March 10, 2017 at 9:08 p.m.
Bluffton losing 120 more jobs
Business Roundup
Bluffton will lose 120 jobs as the result of another plant closing, it was announced this week.
Mayor Ted Ellis announced that Buckhorn will close its plant at 785 Decker Drive where it has manufactured reusable plastic shipping containers.
News of the closure comes less than six weeks after Penda-Form announced it would close its Bluffton truck bed liner plant at 130 W. Harvest Road in Bluffton.
Wells County officials continued to be optimistic this week in the face of the plant closings, noting that the county’s unemployment rate was just 3.3 percent in December, one of the lowest in the state.
“I think we’re in better shape than most, at least if you listen to the businesses in town,” Ellis told The Journal Gazette. “Employers are just begging for workers.”
Finance savvy
A local organization is offering an opportunity to learn about finances.
The Crossroads Financial Federal Credit Union youth advisory board will host “Financial Feud” at 6:30 p.m. March 21 at Lions Club Civic Center, 307, E. 100 North, Portland. Doors will open at 6:15 p.m.
The event, which is free, will include a “Family Feud”-style competition in which teams will answer multiple-choice questions about finance topics. Examples include ideas for building good credit or even items as simple as knowing what historical figure is on a specific denomination of money.
“When I first went into this, I didn’t realize how much I didn’t know,” said Jay County High School senior Britlyn Dues, who is on the Crossroads youth advisory board. “I’ve actually learned a lot … that I will use in my future. It’s been a very good thing for me to be a part of.”
In addition to lessons about finances, the event will also include food, prizes and music.
Papers filed
Ardagh Group has filed the necessary paperwork for a $372 million initial public offering of stock on the New York Stock Exchange.
The Irish Independent reported that the company plans to sell 16.2 million shares at between $17 and $20 per share.
Ardagh operates glass container plants in Dunkirk and Winchester.
Founder and chairman Paul Coulson has indicated the process from the IPO will be used to reduce the company’s debt and lower its ongoing interest expenses.
Big donors
MainSource Bank and its employees have pledged a total of $327,394.13 to United Way organizations in the communities the banking company serves.
MainSource has 87 branch locations, including three in Portland, and operates in Indiana, Ohio, Kentucky and Illinois.
After a two-week campaign, the bank’s employees pledged $218,262.75 to the United Way, which the company matched with $109,131.38.
“The United Fund advances the common good by creating opportunities for all and we’re pleased to be a part of that,” said MainSource president and chief executive officer Archie Brown Jr. in a prepared statement. Brown served as campaign co-chair for the Decatur County United Fund.
Not just meat
New Tyson Foods chief executive officer Tom Hayes has been making the rounds of business publications for a series of interviews in recent days.
Hayes told Fortune the company is continuing to look for new opportunities, including acquisitions.
“We constantly have to change. The consumer is constantly changing. So it’s the next level of growth we have to be focused on,” Hayes told Fortune.
Speaking with Fox Business, he went on to say that plant-based protein — rather than meat — will be a big part of the company’s future.
“If you take a look at the FAO (Food and Agriculture Organization) stats, protein consumption is growing around the world—and it continues to grow. It’s not just hot in the U.S.; it’s hot everywhere, people want protein, so whether it’s animal-based protein or plant-based protein, they have an appetite for it. Plant-based protein is growing almost, at this point, a little faster than animal-based, so I think the migration may continue in that direction,” he told Fox Business.
Tyson Foods Inc. is the parent company of Tyson Mexican Original of Portland.
New plant
A French company is expected to create up to 144 new jobs at an auto parts plant near the Fort Wayne airport.
Faurecia Clean Mobility announced this week it would be leasing a 137,500-square-foot building for its Fort Wayne operations.
With its North American headquarters in Columbus, Indiana, it employs more than 1,800 in three locations.
Red flag?
Forbes reported this week that a team of analysts has come across some potential red flags in the financial footnotes of Allegheny Technologies Inc., parent company of Portland Forge.
“On page 97 of its 2016 10-K, ATI discloses that its auditor identified a material weakness in internal control of the financial reporting of its deferred income tax asset valuation allowance. This disclosure means that ATI lacked the adequate processes in place to prevent a material misstatement of its financial position,” wrote Forbes contributor David Trainer.
“Companies with a material weakness in internal control over financial reporting are more likely to have to restate their earnings and are at a higher risk for a stock price crash,” Trainer wrote.
Another bankruptcy
RadioShack, for decades a household name in electronics, has filed for Chapter 11 bankruptcy protection for the second time in a little over two years, The Associated Press reported Friday.
The company has struggled in recent years, closing some of its own stores but continuing to operate through independently owned local retailers.
Based in Fort Worth, Texas, RadioShack employs nearly 5,900.
Making enzymes
POET this month announced that it will build an on-site enzyme manufacturing facility at its cellulosic ethanol plant at Emmetsburg, Iowa.
The plant is part of the POET-DSM Advanced Biofuels venture. POET is also the parent of POET Biorefining-Portland, which produces corn-based ethanol.
The Emmetsburg plant has been at the forefront of Project Liberty, exploring new technologies in the production of biofuels to promote energy independence.
Store closing
Marsh Supermarkets will close its south side store in Richmond later this month, The Palladium-Item reported this week.
The store at South 13th and E streets will close its doors at 5 p.m. March 25, according to David Palmer, senior vice president of marketing for Marsh.
Palmer cited weak performance at that store as the reason for the decision.
Marsh will continue to operate its National Road store on Richmond’s west side
"We are still committed to serving the Richmond area at our remaining store,” Palmer told the Richmond newspaper. "I can't speak to (growth), but we are committed to continue to operate the (National Road) store,”
Twenty to 30 employees will be affected by the closing of the store.
Forcing vote
Walgreens could soon declare it has “certified compliance” in its Rite Aid merger, forcing the U.S. Federal Trade Commission to vote on the proposed transaction in 30 days, The New York Post reported this week.
“The declaration would mean that, in Walgreens’s opinion, it has given regulators substantially all the information they need to make a decision,” The Post said.
The Post indicated the move would be “risky” but could bear fruit for Walgreens with a Republican-led FTC not likely to block the $9.7 billion deal.
The Walgreens-Rite Aid proposed merger was first announced in October of 2015. If the deal goes through, Fred’s Pharmacy would buy at least 865 Rite Aid stores divested in order to win FTC approval.
Mayor Ted Ellis announced that Buckhorn will close its plant at 785 Decker Drive where it has manufactured reusable plastic shipping containers.
News of the closure comes less than six weeks after Penda-Form announced it would close its Bluffton truck bed liner plant at 130 W. Harvest Road in Bluffton.
Wells County officials continued to be optimistic this week in the face of the plant closings, noting that the county’s unemployment rate was just 3.3 percent in December, one of the lowest in the state.
“I think we’re in better shape than most, at least if you listen to the businesses in town,” Ellis told The Journal Gazette. “Employers are just begging for workers.”
Finance savvy
A local organization is offering an opportunity to learn about finances.
The Crossroads Financial Federal Credit Union youth advisory board will host “Financial Feud” at 6:30 p.m. March 21 at Lions Club Civic Center, 307, E. 100 North, Portland. Doors will open at 6:15 p.m.
The event, which is free, will include a “Family Feud”-style competition in which teams will answer multiple-choice questions about finance topics. Examples include ideas for building good credit or even items as simple as knowing what historical figure is on a specific denomination of money.
“When I first went into this, I didn’t realize how much I didn’t know,” said Jay County High School senior Britlyn Dues, who is on the Crossroads youth advisory board. “I’ve actually learned a lot … that I will use in my future. It’s been a very good thing for me to be a part of.”
In addition to lessons about finances, the event will also include food, prizes and music.
Papers filed
Ardagh Group has filed the necessary paperwork for a $372 million initial public offering of stock on the New York Stock Exchange.
The Irish Independent reported that the company plans to sell 16.2 million shares at between $17 and $20 per share.
Ardagh operates glass container plants in Dunkirk and Winchester.
Founder and chairman Paul Coulson has indicated the process from the IPO will be used to reduce the company’s debt and lower its ongoing interest expenses.
Big donors
MainSource Bank and its employees have pledged a total of $327,394.13 to United Way organizations in the communities the banking company serves.
MainSource has 87 branch locations, including three in Portland, and operates in Indiana, Ohio, Kentucky and Illinois.
After a two-week campaign, the bank’s employees pledged $218,262.75 to the United Way, which the company matched with $109,131.38.
“The United Fund advances the common good by creating opportunities for all and we’re pleased to be a part of that,” said MainSource president and chief executive officer Archie Brown Jr. in a prepared statement. Brown served as campaign co-chair for the Decatur County United Fund.
Not just meat
New Tyson Foods chief executive officer Tom Hayes has been making the rounds of business publications for a series of interviews in recent days.
Hayes told Fortune the company is continuing to look for new opportunities, including acquisitions.
“We constantly have to change. The consumer is constantly changing. So it’s the next level of growth we have to be focused on,” Hayes told Fortune.
Speaking with Fox Business, he went on to say that plant-based protein — rather than meat — will be a big part of the company’s future.
“If you take a look at the FAO (Food and Agriculture Organization) stats, protein consumption is growing around the world—and it continues to grow. It’s not just hot in the U.S.; it’s hot everywhere, people want protein, so whether it’s animal-based protein or plant-based protein, they have an appetite for it. Plant-based protein is growing almost, at this point, a little faster than animal-based, so I think the migration may continue in that direction,” he told Fox Business.
Tyson Foods Inc. is the parent company of Tyson Mexican Original of Portland.
New plant
A French company is expected to create up to 144 new jobs at an auto parts plant near the Fort Wayne airport.
Faurecia Clean Mobility announced this week it would be leasing a 137,500-square-foot building for its Fort Wayne operations.
With its North American headquarters in Columbus, Indiana, it employs more than 1,800 in three locations.
Red flag?
Forbes reported this week that a team of analysts has come across some potential red flags in the financial footnotes of Allegheny Technologies Inc., parent company of Portland Forge.
“On page 97 of its 2016 10-K, ATI discloses that its auditor identified a material weakness in internal control of the financial reporting of its deferred income tax asset valuation allowance. This disclosure means that ATI lacked the adequate processes in place to prevent a material misstatement of its financial position,” wrote Forbes contributor David Trainer.
“Companies with a material weakness in internal control over financial reporting are more likely to have to restate their earnings and are at a higher risk for a stock price crash,” Trainer wrote.
Another bankruptcy
RadioShack, for decades a household name in electronics, has filed for Chapter 11 bankruptcy protection for the second time in a little over two years, The Associated Press reported Friday.
The company has struggled in recent years, closing some of its own stores but continuing to operate through independently owned local retailers.
Based in Fort Worth, Texas, RadioShack employs nearly 5,900.
Making enzymes
POET this month announced that it will build an on-site enzyme manufacturing facility at its cellulosic ethanol plant at Emmetsburg, Iowa.
The plant is part of the POET-DSM Advanced Biofuels venture. POET is also the parent of POET Biorefining-Portland, which produces corn-based ethanol.
The Emmetsburg plant has been at the forefront of Project Liberty, exploring new technologies in the production of biofuels to promote energy independence.
Store closing
Marsh Supermarkets will close its south side store in Richmond later this month, The Palladium-Item reported this week.
The store at South 13th and E streets will close its doors at 5 p.m. March 25, according to David Palmer, senior vice president of marketing for Marsh.
Palmer cited weak performance at that store as the reason for the decision.
Marsh will continue to operate its National Road store on Richmond’s west side
"We are still committed to serving the Richmond area at our remaining store,” Palmer told the Richmond newspaper. "I can't speak to (growth), but we are committed to continue to operate the (National Road) store,”
Twenty to 30 employees will be affected by the closing of the store.
Forcing vote
Walgreens could soon declare it has “certified compliance” in its Rite Aid merger, forcing the U.S. Federal Trade Commission to vote on the proposed transaction in 30 days, The New York Post reported this week.
“The declaration would mean that, in Walgreens’s opinion, it has given regulators substantially all the information they need to make a decision,” The Post said.
The Post indicated the move would be “risky” but could bear fruit for Walgreens with a Republican-led FTC not likely to block the $9.7 billion deal.
The Walgreens-Rite Aid proposed merger was first announced in October of 2015. If the deal goes through, Fred’s Pharmacy would buy at least 865 Rite Aid stores divested in order to win FTC approval.
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