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Cleveland State University

Maxine Goodman Levin College of Urban Affairs, Cleveland State University
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Weekly News and Opinion from Ohio's Newspapers
March 8 - 14, 2011

Greetings!
Welcome to the latest issue of Economic News from Ohio's Regions, a regular weekly newsletter from the Maxine Goodman Levin College of Urban Affairs and Cleveland State University.  We'll search Ohio's papers to bring you economic news and key happenings that impact Ohio's regions.

New, expanding businesses to crop up in Ohio City with help from Charter One grant program

(The Plain Dealer, March 8, 2011)

Seven small businesses will gain a foothold in Ohio City this year, with help from a first-of-its-kind partnership between Charter One bank and a neighborhood development group. Each of the businesses will receive between $3,000 and $15,000 from a Charter One grant program aimed at supporting new and growing businesses in one of the city's oldest neighborhoods. The money, awarded through a competitive process, will pay for equipment, spruce up empty stores and offset monthly rent.

 

Ohio's stalled energy projects cost jobs, study finds  

(Akron Beacon Journal, March 10, 2011)

Six delayed or now-dead energy projects have cost Ohio's economy $29 billion and more than 51,400 jobs, according to a new study released by the U.S. Chamber of Commerce.

 

Akron startup's invention gets OK  (Akron Beacon Journal, March 10, 2011)

An Akron startup company's product has won final approval from the U.S. Mine Safety and Health Administration. This means that the company, InSeT Systems, with offices in Akron's downtown incubator, can now begin manufacturing and selling a tracking system that could eventually save the lives of miners trapped underground.


E-commerce firm expands in W. Chester

(The Cincinnati Enquirer, March 11, 2011)

A West Chester-based electronic commerce fulfillment company will double its space and become the North America headquarters of a leading European e-fulfillment company following a merger announced this week. Fulfillment Technologies (Filltek) LLC, which employs 500 here, will become the base for the new Netrada North America, after Netrada, Europe's largest fashion e-commerce fulfillment provider, acquired a majority stake in the privately held 10-year-old company.

 

Hudson incubator seeks funds (Akron Beacon Journal, March 11, 2011)

A group of businessmen is hoping the city will finance its efforts to launch an incubator for technology-based entrepreneurs. City Council could vote next week on a resolution to give Technology Entrepreneurial Center of Hudson (TECHudson) $187,000 for operating expenses.

  

American Greetings won't get county money for new headquarters (The Plain Dealer, March 11, 2011)

Cleveland-area suburbs are likely to dangle a variety of financing packages to attract American Greetings' headquarters. But one thing the card maker won't see is money from Cuyahoga County.  The company told employees in January 2010 that it might move its nearly 2,000 employees and $157 million payroll out of Brooklyn after 53 years there.

 

New hotel ready to debut downtown (Cincinnati Enquirer, March 12, 2011)

When the incoming Residence Inn by Marriott on Fourth Street opens this month - it will mark the first new hotel to open downtown in nearly 30 years. Located in the former Phelps Apartments in the Lytle Park historic district, the hotel is a more than $10 million undertaking by downtown-based Eagle Realty Group, a division of Western & Southern Financial Group.

 

Springfield manufacturer draws customers from afar  (Dayton Daily News, March 12, 2011)

 Palmer, president of a Palmer Manufacturing & Supply Inc., a Springfield foundry equipment manufacturer, hosted potential customers from South America for four days last week.  With about 30 local employees today, Palmer started as an iron and aluminum foundry in 1975. He hopes bringing in customers from abroad can double that number.

 

Lubrizol sold to Warren Buffett's Berkshire Hathaway for $9.7 billion (The Plain Dealer, March 14, 2011)  Billionaire investor Warren Buffett has agreed to buy Wickiffe lubricant company Lubrizol for $9.7 billion, a deal that analysts say should not cost any jobs at the company's headquarters. Buffett's Berskshire Hathaway Corp. is a holding company that tends to buy companies that it feels are successful but undervalued by other investors.

 

Ohio State R&D site certified as ready for new users (Columbus Dispatch, March 14, 2011) A research and development campus at Ohio State University has been certified as an Ohio Job Ready Sites Program location through an Ohio Department of Development program.

 

Fremont power plant sold for $485 million (Toledo Blade, March 14, 2011)  FirstEnergy Corp. has finalized terms of its plan to sell its Fremont Energy Center to American Municipal Power Inc., a Columbus-based utility, for approximately $485 million, the companies announced Monday morning.

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