From staff reports

Cincy Financial profits jump 140%

Cincinnati Financial Corp. reported a 140 percent increase in second-quarter net income Thursday.

The parent company of Cincinnati Insurance Co. and five other subsidiaries posted record second-quarter net earnings of $84 million, compared with $35 million in the same quarter in 2002. Revenue increased 13.5 percent to $798 million.

"The 2003 second quarter benefited from the continued growth of property-casualty premium revenues and improved non-catastrophe underwriting, primarily in commercial lines, as well as higher investment income," said John J. Schiff, chairman and chief executive.

Procter allowed to take over Wella

The European Commission has given Procter & Gamble Co. permission to take over German hair care group Wella, Reuters reported Tuesday.

P&G wants to move the company into the $10 billion salon products business and strengthen its coloring and styling products business in Europe.

The $5.7 billion deal is the largest in P&G's history. U.S. regulators have already approved the deal.

Two businesses get tax credits

Two Hamilton County businesses received tax credits for expansion this week from the Ohio Tax Credit Authority.

MCC-Quick Pak, packaging services unit of Multi-Color Corp., received a 50 percent, five-year credit for a 90,000-square-foot addition to its Sharonville plant. The $280,000 project is expected to create 30 jobs in three years. The company now employs 77.

Bway Manufacturing Inc., aerosol can maker in Anderson Township, received a 55 percent tax credit for five years. The company, recently acquired by Kelso Inc., is investing $6.4 million in a new manufacturing line. The project is expected to add 30 jobs over three years.