LOCAL BUSINESS
Businesses set dividends
Parker Hannifin Corp. (NYSE: PH), maker of power systems with operations in Akron, Ravenna and Wadsworth, said it increased its dividend from 41 to 43 cents a share. It is payable March 1 to shareholders of record Feb. 8.
Separately, J.M. Smucker Co. of Orrville announced a dividend of 52 cents a share payable March 1 to shareholders of record Feb. 15. The company also said it increased an authorization to repurchase stock by 5 million common shares. About 2 million remain available for repurchase under an authorization from January 2012.
Goodyear dealers to meet
Dealers that sell Goodyear Tire & Rubber Co.’s offerings will get a sneak peak at new tires at the Akron company’s annual dealer conference that starts Sunday.
This year’s event is at the Gaylord National Resort and Convention Center on the Potomac River in Maryland, outside Washington, D.C. More than 2,000 attendees, mostly independent tire dealers from around the nation, are expected at the multiday event that features seminars, information sessions and new product introductions.
North American Tire President Steve McClellan opens the Monday morning session that will introduce new products and programs. Goodyear Chairman and Chief Executive Officer Rich Kramer will close the program on Tuesday with an overview of Goodyear’s corporate direction, strategy and state of the industry.
Seminars will cover subjects such as managing and leading employees, value-selling, creating a customer service culture, establishing performance standards, and more.
The business conference also includes a trade show with 70 outside exhibitors.
TOYS
Hasbro plans to make cuts
Toy maker Hasbro says its fourth-quarter revenue failed to meet expectations because of weaker-than-expected demand over the holidays. It plans to cut about 10 percent of its work force and consolidate facilities to cut expenses. The Pawtucket, R.I.-based company, whose brands include Monopoly and Nerf, has about 5,500 employees worldwide. A 10 percent work force cut would put about 550 people out of work. Spokesman Wayne Charness said the cuts will all be this year and will occur globally. He said the facility consolidations could include some closures. Hasbro Inc. anticipates fourth-quarter revenue of about $1.28 billion. Analysts predicted revenue of $1.4 billion. Unfavorable foreign currency exchange rates lowered results by $8 million.
TELECOMMUNICATIONS
AT&T adding territory
AT&T Inc., the second-biggest U.S. wireless carrier, agreed to acquire airwaves from larger rival Verizon Wireless for $1.9 billion, helping bolster its network in a region that covers 42 million people. The 700-megahertz spectrum spans 18 states, including California, Texas, New York and Florida, AT&T said in a regulatory filing. The deal is expected to be completed in the second half of 2013. The Dallas-based company with Akron operations will use the airwaves to build out its next-generation network, which relies on a technology called long-term evolution, or LTE.
Compiled from staff and wire reports
