Zale meeting today
Zale Corp. shareholders will hold a special meeting at 9 a.m. today to vote on a proposed acquisition by Signet Jewelers Ltd., the parent of Sterling Jewelers based in Akron.
Under terms of the proposal, Zale stockholders will receive $21 per share in cash. The companies value the deal at about $1.4 billion.
Myers to pay July 1
Akron-based Myers Industries Inc. declared a regular quarterly dividend of 13 cents per share, payable July 1 to shareholders of record on June 13.
Insurer studies crashes
The 2014 Chevrolet Impala is the only non-luxury car to earn the highest rating in tests of high-tech crash prevention systems.
Seven luxury cars have also earned “superior” ratings from the Insurance Institute for Highway Safety when equipped with optional collision warning and automatic braking.
They are the BMW 5 Series, BMW X5, Mercedes-Benz E-Class, Buick Regal, Cadillac CTS, Cadillac XTS and 2015 Hyundai Genesis.
To get the highest rating, vehicles must warn drivers of impending collisions and apply automatic brakes to significantly slow the speed. Tests are conducted at 12 miles per hour and 25 mph.
The institute, which is funded by insurers, says 40 percent of 2014 models now offer forward collision warning, while 20 percent offer automatic braking. The results may encourage wider adoption of the technology.
Walmart studies 3-D
Wal-Mart Stores Inc. Chief Executive Officer Doug McMillon said the world’s largest retailer might use 3-D printers for producing supplies and might even make an acquisition in the market.
“Three-D printing is interesting to me,” McMillon said Wednesday at the Code Conference in Rancho Palos Verdes, Calif. “We can use 3-D printing over time for replacement parts.”
The still-nascent 3-D printer industry presents both a threat and opportunity for retailers such as Walmart. The devices can create small products and components — say, auto parts or home-repair supplies — potentially reducing the need for consumers to go to the store. At the same time, retailers could use the technology themselves to maintain inventory, cutting their supply-chain costs.
Target ouster proposed
Target Corp. shareholders should vote against seven of the company’s 10 board members because they failed to do enough to prevent the retailer’s holiday-season data breach, a proxy advisory firm said. Members of the board’s audit and corporate-responsibility committees should be voted out because they failed to recognize the potential threats to the company’s data, Institutional Shareholder Services Inc. recommended. The second-largest U.S. discount retailer has been trying to recover from an image problem after the theft of 40 million payment-card numbers by hackers during the 2013 holiday shopping season. The company has since hired a new chief information officer and ousted its chief executive officer.
Oil to stay on top
The CEO of Exxon Mobil Corp. says alternative fuels will grow but that oil will remain the world’s leading source of energy for another quarter century. CEO Rex Tillerson said at the shareholders meeting that natural gas will surpass coal as the second most heavily used fuel.
Mortgage drop seen
PNC Financial Services Group Inc., the second-largest U.S. regional bank with PNC operations in Akron, said total home loan production this year could be the lowest since the 1990s. Wells Fargo & Co. and JPMorgan Chase & Co. are also grappling for pieces of a shrinking mortgage market as demand for home loans declines and investors and cash buyers dominate some sales. First-quarter noninterest income from residential mortgages, which accounted for about a 10th of PNC’s noninterest earnings, fell 31 percent from a year earlier, the company said.
Compiled from staff and wire reports