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Business

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Briefs

New hiring set at two city firms

Two Fort Wayne companies intend to invest a combined $2.2 million and create 11 full- and part-time jobs, according to paperwork filed with city officials.

BioScan wants to make $1.5 million in improvements at a 4,000-square-foot building at 2050 E. Dupont Road. The company is a diagnostic imaging services business. BioScan is seeking a 10-year tax abatement that would save $121,621.

Highmark Technologies plans to build an 11,500-square-foot manufacturing and warehouse complex at 8320 Clinton Park Drive. The company makes aluminum structures used in trade show exhibits and other events. It is seeking a 10-year abatement that would save $92,877.

Both projects will be introduced to the City Council on Tuesday.

Woodburn tire plant plans one-week layoff

The BFGoodrich plant in Woodburn will have a one-week layoff beginning Sunday.

According to a company email, “market softness has impacted the sales of Uniroyal, BFGoodrich, private and associate brand passenger and light truck tires.”

“This layoff will help align production and inventory with current market demands. We will continue to monitor the tire market and will react accordingly,” the email stated.

Jeff Knoblauch is president of the United Steelworkers of America Local 715, which represents workers at the plant. He said members are upbeat but declined to comment further. The union’s website details instructions for workers to file for unemployment.

In 2011, the company announced a $50 million expansion at the tire plant.

Fremont OKs request for Koester tax break

Fremont’s town council has approved a tax abatement request from Koester Metals Inc., which is consolidating Indiana and Ohio operations into a building at 301 W. Water St., Fremont. Savings over 10 years are estimated at $25,720.

The Defiance, Ohio-based sheet metal fabricator is investing $2.7 million to move its headquarters to Fremont. It also plans to create up to 44 new jobs over the next few years.

The Indiana Economic Development Corp. has offered Koester up to $240,000 in conditional tax credits and up to $50,000 in training grants, based on the company’s job creation plans. Fremont officials approved their abatement on equipment Tuesday evening.

JPMorgan, MF Global agree on settlement

JPMorgan Chase has agreed to a deal that will return $546 million to former customers of trading firm MF Global Holdings Ltd., which collapsed in 2011 with $1.6 billion missing from its accounts.

MF Global failed in October after a calamitous bet on European debt spooked its investors, partners and clients.

Much of the missing money belonged to farmers, ranchers and other business owners who used MF Global to reduce risks from fluctuating prices of commodities such as corn and wheat.

A House panel has said credit rating agencies and federal regulators contributed to MF Global’s collapse. But it pinned most of the blame on risky strategies by ex-CEO Jon Corzine, the former New Jersey governor.

JPMorgan held MF Global funds in several accounts and also processed the firm’s securities trades.

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