Wednesday, October 1, 2003

Business digest



From staff and wire reports

Formica to move headquarters here

WARREN, N.J. - Formica Corp. will move its headquarters to the Cincinnati area from Warren, N.J., putting its base near its main North American plant.

The move, announced Tuesday, is to be completed by July and is unrelated to the company's bankruptcy restructuring, said Frank A. Riddick III, president and CEO of the maker of laminate countertops and flooring. The move will affect 18 employees.

The company said it will look on both sides of the Ohio River for 15,000 to 20,000 square feet to replace its 10,000-square-foot headquarters.

The new base will be close, but separate, from its 1-million-square-foot plant in Evendale, the company said.

Consumer confidence takes a hit in Sept.

NEW YORK - With the job market still sluggish, consumers' confidence in the economy fell more than expected in September, a private research group said Tuesday.

The Consumer Confidence Index fell to 76.8, down almost 5 points from the revised 81.7 registered in August, according to the New York-based Conference Board.

The decrease was steeper than expected - analysts were looking for a reading of 80.5. It was the biggest decline since July, when sentiment fell 6.5 points to 77.

Lynn Franco, director of the board's consumer research center, said consumer sentiment would likely be volatile until the labor market showed signs of improvement.

Distributor to grow with help of tax credit

DBS Trading Inc., a wholesale pharmaceutical distributor in Forest Park, has received a 55 percent tax credit for five years from the Ohio Job Creation Tax Credit Authority for a $170,000 expansion.

The credit, valued at $162,150 over the period, will allow the company to add 50 jobs over three years. The company employs 28 and is required to maintain operations for 10 years.



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Business digest