Thursday, September 18, 2008
Read about people on the move in the new BizTimes Bubbler
Small Business Times today launched the inaugural edition of the BizTimes Bubbler.
This free weekly e-mail bulletin, which will be sent to readers every Thursday morning, is all about people - as in the people who are driving southeastern Wisconsin's economy forward.
Each edition of the BizTimes Bubbler will feature a personal profile of a dynamic company leader. We kick off the first edition with a profile of Susie Falk, who recently formed her own company, The Falk Group.
Other regular components of the BizTimes Bubbler will include:
- The Bubbler Personnel File (people on the move).
- The Bubbler Quote of the Week.
- The Bubbler Calendar
- Hot Bubbler Business Books
- Bubbler Networking Resources
Of course, the name of this bulletin pays homage to that unique Milwaukee reference to the office water cooler, where, in days gone by, people gathered to talk about other people. Today, you'll read about those people in the BizTimes Bubbler.
The BizTimes Bubbler will be compiled each week by Small Business Times reporter Alysha Schertz. Businesses and nonprofit organizations throughout southeastern Wisconsin are invited to submit announcements about their people to her at alysha.schertz@biztimes.com.
We're confident the BizTimes Bubbler will be another tool for our readers. To subscribe to the BizTimes Daily or the other free newsletters generated by Small Business Times (including the BizTimes Real Estate Weekly, the BizTimes Manufacturing Weekly, the BizTimes Money Weekly and the BizTimes Bubbler), visit www.biztimes.com/site/enewsletters.
Advertisement
Case to build new tractor dealership in Mount Pleasant
Case IH announced today plans to build a new company-owned, model Case IH dealership next door to its Racine plant.
The new 31,000-square-foot, two-story Case IH agricultural equipment dealership will be constructed by early 2009. The Mount Pleasant Village Planning Commission recently approved the company's plans for the project.
"This dealership will be a first-class retail environment serving local farmers, landowners and a symbol of pride for our over 2,000 local employees," said Jim Walker, vice president of Case IH North America. "The facility also will model best practices in dealership design, management and operations, and create a world-class brand experience for our visiting customers, dealers and global trade partners."
Walker said the new dealership will likely generate a dozen or more jobs in its first year, with the potential to employ more than 30 people. He also estimated that the dealership could generate as much as $25 million in sales, which will boost the local tax base.
"Our Racine plant, home of Case IH Magnum tractors and transmissions and components for many other Case IH products, already hosts a couple thousand guests annually," Walker said. "We expect that number to reach 5,000 or more, as we draw new visitors from around the state and around the world. Farmers and ranchers like big iron. They enjoy watching equipment being manufactured and talking with our employees on the line. With the new model dealership, we'll also be able to offer them a top-notch retail experience while they're here. They can kick the tires on our full line of Case IH agricultural equipment."
This won't be the first time that the Racine area is home to a Case IH company-owned retail store. Case Power & Equipment in Sturtevant served this area between 1969 and 1991. The dealership model concept, however, is new and will be used to test ideas and share best practices with independently-owned dealerships across North America.
"Racine is the home of J.I. Case, a pioneer in the advancement of modern-day agriculture whose legacy in the Racine community dates back almost 165 years," Walker said. "Since 1844, Case IH has had a continuous manufacturing presence in Racine. The dealership will honor the legacy of J.I. Case in addition to promoting the heritage of International Harvester."
Case IH is a brand of CNH, a majority-owned subsidiary of Fiat Group of Italy.
Native American tribes to form economic consortium
Representatives from several Native American tribes, including the Forest Band of Potawatomi Nation of Wisconsin and the Oneida Nation of Wisconsin, will gather at the Smithsonian National Museum of the American Indian on Tuesday, Sept. 23, to announce the launch of the first-ever Native American economic consortium.
Called the Native American Group, initial participants also will include the Seminole Tribe of Florida; the Mashantucket Pequot Tribal Nation, Connecticut; the Morongo Band of Mission Indians, California; the Cow Creek Band of Umpqua Tribe of Indians, Oregon; the Ute Mountain Ute Tribe, Colorado; the Oglala Sioux Tribe, South Dakota; and the Spirit Lake Dakotah Nation, North Dakota.
The Native American Group will bring the most economically advantaged tribes - especially those with diverse business interests - together to leverage their collective buying power to benefit all of "Indian Country."
Through a memorandum of understanding with the U.S. Department of the Interior Bureau of Indian Affairs, the consortium has enlisted the support of federal officials to help identify additional tribes to participate in consortium programs.
"Our overall goal is economic development for more than 500 Indian tribes," said Richard Bowers, president of the board of directors of the Seminole Tribe. "We want to spread economic opportunity in 'Indian Country' by encouraging more tribes to get into business and by offering more products and services to each other. The consortium offers a ready-made market for tribes with available products or the opportunity to develop them."
Marcus reports strong quarter
The Marcus Corp. today reported fiscal first quarter net earnings of $12.4 million, or 42 cents per share, up from $11.7 million, or 38 cents per share, in the same period a year ago.
The Milwaukee-based company's total quarterly revenues increased 7.3 percent to $120.4 million from $112.1 million a year earlier.
"We are pleased to report increased net earnings for the first quarter. Marcus Theatres was the primary contributor to the improved performance. The majority of our hotels had a very good summer, however, some weakness in the group business segment impacted our overall results for Marcus Hotels and Resorts," said Stephen Marcus, chairman and chief executive officer of The Marcus Corp. "We had an outstanding June and July at the box office, highlighted by the record performance of The Dark Knight. Weaker than expected film product this August, compared to August of 2007, kept us from finishing the first quarter as strong as anticipated. Television viewership of the Olympics and the Democratic National Convention also affected our August attendance."
Actuant to acquire New York company
Butler-based Actuant Corp. announced the signing of a definitive agreement to acquire the stock of the Cortland Companies from an investor group lead by Cortec Group.
The purchase is subject to customary regulatory approvals and closing conditions, and is expected to close within 30 days.
Total consideration for the transaction is approximately $230 million, which will be funded by Actuant's cash and revolving credit facility.
Headquartered in Cortland, N.Y., Cortland is a global designer, manufacturer and distributor of custom-engineered electro-mechanical cables and umbilicals, high-performance synthetic ropes and value-added steel cable and assemblies. Cortland's products are utilized in critical applications in end markets including offshore oil and gas, marine geophysical survey, commercial diving, marine transport, medical, security, defense and aerospace. With five facilities across three continents,
Cortland is expected to generate approximately $100 million in revenue this calendar year.
Commenting on the transaction, Robert Arzbaecher, Actuant's chief executive officer, said, "Cortland represents a great addition to Actuant's diversified business portfolio. Its niche leadership position, strong management team and global customer relationships are an ideal fit with our business model."
The majority of the Cortland businesses will operate within Actuant's Industrial segment. Cortland's Sanlo product line, an engineered cable applications business, will operate as part of Actuant's Elliott Manufacturing business included in the Actuation Systems segment.
Brewers renew minor league affiliations
The Milwaukee Brewers announced the extension of player development contracts with two of the club's minor league affiliates.
The Brewers' Double-A affiliate, the Huntsville Stars, and Rookie affiliate, Helena Brewers, both signed two-year contract extensions through the end of the 2010 season.
Huntsville recently completed its 10th season as a Brewers affiliate. The Stars play in the Southern League and play their home games at Joe W. Davis Stadium in Huntsville, Ala.
The Helena Brewers have been an affiliate since the 2003 season and participate in the Pioneer League. The team plays its home games at Kindrick Field in Helena, Mont.
In addition, the Brewers announced that the contract of Triple-A manager Frank Kremblas will not be renewed. He spent the past four seasons as manager of the Nashville Sounds, where he compiled a 299-273 record.
State headlines: Hammes plans to refurbish Edgewater Hotel in Madison
Brookfield-based Hammes Co. is buying the Edgewater Hotel in downtown Madison and is considering plans to refurbish, expand and offer more public access to the property. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.
Bush meets with economic advisors
President George W. Bush announced this morning he will forego a campaign fundraising trip to the South today and stay in Washington, D.C., to consult with his economic advisers about the turmoil in the economy.
In a brief announcement, Bush said he will not make his scheduled appearances in Florida and Alabama. He declined to take questions from reporters.
The Associated Press reported: "(Bush) has not fielded questions about the economic upheaval this week and even canceled a statement Tuesday. Reporters have tried each day. When one tried to press Bush in the Oval Office on Wednesday, he said he could not hear the question, and then made light of the moment by saying, 'I'm old.'"
The White House on Wednesday defended its latest bailout, an $85 billion emergency loan for insurance giant American International Group Inc. The government will take an 80-percent stake in AIG, the largest reaching intervention into the private sector ever for the Federal Reserve Bank.
The AIG rescue follows federal bailouts for mortgage giants Freddie Mac and Fannie Mae, and the Fed previously guaranteed funding for JP Morgan Chase & Co. to acquire struggling Bear Stearns.
Lehman Brothers Holdings Inc. announced on Sunday it will file for Chapter 11 bankruptcy. The company has been around for 158 years and had even survived the Great Depression.
Desperate Merrill Lynch & Co. announced it has agreed to be acquired by Bank of America Corp. for a fraction of the stock value Merrill held a year ago.
Meanwhile, Wells Fargo & Co. and Citigroup reportedly are expressing interest in acquiring the ailing Washington Mutual Inc. in another 11th-hour transaction, according to The Wall Street Journal.
The collapses of some of America's largest financial institutions this week have taken a toll on the stock market. The Dow Jones Industrials Average is about 24 percent below its Oct. 9, 2007, record close of 14,164.53. Locally, the BizTimes Stock Index, which tracks the value of stocks of publicly traded companies based in southeastern Wisconsin, fell 5.42 points to close at 131.85 Wednesday, an all-time low.
The stock marketed was treading water in early morning trading today. The largest local advancers this morning were Brady Corp. (up $1.99 to $34.04), Joy Global Inc. (up $1.85 to $50.35) and Manpower Inc. (up $1.11 to $43.76). The largest local decliners this morning were Rockwell International Inc. (down $2.20 to $33.79), Bucyrus International Inc. (down 98 cents to $42.94) and Kohl's Corp. (down 94 cents to $48.05). The BizTimes Stock Index can be tracked at www.biztimes.com.
Milwaukee Biz Blog: Energy bill is useless
U.S. Rep. F. James Sensenbrenner (R-Wis.) voted against an energy bill that approved by the Democrat-controlled House of Representatives this week. Read about why he stood against the bill in today's Milwaukee Biz Blog.



