Foam company moves
Smithers-Oasis, which sells a green foam product worldwide for use in floral arrangements, said Thursday it is moving its corporate headquarters from Cuyahoga Falls to Kent. The corporate office employs about 20.
The privately held company, which makes a variety of floral foam products and other items for the floral industry, will lease about 8,000 square feet in a new office-retail-residential development called College Town Kent on Haymaker Parkway and Water Street.
Smithers-Oasis is actually returning its headquarters to Kent. The offices left the city for the Falls in 1992, and are now at the Falls Town Center Building on Front Street.
Smithers-Oasis said it expects to open Oct. 1 in Kent.
The move puts the corporate offices closer to Smithers-Oasis’ facilities on Stow and Marvin streets. About 100 employees work at the two sites that include manufacturing operations.
“The move of our corporate headquarters back to Kent where we were originally founded in 1954 further signifies our commitment to the Kent community, where we also have two manufacturing operations,” commented Robin Kilbride, president and Chief Executive Officer.
Worldwide, Smithers-Oasis has about 800 employees and more than 20 plants.
Smithers Group on West Market Street in Akron is a separate, unrelated company.
The College Town Kent project, developed by Fairmount Properties of Cleveland, is part of the recent revitalization of three entire blocks in the city’s downtown. Davey Resource Group, the consulting arm of Davey Tree Expert Group, moved into College Town Kent about a year ago, as did Ametek Lamb Electric Co.
— Katie Byard
Mortgage rates see drop
Mortgage rates for 30-year home loans fell in the past week to a five-week low, a decline that’s likely to be extended after the Federal Reserve announced Wednesday that it refrained from reducing its monthly bond buying. The average rate for a 30-year fixed mortgage dropped to 4.5 percent from 4.57 percent, mortgage guarantor Freddie Mac said. The average 15-year rate decreased to 3.54 percent from 3.59 percent.
Dow loses 40.39 points
After a four-session winning run, the Dow Jones industrial average lost 40.39 points, or 0.3 percent, at 15,636.55. The Standard & Poor’s 500 index lost 3.18 points, or 0.2 percent, to 1,722.34. Bucking the negative trend, the Nasdaq composite gained 5.74 points, or 0.2 percent, to 3,789.38.
Firestone club owner public
ClubCorp Holdings Inc., the largest owner of private golf and country clubs in the U.S. including Firestone Country Club in Akron and Silver Lake Country Club in the village of Silver Lake, raised $252 million in its initial public offering. The company and an existing stockholder sold 18 million shares for $14 each, according to data compiled by Bloomberg, after offering them for $16 to $18 apiece. The stock will start trading today, listed on the New York Stock Exchange under the symbol MYCC.
Affiliates of KSL Capital Partners LLC, a private-equity firm focused on travel and leisure that acquired ClubCorp in December 2006, plan to keep a majority stake after the offering, according to the prospectus. The firm planned to sell 7.1 million shares in the IPO, while Dallas-based ClubCorp planned to sell 10.9 million and use the proceeds to reduce debt, the filing shows. At the midpoint of the offering range, ClubCorp was valued at $1.65 billion including debt, according to data compiled by Bloomberg based on the original IPO terms. Founded in 1957 with one country club in Dallas, ClubCorp owns or operates 152 clubs with locations in 17 major metropolitan areas.
Compiled from staff and wire reports