Ardagh shelves another IPO

Ardagh has shelved an initial public offering of stock in its metal container business among uncertainty over the U.S. IPO market.
The Irish Times reported this week that Ardagh, parent company of Ardagh North America’s glass container plants in Dunkirk and Winchester, has pulled its planed IPO for Oressa, which had been expected by the end of the year.
“The IPO  market has been tricky in recent months, though many deals have still got away. Howeer, the majority have priced below the mid-point of their expected range and, in many cases, the initial return to investors has been poor, or in some cases non-existent,” The Irish Times reported.
Paul Coulson, Ardagh’s CEO, said this week the company’s debt position was not a key issue. But Oressa has about $1.5 billlion in debt, which might have been a drag on the IPO.
In a prepared statement, the company said, it wouldn’t “be wise to seek to access the equity markets at this point in time.
The company released third quarter results Monday, reporting an 11 percent increase in revenues, up to 1.5 billion Euros. Earnings for the quarter were 277 million Euros, a 15 percent increase over the same period in 2014. Pre-tax profits were 73 million Euros, up from a lost of 2 million Euros in the same period last year.

Sees drone growth
Jay County’s Mary Meeker, a partner at Kleiner Perkins Caulfield Byers, was cited this week in Fortune having forecast a 167 percent year-over-year growth in the consumer drone market. Meeker, a graduate of Jay County High School and DePauw University, said she expects worldwide drone shipments to reach 4.3 million units this year with net total revenue of $1.7 billion the the end of the year.

Big Kelly gift
Tom Kelley, who heads up six auto dealerships in Decatur and Fort Wayne, has made a $100,000 donation to the Burn Council of Northern Indiana.
Kelley’s gift was in recognition of the care he received at the St. Joseph Regional Burn Center where he underwent treatment for a rare and life-threatening condition called Stevens-Johnson syndrome.
The gift was the largest in the history of the Burn Council.

WorkKeys testing
WorkOne offices in Jay and nearby counties will administer WorkKeys testing on Saturdays through December to provide the opportunity to those unable to schedule the test on weekdays. Individuals can earn National Career Readiness certificates through the testing. There is no cost, but registration by the Wednesday prior to the test is required.
Dates include:
•Jay County (107 S. Meridian St., Portland ) — Nov. 14 and Dec. 5
•Blackford County (1301 N. High St., Suite B, Hartford City) — Nov. 14 and Dec. 12.
•Delaware County (201 E. Charles St., Suite 100, Muncie) — Nov. 14 and Dec. 12.
•Randolph County (325 S. Oak St., Suite 301, Winchester) — Nov. 14 and Dec. 5

Seniors tested
Jay County High School seniors took WorkKeys tests in October, with more than 75 percent receiving a gold or silver National Career Readiness certificate.
The testing was sponsored by Jay County Development Corporation.
Test-takers are assessed on their abilities and interests to match them with potentially suitable jobs.
“This is the beginning of our attempt to make Jay County a ‘work-ready community’ — something that the community will be hearing more and more about,” JCDC executive director Bill Bradley said in a press release.

Franklin quarter
Franklin Electric Co. Ind. revealed its 2015 third quarter adjusted earning were 10 percent decrease in 2014.
The company earned 45 cents per share compared to 50 cents per share last year in the third quarter.
Franklin’s generally accepted accounting principles for the quarter had weakened to only 43 cents per share, down seven percent from last year.
Third quarter sales decreased 16 percent from 2014, only grossing $232.5 million compared to $278.1 million. The business also had an organic sales decline of seven percent, not including acquisitions and the impact of foreign currency translation.
Franklin Electric chairman and chief executive officer Gregg Sengstack said the decline in revenue was because of the deterioration of foreign currencies, the influence of lower oil prices reducing big oil well rig counts, which diminished the demand for the company’s de-watering equipment.

Brewery coming
Jack and Teresa Waite of Coldwater revealed their plans to open a microbrewery, Barnstorm Brewing Co., before Christmas.
The couple, retirees of the U.S. Air Force, will remodel a 1933 dairy barn that was owned by Jim Forsthoefel for production and create a taproom for customers to try samples of beer.
Barnstorm will begin with four or five beers and expand their selection at a later time. Packaged food will also be available for customers.

Newspapers sold
Home News Enterprises, based in Columbus and owned by the Brown family, announced this week it had reached an agreement to sell The Columbus Republic, The Daily Journal of Johnson County, The Daily Reporter of Greenfield, The Brown County Democrat, and The Times-Post of Madison County along with its  online and commercial printing properties to a company that owns community newspapers in Texas.
The new owner is AIM Media Indiana LLC, an affiliate of AIM Media Texas LLC. Both companies are managed by AIM Media Management of Dallas, where Jeremy L. Halbreich serves as chairman and chief executive officer and Rick Starks is president and chief operating officer.
AIM announced that all HNE employees will be hired and continue in their respective jobs and positions with the new company.
Jeffrey N. Brown, HNE president and chief executive officer, will remain with the company.
and retain his current operating responsibilities.

The acquisition ends six generations of Brown family members being involved in newspaper ownership.