Kent firm has a new owner
Young & Associates Inc., a Kent financial consulting firm specializing in community financial institutions, has been sold by Gary J. Young, the company’s founder, to Jerry Sutherin, a senior consultant with the firm.
Sutherin took over as president and chief executive upon the Jan. 31 sale, the firm said in a news release. Young, who established the company in 1978, will remain actively involved with the firm for one year.
“I look forward to making a seamless transition at Young & Associates, building upon the solid foundation that Gary has built over the past 40 years,” Sutherin said.
Eagle Elastomer expanding
Eagle Elastomer Inc. is spending $1.25 million to expand its existing building in Peninsula and add equipment, Crain’s Cleveland Business reported.
The company, which employs 46 workers, manufactures fluoroelastomer products.
Ohio among ‘least friendly’
Ohio is one of the “least friendly” states for business, ranked No. 42 for business climate, according to rankings compiled by 24/7 Wall St., an analysis website, and reported by the Dayton Daily News.
Ohio has seen tepid growth, at 1.1 percent, the 17th smallest among the 50 states, with only 27.5 percent of adults having a bachelor’s degree, the 14th lowest among the states for that ranking, the report claims. The report puts Massachusetts as the best state for doing business and Louisiana as dead last at 50.
No doubt, there are those who would and will take issue with the ranking, however. JobsOhio, the state’s private economic development corporation, for example, points out that since 2007, there has been a 140 percent increase in the number of computer engineering graduates and a 125 percent increase in the number of information science graduates in Ohio.
New W-4 calculator unveiled
Millions of Americans are now getting bigger paychecks as a result of the new tax law. So the government is issuing an online calculator for figuring whether enough money is being set aside.
The calculator unveiled Wednesday by the Treasury Department and the Internal Revenue Service helps people determine whether they have the correct amount of money withheld by employers from paychecks — to avoid facing a huge tax bill for 2018. The calculator asks taxpayers to estimate their 2018 income and other items that affect their taxes, such as filing status and number of dependents.
Experts advise checking the calculator (https://apps.irs.gov/app/withholdingcalculator) to ensure people have the correct number of withholdings and updating W-4 forms filed with employers.
Details of Spotify IPO emerge
Music-streaming pioneer Spotify is hoping to attract a new crowd of fans on Wall Street as its competition with Apple heats up.
Spotify is pursuing an unusual initial public offering that will sell some of its existing stock instead of issuing more shares to raise money.
Spotify took its first steps toward the IPO in a confidential filing a few weeks ago, but the documents weren’t released until Wednesday.
The numbers revealed Spotify’s music-streaming service boasts 71 million subscribers, nearly twice as many as Apple’s rival service.
But Spotify still isn’t profitable. The Luxembourg-based company lost $1.5 billion last year.
Spirit, pilots ratify contract
Pilots for Spirit Airlines have ratified a five-year contract that will raise pay rates by an average 43 percent.
The airline and the Air Line Pilots Association said Wednesday that 70 percent of pilots who voted favored the agreement. The union says the contract also includes double-digit contributions to pilots’ retirement plans and job-protection provisions.
Compiled from staff and wire reports.
Business news briefs, March 1: Kent financial consulting firm has new owner