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The Journal Gazette

Saturday, October 28, 2017 1:00 am

Briefs

Incipio to invest, add 22 new jobs

Staff, news services

Incipio Devices LLC, announced plans Friday to invest nearly $7.1 million to expand the manufacturing and research and development capabilities of its Huntington plant.

The investment by the company, which makes implants and instruments for the orthopedics industry, will lead to 22 additional jobs by 2020 and the retention of 27, according to a news release.

“Both the city and county have been incredibly supportive of my company,” Incipio President Troy Johnson said in a statement.

Based in Huntington, Incipio also has offices in St.-Blaise, Switzerland.

The average hourly starting wage, excluding benefits or bonuses, is $23 per hour, said Mark Wickersham, executive director of Huntington County Economic Development.

Exxon profit jumps 50% from year ago

Buoyed by higher oil prices, Exxon Mobil reported Friday that third-quarter profit jumped 50 percent from a year ago to nearly $4 billion.

The oil giant also sharply increased spending on exploration, reversing a trend from the first half of the year. Lower capital spending had raised concern about future production of oil and gas, since projects in the energy business can take years before there is meaningful production.

Exxon's profit was dinged by Hurricane Harvey, which briefly shut down refineries along the Texas Gulf Coast, but the results still beat forecasts from Wall Street analysts.

“A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability,” said Darren Woods, who became chairman and CEO around the start of the year when Rex Tillerson became secretary of state.

Steering wheels for Fusion under probe

U.S. regulators are investigating complaints that steering wheels can come loose or fall off in the Ford Fusion.

A person in Georgia told the National Highway Traffic Safety Administration that a steering wheel fell into their lap in a 2015 Fusion when turning into a gas station on Sept. 23.

People who file complaints are not identified in the NHTSA public database.

The agency opened the probe after receiving three complaints about loose steering wheels.

The probe revealed in documents posted Friday covers about 841,000 midsize sedans from the 2014 through 2016 model years.

Two other people reported that the bolt attaching the wheel to the steering column came loose while driving and had to be re-tightened at a repair shop. The agency doesn't have any reports of crashes or injuries.

Tenet cuts 1,300 jobs to make up for loss

Tenet Healthcare plans to cut 1,300 jobs, more than 1 percent of its workforce, in an attempt to cut costs as it reported a quarterly loss of $367 million.

The stock jumped 10 percent, to $14.19, in early trading Friday.

The Dallas company expects the job cuts to lower annual expenses by $150 million. Tenet has about 101,000 full-time employees. The company also named James Bierma to the board of directors, increasing its size to 10 members.

The loss from Tenet Healthcare Corp. was not as bad as Wall Street expected, but revenue fell short.