Friday, April 2, 2004

Tristate business summary



Dayton Power terms reviewed

An attorney who won a $145.5 million settlement of shareholder lawsuits against DPL Inc. over gross mismanagement wants a judge to review whether the company has now violated terms of the settlement. A Hamilton County Common Pleas judge set an April 12 meeting with Cincinnati attorney Stanley Chesley and DPL attorneys. DPL is the parent company of Dayton Power and Light Co., which serves about 500,000 customers in western Ohio (including parts of Butler and Warren counties). In a March 10 internal memo, company controller Daniel Thobe questioned the company's internal controls, disclosure and oversight of a $1 billion investment portfolio the utility manages. The shareholder lawsuits of last fall accused DPL officials of self-dealing, breach of duty and gross mismanagement of company assets.

Fecon relocating to Lebanon

Equipment supplier Fecon Inc. will move this summer from Evendale to Lebanon. Developer/builder Al Neyer Inc. is building a $1.8 million factory for Fecon at Columbia Business Park. Fecon plans to increase employment from 30 to 50 over the next three years, said Doug Johnson, deputy director of planning and economic development for Lebanon. The city provided the 7-acre site at the city-owned business park and approved a $231,000 tax increment financing deal to cover other costs.

Kroger proposes raises in Houston

Kroger Co. said Thursday that it has offered annual wage increases and improved health benefits over the next four years as part of proposed contracts covering about 10,800 employees in greater Houston represented by the United Food and Commercial Workers Union. If ratified, the proposals would replace current contracts between the Cincinnati-based grocery giant and the UFCW when they expire at midnight Saturday.

Staff/wire reports




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