RUBBER

Moody's lowers its grades

on Goodyear debt portfolio

Moody’s Investors Service has downgraded $3.7 billion in Goodyear debt, saying it expects the Akron tire maker’s efforts to improve its finances will be effective but not enough to meet certain financial measurements, including better debt and earnings ratios.

Moody’s said its rating outlook for Goodyear is stable.

Goodyear’s Corporate Family and Probability of Default ratings were downgraded to Ba3 from Ba2.

Moody’s said it believes Goodyear’s pricing actions, factory modernizations in Germany and other cost savings programs will help mitigate rising raw material costs.

EMPLOYMENT

Alliance Data Systems

files layoff plan with state

Alliance Data Systems Inc. has given the state of Ohio its 60-day notice that it is permanently laying off 150 Akron workers who previously worked for Signet Jewelers.

The Columbus-based subsidiary of Alliance Data filed a notice dated April 25 with the state saying it is laying off employees at its customer care center at 395 Ghent Road, which is on the Signet campus. Signet last year sold part of its credit operations to Alliance Data, whose corporate headquarters is in Texas.

The April 25 date is the same day all 150 employees were told they were losing their jobs.

The employees worked in collections, customer care, security and human resources, Alliance Data said. The work that was done in Akron is being consolidated into other company facilities.

STOCKS

Signet Jewelers Ltd.

announces dividend

Signet Jewelers Limited (SIG) shareholders of record Friday are eligible for a dividend payment of 37 cents a share payable May 31.

Signet, headquartered in Akron, said in its April report of its four-quarter and fiscal 2019 earnings that it would maintain its 37-cents-a-share quarterly dividend in fiscal 2020.

The company employed roughly 2,600 people in Summit County before buyouts and layoffs announced earlier this year. The company has not disclosed how many people left the company.

RECALLS

Stutzman Farms flour

has undeclared ingredient

Stutzman Farms in Rittman announced Tuesday that it is voluntarily recalling its Organic Golden Pastry Flour due to an undeclared wheat allergen.

The flour is sold in 2-pound, 5-pound and 10-pound packages. The products were sold to retailers in Ohio.

The company said there have been no reported illnesses, but people with an allergy or sensitivity to wheat can face serious or life-threatening reactions if they consume the product.

The flour is safe to consume for those without a wheat allergy.

Customers with a wheat allergy who bought the product should dispose of it or return it to Stutzman for a refund. Customers with questions may call 330-674-1289, ext. 2, and leave a message.