CCLB 10-09-06 a 12 CCLB.Qxd
Total Page:16
File Type:pdf, Size:1020Kb
CCLB 10-09-06 A 12 CCLB 10/5/2006 3:29 PM Page 1 12 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 Modern look goal of Americhem expansion Tops: NE Ohio stores’ By DAVID BENNETT concentrates for the plastics industry. The State Controlling Board has ap- [email protected] The concentrates are used in molded proved a $180,000 grant for the road- plastic auto parts and vinyl siding. way improvement project. buyer still unknown Americhem Inc. is embarking on a Other Americhem customers include An Americhem official, who $3 million expansion project that’s producers of nylon fibers used in declined to give his name, wouldn’t continued from PAGE 1 “We evaluate multiple Tops stores up for sale, Tops spokes- designed to put a modern face on the goods such as carpet and luggage. comment on the expansion project opportunities in multiple woman Tracy Pawelski said it’s “not chemical manufacturer’s headquar- Plans call for reconstructing 1,130 because the company still is drawing necessarily” true that finding a locations. I’m sure the ters in downtown Cuyahoga Falls. feet of Main Street between Portage up designs. He said the company buyer is taking longer than expected. Tops scenario is one of The project includes a 2,000- Trail and Broad Avenue to provide employs 200 in Cuyahoga Falls, in- Shortly after the stores were put on square-foot addition to Americhem’s better access to Americhem’s build- cluding 90 at the East Broadway site. those situations we are the block in July, company officials building, 225 E. Broadway St., that will ing, which is just east of where Main The city’s application for the road- evaluating.” were optimistic that they could sell house a $2.3 million research-and-de- Street and Broadway Street intersect. way grant states the project will retain all the Ohio locations by the end of – Dan Donovan, spokesman, velopment center for the company’s Jennifer Syx, deputy director of all 90 jobs, which pay an average of Giant Eagle the year. global operations. The space will be development for the city of Cuyahoga $36.42 per hour in wages and benefits. “These things always take time,” used for color concentrate research Falls, said the roadway project will aid Americhem has another plant on Ms. Pawelski said. Heinen said his chain is “not an and other analysis work, according to not only Americhem, but also other Steels Corners Road in Cuyahoga Falls, From web sites following the Tops active participant” in the Tops sales documents filed with the Ohio businesses that might locate to Main as well as plants in Elgin, Ill.; Salisbury, saga to talk among drivers of delivery talks, but he would not rule out Department of Development. Street. The city is dedicating a portion Md.; Concord, N.C.; and Mansfield, trucks, recent rumors of a sale entirely taking another look at some Americhem produces custom of the vacated roadway to parking for Texas. It also has operations in Eng- announcement have painted a locations “when Tops makes their color concentrates and additive Americhem employees. land and China. ■ moving target: In some corners, decision about how they want to word was to have come a month ago. dispose of the stores, if there are In others, it’s in the next few weeks. stores left over.” Asked several questions about Calls seeking comment from rep- Giant Eagle as a possible buyer of the resentatives of Dave’s Supermarkets, Northeast Ohio Tops stores, company Acme Fresh Markets and Rego Bros. Cultivate Your Knowledge. spokesman Mr. Donovan offered Inc. were not returned. Attend the Weatherhead Breakfast Series. several variations on a single answer. Brian K. Garson, a Cleveland real “We evaluate multiple opportuni- estate investor and former president ties in multiple locations,” he said. of Fisher Foods Inc., was involved 10 “I’m sure that the Tops scenario is years ago with an investment group one of those situations we are evalu- that made a play for Riser Foods Inc. DATE AND TIME: ating.” — a publicly traded company Giant Eagle’s last purchase of formed through the combination of Monday, October 16, 2006 multiple stores from a single chain in the Stop-n-Shop grocery coopera- 7:30 – 9:30 a.m. Ohio was in 2004, when it bought tive and Fisher Foods. That move eight Big Bear stores in the Colum- eventually spurred Riser’s purchase bus area. by Giant Eagle in 1997. LOCATION: It is unclear whether Giant Eagle’s Mr. Garson said that same group interest in Tops is that of a solitary took a look at the current Tops sale George S. Dively Building buyer, or if the company is likely to but decided in August not to bid. 11240 Bellflower Road pursue a deal in tandem with one or “Our group’s interest, in our eval- uation of the package, was primarily (on the Case Campus) more local grocers in order to avoid possible antitrust concerns that the real estate,” Mr. Garson said. could be raised by the Federal Trade “Because of the (other bidders’) COST: Commission. interest in the stores, it was our consensus to see what happened in 35 program Tops’ Ms. Pawelski would not / comment on store visits by specific the bidding process and decide what includes breakfast and parking possible buyers, saying only, “The our next move was after that.” process, and what you would expect Though speculating, Mr. Garson might happen during the process to said he expects an announcement identify a prospective buyer, has concerning Tops’ future in North- been happening since July 6.” east Ohio to come within the next ■ Heinen’s Fine Foods president Jeff few weeks. INVESTING IN START-UPS FEATURING University School Panelists: Dave Morgenthaler, Morgenthaler Ventures, Cathy Panzica, Panzica Investments, A SCHOOL FOR BOYS • AN EDUCATION FOR LIFE and Chris Sklarin, Chrysalis Ventures Moderator: Dr. Scott Shane, A. Malachi Mixon III Professor of Entrepreneurial Studies Why University School? ...we know boys! For 116 years University School has been providing a foundation for learning which sets boys on a path of intellectual curiosity and instills in them the value The panelists will discuss: of a high moral character. Discover more on our website and visit. • Investments and industries venture capitalist prefer; OPEN HOUSE: Shaker Campus • K-8 • Whether the entrepreneur or the investment opportunity Oct. 15: 1-3:30 pm is most important; and Hunting Valley Campus • 9-12 Oct. 17: 8-10:30 am • Investing in Northeast Ohio. THIS EVENT IS OPEN TO THE PUBLIC. To attend, please register by October 13—seats will fill quickly. Phone: 216/368-6413 • Web: www.weatherhead.case.edu/breakfast/crains UNIVERSITY SCHOOL www.us.edu UPCOMING BREAKFASTS: Shaker Campus • Grades K–8 • 216.321.8260 Hunting Valley Campus • Grades 9–12 • 216.831.2200 November 13, 2006 February 5, 2007 March 5, 2007 April 16, 2007 Understanding Entrepreneurial Performance TBD Social Capital Women Metrics Visit weatherhead.case.edu/breakfast/crains for more information For daily on-line updates, sign up @ on these upcoming programs. CrainsCleveland.com/Daily BOLD IDEAS. LASTING IMPACT. CCLB 10-09-06 A 13 CCLB 10/3/2006 2:00 PM Page 1 PPOs, FSAs, HRAs, HSAs. Yes, we have them. But let’s talk about something really important, your ROI. INTRODUCING UnitedHealthcare Benchmark Solutions.SM Now there’s a NEW health care portfolio designed to help your small business maintain a healthy bottom line. How? By offering a range of proven, affordable plans to meet your needs — from traditional plans like PPOs to consumer-driven plans like HSAs and HRAs. If your business has up to 99 employees, we can work with you to help you choose the UnitedHealthcare Benchmark Solutions coverage that’s right for your business. Today and over the long run, your ROI will thank you. Just give us a call, or contact your broker directly. Call now and we’ll help you fi nd the small business plan that keeps you and your ROI happy. You’ll also get a FREE coffee gift card. Call 1-800-294-8744 www.uhcbenchmark.com/UHCCleveland Limit one $5 coffee gift card per address. Offer expires 1/31/07. Insurance coverage provided by or through United HealthCare Insurance Company and United HealthCare Insurance Company of Ohio. Health Plan coverage provided by United HealthCare of Ohio. The Defi nity Health Savings Account (HSA) high deductible health plan (HDHP) is a medical plan, built upon UnitedHealthcare products, that complies with IRS requirements and qualifi es enrollees to open a Health Savings Account with a bank of their choice or through Exante Bank. “Defi nity HSA” refers generally to the Defi nity HSA product, which includes a HDHP, although at times “Defi nity HSA” may refer only and specifi cally to the Defi nity Health Savings Account, and not to the associated HDHP. UnitedHealthcare’s Defi nitySM Health Reimbursement Account, or HRA, combines the fl exibility of a medical benefi t plan with an employer-funded account. Note: Services supplied by Exante Bank, Inc. are not available in Hawaii, Alaska or the U.S. Virgin Islands. M40387-C © 2006 United HealthCare Services, Inc. CCLB 10-09-06 A 14 CCLB 10/5/2006 3:50 PM Page 1 14 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 Duke: Estimates place development total at $150 million continued from PAGE 1 Burger said the duo’s bid was the “We’ll continue the same types July sale of Duke’s industrial build- best of “quite a few bidders” for the BUYING POWER of quality and services as Duke ings to First Industrial REIT of properties, although he would not A closer look at the Duke land purchases made by developers Ross Farro and provided.” Chicago and the marketing of its say exactly how many groups sought Spencer Pisczak: The pair’s intention is to build office portfolio here.