Ardagh reports a jump

Ardagh Group, parent company of glass container plants in Dunkirk and Winchester, reported a 13-percent jump in sales in the first three months of 2018 compared to the same period last year.

Sales totaled $2.22 billion, and earnings before interest, depreciation, tax and amortization were reported at $348 million, up 9 percent.

“A strong performance in both metal packaging divisions and in glass packaging Europe more than offset a decline in glass packaging North America, where we remain focused on the implementation of our profit improvement initiatives,” Ardagh chairman Paul Coulson told The Irish Times.

Ardagh’s North American glass business saw a 10-percent decline in revenue because of falling sales volumes. The North American business also saw higher transport and other costs.

Revenues across Ardagh’s metals businesses were more than 20 percent ahead while the European glass unit reported a 17 percent increase in sales.

The company’s net debt stood at $8.4 billion, up from $7.1 billion a year ago.



Gulley to speak

Jay Schools superintendent Jeremy Gulley will speak on the State of Jay Schools at the Jay County Chamber of Commerce networking luncheon at noon May 29 in the IU Health Jay conference room.



Earnings report

Tyson Foods Inc., parent company of Tyson Mexican Original in Portland will hold its fiscal second quarter 2018 earnings call at 9 a.m. May 7.

Participants in the conference call are encouraged to pre-register at dpregister.com/10119631.

To listen to the live webcast, an archived replay or to view the accompanying slides, go to the company’s investor website at ir.tyson.com. The webcast also can be accessed at event.on24.com/wcc/r/1628033/522F15434B76C9B8CC93847A78A80430.



Still acquiring

The Economic Times reported this week that Motherson Sumi Systems, parent company of MSSL Wiring Systems of Portland, is close to wrapping up at least three more acquisitions in the next five to six months. The Indian publication cited two people familiar with the development Motherson Sumi’s plans.

The new acquisitions will be in addition to the recently announced deal of Reydel Automotive, a supplier of interior parts.

The company, which has grown through a string of acquisitions, is just two years away from achieving its $18 billion annual revenue target. 

One of the sources told The Economic Times that the company is in advanced talks for acquisition of a European company which has filed multiple bankruptcies.

The second company under consideration is in Japan which will be in the range of $50 million-$80 million. And the third target acquisition is in the US.



Expo set

Jay County Chamber of Commerce has scheduled its Senior Expo for Aug. 18 from 8 a.m. to 1 p.m. at the Jay Community Center.

Interested exhibitors, sponsors or speakers should contact the chamber at (260) 726-4481.



Vetren merging

Vectren and Houston-based energy CenterPoint Energy announced this week that a merger agreement has been approved by boards of both companies.

The combined company will be named CenterPoint Energy, and its corporate offices will be in Houston, Texas. The company's natural gas utilities operation and Indiana electric operation will have Evansville headquarters.

The transaction is expected to close in the first quarter of 2019, with all required regulatory approvals.

The merger is not expected to have any immediate impact on the company’s natural gas rates in Indiana. Some downsizing of Vectren’s Indiana workforce is expected, however.



Big check

Rhode Island Public Radio reported this week that CVS Health paid its CEO Larry J.Merlo compensation totaling more than $18 million last year. The broadcaster cited  a proxy statement filed Tuesday with the U.S. Securities and Exchange Commission.

Merlo’s compensation included a $1.6 million salary, a $2.3 million annual incentive award and millions more in incentive awards and stock options.



Transfer accord

Ivy Tech Community College said this week it has reached a statewide reverse transfer agreement with Ball State University, Indiana State University, Indiana University, Purdue University and the University of Southern Indiana.

The agreement is applicable to students who have transferred to one of those four-year institutions before completing their associate’s degree. The agreement gives students the opportunity to add to their resume while working toward a bachelor’s degree.

To be eligible for the reverse transfer program, former Ivy Tech and Vincennes University students must be enrolled and in good academic standing at one of those four-year institutions, must have completed a minimum of 15 credit hours at the two-year institution and maintained at lease a 2.0 grade point average while not yet earning a degree from the two-year institution.



Income up

Park National Corporation, parent company of Second National Bank, reported net income in the first quarter of 2018 was $31.1 million, up 53.6 percent from the first quarter of 2017. The company increased its quarterly dividend from 94 cents to share to 96 cents per share.



Responsible

CVS Health this week released its 11th annual Corporate Social Responsibility Report, detailing its efforts to shape the future of health care, reduce environmental impacts and exemplify corporate leadership in fulfilling the company's purpose of helping people on their path to better health.

Among the company's initiatives in 2017 were an enterprise response to combatting the opioid crisis, the development of a carbon emissions reduction target in line with climate science, and a rapid and robust response to a series of natural disasters.