is now selling more than 200 inspirational prints and decor items from American artist Susan Winget at its 850 stores and also online.
Winget, who lives in North Carolina, make artwork that commemorates family, faith and tradition, the company said in a statement.
Her work appeals to the American female consumer and reflects deep traditions of family, friendship and faith, the company said.
Summit County’s unemployment rate ticked up in June, part of a statewide trend.
The June jobless rate in Summit County rose to 5 percent last month, up from 4.7 percent in May and down from 5.8 percent a year ago, the Ohio Department of Job and Family Services reported Tuesday.
Unemployment rates rose in the county’s two largest cities as well.
Akron’s rate rose to 5.7 percent in June, up from 5.5 percent in May and down from 6.7 percent a year ago.
Cuyahoga Falls had a jobless rate of 4.4 percent last month, up from 4.2 percent in May and down from 5.2 percent in June 2014.
Summit County still has not regained jobs lost since the Great Recession – and the number of people counted as employed also remains significantly below levels from June 2000.
Rates last month rose in 78 of Ohio's 88 counties.To read more or comment...
To celebrate its 60th anniversary, Green-based ComDoc will be giving away 60 copiers and printers to local non-profit organizations in its service areas.
The "Sixty for 60" contest is seeking creative videos to be entered into the contest. Copiers and printers will be awarded in the community regions where ComDoc does business, which includes Akron, Cleveland, Columbus and much of Ohio, Buffalo, Erie and West Virginia.
The company is encouraging contestants to sing a song about their nonprofit and their need for a new copier or show some dance moves or other creative ideas.
The contest began in June and entries are due by Aug. 8. Online voting will take place in October after ComDoc chooses the top 10 in each market with winners announced on Oct. 15.To read more or comment...
Polymer company A. Schulman, Inc. received a 2015 Bosch Global Supplier Award from Robert Bosch GmbH, a German engineering and electronics company.
Fairlawn-based Schulman supplies plastic resin to Bosch. The award recognized Schulman’s contributions the past two years to Bosch as a supplier of raw materials and components. This is the 11th time A. Schulman has won this award from Bosch.
Bosch recognized 58 suppliers from 11 countries in five categories.
Innis Maggiore Group in Canton won two Telly awards for brand-positioning TV commercials.
The advertising agency won awards in the local TV and local cable category for “Healthier Together” that showed health care services at Aultman Hospital, and for “Fragile Waters” that promoted an Ansel Adams photography at the Massillon Museum.
Richfield-based specialty insurer National Interstate Corp. is celebrating its five-year anniversary this month of its acquisition of Vanliner Insurance Co.
Vanliner’s headquarters is in Fenton, Missouri, which is a St. Louis suburb.
“Vanliner has been an extremely successful acquisition for us,” Tony Mercurio, National Interstate executive vice president and chief operating officer, said in a statement.
Vanliner provides insurance products for the moving and storage industry.
Ohio’s unemployment rate held steady at 5.2 percent in June, unchanged from the previous two months, even though the state lost 1,900 jobs from May.
Ohio had 296,000 unemployed workers in June, down 6,000 from 302,000 unemployed workers in May, according to figures released Friday from the Ohio Department of Job and Family Services.
The number of people counted as employed also fell last month. There were 5,396,700 working last month, down 1,900 from 5,398,600 in May.
Ohio’s June unemployment rate was down from 5.6 percent a year ago.
Some called the state’s June figures disappointing.
The full story will appear in the Akron Beacon Journal and online at www.Ohio.comTo read more or comment...
"We are pleased with the Board's action to increase the quarterly dividend rate, which reflects the confidence we have in our business and its ability to generate strong cash flow,"
Goodyear Tire & Rubber Co. will report second quarter 2015 financial results on July 29 before the stock market opens.
A 9 a.m. investor conference will be conducted by Richard J. Kramer, chairman and chief executive officer, and Laura K. Thompson, executive vice president and chief financial officer.
At about 8:15 a.m., Goodyear will post financial and other related information on its investor relations web site: http://investor.goodyear.com.
Investors, media members and others can access the conference call via Goodyear’s investor relations web site or by telephone at either 800-895-1085 or 785-424-1055 before 8:55 a.m. The conference ID is “Goodyear.”
Suffice to say, come Aug. 15, the people racing around Goodyear’s test track will never match the lap times of the ones who spent Tuesday morning on the asphalt there.
The main — and admittedly unfair — difference is, Tuesday’s track day involved two 500-plus horsepower Chevrolet engines roaring at full throttle while August’s event will involve people running on their own power.
The Akron Marathon and Goodyear Tire & Rubber Co. teamed up to promote next month’s Goodyear Half Marathon and 10K race with tire-screeching rides around the track in a Z06 Corvette and a Z28 Camaro.
Both Goodyear test vehicles are bright red, high performance and wickedly fast. And both were shod with Goodyear’s Eagle F1 Supercar G:2 high performance tires.To read more or comment...
J. M. Smucker Co. says that Blue Holdings I L.P. will sell 4,921,934 shares of Smucker common stock in a secondary offering. The sale is related to the Orrville company’s $5.8 billion acquisition earlier this year of pet food maker Big Heart Pet Brands.
The shares being sold represent all of the ownership interests attributable to affiliates of Centerview Capital Management LLC and AlpInvest Partners US Holdings, LLC, which had been private equity owners Big Heart Pet Brands, the company said in a press release.
Morgan Stanley is the underwriter.
Smucker will not receive any proceeds from the sale, according to a shelf registration statement with the Securities and Exchange Commission.
Shares of Smucker were up 4 cents to $108.35 at 11:33 a.m. At that price, the value of the stock sale is about $531 million.
The Akron-Canton Airport is getting more than $6 million in federal airport improvement money for its $110-million, 10-year project launched in 2008.
The $6.508 million award, announced this week, is from the Federal Aviation Administration.
The money will go toward projects that are either in planning stages or underway at the airport in Green, including a 6,900-square-foot terminal building expansion, to give customers more room in the ticketing area and more natural light; a new storage building for sand and de-icing chemicals used on runways and taxiways in snowy and icy conditions; improvements to Taxiway B; and expansion of the terminal access road to reduce congestion at the airport.
Sales of trucks and SUVs helped push new vehicle sales higher in June compared to a year ago in Northeast Ohio, the Greater Cleveland Automobile Dealers’ Association reported Thursday.
Sales in a 21-county region totaled 23,467, up 2.9 percent from 22,808 in June 2014. Truck and SUV sales were up 22 percent from a year ago, with lower fuel prices helping sales, the association reported.
Ford was the top-selling brand with 3,781 sales, followed by Chevrolet with 3,643 and Honda at 2,169.
Summit County new vehicle sales outperformed the region with a 4 percent sales gain – 2,407 vehicles sold last month compared to 2,314 a year ago, according to the Northeast Ohio Automobile Dealers Association.
Summit County used vehicle sales were up strongly. Sales in June were 3,297, up 13.3 percent from 2,909 a year ago.
Shares plunged after Fairlawn polymer company A. Schulman Inc. reported it lost $9.9 million, or 34 cents per share, on revenue of $560.9 million for its third quarter ending May 31. The company also lowered its earnings outlook for the full year.
Shares were down $4.81, or 11.4 percent, to $37.35 as of 11:47 a.m. The company said it had adjusted net earnings of 72 cents per share but analysts expected higher adjusted earnings and also higher revenue from the company.
A year ago, Schulman had a profit of $19.1 million, or 65 cents per share, on revenue of $645.7 million.
Schulman said it now expects to earn $2.37 to $2.42 per share for the year, down from previous guidance of $2.50 to $2.55 per share. The lowered guidance is related to Schulman’s $800 million June 1 acquisition of Citadel Plastics Holdings and convertible special stock dividend results, the company said.
The company reported earnings after the market closed Monday.
Summit County Juvenile Court Judge Linda Tucci Teodosio and attorney Paul B. Hervey of Canton have been elected to serve on the Board of Governors of the Ohio State Bar Association.
Teodosio will serve as the representative of the board's District 11, which covers 1,347 attorneys who reside or practice in Portage and Summit counties.
She was elected to her new post by area lawyers at an OSBA district meeting. She succeeds retiring District 11 representative Ronald S. Kopp, an Akron attorney with Roetzel & Andress, who is OSBA president-elect.
Teodosio also will serve on the board's Government Affairs Committee.To read more or comment...
American Airlines will begin new, nonstop service from Akron-Canton Airport to New York’s LaGuardia Airport (LGA) on Nov. 5.
The daily service will be operated by PSA Airlines, with a 50-seat, Bombardier CRJ-200.
Departure time from Akron-Canton is 8:30 a.m. daily.
Flights leave LaGuardia at 5:30 p.m. daily.To read more or comment...
Congressman Tim Ryan's office this afternoon announced $486,000 in federal funds to be awarded to Summa Health Systems for nurse education and retention. This grant will help Summa meet its future staffing needs, he said. It is estimated that by 2022, the United States will need more than one million new nurses.
“Right now the United States needs more nurses and this grant will help Summa train quality nurses and keep them working,” said Ryan in a press release. “I congratulate the leadership of Summa Health System for taking the steps necessary to secure this funding.”
This award is funded through the Health Resources and Services Administration (HRSA), an agency of the U.S. Department of Health and Human Services. It is the primary Federal agency for improving access to health care by strengthening the health care workforce, building healthy communities and achieving health equity. HRSA’s programs provide health care to people who are geographically isolated, economically or medically vulnerable.To read more or comment...
Babcock & Wilcox Enterprises Inc. has completed its spinoff, with its stock now trading on the New York Stock Exchange.
Shares were up 52 cents, or 2.8 percent, to $19.18 as of 12:23 p.m.
Babcock & Wilcox, which has major operations in Barberton, was formerly the power generation segment of Babcock & Wilcox Co. B&W will continue to be headquartered in Charlotte, N.C.
The company has three major divisions:
• Global Services, which focuses on service projects, field engineering, replacement parts and construction for energy and industrial customers. Mark Low, senior vice president, leads the division.
• Global Power Division, which focuses include the engineering, manufacture, procurement, commissioning and construction of renewable and fossil fuel power plants and environmental systems and other related equipment, and also B&W’s joint venture operations. The division is headed by Paul Scavuzzo, senior vice president.
• Industrial Environmental Division, which is made up of subsidiary B&W MEGTEC that provides environmental technologies and services for industrial customers. Senior Vice President Ken Zak leads the division.
B&W’s largest center of operations is in Barberton, where it has about 1,700 employees. Globally, the company has 6,000 employees and another 2,500 “joint venture” employees.
“This is an exciting day for Babcock & Wilcox, its employees and its shareholders,” E. James Ferland, chairman and chief executive officer, said in a statement. “With diverse lines of business in energy, environmental and industrial technologies, I believe our future as an independent company is exceptionally bright.”
The remaining part of the former parent company has a new name, BWX Technologies, and retains government and nuclear power operations. The headquarters is in Lynchburg, Va.