June 1, 2019 at 3:34 a.m.
I&M seeks another rate hike
Business roundup
I&M seeks another rate hike
Indiana Michigan Power says its proposed rate increase will help cover the cost of a program called Innovate Indiana.
The utility, which serves most of Jay County, is seeking an 11.75% rate increase, which will boost typical monthly bills by $21.11 for residential customers using 1,000 kilowatt hours.
The rate increase proposal was filed with the Indiana Utility Regulatory Commission in mid-May.
Last year, I&M received a 7.26% rate hike.
The latest proposal would boost the customer charge portion of the monthly bill to $15 from its current level of $10.50.
“Electric utilities must install, maintain, upgrade and replace the infrastructure that brings energy to customers: poles, wires and much more,” Tracy Warner, corporate communications manager, told Greater Fort Wayne Business Weekly in an email.
“I&M is seeking adjustments in the service charge to more accurately reflect the true cost of a residential customer’s connection to the grid,” he said.
Innovate Indiana is I&M’s program aimed at strengthening and upgrading the power grid in an effort to reduce the number and duration of power outages.
Tipsy earns gold
The Tipsy Glass Winery, rural Bryant, brought home several awards this week from the Indy International Wine Contest.
The winery, owned by Audrey Muhlenkamp, earned a gold medal for its Sydney’s Blush. It is a semi-state wine made from a blend of Fredonia and Edelweis grapes with flavors of cranberry and pineapple.
The Tipsy Glass added silver medals for Rhubarb Rush, Blackberry Bramble, Patriot Red and Girl’s Best Friend. It also earned bronze medals for Rhuberry Jubilee, Baco Noir and Harvest Sunset Red.
Expanding
Magna Powertrain of America plans to expand its operations in Muncie. The Muncie-Delaware County Economic Development Alliance said in a press release the automotive parts and systems supplier will invest $9.3 million to add new equipment to its 200,000-square-foot MPT Muncie facility and create 50 full-time jobs.
The installation of the equipment is expected to be complete by April 2020.
The Delaware County Council has approved a 10-year tax abatement for the project.
"Magna has been a proud member of the community since 2006," Stephen Brand, general manager of MPT Muncie, said in a prepared statement.
The company currently employs more than 460 at the MPT Muncie plant.
Below 2
Mercer County’s jobless rate has dipped below 2% as of April figures released by the Ohio Department of Job and Family Services.
The county has had the lowest unemployment rate in Ohio since May 2016.
Darke County’s rate was 2.8%, while the state’s jobless rate was 4.3%.
Not being sued
While Walmart Inc. has filed suit against nearly the entire poultry processing industry alleging price collusion and violation of anti-trust laws, Tyson Foods is among a handful of companies not included in the suit.
Tyson, parent of Tyson Mexican Original of Portland, is headquartered in Arkansas, as are Simmons Foods, George’s Inc. and Northwest Arkansas, which are also omitted from the suit.
The lawsuit claims the chicken industry shared confidential information and conspired to destroy flocks, close plants, and cut back on production overall to raise chicken prices as much as 50% during a 10-year period from the cyclical lows of 2008.
Strong quarter
Dollar Tree Inc., parent company of Family Dollar, reported net sales increased 4.6% to $5.81 billion from $5.55 billion in the prior year’s first quarter.
Same-store sales for Family Dollar increased 1.9%.
Gross profit increased 1.6% to $1.73 billion in the quarter compared to $1.70 billion in the prior year’s first quarter.
Dollar Tree announced in March that it is executing a store optimization program for its Family Dollar stores to improve performance. That includes the closing of under-performing stores. No local stores were on the initial list of store closings.
The company said it plans to re-brand about 200 Family Dollar stores to the Dollar Tree brand in fiscal 2019.
Networking breakfast
The next Jay County Chamber of Commerce networking breakfast will be at 7:30 a.m. on June 12 at the Salamonia School House, 5816 E. North St., Salamonia.
To make a reservation, contact the chamber at (260) 726-4481. The deadline for reservations is June 7.
No plans yet
Tyson Foods has not formalized plans for a beef processing plant in Kazakhstan, the company told Reuters this week.
“We’ve visited Kazakhstan and have interest in the nation’s future food production efforts, however, we have not formalized plans for a project there,” the company said in a press release.
Tyson had discussed an initial investment of about $200 million in the Kazakh plant.
Still meaty
Arby’s has no intention of adding a plant-based sandwich to its menu.
“It won’t happen on my watch,” Arby’s president Rob Lynch told Fortune magazine. “The only way would be if I got fired for some reason.”
Earlier in May, a website called VegNews said Arby’s was in talks with Impossible Foods, maker of the Impossible patty and Impossible sausage.
But Lynch said that’s not the case.
“You have to stand for something,” he told Fortune. “We’ve turned this brand around by making big, high quality, meaty, abundant sandwiches. That’s who we are.”
Comcast scholars
Comcast this week announced it has awarded $236,000 in college scholarships for the 2019-2020 school year to 90 Florida students as part of its annual Leaders and Achievers Scholarship Program. Students were selected for their outstanding community service, academic performance, and leadership skills. Since 2001, more than $33 million has been awarded to nearly 30,000 high school seniors across the country as part of the Leaders and Achievers program.
The utility, which serves most of Jay County, is seeking an 11.75% rate increase, which will boost typical monthly bills by $21.11 for residential customers using 1,000 kilowatt hours.
The rate increase proposal was filed with the Indiana Utility Regulatory Commission in mid-May.
Last year, I&M received a 7.26% rate hike.
The latest proposal would boost the customer charge portion of the monthly bill to $15 from its current level of $10.50.
“Electric utilities must install, maintain, upgrade and replace the infrastructure that brings energy to customers: poles, wires and much more,” Tracy Warner, corporate communications manager, told Greater Fort Wayne Business Weekly in an email.
“I&M is seeking adjustments in the service charge to more accurately reflect the true cost of a residential customer’s connection to the grid,” he said.
Innovate Indiana is I&M’s program aimed at strengthening and upgrading the power grid in an effort to reduce the number and duration of power outages.
Tipsy earns gold
The Tipsy Glass Winery, rural Bryant, brought home several awards this week from the Indy International Wine Contest.
The winery, owned by Audrey Muhlenkamp, earned a gold medal for its Sydney’s Blush. It is a semi-state wine made from a blend of Fredonia and Edelweis grapes with flavors of cranberry and pineapple.
The Tipsy Glass added silver medals for Rhubarb Rush, Blackberry Bramble, Patriot Red and Girl’s Best Friend. It also earned bronze medals for Rhuberry Jubilee, Baco Noir and Harvest Sunset Red.
Expanding
Magna Powertrain of America plans to expand its operations in Muncie. The Muncie-Delaware County Economic Development Alliance said in a press release the automotive parts and systems supplier will invest $9.3 million to add new equipment to its 200,000-square-foot MPT Muncie facility and create 50 full-time jobs.
The installation of the equipment is expected to be complete by April 2020.
The Delaware County Council has approved a 10-year tax abatement for the project.
"Magna has been a proud member of the community since 2006," Stephen Brand, general manager of MPT Muncie, said in a prepared statement.
The company currently employs more than 460 at the MPT Muncie plant.
Below 2
Mercer County’s jobless rate has dipped below 2% as of April figures released by the Ohio Department of Job and Family Services.
The county has had the lowest unemployment rate in Ohio since May 2016.
Darke County’s rate was 2.8%, while the state’s jobless rate was 4.3%.
Not being sued
While Walmart Inc. has filed suit against nearly the entire poultry processing industry alleging price collusion and violation of anti-trust laws, Tyson Foods is among a handful of companies not included in the suit.
Tyson, parent of Tyson Mexican Original of Portland, is headquartered in Arkansas, as are Simmons Foods, George’s Inc. and Northwest Arkansas, which are also omitted from the suit.
The lawsuit claims the chicken industry shared confidential information and conspired to destroy flocks, close plants, and cut back on production overall to raise chicken prices as much as 50% during a 10-year period from the cyclical lows of 2008.
Strong quarter
Dollar Tree Inc., parent company of Family Dollar, reported net sales increased 4.6% to $5.81 billion from $5.55 billion in the prior year’s first quarter.
Same-store sales for Family Dollar increased 1.9%.
Gross profit increased 1.6% to $1.73 billion in the quarter compared to $1.70 billion in the prior year’s first quarter.
Dollar Tree announced in March that it is executing a store optimization program for its Family Dollar stores to improve performance. That includes the closing of under-performing stores. No local stores were on the initial list of store closings.
The company said it plans to re-brand about 200 Family Dollar stores to the Dollar Tree brand in fiscal 2019.
Networking breakfast
The next Jay County Chamber of Commerce networking breakfast will be at 7:30 a.m. on June 12 at the Salamonia School House, 5816 E. North St., Salamonia.
To make a reservation, contact the chamber at (260) 726-4481. The deadline for reservations is June 7.
No plans yet
Tyson Foods has not formalized plans for a beef processing plant in Kazakhstan, the company told Reuters this week.
“We’ve visited Kazakhstan and have interest in the nation’s future food production efforts, however, we have not formalized plans for a project there,” the company said in a press release.
Tyson had discussed an initial investment of about $200 million in the Kazakh plant.
Still meaty
Arby’s has no intention of adding a plant-based sandwich to its menu.
“It won’t happen on my watch,” Arby’s president Rob Lynch told Fortune magazine. “The only way would be if I got fired for some reason.”
Earlier in May, a website called VegNews said Arby’s was in talks with Impossible Foods, maker of the Impossible patty and Impossible sausage.
But Lynch said that’s not the case.
“You have to stand for something,” he told Fortune. “We’ve turned this brand around by making big, high quality, meaty, abundant sandwiches. That’s who we are.”
Comcast scholars
Comcast this week announced it has awarded $236,000 in college scholarships for the 2019-2020 school year to 90 Florida students as part of its annual Leaders and Achievers Scholarship Program. Students were selected for their outstanding community service, academic performance, and leadership skills. Since 2001, more than $33 million has been awarded to nearly 30,000 high school seniors across the country as part of the Leaders and Achievers program.
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