Jay’s Meeker launching own firm

Jay County native Mary Meeker — who is sometimes referred to as the “Queen of the Internet” — is launching her own firm.

The New York Times reported this week that Meeker, a venture capitalist at Kleiner Perkins, plans to depart the firm this year to start a new investment fund.

The Times said it is a significant loss for Kleiner, which hired Meeker in 2010.

A graduate of Jay County High School, Meeker received her bachelor’s degree from DePauw University.

Three other investors at Kleiner — Mood Rowghani, Noah Knauf and Juliet de Baubigny — will join that new firm with Meeker, The Times said.

The new firm has not yet settled on a name.

“Meeker, 58, made her name in the late 1990s as an analyst at Morgan Stanley, cheerleading risky dot-com stocks even through the 2000 market crash. Since joining Kleiner, she has led its investments in more mature start-ups and yielded several successful bets by putting money into Facebook, Twitter, Spotify and Snap when the companies were further along. She also delivers an annual internet trends report that is often regarded as required reading in the technology industry,” said The Times.

Meeker told The Times she and her partners plan to invest in mature technology start-ups. The split affords her and her partners more flexibility and focus, she added.

“We believe focus, focus, focus, nimbleness and specialization will help us,” she told The Times.

Hayes quitting

Tyson Foods Inc. CEO Tom Hayes will step down at the end of the month for personal reasons after less than two years in the role, Reuters reported. 

Noel White, a company veteran who has been running Tyson’s chicken, beef and pork businesses, will replace Hayes, the company said.

Tyson is the parent company of Tyson Mexican Original of Portland.

Reuters said the change surprised Wall Street analysts.

The company declined to give details on Hayes’ reasons for leaving or make him available for an interview.

Hayes, 53, had “no issues of personal conduct or integrity,” company spokesman Gary Mickelson said. 

“After careful consideration and discussions with my family and the board, I know it is the right thing to do,” Hayes said in a prepared statement.

Expanding

POET Biorefining, which has a Portland ethanol plant, has opened an 80-million gallon expansion of its facility in Marion, Ohio.

With the expansion, the Marion plant now has an annual capacity of 150 million gallons of biofuel and 360,000 tons of animal feed per year. 

New production from the facility adds 26 million bushels of annual corn demand for area farmers. The $120 million project also added 225 temporary jobs throughout the course of its construction, the company said.

“Marion and the entire state of Ohio have been fantastic partners throughout the growth of POET and the entire biofuel industry,” POET president and chief operating officer Jeff Lautt said in a prepared statement. “This expansion will dramatically expand local farmers’ markets for grain and provide about 20 new jobs for the area. We’re excited to build on our relationship with the hard-working people here in Marion.”

New plant

A Pennsylvania company announced plans this week to build a fertilizer plant in Bluffton.

EnviroKure, based in Philadelphia, plans to convert chicken manure into biofertilizers and biostimulants at the plant.

“We are pleased to be building our flagship facility in Bluffton,” Mark Lupke, president and chief executive officer of EnviroKure, said in a prepared statement. “Indiana’s business climate has made this possible. The Indiana Economic Development Corporation, along with the Northeast Indiana Partnership and Wells County Economic Development, has worked hard to help us identify the ideal location and navigate the state and local construction permitting process." 

The plant is expected to be fully operational in 2019 and will employ up to 17 by 2020.

Buys Sonic

Sonic Drive-In’s chain is being purchased by Inspire Brands, which also operates Arby’s and Buffalo Wild Wings, for $2.3 billion, according to CNN Money.

The deal is just the latest in a trend of fast-food consolidation, following Burger King’s purchase of Popeye’s and Panera Bread’s takeover of Au Bon Pan. 

Inspire Brands was created earlier this year after Arby’s $3 billion acquisition of Buffalo Wild Wings, and it counts Atlanta-based private-equity firm Roark Capital as its majority owner, according to CNN. 

New HQ

An Italian filter manufacturer plans to locate its North American headquarters in Delaware County. 

Filtrec S.p.A. announced this week it will invest $1.3 million into a Daleville operation that could create 25 jobs by 2022. Gov. Eric Holcomb announced the plans along with Delaware County and company officials during an economic development mission to Italy.

The company said it will occupy 5,800 square feet in Daleville and intends to double or triple that presence within five years. Two employees have already been hired for Filtrec North America and the company says sales, quality, administrative, technical and executive positions are anticipated to be added by the end of next year.

Filtrec North America has been offered up to $275,000 in conditional tax incentives from the Indiana Economic Development Corp.