Northeast Ohio's economy may need decade to recover, CSU study shows, by Tom Breckenridge, Cleveland Plain Dealer, October 3, 2008
Cleveland—The Fund for Our Economic Future issued its annual "Regional Dashboard of Economic Indicators," a report card on how the region's economy is performing across three dozen metrics. While the Cleveland, Akron, Canton and Youngstown metro areas all ranked in the lower half of metros nationwide, metro Cleveland ranked first among 136 metros in a quality of life measure. View the FFEF's 2008 Dashboard of Economic Indicators.

Governor establishes economic growth entity, Dayton Daily News, October 1, 2008
Columbus—Implementing an initiative proposed by the Ohio Department of Development's strategic plan, Gov. Ted Strickland signed an executive order creating an entity called the Ohio Economic Growth Cabinet to focus the state's economic development resources and improve how the state collects information on economic development investments. Lt. Gov. Lee Fisher, who is director of the development department, is to serve as chairman.

Parker Hannifin buys trio of companies, Crain's Cleveland Business, October 2, 2008 (Subscription)
Cleveland—Parker Hannifin Corp. announced the acquisition of three companies—Legris SA (Rennes, France), Origa Group (Germany, Austria and Illinois); and Hargraves Technology Corp (Mooresville, N.C.).—with sales totaling close to $500 million.

Eaton acquires UK hydraulics company, Crain's Cleveland Business, October 2, 2008 (Subscription)
Cleveland—Eaton Corp. announced the acquisition of Integ Holdings Limited, the parent company of Integrated Hydraulics Ltd., a United Kingdom manufacturer of screw-in cartridge valves, custom-engineered hydraulic valves and manifold systems.

Linderme Tube Co. closes, ending about 85 jobs, by Frank Bentayou, Cleveland Plain Dealer, October 3, 2008
Euclid, Ohio—Linderme Tube Co.'s Chairman Edwin Linderme Jr. sold the company's assets to Small Tube Products Co. of Altoona, Pa., and closed the metalworking plant abruptly on Wednesday, Oct. 2. The company's former president said increasing use of plastic pipes in construction and availability of inexpensive Chinese copper and aluminum tubes was responsible for the company's slow decline over the past decade.

Oil falls below $95 on falling global demand, by Stevenson Jacobs, AP via Canton Repository, October 2, 2008
New York—Oil prices tumbled below $95 a barrel Thursday, falling for a second day as investors bet that a revised $700 billion financial bailout plan won't be enough to avoid a recession and revive dwindling U.S. energy demand.

Related story: Falling oil price is a positive note amid turmoil, by Jad Mouawad, New York Times, October 2, 2008
New York— Nearly lost amid the chaos in the markets, oil prices have been dropping sharply from July’s triple-digit peak. If that trend continues, as many analysts expect, it will put billions of dollars back into consumers’ wallets and provide badly needed support for a battered economy.

Tighter credit begins to hit manufacturing, jobs, AP via Massilon Independent, October 3, 2008
Washington—The government reported Thursday that factory orders took the biggest drop in two years in August as businesses cut back on purchases of large equipment and consumers spent less on autos, electronics, appliances and other goods. The weakness was led by big declines in orders for aircraft, down 38.1 percent, and autos, which fell by 10.6 percent, the worst performance in nearly six years.

Parker Hannifin CFO gets loans easily, but isn't home free, by Timothy Aeppel, Wall Street Journal, October 2, 2008 (Subscription)
Cleveland—Parker Hannifin Corp.'s CFO, Tim Pistell and CEO, Donald Washkewicz, tell the WSJ how the the venerable hydraulic-equipment manufacturer has built a solid credit rating and cash war chest, allowing the company to continue its acquisition plans overseas as well as look for domestic bargains in the current economic crisis.

Car suppliers feel sting of slowdown, by Jeff D. Opdyke, Wall Street Journal, October 2, 2008 (Subscription)
Detroit—When U.S. auto-sales figures are released Wednesday, the expected decline will highlight an automotive industry sputtering. Even though many auto industry suppliers have spent the past few years restructuring their costs, downsizing their domestic footprint and expanding their business beyond America's Big Three auto makers, the U.S. is no longer the only slowing economy.

Eyes on the Road: U.S. loans for the Detroit auto makers include a mandate for big changes, by Joseph B. White, Wall Street Journal, October 2, 2008 (Subscription)
Washington—The companies that make it to the other side of the current slump won't look much like the companies we've known for the past 100 years -- from the vehicles they offer to consumers to their business structure and possibly ownership they will be radically changed.

A. Schulman sells automotive products in Europe, Akron Beacon Journal, October 2, 2008
Fairlawn, Ohio—A. Schulman Inc., a plastics and resins manufacturer, said Wednesday it introduced two new automotive products in Europe.

Cooper Tire to shift to flexible scheduling, Toledo Blade, October 2, 2008
Findlay, Ohio— Cooper Tire & Rubber Co. announced yesterday that it plans to move to flexible labor scheduling at its plants in the United States to prevent layoffs while dealing with shortages of raw materials and continuing softness in its sales.

Event Calendar: City Club Forum, Cleveland Plus: Turning the corner by transforming the region's economy, Wednesday, December 17, 2008, co-sponsored by the Cleveland City Club and the Greater Cleveland Partnership.
MAGNET's Board Chair, Arthur F. Anton, president and CEO, Swagelok Co., will join a panel of regional industry leaders to discuss the significant economic opportunities in health care, innovation and technology, bioscience, advanced manufacturing, and more that are transforming our region’s economy.

Large companies facing larger bills from FirstEnergy, by John Funk, Cleveland Plain Dealer, October 1, 2008
Akron—At an all-day conference at the John S. Knight Center sponsored by MAGNET, nearly 300 attendees from dozens of companies learned about possible increases of up to 32 percent under the utility's new rate plan pending before state regulators.

Where are the manufacturing jobs in Northeast Ohio? by Terri Mrosko, Cleveland Plain Dealer, October 1, 2008
Cleveland—The PD's employment editor reviews the many manufacturing career choices available in the region and interviews MAGNET's Director of Education and Training Affairs, Judith Crocker, about the gap between the skills of the job seekers and the skills that are required by the employers.

First studies encouraging on Lake Erie wind turbines, by Tom Breckenridge, Cleveland Plain Dealer, October 1, 2008
Cleveland—The Great Lakes Energy Development Task Force, a public-private entity, rolled out the first three reports from their $1 million study of a grand vision—erecting two to 10 wind turbines in the lake off Cleveland's shore. Preliminary conclusion: Lake Erie's wind, geology and habitat can accommodate towering wind turbines.

Timken raises third-quarter profit estimate, by Frank Bentayou, Cleveland Plain Dealer, October 1, 2008
Canton—Thanks to a fall in the price of scrap metal and continued worldwide industrial demand for its manufactured goods, Timken Co. announced a higher profit estimate for its third quarter. The company's full quarterly report will be released Oct. 24.

Diebold Inc. profits higher than forecast, Akron Beacon Journal, October 1, 2008
Green, Ohio—Diebold, Inc. announced a higher profit estimate for 2008 and said it has filed all late reports with the U.S. Securities and Exchange Commission.

Fostoria ethanol plant debuts; production set for next week, by Gary T. Pakulski, Toledo Blade, October 1, 2008
Fostoria, Ohio—Sioux Falls, S.D.-based Poet LLC opened its new $130-million ethanol plant on the outskirts of Fostoria to townspeople and company officials on Tuesday. Production will begin next Monday.

Rockwell Automation plans cuts, by Jennifer Hoyt, Wall Street Journal, October 1, 2008 (Subscription)
Milwaukee—Rockwell Automation Inc. said it's cutting 3% of its global work force in a restructuring plan that's expected to save the provider of industrial automation services about $85 million by 2010. Rockwell, a provider of industrial automation equipment and software, maintains customer support centers in Twinsburg and Toledo. View company press release.

Shipments decline 52% as demand slackens, by Devon Maylie and Matthew Walls, Wall Street Journal, October 1, 2008 (Subscription)
London—The Baltic Dry Index, a key index tracking commodities shipments, has fallen 52% since the start of the month. A drop in the index creates a domino effect across commodity types, so prices are likely to fall further.

City control board OKs $1M loan to Brilex, Youngstown Vindicator, October 1, 2008
Youngstown—The city’s board of control approved a $1 million low-interest loan to local manufacturer Brilex Industries Inc. at a special meeting Tuesday. Brilex will use the money to purchase additional equipment and retain jobs. The company's 125 employees fabricate, assemble and repair customized machinery for other businesses.

Factory activity at lowest level since 2001, by Deborah Lynn Blumberg and Jeff Bater, Wall Street Journal, October 1, 2008 (Subscription)
Tempe, Ariz.—The Institute for Supply Management said that its index of manufacturing activity came in at 43.5 in September, the lowest level since October 2001. However, survey respondents indicated that commodity prices are rising more slowly than earlier this year. View the September 2008 Manufacturing ISM Report On Business.

Furniture company gets state tax credit to stay in Norwalk, by Frank Bentayou, Cleveland Plain Dealer, September 30, 2008
Norwalk, Ohio—Norwalk Custom Order Furniture LLC, which last week rose from the ashes of Ohio manufacturer Norwalk Furniture Corp., received a 55 percent, six-year state tax credit today for the 260 jobs the new company plans to keep in Huron County.

Fisher wants to explore Ohio-Michigan cooperation, by Tom Breckenridge, Cleveland Plain Dealer, September 2930
Cleveland—Lt. Gov. Lee Fisher told a 70-person audience at Cleveland State University that he will be meeting with his Michigan counterpart soon to talk about strategies such as JEDDs -- joint economic development districts, under which Ohio cities and townships develop business sites for their mutual benefit.

Massive fire damages Dyson Corp. in Painesville Township, by Maggi Martin, , Cleveland Plain Dealer, September 30, 2008
Painesville Township, Ohio—A massive fire at Dyson Corp. on Freedom Road in Painesville Township caused about $2 million in damages to the steel parts manufacturing plant.

Lubrizol announces executive changes, Crain's Cleveland Business, September 29, 2008 (Subscription)
Cleveland—Lubrizol, producer of specialty chemicals and lubricant additives, announced the promotion of seven individuals, including Steve Kirk who was named senior VP and COO of both Lubrizol Additives and Lubrizol Advanced Materials. View company press release (PDF, 27k)

Michigan firm's quest for Ohio loan advances, Toledo Blade, September 30, 2008
Columbus—The Ohio Department of Development's Development Financing Advisory Council yesterday approved a seven year, $429,000 low-interest loan to help Next Specialty Resins, Inc., of Addison, Mich., build a plant in Sylvania Township. The company, which makes thermoplastic resins used in several industries, has promised to create 25 jobs within three years.

Team NEO reports higher office occupancy rates for Northeast Ohio, by Paula Schleiss, Akron Beacon Journal, September 29, 2008
Cleveland—In a companion study to its report on rising industrial space occupancy, Team NEO reported that occupied office space in Northeast Ohio is at its highest point in at least five years.

Mittal cuts to affect contractors, not staff, by Dan Shingler, Crain's Cleveland Business, September 29, 2008 (Subscription)
Cleveland—Possible production cuts at ArcelorMittal won't impact the company's Cleveland work force, but could affect contractors at the local plant, company and union officials say.

TransDigm Group cuts $69 million deal, Crain's Cleveland Business, September 29, 2008 (Subscription)
Cleveland—TransDigm Group Inc. spent $69 million to acquire Unison Industries LLC, a subsidiary of GE Aviation. TransDigm's Chairman and CEO, W. Nicholas Howley, said the acquisition was an excellent fit with TransDigm's Champion Aerospace products.

Keithley Instruments cuts jobs, Crain's Cleveland Business, September 29, 2008 (Subscription)
Cleveland—Keithley Instruments Inc., a manufacturer of sophisticated measurement instruments, announced a reduction in its global workforce of about 5%. Joseph P. Keithley, the company’s chairman, president and CEO, said the savings of about 7% in operating expenses will be partially offset by expected cost increases in fiscal 2009.

Automakers' loans months away, by Ken Thomas, AP via Cleveland Plain Dealer, September 28, 2008
Washington—By as early as next spring, U.S. automakers will be able to tap into a $25 billion low-interest line of credit from the Energy Department to help them modernize their plants to build more-fuel-efficient vehicles.

Defense industry gets boon; important programs win higher budgets as bills wrap up, by August Cole, Wall Street Journal, September 27, 2008 (Subscription)
Washington—Many of the defense industry's most important programs will start the new fiscal year next week with higher budgets, thanks to a quickly hashed-out bundle of bills passed by the House and expected to be passed by the Senate this weekend.

Accelerator in Akron marks 25th anniversary, by Paula Schleis, Akron Beacon Journal, September 27, 2008
Akron—The Akron Global Business Accelerator celebrated its 25th anniversary on Friday, Sept. 26. The 320,000-square-foot, nine-floor former B.F. Goodrich factory complex on South Main Street holds more than three dozen tenants, including medical-device manufacturers, alternative-energy companies and polymer developers.

Editorial: Credit Congress, but not Kucinich and Kaptur, for protecting Great Lakes, Cleveland Plain Dealer, September 27, 2008
Sidelining a handful of naysayers and goosed by virtually the entire Ohio delegation, the U.S. House passed the Great Lakes Compact on Tuesday by a vote of 390-25.

Cleveland's five-county economic region shrinks in 2006, by Tom Breckenridge, Cleveland Plain Dealer, September 26, 2008
Cleveland—The U.S. Dept. of Commerce's Bureau of Economic Analysis' recently released annual review of metropolitan economies reported that the economy in Cleveland's five-county region—the 26th largest in the nation—shrank 0.2% in 2006. In 2006, manufacturing represented 18 percent of the economic activity in Cuyahoga, Lake, Geauga, Summit and Lorain counties.

Training, work ethic top list of manufacturers’ needs, by Bart Mills, Lima News, September 26, 2008
Lima, Ohio—Leaders from the region's top manufacturers met Thursday along with government and education leaders to discuss workforce challenges during the West Central Ohio Manufacturing Summit. George Huang, chair of mechanical and materials engineering at Wright State University, suggested creating a new entity, a multifunctional career center that would offer academic and hands-on training specific to manufacturing.