New brass at Akron Brass
Akron Brass Co., the Wooster-headquarted maker of nozzles, water cannons, monitors, valves and other firefighting/emergency response products, has appointed Sean Tillinghast as president. He succeeds Tom Hudak, who was named president of Newark element14, of Chicago. Newark element14 is an electronics distributor that is part of Akron Brass’ parent company, the global Premier Farnell, which is headquartered in the United Kingdom.
Tillinghast most recently was vice president of Weldon, a division of Akron Brass that specializes in lighting and electronics for vehicles used in the student transportation and emergency services markets, among others.
Tillinghast, a graduate of Kettering University in Flint, Mich., holds a bachelor’s degree in mechanical engineering.
Akron Brass was founded in 1918 in Akron and relocated to Wooster in 1921. The company merged into the Premier Industrial Corp. of Cleveland in 1962. In 1996, Premier Industrial merged with Farnell plc of the United Kingdom to become Premier Farnell plc.
ABSMaterials offers stock
Wooster-based ABSMaterials Inc. has issued $4 million in preferred stock and will use the proceeds for market expansion, manufacturing improvements and expansion into new markets in Asia. The offering was a joint venture with RKS Ventures, an investment group in Nashua, N.H.
ABSMaterials is developing patented swelling glass materials called Osorb that can remove contaminants from water. Osorb initially was developed by College of Wooster chemistry professor Paul L. Edmiston, who founded the privately held company in 2009 with Stephen Spoonamore to commercialize Osorb.
Wind power settlement
The government for the first time enforced environmental laws protecting birds against wind energy facilities, winning a $1 million settlement from a power company that pleaded guilty to killing 14 eagles and 149 other birds at two Wyoming wind farms. The case against Charlotte-based Duke Energy Corp. and its renewable energy arm was the first prosecuted under the Migratory Bird Treaty Act against a wind energy company. An investigation revealed dozens of eagle deaths from wind energy facilities, including at Duke’s Top of the World farm outside Casper, Wyo.
S&P 500 sees drop
The Standard & Poor’s 500 index fell in Monday trading after seven consecutive weekly gains that lifted the gauge to a record, as energy shares retreated following Iran’s agreement to limit its nuclear program.
Schlumberger Ltd. and Noble Corp. declined more than 3.2 percent as crude oil prices slipped. An index of airlines reached an almost seven-year high amid optimism fuel costs may drop. Alcoa Inc. climbed 3.8 percent and Caterpillar Inc. rose 1.8 percent after analysts recommended buying the shares.
The S&P 500 dropped 0.1 percent to 1,802.48, erasing earlier gains of as much as 0.2 percent. The Dow Jones industrial average added 7.77 points to an all-time high of 16,072.54. The Nasdaq composite index rose 0.1 percent to 3,994.57, after briefly surpassing 4,000 for the first time since September 2000.
Katie Couric joins Yahoo
Broadcasting personality Katie Couric is joining Internet site Yahoo to anchor an expansion of the Web company’s video news coverage in a move that she hopes will help persuade other broadcast TV veterans to make the transition into online programming. Monday’s announcement confirmed recent published reports that Couric is hoping to attract more viewers on the Internet after spending the past 22 years working as a talk-show host and news anchor at NBC, CBS and ABC.
New Progressive chairman
Insurance company Progressive Corp. of Mayfield Village named President and CEO Glenn M. Renwick to the additional role of chairman after the death of previous chairman Peter Lewis on Saturday. Lewis had shepherded Progressive from a small-time operation to one of the largest auto insurers in the country. He was 80.
Compiled from staff and wire reports