Buyer found for Marujun plant

A buyer has been found for a Winchester plant that was slated for closing later this year.
TOA Industries, a Japan-based company, has purchased the facility and assets of Indiana Marujun LLC, Randolph Economic Development Corporation executive director Bruce Hosier said Friday.
“While there is still much work to be done, we are encouraged by this agreement and look forward to the full transition of this process,” Hosier said.
Hosier credited a “collaborative approach” involving local, regional, and state entities working to bring about the deal.
Marujun announced in September that it would close the Winchester plant, Randolph County’s largest employer, by November of 2016. Marujun is an automotive parts supplier to a number of car-makers including Honda of America.
“We have appreciated the partnership and efforts of the professional leadership at the Winchester facility and the whole Marujun company,” said Hosier.

Taking charges
Allegheny Technologies Inc., parent company of Portland Forge, announced this week it will take a $267 million asset-impairment charge on its books primarily because of troubles with its flat-rolled steel products unit.
The charges include $181 million in non-cash asset-impairment and $76 million in non-cash inventory.
A plant in Midland, Pennsylvania, is closing this month, and another in Bagdad, Pennsylvania, will close in April.
The company’s fourth-quarter and year-end results are expected to be announced Tuesday. ATI’s stock price is down more than 70 percent in the past year.
ATI is one of the largest and most diversified producers of speciality products and components. It reported revenues of about $4 billion for the 12 months that ended Sept. 30. The company has about 9,500 full-time employees.

Deadline Monday
Monday is the deadline to reserve seats for the Jay County Chamber of Commerce’s annual meeting, set for Wednesday.
The event will include a light lunch, recognition of business anniversaries, and announcement of finalists for the Jay County Community Awards.
To make reservations, contact the chamber at (260) 726-4481 or email [email protected]. The event is free to chamber members.

Wal-Mart donates
Wal-Mart’s Portland location donated $1,000 to Hoosiers Feeding the Hungry’s “Meat” the Need program.
The organization will use the money to pay processing fees for about 750 pounds of meat donated in Jay County.
Hunters and farmers can take meat to one of 90 participating meat processors in the state. Jay County’s three locations are Fisher Packing Company, 300 W. Walnut St., Portland; Adair Processing, 610 N. Mulberry St., Pennville; and The Buckstop, 9447 W. 700 South, Redkey.
From there, local food banks pick up the meat. The meat donated in Jay County will help provide about 3,000 meals.

Car of year
The new 2016 Honda Civic, which has clutch assemblies manufactured by FCC (Indiana), has been named the 2016 North American Car of the Year for the second time in the award’s history.
“The all-new Civic was developed and is built in North America, making this North American Car of the Year win even sweeter,” said Jeff Conrad, Honda Division senior vice president and general manager, in a prepared statement.

Growing vegetables
A local company is involved in an East Chicago project to grow organic fruits and vegetables.
The city and Environmentally Controlled Sustainable Integrated Agriculture of Redkey have collaborated on the project, located in a greenhouse in Washington Park. It is designed to use waste from fish to provide nutrients for plants growing hydroponically, with the plants then purifying the water and crayfish later added to the tanks to eat dead roots.
Glynn Barber, the inventor of the system, said he has grown more than 300 types of fruits and vegetables. Much of the produce grown will go to the Salvation Army in the winter and will be sold at farmers markets in the summer.

Capacity boosted
Three of POET’s biorefineries are boosting their capacity in the year ahead.
The ethanol producing company’s plants in Hanlontown, Iowa, Hudson, South Dakota, and Caro, Michigan, are all seeking expansion permits.
If approved, the expansion would put each of the plants at more than 100 million gallons per year.
POET is the parent company of POET Biorefining-Portland.

Stepping down
David Novak will be stepping down as chairman of Yum Brands Inc., parent company of Pizza Hut and Taco Bell, in May. Novak has been with the company nearly 30 years and stepped down more than a year ago as chief executive officer, Restaurant News has reported.
Yum is in the process of splitting into two companies, one that operates KFC, Pizza Hut, and Taco Bell, and another that operates those brands in China.

Appointed
An Ivy Tech Community College nursing administrator has been appointed to a national nursing committee.
Laurie Peters, associate vice president for nursing education, was appointed to a two-year term as co-chair of the National League for Nursing Commission for Nursing Education Accreditation Program Review Committee.
Peters has worked at Ivy Tech for more than 23 years.
Other committees she has served on include the Indiana State Board of Nursing, the Indiana Commission for Higher Education’s Transfer Single Articulation Pathway for Nursing, the Indiana Center for Nursing board of directors and the NLN CNEA Standards committee.

Earnings up
First Financial Bancorp reported 2015 earnings of $75.1 million, a 15 percent increase over 2014 earnings of $65 million.
Individual shares were up to $1.21 from $1.09.
Fourth-quarter earnings were up seven percent over 2014, from $18.6 million (30 cents per share) to $19.8 million (32 cents per share).
First Financial Bancorp is the parent company of First Financial Bank.