Tyson explores lab-made meat

Tyson Foods Inc., parent company of Tyson Mexican Original of Portland, continues to make investments in new technology involving the laboratory production of meat.



Bloomberg reported this week that the company, which is the largest meatpacker in the U.S., is co-leading a $2.2 million seed investment in an Israeli startup that aims to affordably produce meat from animal cells, without the need to raise or harvest livestock.



Future Meat Technologies of Jerusalem says the company has already reduced the cost of cultured meat from about $10,000 per kilogram to $800 per kilogram and expects that cost to drop to $5 to $10 per kilo by 2020.



Tyson has also invested in Beyond Meat, which manufactures a plant-based burger, and Memphis Meats, a cultured-meat producer. Memphis Meats is also backed by Cargill Inc., Bill Gates and Richard Branson.



“This is our first investment in an Israel-based company and we’re excited about this opportunity to broaden our exposure to innovative, new ways of producing protein,” Justin Whitmore, Tyson’s executive vice president for corporate strategy, said in a prepared statement. “We continue to invest significantly in our traditional meat business but also believe in exploring additional opportunities for growth that give consumers more choices.”



Future Meat Technologies claims it is the only company at this time that can make animal fat, which produces the unique aroma and flavor of meat that “makes our mouth water,” without killing animals or any genetic modification, according to Bloomberg.







New manager



Rob Keisling has joined Indiana Michigan Power as its community affairs manager for the Muncie District.



Keisling, who has served as director of operations at Minnetrista in Muncie for the past eight years, will serve as I&M’s primary contact for community and economic development in Jay, Delaware, Grant, Randolph, Blackford and Madison counties.







Done deal



The merger of MainSource Financial Group and First Financial Bank is complete, and the transition from MainSource to the First Financial name is expected by the end of the month.



First Financial has said current MainSource banking centers will reopen under the First Financial brand May 29.



“We are excited to combine two community-focused financial institutions who are both significantly involved in the markets they serve,” president and CEO of the newly combined First Financial Bank Archie M. Brown Jr. said in a prepared statement. “We look forward to providing our clients with additional lending capabilities and expanded product offerings while continuing to deliver a high-quality and personal level of service.”



The total asset size of the merged companies is approximately $14 billion.



Plans for the merger were first announced July 25.







Heats up



Amazon is doing its best to keep Walmart out of the e-commerce market in India.



While Walmart is offering $12 billion for a 60 percent stake in India’s Flipkart Online Services, Amazon is offering a $2 billion “break-up fee” if the Indian government blocks the deal, The Street reported this week.



India’s e-commerce market is estimated at $50 billion. Flipkart has 100 million registered users and 10 million daily visitors.



Walmart already has a bricks-and-mortar presence in India, currently operating 21 Best Price Modern Wholesale stores there.







Good report



U.S. News and World Report said McDonald's Corporation stock jumped more than 2 percent this week after the company reported its first-quarter earnings. 



Bank of America analyst Gregory Francfort told the website McDonald's is uniquely positioned to continue to gain precious market share from its restaurant competitors. "We like owning a business that is a low-cost producer with best-in-class unit economics that is reinvesting profit upside back into traffic gains, which (McDonalds)  appears to be doing," Francfort said.







Progressing



Regulatory approval of the $68-billion acquisition of Aetna Inc. by CVS Health Corp. is still in the works.



“We are moving forward on both the regulatory and integration planning fronts in support of a close in the second half of this year and a smooth, efficient integration of operations,” CVS Chief Executive Officer Larry Merlo told Bloomberg on Wednesday.



The deal would bring together around 10,000 CVS stores and Aetna’s 22 million customers. 











Job fair



Students looking for summer employment should mark Wednesday and Thursday on their calendars. The Jay County Chamber of Commerce and Jay Schools will be sponsoring a student job fair from 10:45 a.m. to 12:35 p.m. on those days.



Local businesses will have tables set up in the commons area of Jay County High School during the lunch periods.







Wants relief



Allegheny Technologies Inc., parent company of Portland Forge, is seeking relief from tariffs on imported steel that would have an adverse impact on its Pennsylvania operations, The Pittsburgh Post-Gazette reported.



ATI is seeking an exclusion from the 25 percent tariffs imposed by President Donald Trump in March on about 300,000 metric tons of stainless steel slabs it imports annually from Indonesia. The company argues that the tariffs would not only eliminate 100 Pittsburgh-area jobs but would also threaten national security. It also said that U.S. stainless steel producers cannot supply all the steel ATI needs.







Income up



First Merchants Corporation has reported first quarter 2018 net income of $36.7 million, an increase of 58 percent. This year’s first quarter compares to $23.2 million during the same period in 2017.  



Earnings per share for the period totaled 74 cents per share, an increase of 32 percent, compared to the first quarter of 2017 result of 56 cents per share. The increase in net income was driven by several factors including strong core banking performance, two acquisitions that were fully integrated during the second half of 2017 and the impact of tax reform, the company said.



 in a press release



Total assets equaled $9.5 billion as of quarter-end and loans totaled $6.9 billion.