A. Schulman deal approved
A. Schulman Inc. shareholders voted to approve the company’s merger with LyondellBasell, a global chemicals conglomerate with headquarters in Houston.
In a news release Thursday afternoon, A. Schulman announced its stockholders will receive $42 per share upon completion of the merger, which is targeted for the third quarter of this year.
“A. Schulman shareholders have solidly affirmed the value that the company’s merger with LyondellBasell represents,” said Joseph M. Gingo, chairman, president and chief executive officer of A. Schulman. “This outcome serves the best interests of all our stakeholders including our customers, suppliers, employees and the communities in which we operate.”
Stockholders also approved a non-binding advisory proposal regarding executive compensation related to the merger.
A. Schulman, founded in 1928 and based in Akron, is a supplier of plastic compounds, composites and resins.
The closing of the merger remains subject to regulatory approvals.
Toys R Us to exit by June 30
Three area Toys R Us stores are expected to close permanently at month’s end, the company has confirmed in a notice filed with the state.
The company announced its liquidation in March after filing for Chapter 11 bankruptcy protection last year. It did not publicly disclose details about the number of workers affected and closing dates until this week. The chain’s demise affects 33,000 employees nationwide, including 1,178 in Ohio.
In its Worker Adjustment Retraining Notification (WARN) Act filing received Monday by state officials, Toys R Us said the closings affect 47 employees at its Cuyahoga Falls store near Chapel Hill Mall, 47 at its Belden Village Mall store in Plain Township and 36 at its Copley store in the Montrose shopping area.
The filing also said three employees were affected by the May 15 closure of the Toys R Us Express store at Aurora Farms Premium Outlets in Portage County.
Consultants grade state effort
JobsOhio’s performance in creating jobs, attracting projects and sharing information stacks up well compared with similar economic-development groups in other states, according to a report released Thursday.
That report was commissioned and paid for by JobsOhio to gauge how well it has done since it was created in 2011.
“With respect to outcomes, it is apparent from the data that [JobsOhio] is a high-performing development organization with top-tier performance outcomes in support of its mission,” according to a report from McKinsey & Co., a management consulting company hired by JobsOhio to do the report.
The report compares Ohio to economic-development organizations in six other Midwest states and 11 states considered key economic competitors for Ohio, including California, Texas and most of the Southeast along with Wisconsin and New York.
— Columbus Dispatch
GateHouse Media Ohio
Compiled from staff and wire reports
Business news briefs, June 15: A. Schulman stockholders OK merger with LyondellBasell