Broin rips 'deal' with Icahn

The chief executive officer of POET, parent company of POET Biorefining-Portland, has taken aim at a “deal” between the Renewable Fuels Association and billionaire investor Carl Icahn that shifts the obligation under the Renewable Fuel Standard from oil refiners to fuel retailers.

“It’s a bailout. This was a back-room ‘deal’ made by people who want out of their obligations under the Clean Air Act, and frankly, it’s not a surprise. Carl Icahn has long been a self-interested, vocal critic of the program. We have been expecting this from the RFA as they have casually backed away from their support since an oil refiner became their largest member,” Jeff Broin said this week in a prepared statement.

Broin said what’s missing from the deal is input from the biofuels industry. POET is the largest producer in the industry.

“The biofuels industry has worked hand-in-hand with gasoline retailers to grow consumer access to clean, high-octane E15 through our Prime the Pump program. Our partner retailers have said time and again that changes to the point of obligation will stop that momentum,” Broin’s statement said.

He continued, “With the crisis facing farmers today – declining farm incomes, falling land values, low commodity prices – we need a consistent, growing biofuels market. The point of obligation must remain as it is today for the sake of fuel retailers, biofuels producers, farmers, consumers across America and oil refiners who have met their obligations under the Clean Air Act.”



New warehouse

Celina Tent Inc. has announced plans to build a new distribution center adjacent to its headquarters in Celina, Ohio.

The company’s product line includes commercial tents, military structures, printed products and industrial products. The 100,000-square-foot facility is expected to be complete by late fall this year.

Currently the company has a warehouse facility in Coldwater, Ohio, in a former New Idea building. The new warehouse close to manufacturing is expected to increase efficiency and decrease lease time.



Mac app

Reuters reported this week that McDonald’s Corp. is going to be pushing an app for cell phones aimed at speeding up service at its drive-through windows.

Drive-through service accounts for about 70 percent of McDonald’s business.

“McDonald's will also offer curbside pickup of orders to reduce wait time at drive-thrus.

McDonald's will start to roll out ‘mobile order and pay’ in the fourth quarter and have it available at all of its roughly 14,000 U.S. restaurants by year-end,” Reuters reported.



Cutting bill

After moving to refinance part of its 7.2 billion Euro debt load, Ardagh Group expects to cut 22 million annually from its interest expense, The Irish Times reported this week.

Ardagh Group is the parent company of glass container plants in Dunkirk and Winchester.

The multi-national company refinanced 2 billion Monday through a bond sale. Those bonds will be repaid between 2022 and 2025 at interest rates between 2.75 percent and 5.75 percent. The refinancing will pay off an earlier bond issue that was due between 2019 and 2022 and carried interest rates of up to 6.75 percent.

An initial public offering of Ardagh stock on the New York Stock Exchange is expected later this month.



Chairman honored

The chairman and co-founder of Motherson Sumi Systems, parent company of MSSL Wiring Systems of Portland, has been named EY Entrepreneur of the Year for India, Forbes reported this week.

Vivek Chaand Sehgal was chosen from a list of 17 Indian entrepreneurs. He will now represent his country at the EY World Entrepreneur of the Year Award competition in Monte Carlo in early June.

Motherson Sumi Group operates in more than 26 countries and is one of the top auto-component suppliers across the world. It manufactures automotive mirror and wiring harness for passenger cars and supplies plastic components and modules to the automotive industry.



Big buyout

Cable TV and internet giant Comcast is making a $2.3 billion commitment to take full ownership of the Universal Studios Japan theme park, the entertainment publication Variety reported this week.

In buying out its other partners, the company is showing confidence in the theme park portion of its business, which also includes the Universal Studios parks in Hollywood, California, and Orlando, Florida.

“Universal Studios Japan is an amazing and incredibly successful theme park,” Tom Williams, chairman-CEO of Universal Parks & Resorts, told Variety. “This acquisition will bring an even stronger future for the theme park, its guests and its team members. We are thrilled USJ will fully be part of the Universal family and look forward to continuing to create a remarkable experience for our guests.”

When Comcast first acquired NBC and Universal, some analysts expected it to shed the theme parks, but they have proved important to Comcast’s bottom line.

The company is now building a theme park in Beijing and has plans for another in Singapore.



Leaving board

Tyson Foods Inc., parent company of Tyson Mexican Original of Portland, announced this week that Brad Sauer is stepping down from the company’s board of directors.

Previously an executive for 3M, he had served on the board for nine years. His resignation was effective immediately, and a company press release said there are no plans yet to replace him.



Add staff

Family LifeCare of Berne and Marion this week announced the addition of two new staff members: Cassandra Brown, who will be an aide in Grant County, and Michelle Thomas of Mercer County, who will serve as an admissions nurse.

Family LifeCare provides home care, hospice, and palliative services in Jay, Adams, Allen, Blackford, Grant, Huntington, Randolph, Wabash, Wells, and Whitley counties.