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NOVEMBER 3-9, 2008 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 33 Rysar: Company battered by competing glut of foreclosed properties continued from PAGE 3 Mr. Lurie said he hoped to work “We just built and sold homes. We’re being punished.” National and others pending against Cleveland. The bank seeks the 20- out a deal with Citizens Bank, but it him in Cuyahoga County Common acre Miles Drive-In site, where largely declined. – Ken Lurie, CEO, Rysar Properties Pleas Court and houses saddled with barren streets named after movie Citizens Bank spokesman Brian liens filed by unpaid subcontractors, stars sit in a subdivision known as Smith declined comment. He said Brad Sellers, Warrensville Heights Cinema Park’s homeowner prospects Mr. Lurie said he continues to believe Cinema Park, as compensation for a the bank never discusses relation- economic and community devel- went elsewhere. there is opportunity in the market. $3 million acquisition and construc- ships with its borrowers or pending opment director, said Citizens Starting over makes sense, Mr. He noted his Bluestone project in tion loan it provided to a Rysar-led litigation. Bank told him that it foreclosed to Sellers said, because he has seen Cleveland Heights is selling well. corporation, Cinema Park LLC. seize the site and satisfy the bad many prospective buyers stop at the Like most builders, each project is a The suit seeks to recoup a total of Out of the picture loan. That action would clear the closed model home over weekends. separate venture legally — the only $2.7 million spent under the loan Cinema Park was viewed as a way to sell lots on the site to new Mr. Sellers said he respects Mr. way developers can shield them- prior to June 17, when Citizens breath of fresh investment for builders at newer, lower costs than Lurie for sticking with Cinema Park. selves when the market sours or, as declared the loan in default. Warrensville Heights, providing a the prior loan allowed. “He did not fade into the wood- it has now, collapsed. Today, 15 homes stand on the long- chance for long-term residents to Mr. Sellers said he believes Mr. work,” Mr. Sellers said. “He’s been Mr. Lurie, an avid golfer, sees his empty site near Interstate 480, with stay in the suburb as they outgrew Lurie got bogged down because over there constantly all summer building business problems in such just seven owned by homeowners and its old, small bungalows. While he had too many homes and lots trying to salvage the deal.” terms, noting, “When I hit one out of the rest by Rysar — for now. Mr. Lurie available when the market soured. commercial development boomed Teeing it up again bounds, I tee it up again. I’ve never said he had pre-sales for as many as in the past decade in the largely Because he couldn’t keep subcon- walked off the golf course and I’m not 40 of the homes when he opened black suburb, new residential tractors at work when money ran out, Even with lawsuits by banks such going to do so now, even though I the project in 2006, but he lost those development languished. Mr. Lurie was unable to produce, and as National City Corp., Huntington can barely pay my (employees.)” ■ contracts when his buyers could not sell their existing homes. At Cinema Park and his other single-family projects, Mr. Lurie said he must sell $150,000 to $180,000 homes at a loss of more than $30,000 apiece. “When we have a buyer who can be financed, the appraisals are being cut, so it’s hard to get the values we need for the properties,” Mr. Lurie said. No bankruptcy here Filing for bankruptcy reorganization would look attractive to most business people in such a dilemma, especially as the housing slump has spawned a global credit crunch and a recessionary economy. However, Mr. Lurie vowed he will not file for reorganization. “I would like to quit, but this is the devil we know,” Mr. Lurie said. “We’ve lost a significant amount of money — in the millions. This gives banks another reason not to lend in the neighborhoods. Many bad loans were made. We just built and sold homes. We’re being punished.” Best known for building homes in tough inner-city neighborhoods in projects such as The Villages of Central near East 40th Street and Cedar Avenue in Cleveland, Mr. Lurie said he thought his business would outlast typical suburban builders because there is less competition in the city proper and he benefited from tax abatements and other city incentives. Instead, he wound up competing with the same glut of unsold homes and thousands of boarded-up foreclosed homes in city neighborhoods. CCLB 11-03-08 A 34 CCLB 10/29/2008 4:10 PM Page 1

34 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM NOVEMBER 3-9, 2008 NORTHEAST OHIO'S MOST AFFLUENT COMMUNITIES

RANKED BY MEDIAN HOUSEHOLD INCOME (1)

Projected Average Median population Education Housing units travel time Median household owner-occupied Number of growth to work Rank Community income housing value households Population 2008-2013 4 year % Post-Grad % Owner % Renter % (minutes) County 1 Hunting Valley $280,405 $1,130,597 272 695 (3.9) 38.3 34.9 85.3 14.7 26.5 Cuyahoga 2 Bentleyville $200,877 $598,901 279 896 (4.4) 39.9 37.2 97.9 2.1 27.8 Cuyahoga 3 Gates Mills $145,802 $501,974 855 2,286 (6.3) 29.6 37.1 92.9 7.1 31.3 Cuyahoga 4 Pepper Pike $140,424 $425,000 2,112 5,672 (4.7) 33.7 38.1 95.6 4.4 24.1 Cuyahoga 5 Sugar Bush Knolls $137,500 $277,193 105 290 11.4 28.2 35.9 98.1 1.9 26.9 Portage 6 Moreland Hills $120,911 $420,349 1,232 3,086 (5.1) 35.0 31.1 95.0 5.0 25.9 Cuyahoga 7 Kirtland Hills Village $119,231 $509,615 311 811 13.7 27.6 20.1 90.3 9.7 25.2 Lake 8 Hudson $108,481 $279,667 7,676 23,216 1.5 40.5 26.1 90.4 9.6 28.8 Summit 9 Waite Hill $106,522 $527,778 213 505 5.9 30.6 26.9 85.9 14.1 23.6 Lake 10 South Russell $101,042 $312,435 1,364 3,977 (0.5) 38.1 27.7 97.8 2.2 28.6 Geauga 11 Orange $100,726 $320,975 1,220 3,298 0.4 31.3 27.3 95.6 4.4 25.9 Cuyahoga 12 Bainbridge $92,520 $242,669 1,379 3,630 4.0 40.4 21.9 92.8 7.2 27.2 Geauga 13 Solon $91,841 $272,102 7,708 22,252 0.2 28.6 22.0 87.6 12.4 26.0 Cuyahoga 14 Boston Heights $91,616 $310,870 546 1,587 13.2 29.5 11.0 90.7 9.3 26.8 Summit 15 Highland Heights $88,647 $277,510 2,993 8,679 2.7 22.9 20.6 97.3 2.7 21.3 Cuyahoga 16 Brecksville $85,440 $262,046 4,992 12,994 (2.4) 25.2 22.3 88.3 11.7 27.2 Cuyahoga 17 Bratenahl $83,185 $246,124 694 1,275 (3.8) 28.0 35.7 84.7 15.3 21.2 Cuyahoga 18 Bay Village $80,190 $202,408 5,828 14,680 (6.6) 36.0 18.2 92.2 7.8 26.2 Cuyahoga 19 Aurora $79,138 $241,540 5,596 14,457 3.2 28.9 12.2 81.3 18.7 29.0 Portage 20 Macedonia $78,929 $196,830 3,872 10,589 6.7 23.2 7.4 95.5 4.5 25.3 Summit 21 Westfield Center $78,659 $209,333 449 1,140 4.6 34.3 13.0 90.7 9.3 24.7 Medina 22 Avon $78,131 $217,602 6,473 17,592 18.8 22.6 9.6 88.0 12.0 26.1 Lorain 23 Strongsville $77,494 $209,264 16,128 42,870 (2.4) 24.3 13.0 82.5 17.5 29.0 Cuyahoga 24 Silver Lake $77,259 $208,241 1,306 3,136 2.0 30.6 19.4 95.9 4.1 24.9 Summit 25 Richfield $76,473 $220,443 1,452 3,789 7.0 16.3 8.4 89.3 10.7 27.4 Summit 26 Valley View $76,436 $217,915 740 2,023 (5.6) 14.6 8.1 92.3 7.7 22.9 Cuyahoga 27 Peninsula $74,996 $253,030 274 663 3.3 21.3 17.9 78.5 21.5 25.6 Summit 28 Westlake $73,100 $228,974 12,663 30,781 (2.6) 27.5 17.9 75.8 24.2 26.6 Cuyahoga 29 Mayfield Village $72,735 $248,679 1,289 3,125 (6.9) 27.6 17.8 82.9 17.1 26.0 Cuyahoga 30 Avon Lake $72,702 $206,870 8,562 22,773 11.3 26.6 15.8 85.7 14.3 27.4 Lorain 31 Kirtland $72,625 $243,385 2,768 7,428 5.4 21.4 11.2 86.6 13.4 24.7 Lake 32 Chagrin Falls $71,980 $274,507 1,698 3,695 (6.3) 38.1 23.3 73.4 26.6 27.3 Cuyahoga 33 Fairlawn $71,453 $186,142 2,922 7,072 (2.4) 28.1 18.8 67.1 32.9 23.6 Summit 34 Twinsburg $70,258 $201,780 7,271 18,217 3.4 26.3 12.5 77.2 22.8 27.9 Summit 35 University Heights $69,807 $171,063 4,679 12,832 (6.6) 28.0 26.9 74.5 25.5 23.7 Cuyahoga 36 Shaker Heights $69,744 $220,175 11,160 26,676 (6.6) 25.8 35.4 65.6 34.4 25.3 Cuyahoga 37 Beachwood $69,433 $292,252 4,681 11,191 (5.4) 24.1 26.2 64.9 35.1 23.6 Cuyahoga 38 Canfield $69,167 $163,537 2,581 6,391 (8.1) 24.3 16.4 83.4 16.6 24.1 Mahoning 39 Independence $68,326 $238,213 2,601 6,816 (3.6) 18.2 10.8 94.4 5.6 23.6 Cuyahoga 40 Walton Hills $68,048 $225,118 885 2,300 (3.4) 14.4 5.0 97.0 3.1 26.8 Cuyahoga 41 Sheffield Village $67,425 $185,885 1,342 3,564 9.7 17.3 5.5 87.8 12.2 25.3 Lorain 42 Munroe Falls $66,648 $164,198 1,973 5,232 (1.0) 20.3 13.7 85.8 14.2 24.8 Summit 43 Broadview Heights $66,573 $218,293 7,250 17,892 4.9 23.8 13.1 76.1 23.9 27.7 Cuyahoga 44 Chesterland $65,512 $180,945 1,045 2,653 0.7 15.5 8.1 90.1 10.0 29.6 Geauga 45 North Royalton $65,136 $202,848 11,795 29,511 0.8 21.0 8.5 74.1 25.9 29.7 Cuyahoga 46 Olmsted Falls $64,879 $167,708 3,344 8,323 1.7 24.8 11.8 83.6 16.4 29.7 Cuyahoga 47 Stow $63,682 $170,295 13,402 34,449 3.4 24.4 12.7 71.3 28.7 25.9 Summit 48 Brunswick $63,318 $163,148 13,001 35,350 3.9 15.1 4.2 80.1 19.9 29.8 Medina Source: Information is supplied by the companies unless footnoted. Crain's Cleveland Business does not independently verify the information and there is no guarantee these RESEARCHED BY Deborah W. Hillyer listings are complete or accurate. We welcome all responses to our lists and will include omitted information or clarifications in coming issues. Business lists and The Book of and Kim Ratliff-Null Lists are available to purchase at www.crainscleveland.com. (1) Information for this list of communities in Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Stark and Summit counties is based on 2008 estimates from Nielsen Claritas, www.claritas.com. CCLB 11-03-08 A 35 CCLB 10/31/2008 1:44 PM Page 1

NOVEMBER 3-9, 2008 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 35 OTC: School may find space scarcity

continued from PAGE 3 to train teachers at other Kawasaki two-thirds of the school’s students almost every piece of property adja- training centers, Mr. Church said. come from out of state and live near cent to its East Side campus that it the school while receiving training. could, and expanded into North Revved for more growth “Our biggest problem right now Randall with a 207,000-square-foot What PowerSport Institute does is we’re landlocked,” Mr. King said. operation devoted to students who for motorcycle dealerships, Ohio The school is constantly looking want to learn to work specifically on Technical does for automobile dealers to buy more properties so it can motorcycles, ATVs, snowmobiles from its main campus between East further expand, he said. And it may and personal watercraft. 49th and East 51st streets just south of need to do just that. The school says its placement St. Clair Avenue in Cleveland. Those Mr. King hired 12 new recruiters rate for students is between 75% dealers includes BMW, which offers this year to convince students at high and 95%, depending upon their area factory-certified training through schools around the nation to consider of study. Motorcycles have become the school. Ohio Technical if they want an auto- more popular in recent years due in The school’s greatest challenge motive or power sports career. That part to rising gas prices, while slowing going forward might be finding room brings to 30 the number of recruiters auto sales often mean more existing to expand. Ohio Technical has built it has around the United States. Their vehicles need to be repaired and out most of its 13 acres in Cleveland, goal is to help the school maintain its kept on the road, said Tom King, and it even has bought adjacent lots annual growth rate of about 25%. the school’s director of enrollment and houses for its future expansion “I think we can keep that up for a For daily on-line updates, sign up @ CrainsCleveland.com/Daily management. and to house current students. About while,” Mr. King said. ■ Mr. King said the North Randall operation, known as PowerSport Institute, has 200 students currently,

with ample room to accommodate Corporation. Trust Northern 2008 © FDIC. members are banks Trust Northern more inside what was the JCPenney store at now-defunct Randall Park Mall. “We could probably put 1,000 students there,” Mr. King said. “It’s probably the fastest-growing area of the schools, and the manufacturers have just jumped on it.” PowerSport Institute currently works with the help of factory sponsorships from Kawaski, Honda, Yamaha, Suzuki and other motorcycle, snowmobile and accessory manufacturers. The companies provide more than 400 vehicles for students to work on, including their most up- to-date and state-of-the art models. “Our students get to see the ’09s, the latest models, and get the latest training,” Mr. King said. Filling a ‘huge need’ That’s important for people such as Kirk Compton, co-owner of State 8 Motorcycle & ATV, which has show- rooms in Peninsula and Medina. Mr. Compton has come to rely on Ohio Technical for his technicians, and he needs them to be up to speed on the latest offerings from his own manufacturers, which include most of the same companies that provide vehicles and training through Power-Sport Insti- tute. “The technical college up there has been very good to us,” said Mr. Compton, who has hired eight tech- quality financial partner’s nicians from Ohio Technical. He said EFFECT ON FOCUS he relies on the school more heavily with the passing years, as trained technicians have become harder to high find and the motorcycles they must work on are more complicated. “They’re serious about what they’re doing, and the manufacturers have been giving them a lot of support,” Mr. Compton said. One such manufacturer is Kawasaki Motors Corp. USA. Its director of

technical services, Don Church, said quality of partner he has been happy to see the college’s PowerSport Institute grow and expand with the support of Kawasaki and low level of focus on meeting your client’s needs high other manufacturers. Besides providing the same training As a professional you work hard for others. But who’s working hard for you? At Northern Trust, we take a holistic curriculums that Kawasaki uses at its other three factory training centers approach to wealth management. Our seasoned professionals deliver comprehensive financial solutions drawing on in the United States, the company our full range of private banking, investment management and trust services. And through our Private Passport online has given PowerSport Institute 50 services, you have access to all of your accounts 24 hours a day. So while you continue to focus on your clients, we focus motorcycles, 33 ATVs, 10 personal on making sure nothing distracts you from doing just that. To learn more, call Mike Cogan at 216-357-2439 or visit watercraft and five utility vehicles to northerntrust.com. help students in their training. “We wanted to support them from, really, the very beginning,” Mr. Church said. “There’s really a huge need for power sports dealerships to get good, qualified entry-level technicians.” Private Banking | Investment Management | Financial Planning | Trust & Estate Services | Business Banking Kawasaki has been so impressed with PowerSport Institute that it has begun to pay PowerSport instructors CCLB 11-03-08 A 36 CCLB 10/31/2008 1:42 PM Page 1

36 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM NOVEMBER 3-9, 2008

Don Schwaller - Classified Manager Copy Deadline: Wednesdays @ 2:00 p.m. Phone: (216) 771-5172 All Ads Pre-Paid: Check or Credit Card Fax: (216) 694-4264 E-mail: [email protected] REAL ESTATE COMMERCIAL SPACE REAL ESTATE SERVICES www.colliersom.com COLLIERS 216.861.7200 OSTENDORF-MORRIS Loading Dock Services Service, Maintenance and Sales LAND INDUSTRIAL of Dock Levelers, Bumpers, Seals, Truck Restraints and Glenwillow: 11 acres of land for sale, zoned commercial, asking $385,000, locat- Oakwood Village: 4,200 SF for lease, 450 SF office space, 2 drive-in doors, 18’ Metal Stairs. Free Inspections ed on Cochran Road Farley Helms x 5222 clear, on Golden Oak Parkway Mike Occhionero x 5291 and Estimates. Strongsville: 40± acres for sale, zoned industrial/flex, divisible, corner of Drake Cleveland: 10,000 SF, sale or lease, 2,000 SF office, 2 overhead doors, office 800-34-DOCKS / 440-729-0380 and Prospect, $75,000 per acre, utilities at site Conor Coakley x 5399 furniture available Kevin Riley x 5294 Vermilion: 104 acres for sale, $10,000 per acre, zoned industrial, water and Euclid: 6,600 SF freestanding building for sale or lease, with 5,100 SF shop OFFICE/WAREHOUSE sewer at site, between I-80 and Rt 2 Russ Rogers x 5267 area, gas heat, A/C, surface parking, 12’-13’ ceiling height Brian Lenahan x 5380 SPACE Bedford: 1.49 acres for sale, zoned commercial, 127’ of frontage on Broadway, Cleveland: Midtown area, sale or lease, 17,700 SF divisible (10,000 & 7.700 SF), fantastic visibility, near I-271 Rocco DiPuccio x 5685 2 docks, drive-in door, ample parking Dan Schiau x 5338 FOR RENT/LEASE Mentor: 4 units at 3,500 SF each, (can be combined), 1 drive-in each unit, dock, SPECIALTY RELIGIOUS FACILITY office space, close proximity to Rt 2 and I-90 Pete Farina x 5262 5400 Sq. ft. (4000 whse/1400 office) Lakewood: 18,326 SF, parish offices, 500 seat sanctuary, kitchen, meeting rooms, Middleburg Hts: 13,500 SF with 3,500 SF office area, 4 docks, 4 drive-ins, 17’ nursery, banquet room, available for sale Geoff Coyle x 5269 2100 sq ft Cold/covered storage clear height, for lease Kevin Kuczynski x 5684 Located in Tallmadge Call 330 958-7291 LUXURY PROPERTIES RETAIL SPACE DON’T 2.8 Acre Residential Lot For Sale LUXURY PROPERTY FOR SALE FOR LEASE FORGET: in Cuyahoga Falls 1560 sq. ft. of retail space. Crain’s Cleveland Business New development off of Steels Corners and Haas Rd. List your high-end real estate here for Great building on on-line @ 3635 Crown Ridge Dr. Wooded lot S.O.M. Center Road in CrainsCleveland.com great high-end exposure. Willoughby Hills. with city water and sewage. Purchased to build a house For all the latest business Great visibility accessible closer to son's school but has changed schools. Discount rates available. news...online Asking $205,000 or Best Offer. to I-90, $15.00 /SF. Call Don Schwaller at (216) 771-5172 for more info. Gross rate. Contact Owner at 614.404.2699 440-944-4499 Ask for Mike CLASSIFIED BUSINESS SERVICES SPORTS & ENTERTAINMENT Debt Collection Law CAVS ENTHUSIAST Legal Representation from Demand Letters to Litigation Platinum Suite Package Premium Platinum Suite with 8 Suite tickets, 4 Premium floor seats and 4 Lower Bowl seats (Section 125, Row 4, Seats 7-10) KIM MAHALL (No view of the arena. Private suite with private attendant. Only 5 Plat- Attorney at Law inum Suites total) 21 games available individually or multi-game packages with 3 Gateway 440-554-1872 North Platinum Reserved Parking & 1 player’s parking area pass inside k i m m a h a l l . c o m the Q per game. Get Legal Help To Collect Past Due Accounts 440.262.2162

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NOVEMBER 3-9, 2008 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 37 Bank: Most employees loyal, but wary of repercussions

continued from PAGE 1 An operations processor at the into capital under the government their future plans. “Everybody’s upset because they making any moves. The specialist said bank said he hopes if he works hard bailout plan — as he is with bank “That anger can impact the way were lied to,” he said, referring to his because he believes in Mr. Raskind — enough, PNC will take notice and al- managers who said the day before we work, the way we associate with co-workers. “It was a bad day on and because he lacks confidence that low him to stay. After losing his job as the sale that jobs were safe. colleagues,” she said. “They have to Monday. Morale was terrible.” there’s any more stability elsewhere in a personal trainer, he said he was un- “I’m upset, I feel misled and disap- work on compartmentalizing it. It’s The technology implementation the banking industry — he plans to employed for months before going pointed,” he said. “They told us our human, it’s natural to need to specialist said hearing the news was stick around. back to school to learn the computer jobs were secure, then we were process that, to discuss, to vent. But “as though we had lost a member of Other employees said they’ll keep skills that allowed him to get this job. bought by another bank. We’re you can’t do that day in and day out.” the family.” their “eyes and ears open” and send If he loses it, he said, he may go all out in the open; we don’t know That’s easier said than done for National City employees still see their résumés out, but they hope to back to personal training, which anything.” some employees. Mr. Rohr, the PNC CEO, as an adver- stay with National City, even though has worse hours and benefits. He Cyndi McCabe, job placement sary, he said. They’re aware that a “employee morale is way down.” chose to work for bank after he was coordinator at Lorain County Mixed emotions large number of jobs will likely be lost “It’s been pretty glum around the laid off previously because he Community College, said bank Although he likes National City and blame that reality on him. office,” a field tech analyst for the bank thought it was secure. employees should be careful not to and the way he’s been treated at the Despite his disappointment, he said. “It’s pretty much the topic of Now, he said, he’s as disappointed burn bridges, as they never can be bank, the operations processor said things certainly could be worse every conversation.” with the federal government — sure what the future will hold. In their said, it doesn’t matter in the end for both him and the community. Even so, he wants to stay with several employees expressed the uncertainty, they should use the who signs his checks, as long as he’s “I’d rather see us get purchased National City, then PNC. same sentiment, questioning why opportunity to update their résumés paid. Still, he can’t help but feel than see the bank go belly-up and “I just enjoy what I do every day; I National City was not allowed to tap and note their skills regardless of “backstabbed” by the news. lose my job that way,” he said. ■ enjoy my job,” he said. “I’ll stay as long as they’ll have me.” A loss to mourn Not everyone is as loyal. Some co-workers are talking about jumping ship, the tech analyst said, and some upper managers seem to have given up on work, no longer caring about their jobs. Greg Reynolds, director of client development for the Cleveland out- placement firm Dise & Co., said emotions run the gamut when people find out that their jobs may be in jeopardy. “This is one of the three big losses,” Mr. Reynolds said. “It’s death, divorce and dislocation. The grief curve is very similar to what goes on when you lose a loved one.” Mr. Reynolds said many employees likely are shocked and numb, and it could take a while before they start to rationalize what they can do to ingra- tiate themselves with a possible new employer in the form of PNC. A senior vice president at the bank said in an electronic message that there’s still “a good degree of uncertainty with all employees,” and likely will be for several more weeks. “I am not (sure) anyone can say they are safe, but many are optimistic that they will find opportunity in the combined organization,” he wrote. “Change of this magnitude is never easy on anyone.” In a letter to employees announcing the bank’s sale, Mr. Raskind noted that employees must be feeling frustration and anxiety. Weeks earlier, the bank launched an advertising campaign lauding National City’s 30,000 employees as a “reassuring presence for customers” and “one good reason” to come to the bank. “Your commitment has never been more apparent than during this past year, as you have risen to the occasion and carried us through this difficult period,” Mr. Raskind wrote in the Oct. 24 letter. With the pending sale, the repay- ment for that commitment might be the loss of a job for many employees. Another bank employee at the headquarters said she expects to be let go as early as this week. Managers from PNC have gone through her department already, she said, leading her to think jobs will be eliminated quickly. Water cooler talk Each morning, the technology implementation specialist said, he finds that he’s been spending a little bit more time at the gym, a good way for him to vent his frustrations. For the first 30 minutes of the day, and again at lunch, people compare notes about what they’ve heard and what they know. But after that, it’s back to work. CCLB 11-03-08 A 38 CCLB 10/31/2008 1:28 PM Page 1

38 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM NOVEMBER 3-9, 2008 Auto: Suppliers brace for continued declines continued from PAGE 1 “The steel suppliers, they see these problems and it’s a game of musical chairs — manufacturers hit hardest by truck “It’s obvious that we all have to and they don’t want to be the guy without the chair.” and SUV sales going in the ditch, the retreat a little,” said Louie Zeitler, who problem is intensifying. On Oct. 10, for 50 years has served both American – Dan T. Moore (below), owner, auto industry supplier Soundwich Cleveland-based Park-Ohio Holdings and foreign automakers with precision revised downward its earnings outlook metal stampings made at his company, for 2008, citing “unprecedented weak- Die-Matic Corp., in Brooklyn Heights. ness and volatility” in auto markets. Mr. Zeitler and others already “We are taking the necessary steps have begun their retreat. Die-Matic, to reduce costs by idling plants and for example, has cut its work force to reducing operating expenses,” Park- 65 employees from 150 during the Ohio chairman and CEO Ed Crawford last two years. said in the revised outlook. “We operate well with a smaller Despite such efforts, some compa- crew,” Mr. Zeitler said. “We have to, nies likely still will find they no longer because there’s less demand and we can survive the industry’s latest chal- have to adjust.” lenges, said Dan T. Moore, who owns After reaching a sales crescendo 12 Northeast Ohio companies. Most of of 17 million vehicles in 2005, U.S. Mr. Moore’s companies are in manu- auto sales coasted in with about 16 facturing; among them is Cleveland- million units sold in 2007. This year, based Soundwich, which makes with high gas prices, tight credit and a sound and heat-shielding components slowing economy applying the brakes, largely for the automotive industry. sales are forecast to reach just 13.6 “You have sales down now by at million units, according to J.D. Power least 30%,” Mr. Moore said in speaking and Associates, which tracks industry about the broad impact of the auto sales. And it’s possible the industry industry’s woes on local suppliers. might miss that mark, J.D. Power says, “These were guys who were lucky to because October sales through the 15th have a profit margin of 4%, because of the month came in at a slower the suppliers have gone through annual rate of less than 12 million units. several sessions of being beaten up ‘Everything is on hold’ on price. … There isn’t the fat there that they can survive this.” Many, including some major On top of sagging sales, Mr. Moore investors, are losing faith in the once- said, auto suppliers are particularly

quintessential American Industry. FILE PHOTO/ JASON MILLER hard hit by the credit crisis. Billionaire investor Kirk Kerkorian “If I started a new automobile-related sold 7.3 million shares of Ford Motor THE REGION’S FUEL company, I probably couldn’t get a Co. on Oct. 21, and said he planned to loan,” Mr. Moore predicted. “I’d be sell the rest of his 133.5 million shares. This economic impact analysis covers under pressure, and I think I should be Mr. Kerkorian lost more than two- 16 counties in Northeast Ohio that under pressure. This is a tough busi- thirds of the roughly $1 billion he had Team NEO represents. Based on ness.” invested in Ford prior to the recent economy.com data, there are about It’s not only banks, but vendors that sale. Meanwhile, Chrysler and General 26,800 jobs in the transportation are afraid to extend credit, he said. Motors are said to be exploring a sector. For each 100 jobs in the trans- “The steel suppliers, they see these merger that would mean tremendous portation equipment sector, these are problems and it’s a game of musical consolidation of production should it the economic impacts: chairs — and they don’t want to be the occur. guy without the chair,” Mr. Moore The latest round of bad news is Impact area The figure said. “So they’re asking these guys for hitting auto suppliers at a time when payments in advance. No one used to Employment 377 their margins often are already so slim do that.” that they barely earn a profit. And, in Gross spite of recent layoffs and cost cuts, regional product $42,298,805 Batten down the hatches some worry the worst is yet to come as Personal income $20,890,000 Most manufacturers are preparing current economic conditions are the to weather a storm that they believe most dour they’ve ever seen. Local wage tax (2%) $417,800 will last well into, if not through, 2009, “If people can’t buy the product, State income said Bill Gaskin, president of the everything is on hold — and we FILE PHOTO/ MARC GOLUB tax (2.88%) $601,632 Precision Metalforming Association in haven’t had a situation like this Bill Adler, president of Cleveland-based Stripmatic Products Inc., says the Independence. About half his 1,200 before,” said Bill Adler, who in 1992 auto industry comprises about half the firm’s business, and all of its recent layoffs. Total state members across North America serve bought Cleveland-based Stripmatic revenue estimates $1,157,212 the automotive industry, and most of Products Inc., a maker of tubular the loss of one or more of the domestic Akron and from Lorain to Elyria has them are pessimistic. metal parts that go into the shocks, automakers. fared essentially the same in terms of SOURCE: TEAM NEO “Output, in terms of production, is struts and chassis of both cars and “Through the end of the year, it’s the percentage loss. down probably 20-25% this year, light trucks. going to be tough,” Mr. Adler said. If one or more of the Detroit supports directly or indirectly nearly particularly in the automotive sector Stripmatic makes parts for other “We’re going to automakers goes 100,000 area jobs, in factories, banks, and especially if you’re not supplying industries, too, but automotive still meet with our “It’s obvious that we all away, either through law firms, groceries and a broad swath for Prius or something like that,” Mr. accounts for more than half its busi- operations people, have to retreat a little. bankruptcy or acqui- of other businesses. Gaskin said, referring to Toyota’s ness — and all its recent layoffs, Mr. the front-line guys, We operate well with a sition, any resulting Perhaps more importantly, the popular hybrid vehicle. “I think the Adler said. The company had 40 and tell them if smaller crew. We have loss of production sector provides more than $310 consensus among our members is employees at the start of 2008, but is in fact the Big 3 could wreak further million in annual revenues for the that 2009 will be a soft year.” now down to 34 — all of whom Mr. do decide to close to.” havoc on the local state and about $112 million in local The key to survival, say many Adler meets with regularly to ensure down in Decem- – Louie Zeitler, owner, economy. income taxes, according to Team industry experts, is to have a strong they are aware of the company’s ber, we’d like to Die-Matic Corp. “An additional NEO and Moody’s data. balance sheet that can withstand the status and the security of their jobs. see who would be large loss of local Pay in advance, or else downturn and to support models of “We’ve had to go through a reduc- available for volunteer layoffs or who jobs from a possible loss of General cars that will sell in the years ahead, tion due to the drop in production,” has vacation they can use up.” Motors, Ford or Chrysler would be Many people are all too familiar such as the smaller, more fuel-efficient catastrophic, on top of the disaster personally with Mr. Zeller’s findings Mr. Adler said. “And with what’s going Losing important jobs cars being designed today. on right now, we have to make contin- that we’ve already suffered,” Mr. regarding job losses that have already “We really believe in the future gency plans. December is normally a Mr. Adler’s dilemma is neither Zeller said. mounted. of the auto business,” said Kevin slow month in automotive to begin unique nor new to area auto suppliers. That’s because automotive is still About 10 years ago, Akron Porcelain Cleary, president of Soundwich, Mr. with, and with the current financial The industry has been shedding a critical component of the local & Plastics relied on the auto industry Moore’s company. “At some point, situation, we have to prepare our jobs here for years as it has been economy. Roughly 26,800 people still for about half its plastic sales, said Ken this will correct itself, so we’re posi- people for what might happen.” squeezed by Detroit’s demands for work in the transportation equipment Burkins, the company’s vice president tioning ourselves for that.” What might happen, of course, is lower prices, coupled with increased sector in Northeast Ohio, with nearly of sales and marketing. Today, auto- Mr. Cleary concedes he is in a luxu- that Stripmatic and countless other competition from overseas. half of those jobs in Cuyahoga motive only accounts for about 15% of rious position. His company is part of auto suppliers in the same situation Since 2001, Cuyahoga County has County, according to Cleveland-based those sales. As sales to the automotive a group of companies that do not could see further declines in produc- lost more than 27,000 manufacturing Team NEO, a regional economic industry have dropped, so has the otherwise rely on the auto industry to tion and may need to reduce their pay- jobs — or about 25% of its total development organization. company’s payroll, declining to 150 survive, giving him the ability to rolls further. Some, including Mr. manufacturing employment — largely Data from Team NEO and Moody’s employees today from about 275 handle more losses than some Adler, even are bracing for a tempo- because of cutbacks at auto-related Economy.com show each job in the employees eight years ago, Mr. competitors might be able to bear. rary shutdown of the Detroit 3’s businesses, said local economist Northeast Ohio automotive sector Burkins said. Nonetheless, Mr. Cleary said, production in December — and George Zeller. The seven-county area supports 2.7 jobs elsewhere in the Now, with sales of autos down “We’re positioning ourselves for the fearing something far worse, such as that stretches from Cleveland to local economy. All told, the sector across the board, and U.S. auto downturn.” ■ CCLB 11-03-08 A 39 CCLB 10/31/2008 4:53 PM Page 1

NOVEMBER 3-9, 2008 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 39 THEINSIDER REPORTERS’ NOTEBOOK THEWEEK BEHIND THE NEWS WITH CRAIN’S WRITERS So much for another As relative newcomers to the candy busi- Collegiate Hockey Association’s Division I OCTOBER 27 - NOVEMBER 2 ness, Mr. and Mrs. Phillips also are suckers for Championships on March 13-18. dream development students just learning math and the value of Metrics Media will sell sponsorships for the a dollar. opening ceremonies and the “Sunday Night The big story: The latest attempt to restore life ■ Any plans to put a hotel or office building Sometimes, Mrs. Phillips says, a kinder- Spectacular” of the skating championships, to Cleveland’s Flats entertainment district is on on a plot of land west of the Stokes Federal gartener or first-grader stops into the store and “everything from title (sponsorship) to hold, and it might be on the shelf for a good while Court House in downtown Cleveland will with, say, 11 cents, and asks, “Can I buy a beer rights” for the hockey event, according to come thanks to the credit crunch. The developers soon be put to rest. piece of candy with this?” to Mr. Legerski. — John Booth of the massive, $522 The federal General Services Administra- “It’s really impossible to turn that down,” million Flats East tion is negotiating to buy less than an acre Mrs. Phillips said. — Scott Suttell Bank redevelopment of land in the middle of a two-acre site that He’s a scholar, project announced in 1999 was sketched out for a $130-million, and a saint that they’ve put mixed-use complex by Courthouse Plaza Call it an ■ work “in a tempo- Partners Ltd. A GSA spokesman said the eventful start Dr. Alex Huang, a Case Western Reserve rary holding pattern” government wanted to be in control of the University professor who’s also a University ■ on the mixed-use land for security reasons. The development It seems obvious to Steve Legerski: The Hospitals physician, has been awarded initiative, which is group selling the property is led by former best way to sell sponsorships and establish $330,000 by the St. Baldrick’s Foundation STAN BULLARD to feature residential, golf pro Tony Milam and once included promotions for events that come to Cleve- of Pasadena, Calif., which has designated him retail and office space. The Wolstein Group and Cleveland Indians owner Larry Dolan. land is to be in Cleveland. as a St. Baldrick’s Fairmount Properties said the clamps on the — Jay Miller That’s the point of Metrics Media, an event Scholar for three availability of credit are affecting their ability “to marketing and sales company that Mr. years. close private and public financing.” The developers Politely put, Legerski, who marketed the Grand Prix of The foundation have been razing buildings that were on the site, here’s a sweet deal Cleveland for IMG Motorsports and Mi-Jack raises money for which is north of Main Avenue along the east bank Promotions, formed along with local radio childhood cancer of the Cuyahoga River. ■ Kids, if you didn’t quite get enough sales veteran Mason Ingalls and marketing research. candy on Halloween, be aware there’s and broadcasting executive Errol Dengler. As a St. Baldrick’s In the money: KeyCorp will bolster its capital another place you can get free Mr. Legerski said event organizers rarely scholar, Dr. Huang position by $2.5 billion by participating in the Trea- candy on Fridays. have a dedicated staff to sell sponsorships will launch a re- sury Department’s Capital Purchase Program, a Brandt’s Candies Inc., a and arrange for promotions in a given city. search project called ISTOCKPHOTO move that the company said “will significantly 60-year-old candy maker Metrics Media, he said, not only can fill that “Enhancing Immune fortify Key’s balance sheet, enhance lending capa- in Willoughby owned for role, but it can offer year-round Surveillance in Pediatric Sarcomas.” His goal bilities and enable business investment.” KeyCorp the last three years by sales pushes and tie-ins with is to provide life-saving treatments for chil- said it has received preliminary approval from the Barbara and James “Doc” other events. dren suffering from osteosarcoma and rhab- Treasury Department for participation in the Phillips, is located next to “We live in Cleveland 365 domyosarcoma, both of which are cancers Capital Purchase Program, under which banks McKinley Elementary School. days a year,” Mr. Legerski said, that develop from connective tissues. issue preferred stock and warrants to the govern- Every Friday, Mrs. Phillips said, kids “so we’re going to be out selling Dr. Huang will receive $110,000 in each ment in exchange for capital. Meantime, Key’s from the school are welcome to these events for these people on of the next three years to complete his margins should be helped by PNC Financial Ser- walk into the store and request one that basis.” research, though he may apply for a two- vices Group’s purchase of National City Corp., piece of candy. And with nudges in the right direction year extension of the support. Ladenburg Thalmann analyst Dick Bove said in a But there are rules accompanying from the Greater Cleveland Sports Dr. Huang is a clinical staff member, research note. He wrote that Key has shrunk its res- this generosity. Commission, it’s hitting the ground director of the clinical fellowship program idential builder portfolio, has “surprisingly good” “They must be polite, and they running. Metrics Media already has and an assistant professor in the Division loan quality and stayed away from subprime loans. must say please and thank you,” Mrs. contracts with two first-quarter events in of Pediatric Hematology/Oncology at Phillips says. (A small price to pay for free 2009: The U.S. Figure Skating Champi- Rainbow Babies & Children’s Hospital. Maybe this will work: As expected, the candy, if you ask us.) onships on Jan. 18-25, and the American — Shannon Mortland Federal Reserve cut a key short-term interest rate by a half percentage point amid continued worries about the health of the economy. The Federal WHAT’S NEW STOCKS Open Market Committee trimmed the federal funds rate — the rate at which banks lend to each other — to 1% from 1.5%. The Fed is banking on 10 BEST PERFORMERS the lower rate to stimulate an economy that’s CLOSE WEEK’S 52-WK 52-WK in need of a boost. COMPANY 10/31 % CHANGE HIGH LOW 1. Omnova Solutions Inc. (OMN) 1.23 141.18 5.68 0.40 Good call: A Canadian call center company is 2. Developers Diversified (DDR) 13.17 63.00 50.23 4.01 scouting the Richfield area for potential locations 3. OM Group Inc. (OMG) 21.34 36.53 66.00 13.00 for a U.S. divisional headquarters that over the next 4. DataTrak International (DATA) 0.22 34.15 2.95 0.01 three years would build to a staff of about 400 5. National City Corp. (NCC) 2.70 30.43 23.99 1.25 people. SP Data LLC, a rapidly growing company 6. Jo-Ann Stores Inc. (JAS) 19.16 30.34 27.00 9.03 based in Toronto, plans to invest $2.5 million to 7. FirstMerit Corp. (FMER) 23.32 30.28 30.88 13.76 bring its operation here, though it has not yet 8. Olympic Steel Inc. (ZEUS) 22.86 29.37 78.32 15.70 chosen a new building. The Ohio Department of COMPANY: Spectrum Infrared, 9. U-Store-It Trust (YSI) 6.86 28.71 13.46 4.88 Development awarded the company a $311,000 Eastlake 10. Diebold Inc. (DBD) 29.72 24.98 41.88 22.50 job creation income tax credit. PRODUCT: Die and forge heaters On notice: Omnova Solutions Inc. was notified 10 WEAKEST PERFORMERS by the New York Stock Exchange that it has 18 The company, a division of ADS Inc., offers CLOSE WEEK’S 52-WK 52-WK months to achieve compliance with the NYSE’s custom control systems for all die and forge COMPANY 10/31 % CHANGE HIGH LOW continued listing standards for total market capi- heater uses. Spectrum says a “percentage” 1. Sifco Industries Inc. (SIF) 5.80 -8.37 22.59 5.34 talization and shareholders’ equity. The producer input timer is used to control the on/off 2. Hawk Corp. (HWK) 14.45 0.00 25.63 11.78 of specialty chemicals, emulsion polymers and cycle, and a dial is calibrated from 0% to 3. Chart Industries Inc. (GTLS) 13.62 0.15 55.73 10.89 wallcoverings said it’s currently considered below 100% for controlling heat output. 4. Goodyear Tire & Rubber (GT) 8.92 0.34 30.79 7.75 criteria for continued listing on the Big Board. Spectrum’s die and forge heaters can be 5. Nacco Industries Inc. (NC) 61.61 1.13 125.50 50.66 That’s because, as of Oct. 24, its 30 trading-day used vertically or horizontally “and have been 6. Invacare Corp. (IVC) 18.19 1.17 27.75 15.62 average market capitalization was $72.4 million, proven in applications from the smallest job 7. RPM International Inc. (RPM) 14.20 2.82 25.19 12.86 which is less than the NYSE’s $75 million require- shops to the largest automotive manufacturers,” 8. Sherwin-Williams Co. (SHW) 56.91 3.32 65.00 44.51 ment, and the company’s most recently reported the company says. The controller system can 9. Keithley Instruments Inc. (KEI) 4.25 4.94 11.86 3.61 shareholders’ equity was $60.4 million, also less be programmed to preheat dies at any time, 10. Parker Hannifin Corp. (PH) 38.77 5.01 86.91 32.88 than the exchange’s $75 million requirement. such as between shifts and during work breaks. More’s at www.spectruminfrared.com. Source: FinancialContent Inc.

and a nationally What do a four-time noted transplant have in a celebrated Grammy winner, surgeon common?

author & activist, shakeronline.com Loung Ung, Elaine Martone, MD Charles Modlin, CCLB 11-03-08 A 40 CCLB 10/29/2008 4:42 PM Page 1

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