May 12, 2017 at 8:05 p.m.
POET's Broin receives honorary degree
Business Roundup
Jeff Broin, chief executive officer of POET, the parent company of POET Bio-refining Portland, has been presented an honorary doctorate of public service by South Dakota State University.
The degree is the highest honor conferred by the university.
“Thirty years ago, I made a decision to move to Scotland, South Dakota, a place I had never been, and become General Manager of a nearly bankrupt ethanol plant. My dad put his farm on the line for this project, and I knew failure wasn’t an option,” Broin said in a prepared statement. “Our will, determination and faith were tested daily, but it was those values that helped get POET to where it is today. I am incredibly humbled and honored by this recognition and will forever treasure this moment.” Broin holds a degree in agricultural business from University of Wisconsin-River Falls.
Pricing probed
Tyson Foods Inc., parent of Tyson Mexican Original of Portland, and competitor Pilgrim’s Pride Corp. have been targeted by the Florida attorney general in a probe of alleged price fixing in the chicken market.
Reuters reported this week that Florida Attorney General Pam Bondi’s office has opened an investigation into allegations made in civil lawsuits, filed last year in federal court in Chicago, that Tyson and other chicken processors conspired to fix prices.
Promoted
Dr. Jeff Bird has been named president of the East Central Region for IU Health, including Blackford and Ball Memorial hospitals.
He had been serving as chief operating officer and chief medical officer of IU Health Ball Memorial Hospital.
Bird is a native of Muncie and practice medicine in Muncie for several years. He received his bachelor’s degree from DePauw University and is
See Business page 6
Continued from page 5
a graduate of Indiana University School of Medicine.
IU Health provides management services to Jay County Hospital.
Beyond drinks
The new chief executive officer of Coca-Cola wants to expand the company’s investments beyond the world of soft drinks.
“It was probably culturally unacceptable internally to say that Coca-Cola wasn’t the preferred brand,” James Quincey told the Financial Times. “And if you have that as your culture, you’re self-limiting growth of other categories. The liberation of cutting through that cultural barrier is going to allow us to more sharply focus on what it is that consumers are really doing.”
The pace of investments, Quincy told Financial Times, would be an acceleration from his predecessor Muhtar Kent, who still occupies the chairman role at Coca-Cola.
Carbonated drink sales account for about 72 percent of the company’s sales volumes, but some stock analysts believe Coca-Cola has been too slow at diversifying.
Despite the emphasis on expansion, Quincy said, “Coca-Cola has and always will be the heart and soul of the company, but the company can be bigger than that.”
Want a ruling
Walgreens has taken steps to force the Federal Trade Commission to rule on its long-delayed takeover of Rite Aid Corp.
Crain’s Chicago Business reported this week that the two companies have notified the Federal Trade Commission that they have complied with the agency’s request for information related to the deal, a move that triggers a 60-day deadline for the commission to clear the merger or sue to block it.
Bribery case
Bloomberg reported this week that Walmart is preparing to pay about $300 million to settle a probe of bribery by its employees in emerging markets such as China, India, and Mexico.
In October, Walmart rebuffed a proposal by U.S. prosecutors to pay at least $600 million to settle the same corruption investigation.
Reuters reported that last week, the company considering getting certified under a new international program that could help it defend itself against isolated cases of corruption or poor business practices.
Solid start
CVS reported this week that its first quarter results show a solid start to 2017.
“We continue to expect 2017 to be a rebuilding year, but our goals remain clear, and we fully intend to return to healthy levels of growth. We remain confident in our model as well as our position in the evolving health care landscape, and our ability to generate significant levels of cash will continue to play an important role in driving shareholder value over the longer term,” president and chief executive officer Larry Merlo said in a prepared statement.
Net revenues for the three months ended March 31 increased 3 percent, or $1.3 billion, to $44.5 billion, up from $43.2 billion in the same period last year.
Net income for the quarter decreased 16.9 percent, to $953 million. The company said this was primarily due to the decline in operating profit, partially offset by lower interest expense of $31 million related to refinancing activity in the prior year as well as the improvement in the effective income tax rate, from 39.4 percent to 37.3 percent.
Earnings up
Yum Brands Inc., parent company of Pizza Hut, Taco Bell and KFC, reported net income of 65 cents per share for the first quarter. That’s up about 17 percent from the same period lasts year.
Performance in the quarter was led by Taco Bell, which saw same-store sales increase by 8 percent. Meanwhile Pizza Hut’s U.S. locations saw a 3 percent decrease in same-store sales.
Big investment
Lutheran Health Network, which has a Lutheran Air helicopter based at Portland Municipal Airport, this week announced a $500 million multi-year capital investment plan
Areas targeted for investment are Lutheran Hospital’s home facility in Fort Wayne, an expansion of the emergency department, development of a comprehensive outpatient cardiovascular center, consolidation of an advanced digestive treatment center, and the development of multiple new outpatient centers.
Construction is set to start later this year and be completed in five or six years.
Take cover
Jay County Chamber of Commerce is sponsoring an active shooter preparedness workshop from 3 to 4:30 p.m. on Thursday, June 15, at the Community Resource Center, 118 S. Meridian St., Portland.
The workshop will be conducted by the Portland Police Department, the Jay County’s Sheriff’s Office, Dunkirk Police Department, Redkey Police Department, and Pennville Police Department.
Training will cover what to do in an active shooter incident, how to prevent such incidents, how to deal with threats, and how to be prepared without provoking panic.
The session is free to any chamber member, but reservations are required because of space limitations. To register phone (260) 726-4481 by June 9.
The degree is the highest honor conferred by the university.
“Thirty years ago, I made a decision to move to Scotland, South Dakota, a place I had never been, and become General Manager of a nearly bankrupt ethanol plant. My dad put his farm on the line for this project, and I knew failure wasn’t an option,” Broin said in a prepared statement. “Our will, determination and faith were tested daily, but it was those values that helped get POET to where it is today. I am incredibly humbled and honored by this recognition and will forever treasure this moment.” Broin holds a degree in agricultural business from University of Wisconsin-River Falls.
Pricing probed
Tyson Foods Inc., parent of Tyson Mexican Original of Portland, and competitor Pilgrim’s Pride Corp. have been targeted by the Florida attorney general in a probe of alleged price fixing in the chicken market.
Reuters reported this week that Florida Attorney General Pam Bondi’s office has opened an investigation into allegations made in civil lawsuits, filed last year in federal court in Chicago, that Tyson and other chicken processors conspired to fix prices.
Promoted
Dr. Jeff Bird has been named president of the East Central Region for IU Health, including Blackford and Ball Memorial hospitals.
He had been serving as chief operating officer and chief medical officer of IU Health Ball Memorial Hospital.
Bird is a native of Muncie and practice medicine in Muncie for several years. He received his bachelor’s degree from DePauw University and is
See Business page 6
Continued from page 5
a graduate of Indiana University School of Medicine.
IU Health provides management services to Jay County Hospital.
Beyond drinks
The new chief executive officer of Coca-Cola wants to expand the company’s investments beyond the world of soft drinks.
“It was probably culturally unacceptable internally to say that Coca-Cola wasn’t the preferred brand,” James Quincey told the Financial Times. “And if you have that as your culture, you’re self-limiting growth of other categories. The liberation of cutting through that cultural barrier is going to allow us to more sharply focus on what it is that consumers are really doing.”
The pace of investments, Quincy told Financial Times, would be an acceleration from his predecessor Muhtar Kent, who still occupies the chairman role at Coca-Cola.
Carbonated drink sales account for about 72 percent of the company’s sales volumes, but some stock analysts believe Coca-Cola has been too slow at diversifying.
Despite the emphasis on expansion, Quincy said, “Coca-Cola has and always will be the heart and soul of the company, but the company can be bigger than that.”
Want a ruling
Walgreens has taken steps to force the Federal Trade Commission to rule on its long-delayed takeover of Rite Aid Corp.
Crain’s Chicago Business reported this week that the two companies have notified the Federal Trade Commission that they have complied with the agency’s request for information related to the deal, a move that triggers a 60-day deadline for the commission to clear the merger or sue to block it.
Bribery case
Bloomberg reported this week that Walmart is preparing to pay about $300 million to settle a probe of bribery by its employees in emerging markets such as China, India, and Mexico.
In October, Walmart rebuffed a proposal by U.S. prosecutors to pay at least $600 million to settle the same corruption investigation.
Reuters reported that last week, the company considering getting certified under a new international program that could help it defend itself against isolated cases of corruption or poor business practices.
Solid start
CVS reported this week that its first quarter results show a solid start to 2017.
“We continue to expect 2017 to be a rebuilding year, but our goals remain clear, and we fully intend to return to healthy levels of growth. We remain confident in our model as well as our position in the evolving health care landscape, and our ability to generate significant levels of cash will continue to play an important role in driving shareholder value over the longer term,” president and chief executive officer Larry Merlo said in a prepared statement.
Net revenues for the three months ended March 31 increased 3 percent, or $1.3 billion, to $44.5 billion, up from $43.2 billion in the same period last year.
Net income for the quarter decreased 16.9 percent, to $953 million. The company said this was primarily due to the decline in operating profit, partially offset by lower interest expense of $31 million related to refinancing activity in the prior year as well as the improvement in the effective income tax rate, from 39.4 percent to 37.3 percent.
Earnings up
Yum Brands Inc., parent company of Pizza Hut, Taco Bell and KFC, reported net income of 65 cents per share for the first quarter. That’s up about 17 percent from the same period lasts year.
Performance in the quarter was led by Taco Bell, which saw same-store sales increase by 8 percent. Meanwhile Pizza Hut’s U.S. locations saw a 3 percent decrease in same-store sales.
Big investment
Lutheran Health Network, which has a Lutheran Air helicopter based at Portland Municipal Airport, this week announced a $500 million multi-year capital investment plan
Areas targeted for investment are Lutheran Hospital’s home facility in Fort Wayne, an expansion of the emergency department, development of a comprehensive outpatient cardiovascular center, consolidation of an advanced digestive treatment center, and the development of multiple new outpatient centers.
Construction is set to start later this year and be completed in five or six years.
Take cover
Jay County Chamber of Commerce is sponsoring an active shooter preparedness workshop from 3 to 4:30 p.m. on Thursday, June 15, at the Community Resource Center, 118 S. Meridian St., Portland.
The workshop will be conducted by the Portland Police Department, the Jay County’s Sheriff’s Office, Dunkirk Police Department, Redkey Police Department, and Pennville Police Department.
Training will cover what to do in an active shooter incident, how to prevent such incidents, how to deal with threats, and how to be prepared without provoking panic.
The session is free to any chamber member, but reservations are required because of space limitations. To register phone (260) 726-4481 by June 9.
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