Meeker’s fund raises $1.25 billion

Jay County’s Mary Meeker has just made history in the realm of venture capital.

According to securities filings this week, Meeker’s new venture capital fund, Bond Capital, has secured capital commitments of $1.25 billion.

The filing was first reported by Axios and confirmed by Bloomberg and other business news outlets.

Bond Capital is the first female-founded, female-led venture capital fund to cross the billion-dollar mark.

Meeker, whose Internet Trends Report is a highly-anticipated annual event, announced in September that she was leaving Kleiner Perkins after about eight years to start her own fund. She is a former Morgan Stanley analyst.

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

Revenue up

Ardagh Group, parent of glass container manufacturing plants in Dunkirk and Winchester, reported first quarter revenue of $2,220 million, up 4 percent.

Adjusted earnings were 35 cents per share, up from 33 cents per share in the first quarter of 2018.

"Our first quarter performance was good, with growth in volumes, earnings and cash generation. Demand for our sustainable packaging solutions is generally strong and we grew volume in both our Americas and European metal packaging divisions notably in beverage cans, as well as in glass packaging in Europe,” chairman and chief executive Paul Coulson said in a prepared statement.

The company’s outlook for the rest of the year is unchanged.  

Revenue for the quarter was broadly in line with the prior year. 

The North American glass packaging division saw revenue up 1 percent to $416 million in the quarter.

Sells out

Tyson Foods Inc., parent company of Tyson Mexican Original of Portland, has quietly sold off its stake in Beyond Meat, an alternative protein company that’s on the verge of an initial public offering.

Axios reported this week that Tyson’s 6.5 percent stake in the company reported last November vanished last week in the latest filings related to the IPO.

The website reported that tensions had been rising between the two companies, particularly after Tyson indicated it would develop its own plant-based protein products.

“It's unclear if Beyond Meat asked Tyson to sell its stake, or simply made things so uncomfortable that Tyson decided to make the move on its own.

"The last thing a corporate venture group wants is to be viewed as competing with its portfolio companies. … Beyond Meat no longer wanted the Tyson Ventures rep in its board meetings, effectively trying to dis-invite him, despite Tyson's contractual observer rights,” Axios said. “Part of the fear was competitive, as Tyson was partially drawn to the alt protein market by the adoption it had seen for Beyond Meat within the quick-serve and broader restaurant sector.”

Droning on

Look! Up in the sky! Is it a bird? Is it a plane?

Nope. It’s an Indiana Michigan Power aerial drone.

The utility company said this week it will be using drones to inspect transmission lines in east central Indiana for about the next six weeks.

The drone inspection of poles and wires will take place in parts of Jay, Adams, Delaware, Grant and Randolph counties.

The work is being done by Asymmetric Technologies. A licensed operator will be piloting the drone, assisted by a camera operator on the ground.

Teams will follow Federal Aviation Administration rules, I&M said in a press release.

Still lowest

Mercer County continues to have the lowest jobless rate in the state of Ohio, a distinction it has held since May of 2016.

The county’s unemployment rate in March was 2.4 percent, down from 2.9 percent in February. Darke County’s rate was 3.8 percent in March. The rate in Auglaize County was 2.9 percent. As a whole, Ohio’s jobless rate was 4.4 percent in March.

Income up

First Merchants Corporation reported first quarter net income of $38.8 million, up 5.8 percent from the same period a year ago.

The banking company, which has branches in Portland, reported earnings of 78 cents per share for the period, up from 74 cents per share in the first quarter of 2018. Total assets equaled $10.2 billion as of quarter-end and loans totaled $7.3 billion. 

“We are excited to begin 2019 with a solid quarter of operating results.  Our focus on the marketplace produced strong deposit growth and liquidity for our balance sheet.  The loan pipeline continues to reflect an expanding Midwest economy with healthy asset quality throughout the portfolio,” Michael C. Rechin, president and chief executive officer, said in a prepared statement.

Profits spike

CVS Health is reporting a 42 percent spike in profits during the first quarter and is raising its outlook for the year, The Associated Press reported this week.

The company posted earnings of $1.42 billion, or $1.09 per share. Earnings, adjusted for one-time gains and costs, were $1.62 per share. Revenue was $61.65 billion.

Joins board

Mike Schlamb, co-owner of R.J. Warner Insurance Agency, Greenville, Ohio, has joined the board of State of the Heart Care.

A resident of Greenville, Schlamb holds a bachelor’s degree in business from Wright State University. He is a member of the Knights of Columbus and the local Elks Lodge.

More training

Forbes reported this week that Walgreens will increase its mental health and substance abuse training for pharmacists and staff as a result of the opioid epidemic.

The drug store chain has partnered with the National Council for Behavioral Health and the American Pharmacists Association to make training available to its pharmacy staffers in “mental health first aid,” which those involved say will help assist patients suffering from mental health conditions or substance abuse.

Just add bacon

McDonald’s saw sales rise 5.4 percent for the quarter, and bacon appears to be a factor.

“Bacon was a big driver,” The Associated Press reported. “McDonald's kicked off the year with an hour-long offer of free bacon in U.S. stores, generating hype for its new bacon cheesy fries and bacon Big Mac and Quarter Pounder. In France, same-store sales rose to their highest level since 2011, thanks in part to Le Big Mac Bacon.”

The company reported that U.S. same-store sales were up 4.5 percent.

And some chicken

Yum Brands Inc., parent of Pizza Hut, Taco Bell and KFC, reported quarterly results that showed KFC sales rising 5 percent for the quarter. The growth was the strongest in at least three years.

"First-quarter results were a solid start to the year, reflecting particular strength at the KFC division and Taco Bell U.S.," chief executive officer Greg Creed said in prepared statement.

Taco Bell's same-store sales rose 4 percent.

Yum's net income fell about 40 percent to $262 million in the three months ending March 31, partly due to its investments in food delivery service GrubHub Inc., Reuters reported.

Expanding

Mercer County has signed off on a 10-year, 100 percent tax abatement for a $750,000 expansion by Haulette Manufacturing Inc. that’s expected to create 10 new jobs. Haulette designs and produces returnable racks and containers for several industries. It plans to build a 13,000-square-foot facility at its plant on U.S. 127.

Changes hands

Rochester Sentinel owner and Publisher Sarah O. Wilson announced Monday the sale of the paper to the Paxton Media Group.

The sale was effective Wednesday. 

She and her husband, Sentinel Editor W.S. Wilson, came to the Sentinel in 1982. Neither will remain with the company.

“This is difficult and emotional because The Sentinel and its staff have been a big part of my life for as long as I can remember,” she said. “But nothing lasts forever. It is time for us to step aside and let the next generation take over.“

Sarah Wilson’s father, the late Jack K. Overmyer, began working at The Sentinel while in high school, bought the paper in 1976 and passed ownership to her upon his death in 2010.

Three of its staffers have been inducted into the Indiana Journalism Hall of Fame: Publishers Hugh Barnhart and Jack K. Overmyer and Akron columnist Ann Allen.

The sale ends The Sentinel’s status as one of the few remaining independent family-owned daily newspapers in Indiana. There are now four: The Commercial Review in Jay County, the Fort Wayne Journal-Gazette, the Bluffton News-Banner and the Dubois County Herald in Jasper. The Madison Courier had been on that short list until February, when it reduced publication to three days a week.