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Daily backgrounder - July 4

800 Deere workers to leave voluntarily

Deere & Co. says about 800 salaried workers will leave the farm machinery maker under a voluntary program announced in April.

The company expects to save $75 million in the first year, after pretax expenses of about $100 million recorded mostly in the fourth quarter. Previously, the company expected $50 million in savings.

Ford to increase production 25,000

Ford said it plans to increase production by 15,000 cars and 10,000 trucks during the quarter running July through September. The company now plans to produce 485,000 vehicles in the third quarter, or 16 percent more than it produced last year during the same period.

Ohio authority OKs Home Depot funds

Home Depot got approval for state financial assistance toward a $39 million project it is considering for a warehouse outside Findlay that would create 300 jobs.

The Ohio Tax Credit Authority approved a five-year, 45 percent tax credit for Home Depot USA in hopes of luring the home-improvement retailer into building a regional distribution center in Allen Township.

Hyundai guarantees gas price of $1.49

Hyundai is offering to guarantee gas at $1.49 a gallon for customers who buy its vehicles during the next two months, as it looks to assure shoppers uncertain about the direction of fuel prices.

The Korean automaker says it will guarantee the price for one year for consumers who buy most Hyundai vehicles until Aug. 31.

Vibe magazine to stop publication

Vibe, the popular hip-hop and urban culture magazine founded by producer Quincy Jones, is shutting down.

Vibe Media Group Chief Financial Officer Angela Zucconi confirmed the closing and said most of the company's 50 or so employees will be laid off.

The closing comes amid a historic decline in ad revenue across all media that has left many categories of magazines struggling. Among recent casualties have been Portfolio, Conde Nast's high-end business monthly, style and home decorating magazine Domino, and Blender, another music magazine.

Founded in 1993, Vibe had a paid circulation of roughly 800,000 during the last six months of 2008. The magazine was acquired by the Wicks Group, a New York private equity firm, in 2006.

Sears to protect buyers of appliances

Sears said it plans to offer a buyer-protection program for its home appliances to help customers who lose their jobs during the recession.

The free program, which runs through Aug. 1, covers appliance purchases of more than $399 made on a Sears card by cardholders who lose their jobs. Cardholders must have held a full-time job for at least 60 days when the appliance was purchased.

Volkswagen, Ford top U.S. survey

Volkswagen took the most awards in an annual U.S. automobile quality survey by a California research company, but Ford's Focus also proved to be a favorite, rising to the top of the survey's small-car category.

AirTran workers courted by union

The International Association of Machinists union is seeking to organize reservations agents and airport and ramp workers at AirTran Airways.

The union filed for a representation election among the nearly 3,000 workers at AirTran, which has its largest hub in Atlanta.

OfficeMax becomes FedEx shipping spot

FedEx Corp. has agreed to let customers ship items at more than 900 OfficeMax Inc. locations in the United States, extending the package-delivery company's reach as domestic volume plummets because of the recession.

800 Deere workers to leave voluntarily

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