May 5, 2017 at 7:17 p.m.
Ardagh, Saint-Gobain at odds
Business Roundup
The Irish Times reported this week that Ardagh Group, parent company of glass container plants in Dunkirk and Winchester, and Saint-Gobain, former owner of the Dunkirk plant, don’t see eye-to-eye about who might be responsible for a $50 million judgment in a lawsuit.
Ardagh has said it plans to appeal the patent infringement judgment, which awarded the funds to a company called Green Mountain in April. But Ardagh added that when it acquired Saint-Gobain’s Verallia North America business there was sufficient protection against such a liability.
This week however, a spokesman for Saint-Gobain told The Irish Times, “Given the agreements between Ardagh and Saint-Gobain on the sale of Verallia North America, Saint-Gobain is not liable and the group is not involved in this litigation.”
The spokesman went on to say that Ardagh Group has no ability to shift the costs of the judgment back onto Saint-Gobain.
Green Mountain’s suit, which was filed less than two weeks before the Ardagh acquisition went through, had claimed that its patented technology for turning mixed color glass cullet into glass of a single color had been infringed upon by Verallia North America.
Going NAE
Tyson Foods Inc., parent company of Portland’s Tyson Mexican Original, announced that its entire retail line of branded chicken products will be from birds raised with no antibiotics ever (NAE).
In conjunction with the NAE announcement, a documentary film series is being released that focuses on Tyson’s production practices.
“The videos and our No Antibiotics Ever commitment represent a big step for the Tyson® brand in our efforts to act sustainably and transparently,” Duke Zandstra, senior marketing director for Tyson, said in a prepared statement. “Our goal is to show what good can come when a food company the size and scale of ours opens its doors and invites people in.”
Filmmaker Daniel Junge met with farmers, plant workers, veterinarians, hatchery managers, top executives at Tyson and others to create the documentary.
The video content will be available to view at www.tyson.com/our-practices.
“We’re working to drive positive change at scale and are constantly striving to do better,” said Zandstra.
Leadership deadline
The registration deadline for a leadership development series at John Jay Center for Learning is May 31.
The program is by Development Dimensions International and Ivy Tech and is set for Wednesday, June 7, from 8:30 a.m. to 12:30 p.m.
Cost of the series is $199. To register, contact Carolyn Carducci at (260) 729-5525 or via email at [email protected]. It’s also possible to register online at www.ivytech.edu/register-now.
Done deal
MainSource Financial Group, Inc. announced Monday that it completed its previously-announced acquisition of FCB Bancorp, Inc. on April 30 for a combination of cash and stock valued at $58.9 million based upon MainSource’s April 28 closing price of $34.20 per share.
With this acquisition, MainSource, which is the successor bank to Jay County’s Peoples Bank, added seven full-service banking offices in the growing market of Louisville, Kentucky, as well as $520 million in assets and $385 million in deposits.
The First Capital Bank of Kentucky will continue to operate as a separate entity. Full conversion and integration of all First Capital branches to MainSource branches is expected to take place in the second quarter of this year.
MainSource operates 94 full-service offices throughout Indiana, Illinois, Kentucky and Ohio through its banking subsidiaries.
In a separate announcement this week, MainSource said William J. Goodwin, chief credit officer for MainSource, is retiring.
“Bill joined MainSource during the Great Recession and developed the role of chief credit officer for the bank. He has implemented robust policies governing credit approval, internal controls and portfolio diversification,” MainSource president and chief executive officer Archie M. Brown Jr. said in a prepared statement.
Dividend boosted
First Merchants Corporation, parent company of First Merchants Bank, this week announced that its board of directors has increased the corporation’s quarterly cash dividend by three cents per share, or 20 percent, to $18 cents per common share.
The new rate will go into effect with the next payment on June 16, to stockholders of record as of June 2. It was the second increase in the corporation’s dividend over the past year.
First Merchants Corporation also operates as Lafayette Bank and Trust, and First Merchants Private Wealth Advisors which operates as a division of First Merchants Bank.
Number 15
Forbes reported this week that Comcast is ranked No. 15 on its list of “America’s Top Public Companies.”
The magazine cited strong performance by the entertainment, internet, and cable TV company.
Forbes focused on four key areas: Revenue, profits, assets, and market value.
Comcast reported $80.4 billion in revenue last year and assets totaling $180.5 billion.
Drugs, booze
Marsh Supermarkets, which is closing its Portland store May 14, also closed all of its in-store pharmacies this week in another effort to cut costs.
The move to close 37 pharmacies in its remaining 64 stores created an opportunity for liquor buyers due to a quirk in Indiana law.
While supermarkets may sell beer and wine, only those with pharmacies may also sell liquor. That led to some steep discounting earlier this week at those stores.
The prescription records and pharmacy inventory of Marsh have been acquired by CVS Health.
Meanwhile, on Thursday nine more store closings were announced, including the Marsh on Muncie’s south side.
That store will close May 27.
Gannett hacked
Gannett, the publisher of The Star Press of Muncie and more than 100 other newspapers including USA Today, said this week it has warned about 18,000 current and former employees that hackers may have gotten ahold of their personal information. Email accounts of people who work in its human resources department were broken into, the company said.
Last day
Because of the closing of Portland’s Marsh store, First Merchants Bank will close its Portland Supercenter location inside the supermarket. The branch will close at 6 p.m. May 12.
Ardagh has said it plans to appeal the patent infringement judgment, which awarded the funds to a company called Green Mountain in April. But Ardagh added that when it acquired Saint-Gobain’s Verallia North America business there was sufficient protection against such a liability.
This week however, a spokesman for Saint-Gobain told The Irish Times, “Given the agreements between Ardagh and Saint-Gobain on the sale of Verallia North America, Saint-Gobain is not liable and the group is not involved in this litigation.”
The spokesman went on to say that Ardagh Group has no ability to shift the costs of the judgment back onto Saint-Gobain.
Green Mountain’s suit, which was filed less than two weeks before the Ardagh acquisition went through, had claimed that its patented technology for turning mixed color glass cullet into glass of a single color had been infringed upon by Verallia North America.
Going NAE
Tyson Foods Inc., parent company of Portland’s Tyson Mexican Original, announced that its entire retail line of branded chicken products will be from birds raised with no antibiotics ever (NAE).
In conjunction with the NAE announcement, a documentary film series is being released that focuses on Tyson’s production practices.
“The videos and our No Antibiotics Ever commitment represent a big step for the Tyson® brand in our efforts to act sustainably and transparently,” Duke Zandstra, senior marketing director for Tyson, said in a prepared statement. “Our goal is to show what good can come when a food company the size and scale of ours opens its doors and invites people in.”
Filmmaker Daniel Junge met with farmers, plant workers, veterinarians, hatchery managers, top executives at Tyson and others to create the documentary.
The video content will be available to view at www.tyson.com/our-practices.
“We’re working to drive positive change at scale and are constantly striving to do better,” said Zandstra.
Leadership deadline
The registration deadline for a leadership development series at John Jay Center for Learning is May 31.
The program is by Development Dimensions International and Ivy Tech and is set for Wednesday, June 7, from 8:30 a.m. to 12:30 p.m.
Cost of the series is $199. To register, contact Carolyn Carducci at (260) 729-5525 or via email at [email protected]. It’s also possible to register online at www.ivytech.edu/register-now.
Done deal
MainSource Financial Group, Inc. announced Monday that it completed its previously-announced acquisition of FCB Bancorp, Inc. on April 30 for a combination of cash and stock valued at $58.9 million based upon MainSource’s April 28 closing price of $34.20 per share.
With this acquisition, MainSource, which is the successor bank to Jay County’s Peoples Bank, added seven full-service banking offices in the growing market of Louisville, Kentucky, as well as $520 million in assets and $385 million in deposits.
The First Capital Bank of Kentucky will continue to operate as a separate entity. Full conversion and integration of all First Capital branches to MainSource branches is expected to take place in the second quarter of this year.
MainSource operates 94 full-service offices throughout Indiana, Illinois, Kentucky and Ohio through its banking subsidiaries.
In a separate announcement this week, MainSource said William J. Goodwin, chief credit officer for MainSource, is retiring.
“Bill joined MainSource during the Great Recession and developed the role of chief credit officer for the bank. He has implemented robust policies governing credit approval, internal controls and portfolio diversification,” MainSource president and chief executive officer Archie M. Brown Jr. said in a prepared statement.
Dividend boosted
First Merchants Corporation, parent company of First Merchants Bank, this week announced that its board of directors has increased the corporation’s quarterly cash dividend by three cents per share, or 20 percent, to $18 cents per common share.
The new rate will go into effect with the next payment on June 16, to stockholders of record as of June 2. It was the second increase in the corporation’s dividend over the past year.
First Merchants Corporation also operates as Lafayette Bank and Trust, and First Merchants Private Wealth Advisors which operates as a division of First Merchants Bank.
Number 15
Forbes reported this week that Comcast is ranked No. 15 on its list of “America’s Top Public Companies.”
The magazine cited strong performance by the entertainment, internet, and cable TV company.
Forbes focused on four key areas: Revenue, profits, assets, and market value.
Comcast reported $80.4 billion in revenue last year and assets totaling $180.5 billion.
Drugs, booze
Marsh Supermarkets, which is closing its Portland store May 14, also closed all of its in-store pharmacies this week in another effort to cut costs.
The move to close 37 pharmacies in its remaining 64 stores created an opportunity for liquor buyers due to a quirk in Indiana law.
While supermarkets may sell beer and wine, only those with pharmacies may also sell liquor. That led to some steep discounting earlier this week at those stores.
The prescription records and pharmacy inventory of Marsh have been acquired by CVS Health.
Meanwhile, on Thursday nine more store closings were announced, including the Marsh on Muncie’s south side.
That store will close May 27.
Gannett hacked
Gannett, the publisher of The Star Press of Muncie and more than 100 other newspapers including USA Today, said this week it has warned about 18,000 current and former employees that hackers may have gotten ahold of their personal information. Email accounts of people who work in its human resources department were broken into, the company said.
Last day
Because of the closing of Portland’s Marsh store, First Merchants Bank will close its Portland Supercenter location inside the supermarket. The branch will close at 6 p.m. May 12.
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