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Thursday, 25 July 2013 08:25

July 25, 2013: State approves $767M for development projects; Dow net triples, beats analyst estimates; Stryker boosts dividend 25%

Written by  MiBiz Staff
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The state approved funding to help build a new arena for the Detroit Red Wings. The state approved funding to help build a new arena for the Detroit Red Wings.

Supply Chain Solutions, a Grand Rapids-based global transportation, logistics and supply chain management and improvement group, announced today that it has acquired Vanik International, Inc. a Westmont, Illinois-based international freight forwarder. Terms were not disclosed. "As we expand our offerings and grow our company, Vanik provides a key service for SCS customers," said Les Brand, CEO of Supply Chain Solutions in statement. "Vanik has tremendous export market expertise and deep relationships with custom houses around the globe, and will help us open new markets for our clients." [3:04 p.m.]

In a notice sent to its members, the owners of East Hills Athletic Club, the Michigan Athletic Club and the Orchard Hills Sports and Swim Club said it could close down in early 2014 due to significant financial challenges over the past several years. Mercy Health Saint Mary's, which is a partner in the clubs’ operation, does not own the land or the buildings housing the clubs, but only the equipment and the membership and is seeking buyers for those assets. Tom Karel, vice president of Human Resources for Saint Mary's, and Jim Reading, the manager of the clubs, have been looking for potential buyers for the past several months, according to the notice. [2:55 p.m.]

Junior Achievement of Southwest Michigan (JA) announced today that Post Foods, LLC has awarded the organization a grant for $5,000 to support programming for elementary students in Southwest Michigan. Post Foods, LLC has been a long-time supporter of the organization and its mission. [1:07 p.m.]

The Urban Renaissance Group, a Grand Rapids-based development firm, made waves in the community yesterday after word broke that the firm purchased additional space at 115 S. Division next to the company’s Harris Building project. The space has long been the home of the Division Avenue Arts Collective (DAAC), but the arts group announced yesterday via its website that the new landlord, doesn’t have any interest in keeping the DAAC as tenants. [12:30 p.m.]

The Michigan Strategic Fund approved state support for three new economic development projects that it says will generate more than $767 million in new investment and create some 5,000 jobs. The MSF approved the issuance of $450 million in private activity bonds to finance the construction of a new entertainment district in downtown Detroit that will include the future home of the Detroit Red Wings. The MSF also approved two grants to support the $100 million expansion of Lansing-based Jackson National Life Insurance Company's corporate headquarters. MSF also approved $2.1 million in Community Development Block Grant funds for infrastructure improvements in St. Joseph for the Harbor Village at Harbor Shores, LLC. That project includes the redevelopment of a vacant industrial site into a 100-room resort hotel with two floors of condominiums.

Dow Chemical Co. beat analyst expectations in the second quarter as its net income more than tripled to $1.87 per share versus the year-ago period. The Midland-based chemical company said its net income was boosted by a $2.2 billion payment related to the cancellation of a plastics joint venture in Kuwait. Excluding the payment, earnings were 64 cents per share; analysts surveyed by Bloomberg had expected 62 cents for the quarter. Revenue was flat compared with last year’s second quarter at $14.6 billion. The release and conference call information are on the Dow site here

Kalamazoo-based medical device maker Stryker Corporation (NYSE: SYK) declared a quarterly dividend of $0.265 per share, payable on Oct. 31 to shareholders of record as of Sept. 30. The amount represents a 25 percent increase versus the prior year. The release is here

A group of state lawmakers has offered a new proposal to expand Medicaid in Michigan. The proposal from the Healthy Michigan Workgroup would require the Michigan Department of Community Health to look at ways to improve the effectiveness of the Medicaid program in Michigan and lower costs; require the department to develop financial incentives for care providers to meet cost, quality and utilization targets; require the state to develop incentives for Medicaid enrollees to improve and maintain their health; and prevent hospitals that accept Medicaid from charging patients who earn less than 500 percent of the federal poverty level and more than 115 percent of what Medicaid would pay for their care. The proposal would replace an earlier plan pushed by Gov. Rick Snyder that passed the House earlier this year but stalled in the Senate.

Read 2336 times Last modified on Friday, 26 July 2013 08:30

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