Northeast Ohio Business News

Latest local and international economic news, market and financial reports

Developers Diversified Realty Corp., a shopping center owner and developer based in Beachwood, said late Thursday that a 73.6 percent fall in second-quarter profits was due to greater gains from sales of real estate during the same quarter a year before.

Developer Diversified reported that profits were $29.4 million, or $0.25 per share, during the three month period ended June 30. That compares to profits of $111.4 million, or $0.89 per share, during the same quarter of 2007. The company chalked up the difference to a drop in income from real estate sales and joint ventures during the recent quarter.

Continue reading "Profits, funds from operations fall at Developers Diversified" »

Integra LifeSciences Holdings Corp. in Plainsboro, N.J., has agreed to acquire Theken Spine LLC and its subsidiaries in Akron for $75 million in cash, with the promise of an additional $125 million if the company meets revenue milestones in future years.

Integra said it expects to keep the employees of Theken Spine, Theken Disc LLC and Therics LLC, as well as the company's headquarters and manufacturing facilities in Akron.

Continue reading "Theken Spine in Akron could fetch up to $200 million" »

Squire Sanders & Dempsey LLP has renewed its lease at Cleveland's Key Tower, ending months of speculation that the law firm could move to any of the new office buildings being proposed downtown.

The firm has agreed to a 10-year renewal of its lease on approximately 150,000 square feet, according to the Richard E. Jacobs Group, which is an owner of the 57-story tower and which handles management and leasing there.

Squire Sanders was represented by Chris Livingston and Rob Roe from the Cleveland office of Staubach Co., a real estate firm that recently merged with Jones Lang LaSalle.

Akron General Medical Center has opened a 16-bed neuroscience unit to treat patients with brain-related injuries and disease.

The unit, on the ninth floor of the medical center's main building, has enough space to eventually expand to fit 27 telemetry beds, which allow for remote measurement of vital signs and monitoring of patients.

The unit will treat patients with brain and spinal cord trauma, seizures, Parkinson's disease and Alzheimer's disease, as well as others. The unit will take the place of Select Specialty Hospital, a long-term acute care facility that recently left the medical center and opened in a nearby free-standing building.

Ohio could lose billions of dollars in the shipping, tourism and recreation industries in coming decades if global warming continues unabated, researchers at the University of Maryland contend.

"Ohio's greatest challenge is likely to be in adapting to climate change along its waterways and on Lake Erie, where the most significant economic and ecological impacts will occur," the researchers conclude in the peer-reviewed report.

Continue reading "Global warming predicted to cost Ohio billions" »

OHIO AND REGION Gas wars: Fight to the finish Strickland asks DOT to investigate DHL deal Ohio will get $54.9M from Noe's rare coins Central Ohio housing market continues slide Regulator gives Xanodyne pain medication initial OK Energy prices hurting Myers' sales Akron plastics maker seeks to lower costs, apply new initiatives Union chief: Delphi still hiring in Dayton, Vandalia

U.S. AND WORLD Japanese stocks drop on overnight U.S. losses TVs atop gas pumps provide distraction to captive audience New markets spur Honda to record quarter Xerox 2Q profit declines 19 pct, but meets views Microsoft executives say they've given up on buying Yahoo NY AG sues banking giant UBS for securities fraud Owner of San Diego Union-Tribune to explore sale ON THE WEB No sign yet of a bottom in home prices Dow Chemical profit sinks 27 percent Foreclosure filings up 120%

With operations in 37 countries and online jobs postings in more than a dozen languages, Kelly Services Inc. has gone a long way to promote global diversity.

But Chief Executive Carl Camden says even the Troy, Mich.-based provider of temporary staff could do more.

He sat down with The Plain Dealer Thursday to delve into that and other workplace issues, including America's under-educated work force and competitiveness in the global market. He will address those topics in a speech Friday to the City Club of Cleveland.

Q: What are the biggest misconceptions companies have about diversity?

A: One of the myths that has troubled diversity for a long time is that it's just something companies have to do because it's a good thing to do, and there's no great business reason to do it. It clearly has strong business rationales.

Continue reading "Kelly Services CEO sees business benefits in diversity" »

Brulant Inc., an online marketing company in Beachwood that became one of Northeast Ohio's Internet-age success stories, has been sold to a New Jersey marketing firm called Rosetta.

Brulant founder Len Pagon broke the news to employees in dramatic fashion Wednesday evening, renting a theater inside the Cleveland Playhouse.

With some 300 local Brulant employees seated in the audience, Pagon stepped through an on-stage door and proceeded to introduce Rosetta founder Chris Kuenne, who was hiding behind his own door.

Pagon made it clear that no workers were going to lose their jobs and that the business would continue to grow, said Kate Clegg, a Brulant partner and senior vice president of marketing.

Continue reading "Web design firm Brulant sold to New Jersey company" »

The State of Ohio stepped up today and offered Norwalk Furniture Corp. a low-interest $2 million loan to help investors buy the company and restore most idled workers to their jobs.

The upscale furniture manufacturer suspended operations Monday at its Norwalk plant and headquarters and at locations in Tennessee and Mississippi after its principal banker, Dallas-based Comerica, put a hold on the company's $11 million credit line. The company has been paying down that loan, but needs credit to continue operating.

Continue reading "State offers low-interest loan to troubled Norwalk Furniture" »

Last week's decision by Congress to postpone a competitive bidding program for medical equipment suppliers who work with Medicare could help Invacare Corp. next year.

The Elyria manufacturer doesn't sell its home medical equipment and supplies directly to Medicare recipients. Rather, it sells its products to suppliers who sell to individual patients.

Continue reading "Invacare could benefit from Medicare changes" »

Facing high fuel prices, low vehicle sales and an $8.7 billion quarterly loss, Ford Motor Co. is hitting the gas on plans to bring more small cars to the United States from Europe.

Over the next three years, Ford plans to bring in six European-designed small car models for production in the United States and Mexico. The company had slowly been moving toward merging its U.S. and European designs for years, but Ford President and Chief Executive Alan Mulally said steep sales declines meant Ford had to work faster.

"We are accelerating the development of the new products customers want and value," Mulally said Thursday in a news release.

One of every four vehicles in the world is compact size like the Ford Focus, said Derrick Kuzak, chief of global product development. Ford expects the segment to grow more than 20 percent, to 6 million units in North America and 25 million worldwide by 2012. The company foresees similar growth in the subcompact segment, where the Ford Fiesta competes.

Continue reading "Ford loses $8.7 billion, bringing European cars to U.S." »