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Business news briefs — Nov. 13

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LOCAL BUSINESS

Military likes Goodyear

Goodyear said it has been named a Top 100 Military Friendly Employer by G.I. Jobs magazine. It is the second year in a row that Goodyear received the designation for its efforts to hire and support veteran employees.

Goodyear said more than 5,000 companies were considered.

Criteria included the strength of company military recruiting efforts, the percentage of new hires with prior military service, retention programs, and company policies on National Guard and Reserve service.

Goodyear said it is the largest producer of military tires in the U.S.

YRC shares drop

YRC Worldwide Inc., the struggling trucker with Summit County operations that is seeking crucial union concessions to help refinance debt, fell the most in two years after reporting a quarterly loss amid driver shortages and higher costs.

The shares slid 21 percent to close at $7.72 in New York, the biggest one-day decline since October 2011.

Chief Executive Officer James Welch said the quarter was “hindered” by a shortage of drivers in the company’s freight network, resulting in higher than expected overtime pay and lower productivity. The results coincide with union talks on a new labor agreement that is key to refinancing debt and ensuring the company’s recovery.

The net loss of $44.4 million in the quarter ended Sept. 30 compared with profit of $3 million a year earlier, the Overland Park, Kansas-based company said in a statement yesterday. Operating expenses rose 3.1 percent to $1.25 billion.

YRC, which has posted annual losses since 2007, has asked its 26,000 union workers to extend a labor contract and keep enduring a 15 percent wage cut to help the company survive.

The trucker is currently in talks with the International Brotherhood of Teamsters.

YRC has almost $1.4 billion in borrowings from what Welch has called “numerous missteps” before he became CEO in July 2011.

The company had about $170 million of cash on hand as of Sept. 30. YRC has $944 million of bonds and loans that mature in the next 16 months, according to data compiled by Bloomberg.

Northfield job fair

Hard Rock Rocksino Northfield Park said it will hold a job fair for 325 positions for people with food and beverage industry experience.

The racing and gaming site is opening four dining locations: Kosar’s Wood Fire Grill, Hard Rock Cafe, Fresh Harvest and Constant Grind.

The park said individuals must first apply online.

The event will be at 10 a.m. Saturday. The track is located at 10705 Northfield Road in Northfield.

The website is ­­www.hrrocksinonorthfieldpark.com

Envision buyout completed

Private investment firm TPG has completed its acquisition of Twinsburg-based Envision Pharmaceutical Holdings Inc.

Terms were not disclosed; the company headquarters is expected to remain in Twinsburg. The deal was first announced in July.

Envision has about 750 employees, including 275 in Twinsburg and 150 in North Canton. Privately owned Envision had about $3.5 billion in revenue last year.

Envision’s subsidiaries include a national pharmacy benefit management company, another that provides Medicare D plans and another that administers prescription savings plans and more.

TPG has about $55.3 billion of assets under management.

AUTO INDUSTRY

GM stock sold

General Motors might be free of government ownership by the end of the year.

The Treasury Department, in a monthly report to Congress, said it sold $1.2 billion worth of GM stock in October.

The report didn’t say how many shares were sold, but it’s likely that the government’s stake in the company is now less than 4 percent.

“We believe the exit will be complete by year-end, which, in our view, is a positive catalyst for the stock,” Sterne Agee analyst Michael Ward wrote in a note to investors Wednesday morning.

That could clear a path for GM to start paying dividends or buy back more of its stock, Buckingham Research analyst Joseph Amaturo wrote to clients.

Compiled from staff and wire reports


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