okay, back on subject

From the 1/25/07 Fostoria Review Times:

 

 

Honeywell slashing jobs

By SEAN CORP and RUSS ZIMMER

staff writers

 

Already staggered by the threat of ThyssenKrupp's departure, a union official is reporting Honeywell has decided to slash as many as 500 jobs from their Fostoria operation.

 

During a Jan. 19 meeting between Local 533, which represents the employees of the local Honeywell plant, and management, union members were informed the company intended to scale down to an estimated workforce of 130 to 250 jobs " a sharp drop from the 650 people presently employed " by 2009, according to a union press release...

 

http://www.reviewtimes.com/News/backissues/2007/Jan/ar_news_012507.asp#story2

 

From the 1/27/07 Blade:

 

 

Spark plug operation moving to Mexico; up to 500 jobs to be lost

 

FOSTORIA - Honeywell International Inc., whose Fostoria spark plug plant is the city's largest employer with 650 workers, plans to move work to a new plant it is building in Mexico and eliminate up to 500 jobs by 2009.

 

Officials of United Auto Workers Local 533, which represents workers at the firm's Autolite unit plant in Fostoria, said this week that company officials told them on Jan. 19 that the plant work force would be cut to 130 to 250 jobs as work begins shifting south...

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070127/BUSINESS03/701270423/-1/BUSINESS

 

Story includes photos. From the 1/31/07 Blade:

 

 

Plan for cuts at spark plug plant has area Fostoria's residents on edge

520 of 650 jobs could go by 2009

By JULIE M. McKINNON

BLADE BUSINESS WRITER

 

FOSTORIA - Lee Carpenter was making $8 an hour at a Tiffin factory when he landed a job at Honeywell International Inc.

 

Nearly two years later, the husband and father is paid $12 an hour at the Fostoria spark plug factory and is working toward $16 an hour. Senior Honeywell workers make about $20 an hour on average.

 

"That's fantastic," Mr. Carpenter said of his current hourly rate. "I've done a lot worse jobs for a lot less money. It's a good job."

 

But will it last? Honeywell plans to eliminate up to 520 of 650 jobs at the plant by 2009, after it opens a Mexican factory. That could be nearly 200 more jobs than expected three years ago, when the company and United Auto Workers Local 533 agreed to eventually end production of standard copper-core spark plugs in Fostoria and concentrate on premium parts...

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070131/BUSINESS06/701310381/-1/BUSINESS

 

From the 2/8/07 Sandusky Register:

 

 

Cedar Fair ends 2006 in fair shape

By BRANDI BARHITE | Thursday February 08 2007, 10:44am

 

SANDUSKY Cedar Fair Entertainment Co. finished 2006 in good financial shape.

 

But the companys northern parks, including Cedar Point, continued to struggle because of the soft economy and high gas prices, according to Dick Kinzel, chairman, president and CEO...

 

 

http://www.sanduskyregister.com/articles/2007/02/09/front/doc45cc4fbd461bd822009428.txt

 

From the 7/7/07 Fostoria Review Times:

 

 

No news is good news with TK closing

By RUSS ZIMMER

staff writer

 

While the parent company of a major employer is not ready to decide its Fostoria fate, negative factors are being noticed in the competition.

 

ThyssenKrupp Crankshaft announced in November 2006 plans to consolidate their machining operations in either Fostoria or Danville, Ill.

 

But Jeff Baker, labor and employee relations manager for ThyssenKrupp, said almost eight months later no decision is imminent...

 

http://www.reviewtimes.com/News/backissues/2007/Jul/ar_news_070707.asp#story5

 

Cedar Fair may be seeking buyer

July 9, 2007 | CINCINNATI BUSINESS COURIER

 

SANDUSKY - The new owner of Kings Island theme park may be in the market for a buyout itself, according to a story in the New York Post.

 

Reuters, in a report on the Post story, said Monday that Sandusky, Ohio-based Cedar Fair Entertainment Co. has been sending out feelers to private equity companies, gauging their interest. A deal would depend on the management team staying in place, according to the story, which is based on anonymous sources...

 

 

My son's 10 shares of Cedar Fair stock just earned him $9.00 yesterday.

 

I haven't looked at the financials of the company, but I suspect there is a lot of debt to service given the Paramont buy-out.  The word thru the grapvine from my industry insider is that KI attendance was down 13% the first couple of months of 2007 searson, and CP was down closer to 19%.

 

I wonder who would buy them?  Sounds like management is looking for a buy-out equity firm instead of another park owner (management wants to stay in place?).  But the buy-out equity firms have recently hit a wall on how much debt Wall Street is willing to buy, with many large firms refusing to participate any longer. 

 

I don't see a buy-out taking place given 1) the economic downturn in the amusement park business 2) the drying-up of money flowing to buy-out equity firms, and 3) anti-trust issues if another large park owner wants to buy them.

 

Still, a very interesting story.

The government of Dubai should buy it. Then we would have some amazing expansion going on.

My son's 10 shares of Cedar Fair stock just earned him $9.00 yesterday.

 

I haven't looked at the financials of the company, but I suspect there is a lot of debt to service given the Paramont buy-out.  The word thru the grapvine from my industry insider is that KI attendance was down 13% the first couple of months of 2007 searson, and CP was down closer to 19%.

 

I wonder who would buy them?  Sounds like management is looking for a buy-out equity firm instead of another park owner (management wants to stay in place?).  But the buy-out equity firms have recently hit a wall on how much debt Wall Street is willing to buy, with many large firms refusing to participate any longer. 

 

I don't see a buy-out taking place given 1) the economic downturn in the amusement park business 2) the drying-up of money flowing to buy-out equity firms, and 3) anti-trust issues if another large park owner wants to buy them.

 

Still, a very interesting story.

 

Blackstone has shown a lot of interest in the theme park industry. They own 50% of Universal Orlando, all the Legoland parks and many parks in europe including Alton Towers.

 

I think CF just took on to much debt with the Paramount buy (they basically needed everything to go just perfect to make the debt work). I would guess that their books are showing some major 'challenges' for them to try this in mid season (They may be concerned that by the end of the season their book value may even be less). I hope CF doesn't end up like Six Flags did, but this may be the first sign of a similar problem. I would not be suprised if they try and unload a few parks by the end of the year, if they can't find a buyer for the company. This would allow them to get some much need cash and their might be a few theme park buyers that would be willing to buy a park or two. This would probably mean they would have to unload the parks with very high values, (Kings Island, Knotts Berry Farm, or Canada's Wonderland).

The government of Dubai should buy it. Then we would have some amazing expansion going on.

 

Really.

 

I hope CF doesn't end up like Six Flags did

 

Already done.  Ironically, they BOTH bought Geauga Lake.

 

I would not be suprised if they try and unload a few parks by the end of the year

 

Michigan Adventure, anyone?  Carowinds?

 

This would probably mean they would have to unload the parks with very high values, (Kings Island, Knotts Berry Farm, or Canada's Wonderland).

 

They definately aren't letting go of those, as those are the money-maker parks.  Look for the smaller ones to let go, unless they want to do the whole "restructuring with small parks" thing and destroy ALL THE BIG PARKS INTO A BALL OF TERROR and keep Valleyfair! and Dorney Park.  Bah.

The government of Dubai should buy it. Then we would have some amazing expansion going on.

 

Really.

 

I hope CF doesn't end up like Six Flags did

 

Already done.  Ironically, they BOTH bought Geauga Lake.

 

I would not be suprised if they try and unload a few parks by the end of the year

 

Michigan Adventure, anyone?  Carowinds?

 

This would probably mean they would have to unload the parks with very high values, (Kings Island, Knotts Berry Farm, or Canada's Wonderland).

 

They definately aren't letting go of those, as those are the money-maker parks.  Look for the smaller ones to let go, unless they want to do the whole "restructuring with small parks" thing and destroy ALL THE BIG PARKS INTO A BALL OF TERROR and keep Valleyfair! and Dorney Park.  Bah.

 

Or they may find that unloading one or two big parks (which might actually have an interested buyer or two) can get them out of the financial mess. This would allow them to be what they were before the Paramount park buy. Cedar Point and some other midsize to smaller park chain (excluding KBF).

Blackstone has shown a lot of interest in the theme park industry. They own 50% of Universal Orlando, all the Legoland parks and many parks in europe including Alton Towers.

 

 

I thought Blackstone was reaching the end of the Wall Street well for financing buyouts? I thought I read CS and others were balking at lending Blackstone any more money for buyouts (either lend directly or to buy debt issued by the company).

So basically, old Cedar Fair is what you want.  Unless they are that idiotic that they bought Paramount and now they want to get rid of all the big parks, I don't see them getting rid of KBF, PKI, PCW, PKD, or CF.  I do see them getting rid of Great America, Carowinds, and Dorney Park or something.

 

What my dream is for all the former Paramount Parks to be bought by Universal or Busch and Geauga Lake be bought by the Tussaud's group and BAM, back to competition in Ohio!

So basically, old Cedar Fair is what you want.  Unless they are that idiotic that they bought Paramount and now they want to get rid of all the big parks, I don't see them getting rid of KBF, PKI, PCW, PKD, or CF.  I do see them getting rid of Great America, Carowinds, and Dorney Park or something.

 

What my dream is for all the former Paramount Parks to be bought by Universal or Busch and Geauga Lake be bought by the Tussaud's group and BAM, back to competition in Ohio!

 

Actually, I am not that big of a Cedar Fair fan. They run a good amusement park but the are horrible at trying to run a theme park.

 

I have always dreamed of KI being bought by Universal or more appropriated Busch. I think KI could fit into the Busch system without a major overhaul. Change out Nick with Sesame Street and the Land of the Dragons, add the Clydedale's and a B&M (along with better food, landscaping, theming, and retail). If Tussaud's would buy them then they would be owned by Blackstone since they bought Tussaud's in March.

Blackstone, Wetstone, ANYBODY BUT CEDAR FAIR!

 

And agreed with the Busch dream.

^Disney?

 

**************

 

Motley Fool:

 

Should Disney Buy Cedar Fair?

By Rick Aristotle Munarriz July 11, 2007

 

If there's a suitor to be found for Cedar Fair (NYSE: FUN), it's likely to come in the form of a private equity firm. They're the ones with the deep patience and deeper pockets to finance a $3.5 billion to $4 billion reclamation project...

 

 

Longtime Fool contributor Rick Munarriz enjoys taking his family on coaster treks over the summer. He does own shares in Disney and units in Cedar Fair. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.

 

 

Yeah, I don't see Disney getting out of their niche markets.

Regarding the feel of the park post-change of ownership:

 

My wife and I (no kids) went once so far this summer and we only stayed for a little while and then left because a "monsoon" blew through. But I was looking for obvious changes.

 

My surface impression is that almost everything unique about the park in terms of entertainment tie-ins has been gutted. Of course, all of the Paramount branding is gone. But it's down to the level of granularity of that little walk through park area they had with things in it like the model of the Starship Enterprise being sanitized to blank space.

 

OTOH we sat through one of their live shows and the production seemed to be MUCH higher quality and much longer than the stuff they put on during the Paramount ownership.

 

Kings Island used to feel a little special, like an outpost of Paramount entertainment, and now it's much blander.

 

Bring back the walk-around Klingons, I say.  :-D

I think there is a big difference between what Disney has discussed (themed hotels and indoor entertainment facilities) and buying regional amusement and theme parks. The work that would need to go on for Disney to bring these properties up to their level of experience and service (even if they don't go for the same theming and ride options) would be huge. I still say most theme park companies like Busch, Silver Dollar, or Disney would only be interested in two or three of CF parks.

Cedar Fair's profit halved over 2Q 2006

 

"Fewer patrons visited Cedar Fair Entertainment Co.'s attractions in the second quarter, but those who came spent more, the company said...

 

 

Cedar Fair is a publicly traded partnership that owns and operates 12 amusement parks, five outdoor waterparks, one indoor waterpark and six hotels in eight states and Ontario."

 

http://www.bizjournals.com/cincinnati/stories/2007/07/30/daily18.html?f=et57&ana=e_du

---

It looks like the integration strategy is not working quiet as planned. Income has been cut in half, loses grew by about $35 million over last year, and attendance was down by about 7% percent in July.

 

Hopefully they will be able to turn this around soon, or at least sell KI to Busch. :lol:

 

 

My son is a shareholder.  Maybe we should sue over the purchase of the Paramont parks!

 

Actually, we were at Cedar Point this past Saturday. Perfect day weather-wise.  The place had a respectable crowd, but not as packed as one would think. 

 

As usual, it seemed the majority of cars were from Michigan (or at least a large percentage).  But since all of Michigan is out of work, I'm surprised the patrons that do show up have any money to spend.

^ we were in port clinton last wednesday and stayed overnight. even tho it was a weekday, i was surprised how few vacationer type people were around on a hot mid-summer day. the old hotel is all closed up and the town looked to be hurting a bit, it just didn't seem typical. the jolly roger restaurant was packed tho. ohio's great lakes vactionland area seems to be sagging a bit.

My son is a shareholder.  Maybe we should sue over the purchase of the Paramont parks!

 

Actually, we were at Cedar Point this past Saturday. Perfect day weather-wise.  The place had a respectable crowd, but not as packed as one would think. 

 

As usual, it seemed the majority of cars were from Michigan (or at least a large percentage).  But since all of Michigan is out of work, I'm surprised the patrons that do show up have any money to spend.

 

now cincinnati is taking pot-shots at detroit?

My son is a shareholder.  Maybe we should sue over the purchase of the Paramont parks!

 

Actually, we were at Cedar Point this past Saturday. Perfect day weather-wise.  The place had a respectable crowd, but not as packed as one would think. 

 

As usual, it seemed the majority of cars were from Michigan (or at least a large percentage).  But since all of Michigan is out of work, I'm surprised the patrons that do show up have any money to spend.

 

now cincinnati is taking pot-shots at detroit?

 

I am sure its ok since he said Michigan and not Detroit. :-D

i was just trying to put it on a city vs. city basis to get this thread completely off track.

 

 

 

(FYI, pope the moderator frowns extensively on "city/state pot-shots)

My son is a shareholder.  Maybe we should sue over the purchase of the Paramont parks!

 

Actually, we were at Cedar Point this past Saturday. Perfect day weather-wise.  The place had a respectable crowd, but not as packed as one would think. 

 

As usual, it seemed the majority of cars were from Michigan (or at least a large percentage).  But since all of Michigan is out of work, I'm surprised the patrons that do show up have any money to spend.

 

now cincinnati is taking pot-shots at detroit?

 

Don't lump all of us Cincinnatians together with the views of an extremist like CincyDad.  :wink: :laugh:

You guys are really confussing me on this site.  I'm one of the few people who actually voices an opinion on a lot of subjects, as opposed to a published newspaper article, and I get labelled an extremist.  Not sure what to make of you guys and your site.

 

But to defend my generalization about Michigan being out of work, yes, it was a generalization and I think all of you are smart enough to get the idea of what I was referring to.

 

Cedar Point draws heavily from SE Michigan for a large segment of its customer base. Since my wife is from Sandusky (and worked at CP several summers), I still spend a lot of time visiting the in-laws.  The number of cars from Michigan was always very high and remains fairly high. Most people in Sandusky area that I talk to refer to hords of Michiganers who come to CP.

 

So when I say "all of Michigan is out of work", I am, of course, referring to the struggling job market of SE Michigan which is a major segment of the CP customer base.  Obviously not everyone is out of work, but I was trying to tie the struggling Michigan economy (well documented!) to the drop in CP attendance.

 

But you guys are smart enough to figure that out.

 

Maybe using obvious outragious generalizations (non racial, of course) in the course of speaking is something my generalization does, but has not carried forth to your generation?  I don't know.

I wasn't being serious when I called you an extremist.  Maybe I should have added a few more smileys to help.

 

And it's fine all Cincinnatians take pot shots at Detoit, much like how ALL of Toledo takes pot shots at Cincinnati.

You guys are really confussing me on this site.  I'm one of the few people who actually voices an opinion on a lot of subjects, as opposed to a published newspaper article, and I get labelled an extremist.  Not sure what to make of you guys and your site.

 

But to defend my generalization about Michigan being out of work, yes, it was a generalization and I think all of you are smart enough to get the idea of what I was referring to.

 

Cedar Point draws heavily from SE Michigan for a large segment of its customer base. Since my wife is from Sandusky (and worked at CP several summers), I still spend a lot of time visiting the in-laws.  The number of cars from Michigan was always very high and remains fairly high. Most people in Sandusky area that I talk to refer to hords of Michiganers who come to CP.

 

So when I say "all of Michigan is out of work", I am, of course, referring to the struggling job market of SE Michigan which is a major segment of the CP customer base.  Obviously not everyone is out of work, but I was trying to tie the struggling Michigan economy (well documented!) to the drop in CP attendance.

 

But you guys are smart enough to figure that out.

 

Maybe using obvious outragious generalizations (non racial, of course) in the course of speaking is something my generalization does, but has not carried forth to your generation?  I don't know.

 

Actually the CEO of CF Kinzel did say in their conference call yesterday that the difficult economics of Detroit and Cleveland are hurting Cedar Point. It sounds like maybe they should focus on parks in markets that are not having significant economic issues. Maybe Kings Island should have got Maverick and Cedar Point got a used Firehawk? (This comment would send wildfire through some CP forums.)

Maybe Kings Island should have got Maverick and Cedar Point got a used Firehawk? (This comment would send wildfire through some CP forums.)

 

Indeed.  Though basically Kings Island got a lower-budget Maverick.  It's called The Italian Job.

Indeed.  Though basically Kings Island got a lower-budget Maverick.  It's called The Italian Job.

 

The Italian Job, that's the penultimate $5.99 in everyone's dvd collection......Might as well been supertroopers.

It would've been a better ride, atleast.

Actually Italian Job has a pretty strong following with families. I don't have a problem with the ride (I have alot of problem with its location in the park). It should be interesting to see what CF has in store for 2008 at their parks. Will they finally get it and starting adding more themed attractions and spreading their spending more evenly throughout the chain or continue to use a significant part of their investing for CP. Maybe they can reduce the size of the pizza slices and increase the cost by another $2.00.

I realize Italian Job is a "family coaster" much like Adventure Express but the hype it received and it's prominant location where the former Les Taxis used to be made it quite suspect.  Had it been in the Action Zone and near/by Top Gun, it would've been more appropriate.  That Les Taxis space was THE prominent space for the park and could've/should've been a hyper or "real" inverted.  Perhaps now that Cedar Fair is...somewhat...sane, they can finally give the park it's first "true" hyper (not the Son on of a B...) in the backwoods behind Tomb Raider.

Let hope we see a great hyper or Dive coaster by B&M in the near future. If Busch owned the park it would be a given.

Eh on the Dive coaster (unless it goes underwater or something) but definately *yay* for the great hyper.

The difference is...you said "city."  That would imply, well, being a city.  Detroit is debatable.  Now Ann Arbor and Hamtramck...

Kings Island, Cedar Point ranked among top theme parks

August 6, 2007 | CINCINNATI BUSINESS COURIER

 

Two Ohio theme parks made the ranks of the 10 best amusement parks in the nation.

 

Needham, Mass.-based online travel site TripAdvisor LLC ranked Cedar Point and Kings Island third and seventh, respectively, in its list of the best amusement parks. The ranking doesn't include Disney World or other theme parks in Orlando, Fla...

 

 

Way to mess up a good thing...it was probably not for the best to be bought, by Cedar Fair, for the vast majority of these parks.

 

Acquired parks bring down Cedar Fair's attendance

September 14, 2007 | CINCINNATI BUSINESS COURIER

 

SANDUSKY - Fewer customers visited Cedar Fair Entertainment Co.'s newly acquired parks -- including Kings Island -- in August, dropping revenues for the parent company.

 

Cedar Fair on Friday provided revenue and attendance figures for August through Labor Day. Including the parks acquired in June 2006, revenues dropped by 1 percent, or $2.6 million, from the same period in 2006. Attendance fell 5 percent, or 315,000, but was partly offset by a 4 percent increase in per-guest spending, to $40.11...

I think we will see Cedar Fair unload at least one or two of the paramount parks before the start of the 2008 season. To much debt and falling revenue. Not a good combination.

Cedar Fair to Close historic Geauga Lake

 

Closing could add rides to Kings Island

 

"AURORA, Ohio – The Geauga Lake amusement park will close, leaving only a water park at the lakeside location, the park’s owner Cedar Fair Entertainment Co. said Friday...

 

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070922/NEWS01/309220015

 

---

That a lot of history being destroyed. It just a shame that an Ohio company would do this to an Ohio institution. Cedar Fair is starting to really hurt financially, let hope it doesn't show up in their operation of Kings Island.

^Oh, it will...

^Oh, it will...

 

Unfortunately, I think you are right in a very big way. Where is Busch when you need them?

I'll say this and I sincerely mean it:

 

Cedar Fair is not (Pre-I am going to sell the parks) Paramount.

SanduskyRegister.com Front Article

Cedar Point to get new children's play area

By JANET NGUYEN

Tuesday, November 6, 2007 6:36 AM EST

 

 

SANDUSKY

 

Cedar Point will debut a new children's area as part of Cedar Fair's spending plan for the 2008 season.

 

The children's area will feature seven rides and a family lounge with quiet areas for feeding, resting and changing. It will replace Peanuts Playground...

 

So Batman (Dominator) Serial Thriller(Thunderhawk) and Mind Eraser (VooDoo) are gone. :whip:

So Batman (Dominator) Serial Thriller(Thunderhawk) and Mind Eraser (VooDoo) are gone. :whip:

 

Ohio's coaster count is on the decline. That sucks!!!

True...but one will be added at Kings Island next year so...

True...but one will be added at Kings Island next year so...

 

What good about that is it appears to be a B&M hyer. Its about time!!! A major quality coaster coming to KI.

 

Side note: Has anyone had a chance to go to the Columbus Zoo and take pics of the new water park and amusement park under construction?