Diebold elects directors
Diebold Inc. shareholders elected one new director and re-elected 11 others at the Green company’s annual shareholders meeting. Gary G. Greenfield, partner at Court Square Capital Partners in New York, is Diebold’s newest director.
Re-elected to the board are: Patrick W. Allender, retired, Danaher Corp. ; Roberto Artavia, Viva Trust; Bruce L. Byrnes, retired, Procter & Gamble; Phillip R. Cox, Cox Financial Corp.; Richard L. Crandall, Aspen Venture LLC; Gale S. Fitzgerald, retired, TranSpend Inc.; Andy W. Mattes, president and chief executive officer, Diebold; Robert S. Prather Jr., Heartland Media; Rajesh K. Soin, Soin International LLC; Henry D.G. Wallace, non-executive chairman, Diebold; Alan J. Weber, Weber Group LLC.
Shareholders also named KPMG LLC as its public accounting firm. Diebold declared a second-quarter dividend of 28.75 cents per share payable June 6 to shareholders of record May 16.
Continental raises forecast
Continental AG, Europe’s second-biggest maker of car parts including tires, raised its profit forecast for 2014 after first-quarter earnings jumped on higher sales of tires, braking systems and engine components.
Earnings before interest and taxes, excluding acquisition-related gains and costs, climbed nearly 20 percent to $1.32 billion, the Germany-based company said. Preliminary figures showed revenues rose 4.4 percent
To reduce dependence on the auto industry, Continental agreed in February to buy Veyance Technologies from the private equity firm Carlyle Group to strengthen its ContiTech plastics and rubber division. Fitch Ratings said at the time that the deal won’t affect the credit-reporting company’s view of Continental’s debt. The purchase of Fairlawn-based Veyance, a maker of hoses and conveyor belts, will increase the share of revenue that Continental generates outside the car industry to 32 percent from 28 percent. Veyance was formed by the sale of the unit that was formerly Goodyear’s engineered products division.
Monthly magazine cuts back
Ladies’ Home Journal, founded in 1883, will no longer publish as a monthly after a 130-year run, its owner, Meredith Corp., announced. The July issue will be the last to be sent to subscribers although Meredith intends to keep the magazine’s brand alive as a quarterly, newsstand-only publication and as a website.
UPS agrees to take charge
United Parcel Service Inc. will record a pretax cost of about $1.05 billion this quarter for changes to union workers’ health benefits under a five-year contract approved by the Teamsters.
Fracking fluids to be disclosed
A major supplier to the oil and gas industry says it will disclose 100 percent of the chemicals used in hydraulic fracturing fluid, with no exemptions for trade secrets. The move is by Baker Hughes of Houston. It’s unclear if others will follow.
The industry has said the chemicals used are disclosed at thousands of wells, but environmental groups and regulators say a loophole that hides chemical “trade secrets” has been a problem.
Compiled from staff and wire reports