May 9, 2020 at 2:08 a.m.
Loy acquires Winchester firm
Business roundup
Nance & Welch Realty Group of Winchester has merged into Loy Real Estate and Auction of Jay County.
Former owners Jim Nance and Steve Welch and associate Shirley Lawrence will be joining the Loy team.
Loy Real Estate and Auction, a family owned and operated business founded by the late Ernest Loy in 1955, serves East Central Indiana and West Central Ohio.
Gary Loy, Doug and Kim Loy lead the Portland-based firm.
Real estate staff members include Aaron Loy, Missy Puterbaugh, Sheryl Harner, and Audrey Harner. Auction staff members are Ben Lyons, Travis and Abby Theurer, Alexis Johnson, John and Jenny Petro, Katlin Smith and Katie Lyons.
Employee dies
A long-time Walmart employee in Quincy, Massachusetts, has died of COVID-19. A spokesperson for Walmart said the corporate office has been made aware of the Quincy associate's death.
The store voluntarily closed down after the Quincy Health Commissioner contacted Walmart's corporate office.
POET pleased
The parent company of POET Biorefining-Portland is pleased with the U.S. Department of Agriculture’s decision to go forward with a $100 million Higher Blends Infrastructure Incentive Program.
The higher biofuels blend will have a positive impact on the ethanol market and the corn market, company officials said.
“We commend President Trump and Secretary Perdue for recognizing the critical role that biofuels play in driving our agricultural economy and cleaning up the air in our nation’s cities. This program takes an important first step in expanding market access to affordable, American-made biofuels across the nation, resulting in additional clean fuel options for motorists and economic opportunities for rural America — a true win for everyone,” POET founder and chief executive officer Jeff Broin, said in a prepared statement.
Higher blends, like E15, have the potential to increase ethanol consumption by 7 billion gallons each year, increasing corn demand by 2 billion bushels annually.
“E15 is the equivalent of doubling exports for corn farmers,” said Broin. While more work will be needed to achieve the market benefits of full E15 adoption, HBIIP is an important step in realizing this increased demand.
HBIIP creates grant funds to assist fuel retailers with converting pumps, related equipment and infrastructure for higher biofuel blends.
Access change
The paywall on The CR’s website — thecr.com — will go back up at the end of May.
The paywall to the news website was removed in March to provide maximum free public access to information during the coronavirus pandemic.
Subscribers to The CR receive free access to the website at all times.
To guarantee continued access to the site after the end of May, non-subscribers should click on the “Subscribe” button on the site and begin an account.
Million pledged
First Merchants Bank has pledged $1 million to COVID-19 relief in Indiana, Illinois, Michigan and Ohio.
“The negative economic impact caused by this pandemic cannot be overstated, and First Merchants is committed to doing everything we can to assist our communities during these difficult times,” First Merchants CEO Michael Rechin said in a prepared statement.
Profits up
First quarter profits at CVS Health Corp. jumped 41% from a year ago, and same-store sales surged during the COVID-19 pandemic.
The pharmacy health care provider earned $2.01 billion, or $1.53 a share, as revenue increased 8.3% to $66.8 billion. Adjusted earnings were $1.91 per share.
Total sales at stores open at least a year rose 9% while pharmacy revenue jumped 9.3%.
Deal ahead?
Reuters reported this week that AmerisourceBergen Corp, one of the largest U.S. drug distributors, has approached Walgreens Boots Alliance Inc. to explore a deal for its pharmaceutical wholesaling division.
Walgreens owns about 27% of AmerisourceBergen and is its biggest customer, the news agency reported.
“The two companies have explored various possibilities for combining operations in recent years, including a sale of AmerisourceBergen to Walgreens, on the theory that their drug distribution businesses would be better positioned to withstand competitive price pressures through even bigger scale,” Reuters said.
AmerisourceBergen is willing to pay about $6 billion for the Walgreens pharmaceutical wholesale business, which operates mainly under the Alliance Healthcare brand, one source told the news agency.
Tops $4 million
NextEra Energy, parent of Bluff Point Wind Energy Center, announced this week that its COVID-19 emergency assistance has surpassed $4 million in just one month's time.
Initially announced on March 17 and provided by the NextEra Energy Foundation and the Gulf Power Foundation, the funds are being distributed to partner organizations working on the frontlines of the COVID-19 crisis.
"Preparing for the unexpected and quickly responding to a crisis is in our DNA and at the very core of our company," NextEra Energy chairman and chief executive officer Jim Robo said in a prepared statement.
Helping out
Honda of America has converted part of its technical center in Marysville, Ohio, to make parts for and assemble ventilators in conjunction with Reading, Pennsylvania-based Dynaflo Inc., Forbes reported this week.
Honda will expand Dynaflo’s production of diaphragm compressors, a crucial component of the portable ventilators used in hospitals to treat patients with severe cases of COVID-19.
The goal is for the two companies eventually to make 10,000 compressors per month through the end of August, Forbes said.
Former owners Jim Nance and Steve Welch and associate Shirley Lawrence will be joining the Loy team.
Loy Real Estate and Auction, a family owned and operated business founded by the late Ernest Loy in 1955, serves East Central Indiana and West Central Ohio.
Gary Loy, Doug and Kim Loy lead the Portland-based firm.
Real estate staff members include Aaron Loy, Missy Puterbaugh, Sheryl Harner, and Audrey Harner. Auction staff members are Ben Lyons, Travis and Abby Theurer, Alexis Johnson, John and Jenny Petro, Katlin Smith and Katie Lyons.
Employee dies
A long-time Walmart employee in Quincy, Massachusetts, has died of COVID-19. A spokesperson for Walmart said the corporate office has been made aware of the Quincy associate's death.
The store voluntarily closed down after the Quincy Health Commissioner contacted Walmart's corporate office.
POET pleased
The parent company of POET Biorefining-Portland is pleased with the U.S. Department of Agriculture’s decision to go forward with a $100 million Higher Blends Infrastructure Incentive Program.
The higher biofuels blend will have a positive impact on the ethanol market and the corn market, company officials said.
“We commend President Trump and Secretary Perdue for recognizing the critical role that biofuels play in driving our agricultural economy and cleaning up the air in our nation’s cities. This program takes an important first step in expanding market access to affordable, American-made biofuels across the nation, resulting in additional clean fuel options for motorists and economic opportunities for rural America — a true win for everyone,” POET founder and chief executive officer Jeff Broin, said in a prepared statement.
Higher blends, like E15, have the potential to increase ethanol consumption by 7 billion gallons each year, increasing corn demand by 2 billion bushels annually.
“E15 is the equivalent of doubling exports for corn farmers,” said Broin. While more work will be needed to achieve the market benefits of full E15 adoption, HBIIP is an important step in realizing this increased demand.
HBIIP creates grant funds to assist fuel retailers with converting pumps, related equipment and infrastructure for higher biofuel blends.
Access change
The paywall on The CR’s website — thecr.com — will go back up at the end of May.
The paywall to the news website was removed in March to provide maximum free public access to information during the coronavirus pandemic.
Subscribers to The CR receive free access to the website at all times.
To guarantee continued access to the site after the end of May, non-subscribers should click on the “Subscribe” button on the site and begin an account.
Million pledged
First Merchants Bank has pledged $1 million to COVID-19 relief in Indiana, Illinois, Michigan and Ohio.
“The negative economic impact caused by this pandemic cannot be overstated, and First Merchants is committed to doing everything we can to assist our communities during these difficult times,” First Merchants CEO Michael Rechin said in a prepared statement.
Profits up
First quarter profits at CVS Health Corp. jumped 41% from a year ago, and same-store sales surged during the COVID-19 pandemic.
The pharmacy health care provider earned $2.01 billion, or $1.53 a share, as revenue increased 8.3% to $66.8 billion. Adjusted earnings were $1.91 per share.
Total sales at stores open at least a year rose 9% while pharmacy revenue jumped 9.3%.
Deal ahead?
Reuters reported this week that AmerisourceBergen Corp, one of the largest U.S. drug distributors, has approached Walgreens Boots Alliance Inc. to explore a deal for its pharmaceutical wholesaling division.
Walgreens owns about 27% of AmerisourceBergen and is its biggest customer, the news agency reported.
“The two companies have explored various possibilities for combining operations in recent years, including a sale of AmerisourceBergen to Walgreens, on the theory that their drug distribution businesses would be better positioned to withstand competitive price pressures through even bigger scale,” Reuters said.
AmerisourceBergen is willing to pay about $6 billion for the Walgreens pharmaceutical wholesale business, which operates mainly under the Alliance Healthcare brand, one source told the news agency.
Tops $4 million
NextEra Energy, parent of Bluff Point Wind Energy Center, announced this week that its COVID-19 emergency assistance has surpassed $4 million in just one month's time.
Initially announced on March 17 and provided by the NextEra Energy Foundation and the Gulf Power Foundation, the funds are being distributed to partner organizations working on the frontlines of the COVID-19 crisis.
"Preparing for the unexpected and quickly responding to a crisis is in our DNA and at the very core of our company," NextEra Energy chairman and chief executive officer Jim Robo said in a prepared statement.
Helping out
Honda of America has converted part of its technical center in Marysville, Ohio, to make parts for and assemble ventilators in conjunction with Reading, Pennsylvania-based Dynaflo Inc., Forbes reported this week.
Honda will expand Dynaflo’s production of diaphragm compressors, a crucial component of the portable ventilators used in hospitals to treat patients with severe cases of COVID-19.
The goal is for the two companies eventually to make 10,000 compressors per month through the end of August, Forbes said.
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