July 9, 2016 at 3:00 a.m.
Work continues on I&M solar project
Business Roundup
Work is progressing on Indiana Michigan Power’s three solar power plants, and all three are expected to be generating electricity by the end of the year.
The Watervliet, Michigan, plant is now under construction, and post installation has been completed at the Olive Solar Power Plant, off U.S. 20 east of New Carlisle. Meanwhile hardware construction at the Twin Branch Solar Power Plant near Mishawaka is nearing competion. Testing at Twin Branch should begin this month.
The three new plants bring to a total of four for I&M. Its Deer Creek plant near Marion is already in operation.
The utility company said the four plants will have a combined capacity of nearly 15 megawatts.
Festival scheduled
The Jay County Chamber of Commerce’s annual Food and Drink Festival has been set for Sunday, Sept. 18, from 4 to 7 p.m. at the Jay Community Center.
Vendors interested in participating should contact the chamber for an application form.
Results mixed
Walgreens reported a mixed third quarter. The drugstore chain reported earnings of $1.1 billion or $1.01 per share for the period ending May 31. That’s down from last year’s $1.3 billion for the same period.
Revenue rose to $29.5 billion from $28.8 billion a year earlier.
The company also said its proposed acquisition of Rite Aid Corp. is progressing and should be completed in the second half of the year.
Workers protest
Wal-Mart is running into protests by its employees in China over changes in work schedules.
Employees told The Associated Press that Wal-Mart wanted them to work 11-hour shifts on weekends and as few as four hours on weekdays.
Employees protested in Nanchang, Shenzhen, Chengdu, and Harbin.
More breakfast
McDonald’s Corp. announced this week it would add McMuffin sandwiches and McGriddles to its national all-day breakfast menu this fall.
The menu change last October has been a major factor in boosting the chain’s sales this year.
Plant closing
Tyson Foods Inc., parent company of Tyson Mexican Original of Portland, is closing its Jefferson, Wisconsin, plant today.
The plant, which produces pepperoni, traces its roots back 141 years and has been one of the city’s largest employers.
At its peak, it employed 400 but that has dropped to about 200 since May when the final Worker Adjustment and Retraining Notification notice was given to the state.
The plant was founded in 1875 by Charles Stoppenbach as a facility to process beef, pork, and lamb.
It began making sausage in the 1930s.
More growth
Patrick Industries has acquired its fifth company this year, signaling that it continues to grow in 2016, The Elkhart Truth reported this week.
Vacuplast, also known as L.S. Manufacturing, was acquired by the company for $11 million, according to a press release.
L.S. Mfg., an Elkhart-based company, produces a wide variety of thermoformed plastic parts and components, primarily serving the recreational vehicle market and other industrial markets. L.S. Mfg. had revenues of $12 million through the end of May., according to The Truth.
The goal of the acquisition was to continue to help Patrick Industries diversify its manufacturing holdings in an effort to expand their presence in the plastics market, The Truth reported.
"The acquisition of L.S. Mfg. allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a supplier and manufacturer of quality, customized thermoformed plastic products and components," said Todd Cleveland, CEO of Patrick Industries in a prepared statement.
In 2015, Patrick industries saw sales increase 31 percent. Sales to the RV industry represented 75 percent of the company's fourth quarter 2015 sales.
The company also saw significant growth in its manufactured housing segment. Revenue from the manufactured housing industry — which represented 14 percent of the company's fourth quarter 2015 sales — increased 21 percent.
For 2015, Patrick Industries saw a net sales gain of $184.6 million or 25 percent, to $920.3 million from $735.7 million in the same period in 2014. The company reported operating income of $69.9 million — an increase of 36 percent or $18.4 million — from the $51.5 million reported in the prior year.
Patrick Industries has expanded multiple times in the last year, acquiring at least four other companies in multimillion-dollar deals and announcing an expansion with its first facility in Mishawaka:
• New Paris-based Better Way Products, February 2015, $40 million
• Ligonier-based Structural Composites of Indiana, May 2015, $20 million
• Edwardsburg, Mich.-based North American Forest Products, September 2015, $85 million
• Elkhart-based Mishawaka Sheet Metal LLC., June 2015, $14 million
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