Thursday, March 30, 2000
TRISTATE BUSINESS SUMMARY
Goodyear raising prices citing material costs
Akron-based Goodyear Tire & Rubber Co., the world's largest tire maker, is raising prices to recoup raw-material costs, an increase it needs to meet estimates for 2000 earnings, analysts said.
Goodyear will increase prices on all brands of auto and light truck replacement tires by 3 percent to 5 percent effective April 17. The tire producer price index (PPI) for February indicates that those increases might not stick, analysts said. Tire prices in February fell 1.5 percent from January and 0.2 percent from last year, according to the PPI.
Prices for products such as styrene and butadiene used in the making of tires have increased by an average of 8 percent from a year earlier. Raw materials represent about 50 percent of Goodyear's tire-making costs, said Rod Lache, a Deutsche Bank analyst.
Lazarus' top employee from Kenwood store
Federated Department Stores has inducted one of its local Lazarus employees into its Star Academy, an honor bestowed annually to just one sales associate and one sales manager in each of Federated's divisions.
Jim Young of Newport is the top 1999 sales associate for the 74-store Rich's/Lazarus/Goldsmith division, based in Atlanta. He works in the men's apparel department at the Lazarus in Kenwood Towne Centre and has been a Lazarus employee for three years.
Mr. Young received the award in New York in February with 13 other national winners. It was the fifth annual Star Academy celebration recognizing outstanding service.
E-commerce seminar for small businesses
A series of free seminars on how operators of small to midsize businesses can use electronic commerce to growth their businesses are planned in April by Cincinnati Bell Directory and Downtown Cincinnati Inc.
The two-hour sessions, which begin at 8:30 a.m., will be April 10 at the Sharonville Convention Center; April 12 at the Omni Netherland Plaza Hotel; and April 14 at the Madison in Covington.
For more information or to register, call 397-6723 or visit www.cincinnatibellseminars.com.
Plant expansion to create 70 new jobs
Gov. Bob Taft said Wednesday that Federal-Mogul Powertrain Systems plans a $1.5 million expansion of its plant at McConnelsville in Morgan County, creating 70 full-time jobs.
The Southfield, Mich.-based company will close its Mooresville, Ind., plant and transfer operations to McConnelsville.
Mr. Taft said the state Development Department has offered the company as much as $150,000 to help with training employees.
The plant makes engine bearings for locomotives, large engines, compressors, rolling mills, aircraft gearboxes and other special applications.
Scrap dealer guilty of colluding on prices
A suburban Cleveland scrap metal dealer agreed to plead guilty to bid rigging and pay an $850,000 criminal fine for conspiring with other dealers to avoid competition in purchases from Northeast Ohio suppliers, the U.S. Justice Department said.
Bay Metal Inc. of Richfield, Ohio, and two of its executives agreed to cooperate in a federal investigation of collusion in the scrap metal industry.
Bay Metal and the other dealers suppressed the prices they paid to scrap metal suppliers by agreeing not to compete, the department said.
— From staff and wire reports
Banker, school reformer Clement Buenger dead at 73
Buenger Commission's impact still felt
P&G faulted for lack of info
Delta connectors to buy up to 500 jets
Downtown loses a bit of sole
Gas prices will fall, U.S. says
Dole decides against selling
Suit against Boeing to trial
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: REAL ESTATE
COMMERCIAL REAL ESTATE
TRISTATE MARKET SPOTLIGHT
