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Business news briefs — March 28

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TIRE INDUSTRY

Innovator receives award

Gerald Potts, a longtime Fairlawn resident, was part of a team that received the Lifetime Achievement Award at the 2014 Tire Technology International Awards for Innovation and Excellence in Cologne, Germany.

Potts was part of a team of industry experts who won the award for the Tire Mechanics Short Courses run by the University of Akron and held annually in conjunction with the Tire Technology Conferences. Other team members were Benjamin T.F. Chung, Joseph D. Walter, Joe Padovan, Marion G. Pottinger, and Michael Trinko.

The award recognizes their outstanding service to the tire industry.

The short courses have trained more than 3,000 engineers and scientists.

AUTO INDUSTRY

Ford plant to add 300 jobs

Building a new engine for the top-selling F-150 pickup will bring 300 additional jobs to Ford’s Lima Engine Plant in Ohio, the company said.

Ford will invest $500 million in Lima to add a new flexible engine assembly system, and renovate 700,000 square feet of the 57-year-old plant.

The Toledo Blade reported last month that Ford selected the Lima Engine Plant to build the 2.7-liter EcoBoost engine.

The 300 new jobs will bring total employment to more than 1,200 at the plant, which is already one of Allen County’s largest employers. Workers there currently build Ford’s 3.7-liter Duratech and 3.5-liter EcoBoost V-6 engines, which are used in a variety of Ford and Lincoln vehicles.

Chief executive gets raise

Ford boosted Chief Executive Officer Alan Mulally’s compensation by 11 percent last year to $23.2 million as the automaker posted record earnings in North American and Asia.

Mulally received $2 million in salary, $5.88 million in bonus and $15.3 million in stock, options and other compensation, Ford said in a regulatory filing. That compares with $2 million in salary, $3.95 million in bonuses and $15 million in other compensation for 2012.

Ford’s top executives achieved 112 percent of the targets set for them by the automaker’s board of directs, according to the company’s proxy statement. While they overperformed on pretax profit and cash flow goals, they achieved 73 percent of cost targets, 65 percent of market share goals and 88 percent of quality targets, according to the proxy.

ECONOMY

Consumer spending rises

Americans spent slightly more in February but the gain still left consumer spending growing at a modest pace, held back by severe winter weather. Consumer spending rose 0.3 percent in February following a 0.2 percent rise in January, the Commerce Department reported.

FAST FOOD

Coffee is free at McDonald’s

McDonald’s is giving away free coffee to its customers for a limited time as competition for the breakfast crowd intensifies. The world’s biggest hamburger chain announced Friday that participating U.S. locations will offer free small McCafe coffees during breakfast hours from March 31 through April 13.

The announcement comes as Taco Bell rolls out ads to promote its new breakfast menu, which includes a waffle taco. The ads star everyday men that happen to be named Ronald McDonald.

MEDIA

Maria Bartiromo has show

A television show for those who follow business is a niche that Maria Bartiromo hopes to fill starting this weekend on Fox News Channel.

The former CNBC broadcaster debuts her one-hour program, Sunday Morning Futures, at 10 a.m. It will feature interviews and round-table discussions, anticipating the financial stories of the upcoming week.

Amazon plans media event

Amazon says it has no plans to offer a free streaming media service, addressing speculation ahead of a media event in New York on Wednesday.

Spokeswoman Sally Fouts said Amazon runs ads ahead of movie and game trailers, but the company has no plans to offer a free streaming media service. The Wall Street Journal reported Amazon is considering an ad-supported streaming TV and music video service.

Compiled from staff and wire reports


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