April 15, 2016 at 7:20 p.m.
Norfolk Southern deal is a non-starter
Business Roundup
Norfolk Southern, the railroad serving Portland, won’t be taken over by rival Canadian Pacific.
Canadian Pacific announced this week it is abandoning its $30 billion takeover bid, after it was rejected by Norfolk Southern.
The deal would have expanded Canadian Pacific’s network across the United States, but even if it had been accepted by Norfolk Southern it was still subject to regulatory approval.
“Throughout the merger conversations, Norfolk Southern executives had argued that its shareholders and customers would be better off if the railroad remained independent,” Josh Funk of The Associated Press wrote this week. “Now Norfolk Southern will have a chance to deliver on its own improvement plan that includes cutting $130 million in costs this year and creating more than $650 million in annual cost savings by 2020 while improving service.”
Appreciation day
Jay County Chamber of Commerce is sponsoring a merchants’ Jay County Appreciation Day.
Chamber members are encouraged to be open extended hours from 3 to 8 p.m. on Thursday, May 5, and offer in-store specials during that timeframe.
Quarterly report
First Merchants Corporation, parent of First Merchants Bank of Portland, will report first quarter 2016 financial results on April 26. The corporation will host a first quarter 2016 earnings conference call and webcast at 2:30 p.m. on Tuesday, April 26.
To participate, phone (877) 507-0578 and reference First Merchants Corporation’s first quarter earnings release.
First Merchants Corporation is the largest financial holding company based in central Indiana. Since its organization in 1982, it has grown to include banks with more than 100 locations in 27 Indiana, 2 Ohio, and 2 Illinois counties, and a trust company. Asset totaled $6.8 billion as of Dec. 31, 2015.
Expanding
Continental Structural Plastics Inc. announced this week it will invest $33.5 million to expand its operations in Huntington, creating up to 80 new jobs.
The automotive supplier will build a 130,000-square-foot facility next to its existing 210,000-square-foot building in Huntington.
The company employs about 400, but that number fluctuates seasonally.
Huntington learned in February that it would lose about 700 jobs when United Technologies Electronic Controls moves some production to Mexico in the middle of 2017.
New job?
Former Ball State University president Paul Ferguson may end up as chancellor at the University of Arkansas at Little Rock, according to media reports this week.
Ferguson, who resigned in January after an apparent clash with Ball State’s board of trustees, is one of 17 applicants for the job.
Drops wraps
McDonald’s Corp. has eliminated McWraps from its menu, dropping an item that was aimed at younger and healthier consumers.
Some markets are still selling a chicken ranch snack wrap, but Premium McWraps, which were introduced in 2013, are pretty much off the menu.
Business analysts at Bloomberg said the product had turned out to be “a headache.”
New CIO
Darla Morse, former chief information officer at SeaWorld, has been named chief information officer of Arby’s Restaurant Group Inc.
She assumes that role Monday and will report to chief executive officer Paul Brown, The Wall Street Journal reported.
Ardagh honored
Ardagh Group, the international parent company of glass container plants in Dunkirk and Winchester, has been honored with the 2016 Alufoil Trophy in the Consumer Convenience category.
The company has developed a unique metal microwaveable fondue bowl for a European dairy producer called Emmi for its ready-to-eat cheeses “All in One Fondu.”
Webcast set
Allegheny Technologies Inc., parent company of Portland Forge, will provide live internet listening access to its conference call with investors and analysts scheduled April 26 at 8:30 a.m.
The conference call will be conducted after the company’s planned release of first quarter 2016 results. The conference call will be broadcast, and accompanying presentation slides will be available, at www.ATImetals.com. To access the broadcast, go to the home page and select “Conference Call”. Replay of the conference call will be available on the ATI website.
ATI is one of the largest and most diversified specialty materials and components producers in the world with revenues of approximately $3.7 billion in 2015.
Big contract
Allen County’s Raytheon Co. plant will benefit from a $1 billion deal with the U.S. Navy, Inside Indiana Business reported this week.
The Fort Wayne plant will perform more than four percent of the contract to design, build, and integrate Raytheon’s new Next Generation Jammer technology, the web site reported..
The contract runs through the end of 2020.
The jammer technology protects against advanced electronic attacks.
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