Saturday, February 7, 2004

Tristate summary

India contracts for jet engines

GE Aircraft Engines has won a $105 million development contract to supply 17 of its F404 engines and logistics support for India's Tejas light-combat aircraft. The F404 engines are assembled in Lynn, Mass. The contract calls for GEAE to begin supplying the engines in 2006. GEAE said there is a potential for 250 of the single-engine light combat aircraft for the Indian Air Force and Navy.

Insurance seller has record year

Ohio National Financial Services, which has 750 employees in Greater Cincinnati, posted records in 2003 in capital growth, revenues and new sales, the company announced Friday. The firm, which markets a variety of insurance and financial products, had $153.6 million in adjusted pretax operating earnings, a 4.1 percent increase over the 2002 level of $147.4 million. Total assets under management increased 18.2 percent to $18.2 billion from $15.4 billion in 2002. The company paid dividends of $30.4 million to policyholders.

Midland expects up to $25M

Midland Co. said Friday that it had priced an offering of 1 million shares and expects proceeds of $22 million to $25 million.The insurance provider, based in Clermont County, said it would use the proceeds to support growth initiatives and for other corporate purposes.

Big Lots settles overtime claims

Columbus-based Big Lots Inc. has agreed to pay $10 million to settle a class-action lawsuit that claimed the retailer did not compensate hundreds of its California store managers for working overtime. The 1,451 store managers who signed on to the lawsuit alleged that Big Lots unfairly exempted them from overtime eligibility when they were required to perform clerical and other duties. The company did not admit any wrongdoing.

Staff/wire reports

Delta pilots willing to talk
Hiring up, jobless rate falls
Popeyes spices up decor
Wal-Mart plans Oxford megastore
What's new? It starts in Japan
Rate report
Roto-Rooter losses narrow
Business Digest
Tristate summary