TJX picks distribution site
TJX Companies Inc., which owns TJ Maxx and Marshalls department stores, plans to build a $160 million distribution center for its HomeGoods stores on 290 acres in Lordstown, the Youngstown Vindicator reported.
The company expects to create about 1,000 jobs during the first five years of the facility’s operation.
Purchase and sale agreements have been signed, but two parts of the land need to be rezoned from residential to industrial before construction can start.
Hundreds of residents attended a meeting to hear about the plan Monday evening, and many expressed concern about the impact on their property values.
Union ratifies AK Steel pact
AK Steel said Tuesday that members of the International Association of Machinists and Aerospace Workers Local #1943 have ratified a two-year labor agreement covering about 1,730 hourly employees at the company’s Middletown, Ohio, facility, the Dayton Daily News reported.
AK Steel said the contract was ratified in voting held Monday.
The new agreement will be effective until March 15, 2020.
The union said that 967 of its members voted to approve the agreement and 293 voted against it.
Vote affirms CVS-Aetna deal
Shareholders of Aetna Inc. and CVS Health Corp. on Tuesday approved the Woonsocket, R.I., pharmacy giant’s $69 billion acquisition of the health insurer based in Hartford, Conn.
The deal, announced in December, must still be approved by regulators.
CVS stockholders voted to approve the shares of company stock to be issued in the deal, CVS said.
According to preliminary results, more than 98 percent of CVS shares that voted favored the proposal. If approved by regulators, the deal is expected to close in the second half of the year.
Amazon chargers faulty
Amazon is recalling 260,000 AmazonBasics portable chargers after reports that they can overheat and cause fires or burns.
The U.S. Consumer Product Safety Commission says Amazon received 53 reports of the chargers overheating, including one of a customer who was burned by battery acid. There were also four reports of property damage due to fire and smoke.
The commission says customers should stop using the chargers and contact Amazon for a refund. Seattle-based Amazon.com Inc. says it is also contacting customers.
The power banks, used to charge smartphones and other gadgets on the go, were sold at Amazon.com, Amazon book stores and Amazon pop-up shops between December 2014 and July 2017. They cost between $9 and $40.
Amazon says customers can request a refund through its website at amazonpowerbank.expertinquiry.com.
GMO corn lawsuit settled
A $1.5 billion settlement was reached in a class-action lawsuit covering tens of thousands of farmers, grain-handling facilities and ethanol plants that sued Swiss agribusiness giant Syngenta over its introduction of a genetically engineered corn seed.
Lawsuits in state and federal courts challenged Syngenta’s decision to introduce its modified Viptera and Duracade corn seed strains to the U.S. market for the 2011 growing season before having approval for import by China in 2014. The plaintiffs said Syngenta’s decision cut off access to the large Chinese corn market and caused price drops for several years.
The settlement, reached Monday, must be approved by a federal judge in Kansas. It will create a fund to pay claims by farmers and others who contracted to price corn or corn byproducts after Sept. 15, 2013. If approved, money could be distributed to class members in the first half of 2019.
Compiled from staff and wire reports.
Business news briefs, March 14: Lordstown site chosen for HomeGoods distribution center