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Diversity in the workplace is focus of Greater Akron chamber talk Aug. 12

By Katie Byard Published: July 29, 2016

Alfreda Brown, vice president for diversity, equity and inclusion at Kent State University, will speak on Diversity in the Workplace on Aug. 12 as part of the Morning Buzz monthly speaker breakfast series at the Hilton Garden Inn Akron, 1307 E. Market St., near the new Goodyear Tire & Rubber headquarters in East Akron.
The Morning Buzz is a Greater Akron Chamber initiative that aims to bring together small- and medium-sized businesses to share ideas for business growth, according to the chamber.
Breakfast will begin at 7:30 a.m and the program will run from 8 to 9 a.m. Cost is $20 for members, $40 for non-members and includes a breakfast buffet. For reservations, call the Greater Akron Chamber at 330-376-5550 or register on-line at www.greaterakronchamber.org. RSVP by noon August 9.

 

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V3 Transportation in new Seville headquarters

By Jim Mackinnon Published: July 29, 2016

Trucking and logistics company V3 Transportation hasa new, significantly larger headquarters in Seville.
V3, founded in 2013, has moved from a 3,500 square foot facility in Brunswick to a property that has more than 10,000 square feet of office space and 6,000 square feet of shop space. V3 said it spent more than $650,000 renovating its new site at 4920 Enterprise Parkway, formerly Panther Parkway.
V3 said it currently has 48 employees and is looking to add 38 more office staff over the next three years. It has a fleet of 153 trucks and expects to hit a total of 200 by year-end.

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FirstEnergy posts $1.1 billion loss related to coal unit closings

By Jim Mackinnon Published: July 28, 2016

FirstEnergy Corp. lost more than $1 billion in its second quarter related to upcoming coal power plant closings and said it also expects to finish the year with a loss.
The Akron utility reported a net loss of $1.1 billion, or $2.56 cents per share, on revenue of $3.4 billion. The company said the loss is largely “from asset impairment and plant exit costs in the company’s competitive business” related to the planned closing of coal-fired units at two Ohio power plants.
FirstEnergy last week announced it was going to take a more than $1.5 billion pre-tax charge in the second quarter as part of a decision to sell or close its Bay Shore coal plant near Toledo and shut down four coal units at its large W.H. Sammis plant along the Ohio River.
The company said it had a profit of 56 cents per share when adjusted for one-time factors.
A year ago, FirstEnergy posted a profit of $187 million, or 44 cents per share, on revenue of $3.5 billion.
Earnings per share beat analyst estimates. FirstEnergy reported results after the stock market closed Thursday.
“We continue to make steady progress on our strategic initiatives, while positioning FirstEnergy for stable, predictable, and customer-service oriented growth,” Charles E. Jones, FirstEnergy president and chief executive officer, said in a statement. “At the same time, we have made difficult but necessary decisions to address the continuing impact of challenging market conditions on our competitive business.”
FirstEnergy’s second quarter involved taking pre-tax asset impairment and plant exit costs of $1.5 billion associated with the upcoming deactivation of four coal-fired units at its Sammis power plant and the closure or sale of its Bay Shore Unit 1 plant. The closures will not take place until 2020. FirstEnergy said it is taking other one-time charges as well.
FirstEnergy expects to return to profitability in the third quarter and earn between 63 cents to 73 cents per share. Adjusted earnings will range between 65 cents to 75 cents per share.
For the full fiscal year, FirstEnergy said it expects to lose 75 cents to 55 cents per share, in large part because of its second quarter loss. Adjusted earnings are expected to show a profit of $2.40 to $2.60 per share.
For the first six months of fiscal 2016, FirstEnergy showed a loss of $761 million or $1.79 per share on revenues of $7.3 billion. Adjusted earnings showed a profit of $1.35 per share.
That compares to net income of $409 million, or 97 cents per share on revenue of $7.4 billion for the first six months of fiscal 2015. Adjusted earnings for the same period a year ago were $1.15 per share.

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Timken posts higher second quarter profit despite drop in revenue

By Jim Mackinnon Published: July 28, 2016

Timken Co. had higher net income on lower revenue for its second quarter.
The Jackson Township bearings manufacturer on Thursday reported net income of $44.9 million, or 57 cents per share, on revenue of $674 million. That compares to net income of $36.7 million, or 43 cents per share, on revenue of $728 million a year ago.
Earnings beat analyst estimates while revenue fell short.
Timken said it expects to earn $1.70 to $1.80 per share this year. Adjusted earnings per share will range from $1.90 to $2.
Sales fell largely because of weakness in all markets, along with unfavorable currency translation, the company said.
“We performed well in the quarter despite challenging market conditions, generating strong cash flow and delivering double-digit operating margins,” Richard G. Kyle, president and chief executive officer, said in a statement. “We also continued to advance our strategic priorities including the recent acquisition of Lovejoy. While we expect our target markets to weaken further in the second half, we are maintaining our full-year adjusted earnings guidance primarily on the strength of our operational excellence initiatives.”

Shares were up 64 cents, or 2 percent, to $33.05 as of 1:21 p.m.

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Diebold Inc. reports second quarter loss while reaffirming full-year outlook

By Jim Mackinnon Published: July 28, 2016

ATM maker and financial software firm Diebold Inc. reported a second quarter loss on lower revenue.
The Green company on Thursday said it lost $21.1 million, or 32 cents per share, on revenue of $580 million for the quarter ending June 30. That compares to a profit of $22.2 million, or 34 cents per share, on revenue of $644.5 million a year ago.
When taking into account one-time factors, Diebold said it earned 43 cents per share. The company said revenue and profit were hurt by foreign currency translation as well as lower sales in some areas.

Diebold's earnings beat analyst estimates. Revenue fell short.

Shares rose. As of 1:22 p.m., Diebold shares were up $1.91, or 7.3 percent, to $28.02

Diebold reaffirmed its financial outlook for the year as well. The company also remains on target to complete its purchase of Germany-based Wincor Nixdorf this summer.
“We had a solid second quarter, generating improved profit margins through a tight focus on controlling costs. In addition, we increased our [financial self-service] revenue by 5 percent in constant currency as we continue to transform into a services-led, software-enabled company,” Andy W. Mattes, Diebold president and chief executive officer, said in a statement.
“Also, we saw strong order acceleration during the quarter in North America and Latin America, driven by increased branch transformation and large account activity,” he said. “These orders have resulted in a strong product backlog, which provides a good springboard for the second half of 2016.”

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RPM International Inc. revenue, profit rise from year ago

By Jim Mackinnon Published: July 28, 2016

RPM International Inc.’s fourth quarter nd full-year profits and revenue were up from a year ago.
The Medina maker of coatings, adhesives and other products reported fourth quarter and fiscal 2016 full-year results this morning.
RPM earned $152.9 million, or $1.13 per share, on fourth quarter revenue of $1.43 billion. That compares to net income of $128 million, or 94 cents per share, on revenue of $1.37 billion a year ago. Net income and revenue beat analyst estimates.

“RPM turned in a solid performance for our fourth quarter, especially in light of the headwinds posed by the continuing strong U.S. dollar, slow growth in many international regions and a worldwide recession in the energy and heavy manufacturing segments of the economy,” Frank C. Sullivan, RPM chairman and chief executive officer, said in a statement.
For the full year ending May 31, RPM reported net income of $354.7 million, or $2.63 per share, on revenue of $4.81 billion. That compares to net income of $239.5 million, or $1.78 per share, on revenue of $4.59 billion for fiscal 2015.
Shares of RPM were up $2.91, or 5.7 percent, to $53.99 as of 11:44 a.m.

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FirstEnergy to report earnings after market closes; stock downgraded by Goldman Sachs

By Katie Byard Published: July 28, 2016

FirstEnergy Corp. [NYSE: FE] will release second quarter and first-half 2016 financial results and provide earnings guidance after markets close Thursday.
On Tuesday, stock of the Akron-based utility was downgraded by investment first Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating.
Goldman Sachs reduced its expectations for the stock price, lowering the price target to $31 from $36.
Goldman Sachs’ Michael Lapides said in a report that he expects FirstEnergy to issue additional shares to generate money.
Last week, FirstEnergy said it was seeking to sell or shut down its 136-megawatt Bay Shore plant six miles east of Toledo and also will close a significant portion of its W.H. Sammis plant, its largest coal-fired electric generator that sits along the Ohio River in Stratton.
The Sierra Club applauded the announcement and issued a statement, noting FirstEnergy said it is no longer economically viable to operate the facilities.
“The majority of these units have been front and center in an ongoing two-year fight before the Ohio Public Utilities Commission where FirstEnergy has been trying to secure subsidies from its customers that could be used to keep these aging and ailing coal units open,” the environmental group said.
Also last week, FirstEnergy’s board of directors declared an unchanged quarterly dividend of 36 cents per share of outstanding common stock.
The dividend will be payable Sept. 1 to shareholders of record at the close of business on Aug. 5.
 

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Goodyear reports increase in net income; tire unit volumes up

By Katie Byard Published: July 27, 2016

Goodyear Tire & Rubber Co. said Wednesday that second-quarter net income was $202 million, or 75 cents per share, up from $192 million, or 70 cents per share, in the year-ago quarter.
The Akron-headquartered tire maker said the improvement was primarily due to a decrease in income tax expense.
Adjusted net income was $314 million, or $1.16 per share, up from $229 million, or 84 cents per share, in 2015.
Revenue for the second quarter totaled $3.9 billion, down from $4.2 billion a year ago, the company said.
The decrease is largely attributable to the deconsolidation of the company’s subsidiary in Venezuela, the sale of the North American motorcycle tire business and unfavorable currency translation, the company said.
Goodyear said tire unit volumes totaled 41.5 million, up 2 percent from 2015, driven by growth in the Asia Pacific and Europe, Middle East and Africa regions. Replacement tire shipments were up 4 percent. Original equipment unit volume was down 4 percent.
“We delivered higher volumes and solid earnings in the quarter, achieving operating margins above 11 percent in all three business units,” Richard J. Kramer, chairman and chief executive officer, said in a prepared statement.
 “Industry fundamentals remain favorable across many of our key markets and demand for our premium, high-value-added tires is strong. Our focus remains on the disciplined execution of our strategy and delivering on our financial targets.”

 

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FirstMerit to sell 13 branches to Pa. banking company; here is list of branches

By Katie Byard Published: July 27, 2016

Huntington Bancshares Inc. and FirstMerit Corp. said Wednesday that in connection with their proposed merger, FirstMerit Bank will sell 13 branches within Stark and Ashtabula counties to First Commonwealth Bank, the banking subsidiary of First Commonwealth Financial Corp. of Indiana, Pa.

The banks together have $735 million in total deposits and $115 million in total loans as of May 31, FirstMerit and Huntington said in a prepared statement issued Wednesday morning.

First Commonwealth Financial Corp., a financial services company, has a corporate banking center in northeast Ohio and mortgage offices in Stow and Dublin, outside Columbus.

The company has $6.7 billion in total assets and 109 banking offices in 17 counties throughout western and central Pennsylvania and central Ohio.

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Summit County jobless rate rises in June

By Jim Mackinnon Published: July 26, 2016

Summit County’s unemployment rate rose a bit in June, tieing the level from a year ago.
The county had a 4.9 percent unemployment rate last month, up from 4.6 percent in May and the same as in June 2015.
Akron’s unemployment rate went up to 5.7 percent in June from 5.4 percent in May; the rate a year ago was also 5.7 percent.
The unemployment rate for Cuyahoga Falls rose to 4.6 percent in June, up from 4.3 percent in May and 4.3 percent a year ago.
Rates climbed in 78 of Ohio’s 88 counties. Rates dropped in nine counties. One county showed no change.
Rates were not adjusted to take into account seasonal factors. Ohio had a comparable rate of 4.9 percent in June, with the seasonally adjusted rate at 5 percent. The comparable U.S. unemployment rate was 5.1 percent in June, with the seasonally adjusted rate at 4.9 percent.
Rates elsewhere in Northeast Ohio for June, May and June 2015:
• Cuyahoga County: 5.6, 5.3, 5.7
• Cleveland: 7.2, 6.9, 7.1
• Medina County: 4.5, 4.1, 4.5
• Portage County: 4.8, 4.4, 4.9
• Stark County: 5.2, 5.1, 5.1
• Canton: 6.3, 6.2, 6.1
• Wayne County: 4, 3.6, 4
 

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FirstMerit second-quarter earnings beat analysts' expectations

By Katie Byard Published: July 26, 2016

Akron-based FirstMerit Corp. reported second-quarter profits of $58.3 million or 34 cents per share.
The bank also said its planned merger with Huntington Bancshares was on schedule, with merger-related costs of $2.5 million during the quarter.
A year ago for the same period, the bank reported profits of $56.6 million or 33 cents per share.
FirstMerit reported earning 36 cents per share when taking into account merger-related charges and nonmerger-related real estate write-downs. The write-downs primarily were due to branch consolidations of $6.6 million.
The adjusted per-share earnings of 36 cents beat analyst's expectations, according to the Associated Press. Zacks Investment Research said the average estimate of three analysts was for 34 cents per share, the AP said.
“FirstMerit’s results in the second quarter of 2016 reflect the hard work and dedication of our employees across the organization,” said Paul G. Greig, FirstMerit Corp.’s chairman, president and CEO, in a news release.
“We continue to focus on our up coming merger with Huntington and expect to close in the third quarter, as planned, creating one of the strongest regional banks in the country.”
Columbus-based Huntington is acquiring Akron-based FirstMerit in a $3.4 billion stock and cash deal revealed in January. The transaction is expected to be completed in the third quarter of this year.

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Gasoline prices continue to plunge; U.S. crude oil supply at 86-year high

By Jim Mackinnon Published: July 25, 2016

Gasoline nationally is the cheapest since April and the lowest on this date in 12 years, AAA reported Monday:

"National pump prices have fallen for 43 of the past 44 days, dropping 22 cents during this span.

"The national average price for regular unleaded gasoline sits at $2.21 per gallon, which is the lowest mark since April and the lowest price for this date since 2004.

"Today’s price is five cents less than one week ago, 15 cents less than one month ago, and 56 cents less than the same date last year.

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Insurer National Interstate agrees to buyout by majority shareholder

By Jim Mackinnon Published: July 25, 2016

Richfield specialty insurer National Interstate Corp. has agreed to be bought out by its majority shareholder, Cincinnati-based American Financial Group Inc., for $32 cash per share, plus the assumption of debt.

Here's the full press release:

National Interstate Corporation (Nasdaq:NATL) ("National Interstate" or the "Company") announced today that it has entered into a definitive agreement with Great American Insurance Company, a wholly-owned subsidiary of American Financial Group, Inc. ("Great American"), in which Great American will acquire the approximately 49% of the Company's issued and outstanding common shares that Great American does not presently own. The merger is an all-cash transaction that values the Company at approximately $660 million, including assumption of debt in connection with the merger.


National Interstate is the holding company for a specialty property-casualty insurance group which offers products and services designed to meet the unique needs of niche markets. Great American is a property and casualty insurance company, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets.

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FirstEnergy closing Bay Shore, Sammis coal-fired units

By Jim Mackinnon Published: July 22, 2016

FirstEnergy Corp. is seeking to sell or shut down its 136 megawatt Bay Shore plant six miles east of Toledo and also will close a significant portion of its W.H. Sammis plant, its largest coal-fired electric generator that sits along the Ohio River in Stratton.
The Akron utility announced the upcoming changes Friday.
FirstEnergy said it will sell or deactivate Bay Shore Unit 1 by Oct. 1, 2020. The plant, on 571 acres along Maumee Bay, primarily burns coal and also has a small, 16 megawatt oil-fired peaking unit.
It also will deactivate, by May 31, 2020, units 1 through 4 at Sammis that now generate 720 megawatts out of the facility’s capacity of 2,210 megawatts. The four units were built from 1959 through 1962, making them the plant’s oldest, and most recently are being used to meet peak demand, not baseload demand, the utility said.
Sammis takes up 187 acres and fronts along the Ohio River.
FirstEnergy said it will take impairment charges of $150 million for the Bay Shore closure or sale and impairment charges of $497 million for Sammis.
The company did not give specific reasons for the sale or closures other than saying in a letter to investors that “the business environment for the [Competitive Energy Services] segment continues to be challenged by the current market conditions.”
FirstEnergy spokeswoman Jennifer Young said the coal units the utility will close down are uneconomical and no longer needed. The units will continue to make electricity into 2020, she said.
“We continue to face challenging market conditions,” she said. That includes pricing pressures as well as lower demand for electricity, she said.
The units being closed down meet environmental standards, Young said.
FirstEnergy does not expect job losses related to the upcoming Sammis unit shutdowns other than through normal attrition, Young said. The plant now has 368 people.
The Bay Shore plant has 78 employees. If FirstEnergy does not find a buyer to keep the facility running past 2020, it expects some retirements while other employees will be able to work elsewhere at FirstEnergy, Young said.
The Sierra Club applauded the announcement and issued a statement, noting FirstEnergy said it is no longer economically viable to operate the facilities.
“The majority of these units have been front and center in an ongoing two-year fight before the Ohio Public Utilities Commission where FirstEnergy has been trying to secure subsidies from its customers that could be used to keep these aging and ailing coal units open,” the environmental group said.
“Today’s announcement brings the total megawatts of coal to retire or announced to retire in Ohio since 2010 to 10,093 [megawatts], more than any other state, and 9.5 percent of the coal to retire or announced to retire nationally,” the Sierra Club said. “Coupled with the 1.5 gigawatts of coal generation announced to retire as part of a Sierra Club and AEP settlement in December of 2015, coal plants announced this year to retire in Ohio emitted 10 million metric tons of carbon dioxide and 41 million pounds of sulfur dioxide a year based on 2009 emissions.
“This announcement is yet another major development in the two-year public and legal debate with FirstEnergy, and creates a pivotal opportunity for Ohio to join the national clean energy trend and create more manufacturing jobs in making clean energy component parts,” the Sierra Club said. “FirstEnergy has taken the first step by announcing these retirements, and can play a major role in the evolving energy market.”
Company executives said they will discuss the power plant issues during an earnings conference call scheduled for 10 a.m. July 29. FirstEnergy releases second quarter earnings after the market closes on July 28.
Nationally, cheaper and cleaner natural gas produced primarily by fracking is increasingly being used to produce electricity, mainly at the expense of coal, according to federal figures.
Shares of FirstEnergy were up 53 cents, or 1.5 percent, to $36.49 as of 3:32 p.m.
 

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Ohio Attorney General joins challenge against Aetna-Humana acquisition

By Betty Lin-Fisher Published: July 21, 2016

Ohio Attorney General Mike DeWine on Thursday announced that his office has joined the U.S. Department of Justice and eight other attorneys general in challenging Aetna’s proposed acquisition of Humana.

Here is the press release:

“Our goal is to protect Ohio’s families, hospitals, and healthcare providers,” Attorney General DeWine said. “We studied the proposed merger carefully to review the likely impact it would have on Ohio. Ultimately, after a thorough review, we determined that this challenge was necessary.” 

Aetna and Humana are two of the nation’s five largest health insurers. In the lawsuit challenging the proposed combination, the Department of Justice and attorneys general allege that the $37 billion merger would lead to higher health insurance prices, reduced benefits, less innovation, and worse service for over a million Americans.

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FirstMerit building in Akron named for late Clifford Isroff

By Betty Lin-Fisher Published: July 21, 2016

Akron-based FirstMerit Bank on Thursday named one of its downtown Akron buildings after the late Clifford Isroff, longtime member of the board of directors.

The bank dedicated its III Cascade Plaza building, which is not the white tower in the downtown Akron skyline, for Isroff.

Isroff, who died last July, was a FirstMerit board member for 34 years and in leadership in many Akron-area boards. He was also one-time president of Sterling Jewelers.

"We are pleased to name the building after Cliff and his three and a half decades of service to FirstMerit," said Paul Greig, FirstMerit CEO, chairman and president. "His strategic vision and guidance played a key role in FirstMerit's success over the years and positioned the company as an attractive partner in the merger with Huntington. The Clifford J. Isroff Building will be a reminder to the community of his dedication to Akron and Northeast Ohio."

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Diebold to pay dividend on Aug. 3

By Jim Mackinnon Published: July 20, 2016

Green ATM maker Diebold Inc. will pay a third quarter dividend of 28.75 cents per share on Aug. 3 to shareholders of record as of July 27.

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FirstEnergy board declares dividend

By Betty Lin-Fisher Published: July 19, 2016

The board of directors of Akron-based electric utility FirstEnergy Corp. today declared an unchanged quarterly dividend of 36 cents per share of outstanding common stock. 

The dividend will be payable Sept. 1 to shareholders of record at the close of business on Aug. 5.

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Akron-Canton Airport's Kristie Van Auken heading south to Raleigh

By Betty Lin-Fisher Published: July 15, 2016

Akron-Canton Airport's Kristie Van Auken is heading south to Raleigh, N.C. See the story here: http://www.ohio.com/business/akron-canton-airport-s-kristie-van-auken-heading-to-raleigh-n-c-1.697447

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Smucker increases dividend

By Betty Lin-Fisher Published: July 13, 2016

Orrville-based food company the J.M. Smucker Co. announced an increase to the quarterly dividend. Here is the press release:

 The J. M. Smucker Company (NYSE: SJM) today announced that the Board of Directors has approved an increase in the quarterly dividend from  $0.67 to $0.75  per common share, an increase of 12 percent.  The dividend will be paid on  Thursday, September 1, 2016 , to shareholders of record at the close of business on  Friday, August 12, 2016 .

"We are pleased with the Board's action to significantly increase the quarterly dividend rate, which represents our fifteenth consecutive year of dividend growth," commented  Mark Smucker , Chief Executive Officer.  "This action reflects the confidence we have in the ongoing growth potential of our businesses and brands, and the Company's continued focus on returning a significant portion of its free cash flow back to shareholders."

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Monthly Dominion gas price SCO increases, but price still lower than others

By Betty Lin-Fisher Published: July 13, 2016

The monthly natural gas price for residential customers who are on the Standard Choice Offer will go up tomorrow by 50 percent. However, prices are still lower than publically available fixed and variable prices.

Higher prices are attributed to warmer-than-normal summer weather and the associated increase in demand for natural gas-fired electrical generation to accommodate greater air conditioning needs, Dominion East Ohio officials said.

 

Effective July 14, Dominion East Ohio's SCO rate will be $2.87 per thousand cubic feet (mcf). That's 96 cents/Mcf or 50 percent higher than the June rate of $1.91/mcf. 

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Goodyear to pay dividend on Sept. 1

By Jim Mackinnon Published: July 13, 2016

Goodyear Tire & Rubber Co. will pay a quarterly dividend of 7 cents per share on Sept. 1 to shareholders of record as of Aug. 1.

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FirstMerit to divest 13 branches as part of Huntington merger

By Jim Mackinnon Published: July 13, 2016

The federal government approved the divestiture of 13 FirstMerit bank branches — 11 in Stark County and 2 in Ashtabula County — to meet antitrust concerns as part of Huntington Bancshares upcoming $3.4 billion purchase of Akron-based FirstMerit. The merger will make Huntington the largest bank in Ohio, based on deposits.

The U.S. Department of Justice released its decision on Wednesday. Columbus-based Huntington and FirstMerit had proposed the divestiture in March, but had not released the locations of the branches.

Here is the updated story:

http://www.ohio.com/business/firstmerit-gets-approval-to-sell-13-branches-in-greater-canton-ashtabula-county-as-part-of-proposed-merger-with-huntington-1.697015

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RPM International to pay dividend on July 29

By Jim Mackinnon Published: July 11, 2016

RPM International Inc. will pay a regular quarterly dividend of 27.5 cents per share on July 29 to stockholders of record as of July 18.
 

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Timken Co. diversifies with Lovejoy acquisition

By Jim Mackinnon Published: July 11, 2016

Bearings maker Timken Co. is diversifying into the industrial coupling business.
The Jackson Township manufacturer said it spent about $66 million to buy Illinois-based Lovejoy Inc., which makes industrial couplings and universal joints. Lovejoy employes about 300 people; sales for the 12 months ending March 31 were approximately $56 million.
“The acquisition of Lovejoy is a great strategic fit,” Richard G. Kyle, Timken president and chief executive officer, said in a statement. “While our two companies operate in many of the same markets and channels in North America, the acquisition provides exciting growth opportunities.”
Lovejoy is based in Downers Grove, Illinois, and has other locations in the U.S., Canada and Germany.
Besides jaw-style couplers, Lovejoy makes universal joints, hydraulics and vibration dampening products.
 
 

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RPM International buys 2 companies

By Jim Mackinnon Published: July 7, 2016

RPM International Inc. is on a bit of a buying streak.
The Medina coatings and adhesives company announced this week it bought two companies. Terms of the purchases were not disclosed.
Thursday, RPM said that it acquired Applied Polymerics, Inc. & Marketing Associates, Inc., a North Carolina-based specialist civil engineering and construction organization focusing on bridges, roads and major structures. Applied Polymerics will be part of its Universal Sealants Limited business within the RPM Performance Coatings Group.
API has annual sales of approximately $14 million.
Earlier in the week, RPM International announced that its Tremco Group acquired the assets of Duram Industries Pty Limited. The Australia-based company makes commercial waterproofing products and has annual sales of approximately $6 million.

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