August 2, 20222 yr Adelphi Bank: $20M fundraising effort underway to launch Black-owned bank in Columbus Efforts to launch a Black-owned bank in Columbus are moving forward with a $20 million fundraising push, as the bank’s leaders hope to open the bank by the end of 2022. The Federal Deposit Insurance Corp. in late May granted conditional approval for the launch of Adelphi Bank, an effort being led by a group of Black civic leaders in Columbus. The bank’s physical location will be at the Adelphi Quarter development in the Bronzeville neighborhood. More below: https://www.bizjournals.com/columbus/news/2022/08/02/adelphi-bank-fundraising-update.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
August 29, 20222 yr Ohio Tax Credit Authority revealed awards to companies planning expansions in Central Ohio: Five companies to add more than 400 new jobs in Columbus area “Five companies will expand in the Columbus area, adding about 435 new jobs, after being approved for Ohio Tax Credit Authority tax breaks on Monday.” - Advanced Drainage Systems in Hilliard adding 200 jobs and a 107,000 sqft facility. - Cologix adding 15 jobs and building a $152 million “hyper scale” data center, its fourth, in the Far North side of Columbus. - Western Alliance Bank adding ~150 jobs in a technology hub they plan to open in Columbus. - Ultimate Solutions adding 30 jobs and investing $300,000 in warehouse and office space in Gahanna. - Urban Land Co adding ~40 jobs in Columbus. https://www.dispatch.com/story/business/2022/08/29/five-companies-to-add-more-than-400-central-ohio-jobs/65461917007/
September 19, 20222 yr Ohio State wins bid to host Starlab space station's earthbound twin “A NASA-backed coalition building a replacement for the International Space Station has chosen Ohio State University Airport for the stellar science lab's earthbound twin – making the state a major launchpad in the commercial space race and creating gravitational pull for science and aerospace companies and talent. A bid by OSU, the state government, JobsOhio and One Columbus beat out three other locations for the multimillion-dollar terrestrial analog of George Washington Carver Science Park – which will be a core element of the Starlab station, Voyager Space Holdings and its operating company Nanoracks LLC announced Monday. Research will start at Ohio State's agricultural school until the Nanoracks-owned facility opens. The lab is sure to attract suppliers and customers for the science park, boost OSU enrollment and create jobs that will keep more of the school's aerospace graduates in the state instead of leaving for Florida, Texas and Alabama, Horack said in a phone interview from the International Astronautical Congress in Paris, where the announcement was made. "I have companies already that are calling me," he said. "I already have have students calling me as well, if the first hour is any indication (of a coming flood of interest)." The company said the project is contingent on incentive approvals by the state Department of Development. Construction could start by the end of 2023, Horack said, with a goal to open by late 2025. Cost and job estimates were not released, and company officials were not immediately available for comment.“ https://www.bizjournals.com/columbus/news/2022/09/19/ohio-state-airport-starlab.html
September 21, 20222 yr On 9/19/2022 at 4:23 PM, amped91 said: Ohio State wins bid to host Starlab space station's earthbound twin “A NASA-backed coalition building a replacement for the International Space Station has chosen Ohio State University Airport for the stellar science lab's earthbound twin – making the state a major launchpad in the commercial space race and creating gravitational pull for science and aerospace companies and talent. A bid by OSU, the state government, JobsOhio and One Columbus beat out three other locations for the multimillion-dollar terrestrial analog of George Washington Carver Science Park – which will be a core element of the Starlab station, Voyager Space Holdings and its operating company Nanoracks LLC announced Monday. Research will start at Ohio State's agricultural school until the Nanoracks-owned facility opens. The lab is sure to attract suppliers and customers for the science park, boost OSU enrollment and create jobs that will keep more of the school's aerospace graduates in the state instead of leaving for Florida, Texas and Alabama, Horack said in a phone interview from the International Astronautical Congress in Paris, where the announcement was made. "I have companies already that are calling me," he said. "I already have have students calling me as well, if the first hour is any indication (of a coming flood of interest)." The company said the project is contingent on incentive approvals by the state Department of Development. Construction could start by the end of 2023, Horack said, with a goal to open by late 2025. Cost and job estimates were not released, and company officials were not immediately available for comment.“ https://www.bizjournals.com/columbus/news/2022/09/19/ohio-state-airport-starlab.html I've heard from a couple people, that this may be a bigger deal for Central Ohio than some realize. Another article mentions this: "Next year, the organizations plan to break ground on a stand-alone facility on the Ohio State Aerospace and Air Transportation Campus, home to the university airport, Ohio State’s Aerospace Research Center, Knowlton Executive Flight Terminal and Education Center, and a range of corporate, government and private aviation and aerospace activities. “By collaborating with Team Ohio, Voyager Space will launch one of the most creative public-private partnerships in one of the most sought-after space destinations on this planet,” said John Horack, Neil Armstrong Chair in Aerospace Policy at Ohio State. “We know this facility will transform into a broader commercial space research magnet that serves as the primary North American site for the George Washington Carver Science Park.” I'm hearing this could "transform" the Sawmill/Bethel area, but I'm not sure what to think of it, as of yet. I'm interested to hear more about it, and see some renderings.
September 21, 20222 yr 6 hours ago, Luvcbus said: I've heard from a couple people, that this may be a bigger deal for Central Ohio than some realize. Another article mentions this: "Next year, the organizations plan to break ground on a stand-alone facility on the Ohio State Aerospace and Air Transportation Campus, home to the university airport, Ohio State’s Aerospace Research Center, Knowlton Executive Flight Terminal and Education Center, and a range of corporate, government and private aviation and aerospace activities. “By collaborating with Team Ohio, Voyager Space will launch one of the most creative public-private partnerships in one of the most sought-after space destinations on this planet,” said John Horack, Neil Armstrong Chair in Aerospace Policy at Ohio State. “We know this facility will transform into a broader commercial space research magnet that serves as the primary North American site for the George Washington Carver Science Park.” I'm hearing this could "transform" the Sawmill/Bethel area, but I'm not sure what to think of it, as of yet. I'm interested to hear more about it, and see some renderings. Yeah this sounds like really big news. Maybe not Intel level big, but still transformative nonetheless. So it’s weird that it’s been hard to come by much news on it. Do you have a link to this article? Unrelated, but this is probably a good idea: Columbus may increase the minimum wage to qualify for economic development incentives to $20 an hour “Columbus city staff are recommending Columbus City Council raise the minimum required wage to get an incentive from the city from $15 an hour to somewhere between $18.50 and $20 an hour. City staffers were scheduled to present the recommendation during a Tuesday evening hearing. A second hearing will be held in October, ahead of a future council vote. The city evaluates whether the minimum wage requirement should be raised or lowered every three years. Quinten Harris, the city's deputy director of economic development, told Columbus Business First his department conducted a deep dive into the data around wages in the city as well as a review of the companies that have received incentives in recent years. The Development Department frequently uses a 10-year, 75% abatement to get a company to invest in Columbus. The city also often uses job growth incentives, which offer income tax breaks in exchange for new jobs created. Both the abatements and tax breaks require companies pay at least the city's designated wage.” https://www.bizjournals.com/columbus/news/2022/09/20/columbus-wages-economic-incentives.html
September 21, 20222 yr 1 hour ago, amped91 said: Yeah this sounds like really big news. Maybe not Intel level big, but still transformative nonetheless. So it’s weird that it’s been hard to come by much news on it. Do you have a link to this article? Unrelated, but this is probably a good idea: Columbus may increase the minimum wage to qualify for economic development incentives to $20 an hour “Columbus city staff are recommending Columbus City Council raise the minimum required wage to get an incentive from the city from $15 an hour to somewhere between $18.50 and $20 an hour. City staffers were scheduled to present the recommendation during a Tuesday evening hearing. A second hearing will be held in October, ahead of a future council vote. The city evaluates whether the minimum wage requirement should be raised or lowered every three years. Quinten Harris, the city's deputy director of economic development, told Columbus Business First his department conducted a deep dive into the data around wages in the city as well as a review of the companies that have received incentives in recent years. The Development Department frequently uses a 10-year, 75% abatement to get a company to invest in Columbus. The city also often uses job growth incentives, which offer income tax breaks in exchange for new jobs created. Both the abatements and tax breaks require companies pay at least the city's designated wage.” https://www.bizjournals.com/columbus/news/2022/09/20/columbus-wages-economic-incentives.html Sure, here you go. https://news.osu.edu/the-ohio-state-university-chosen-as-research-home-for-starlabs-george-washington-carver-science-park-terrestrial-laboratory/
September 26, 20222 yr Three Central Ohio job creation tax credits approved today: Ohio approves $650 million in Intel incentives - “The state has officially signed off on its biggest package of incentives tied to job creation - incentives that could total as much as $650 million over 30 years for Intel for its $20 billion investment in Licking County.” - “In addition, the authority approved a plan for EASE Logistics to create 140 jobs in Dublin where it plans to restore a building for its new global headquarters.” - “Another central Ohio project to be approved Monday is for the technology and engineering consulting firm BJSS to open an office in the Columbus area, creating 50 information technology jobs. The U.K.-based company is expected to settle on a site in the region after hiring begins.” https://www.dispatch.com/story/business/2022/09/26/ohio-agency-approves-intel-tax-incentives-that-could-hit-650-million/69518742007/
September 29, 20222 yr UK tech firm to open Columbus-area office with 50 jobs A British IT and management consulting firm has chosen metropolitan Columbus for its first Midwest office, citing Central Ohio’s tech talent pool. Based in Leeds, England, the nearly 30-year-old firm has U.S. offices in New York City and Houston, as well as offices in Australia and the European Union. “The Columbus region rose to the top of the list as a strategic tech hub to evaluate,” BJSS Chairman Glynn Robinson said in the release “We found the market to be welcoming and the right environment for us to grow our business.”
November 2, 20222 yr Victoria's Secret buying online retailer Adore Me for $400M “Victoria’s Secret & Co. is buying an online intimates brand for $400 million. The Reynoldsburg-based retailer Tuesday said it is acquiring New York-based Adore Me Inc. for that initial cash payment. The deal could be worth more as Victoria’s Secret (NYSE:VSCO) will pay additional cash based on the brand’s performance in the first two years after the acquisition closes, expected at the end of January 2023. “Adore Me is a technology-led, digital-first innovator in the intimates category that will help us bring differentiated experiences to Victoria’s Secret and Pink customers,” Victoria’s Secret CEO Martin Waters said in a release. “This acquisition will be a significant accelerant as we pivot toward growth and modernize the foundation of our company with an entrepreneurial mindset that puts technology at the forefront of everything we do.” Adore Me was founded in 2011 by CEO Morgan Hermand as an online brand. It has grown to more than 1.2 million active customers, gaining favor with consumers through not just its inclusive and affordable array of products but also a monthly subscription option and a Home Try-On program. That program in particular generates strong customer loyalty and could present an attractive new opportunity for Victoria's Secret customers, the company noted.” https://www.bizjournals.com/columbus/news/2022/11/01/victorias-secret-acquiring-online-retailer-adore.html California startup Zenni grows U.S. manufacturing hub in Central Ohio's 'optical village' “A California online eyewear startup will focus all of its U.S. manufacturing in Central Ohio, expanding its original plans for the region and growing to as many as 300 jobs in the "optical village" south of Columbus. Zenni Optical Inc. is upgrading its Obetz lens-grinding facility and distribution center to a full-service lab that can shape and coat lenses from raw materials, accommodating uncommon prescriptions such as astigmatism. "The scope of the Ohio facility, due to the success we're seeing, is starting to grow," said Rob Tate, the plant's general manager and Zenni's head of U.S. manufacturing. "We're looking at some additional product lines in the future. ... There's more to come for Zenni in Ohio." The Obetz operation is nearing 100 employees, which could triple as it adds more labor-intensive lens production capabilities, he said.“ https://www.bizjournals.com/columbus/news/2022/11/01/zenni-obetz-us-eyewear-manufacturing.html
November 12, 20222 yr Weekly recycling pickup 😃 Columbus Mayor Andrew J. Ginther previews 2023 budget ”Starting in the summer of 2023, curbside recycling pickup will move to weekly, just like trash collection, under a $6 million expansion of the privately contracted program, one of the changes announced Thursday by Mayor Andrew J. Ginther as he unveiled his 2023 proposed budget. Other initiatives in the plan highlighted by Ginther are: Over $2.3 million for summer, after-school and job-readiness programming to keep Columbus’ youth safe and engaged; $3.1 million for operating expenses at the Hilltop Early Learning Center; Additional staff to support the Columbus Housing Strategy; $10 million in Human Services Grants for social services organizations that provide support for vulnerable residents and neighborhoods. More than $2.1 million to reduce illegal dumping by expanding refuse collection to include hot-spot inspections; opening two convenience centers for residents to properly dispose of hard-to-recycle items, food and yard waste, hazardous waste and bulk items; and hiring more drivers for refuse trucks; Expected balance of $95.2 million in the city’s rainy day fund by the end of 2023, about 8.3% of the city’s general fund budget, and up from $87.9 million at the end of 2021. About $2.57 million of that growth is from interest earnings.” https://www.dispatch.com/story/news/local/2022/11/10/mayors-budget-includes-6-million-for-expanded-curbside-recycling/69637270007/
November 16, 20222 yr Good reuse of some office space here: United Way, YMCA, others to occupy former Nationwide office building “Several nonprofit organizations including the United Way of Central Ohio and the YMCA plan to move into a former Nationwide office building Downtown that is expected to become the largest single collection of nonprofit offices in the city. The 9-story building, at 215 N. Front St., will be dubbed the Community Impact Center. "The space is a dream come true for a nonprofit," said United Way President and CEO Lisa Courtice. "The potential is extraordinary." Among the organizations expected to join the United Way and the YMCA are Per Scholas, Future Ready Columbus, UHCAN Ohio, Communities in Schools of Ohio, and the Wells CPA firm. Ultimately, 12 to 15 organizations employing up to 1,000 workers are expected to occupy the building.“ https://www.dispatch.com/story/business/2022/11/15/united-way-ymca-and-others-to-move-into-former-nationwide-building/
November 18, 20222 yr Seems like pretty big news for Whitehall: Discover to relocate customer care center from New Albany to Whitehall, invest $16M in new space “Discover Financial Services (NYSE: DFS), one of the region's largest employers, will invest $16 million in construction, training and hiring at its forthcoming location at 4590 E. Broad St. in Whitehall. The company plans to start hiring customer support representatives from Whitehall and nearby communities early next year. “Investing in Whitehall and bringing jobs to communities that need them most is good business and contributes to our mission of helping people achieve brighter financial futures,” Discover President and CEO Roger Hochschild said in a news release. “We are looking forward to working with Whitehall leaders and hope our investment here spurs further economic growth in the community.” Renovation of the more than 103,000-square-foot location, which previously housed Alliance Data, is expected to start in the spring. Discover is relocating from a New Albany building it recently sold, though its data center will remain in the city. “We welcome Discover’s investment in our vibrant community and look forward to seeing the impact they make in partnership with other local organizations working together to create a brighter future for our residents,” Whitehall Mayor Kim Maggard said in the release. “The company’s continued commitment strengthens our shared vision to improve the lives of our residents through diverse economic opportunities and sustainable partnerships that make a real difference in the lives of our residents and improve long-term prosperity.”’ https://www.bizjournals.com/columbus/news/2022/11/18/discover-16m-customer-care-center-whitehall.html
November 22, 20222 yr Looking to start a business? Columbus is one of the best places in the country to do so, a new study says. “Columbus ranks as the fourth best U.S. metro to start a business, according to a study by commercial real estate company 42Floors. The study examined all U.S. metros with at least 300,000 residents and ranked them based on several factors – number of startups, exit rate, coworking spaces, number of startup-oriented companies, regional price parity, labor and office space costs and taxes. The top three were Las Vegas, Nevada; Boulder, Colorado; Austin, Texas.” https://www.bizjournals.com/columbus/news/2022/11/22/42floors-study-best-places-start-business-columbus.html Columbus incentivizes Cologix, Xtreme Express expansions with tax abatements “Columbus City Council passed two enterprise zone incentives on Monday, giving the companies 75% tax abatements for 10 years. Cologix, a data center firm, says it plans to invest about $160 million in its expansion, building a new 250,000-square-foot data center on at 7500 and 7474 Alta View Blvd. The expansion will create 15 new jobs with an estimated annual payroll of $1.5 million and retain 24 full-time jobs with an annual payroll of approximately $1.4 million at two separate locations, according to city documents. Xtreme Express will retain 81 full-time jobs with annual payroll of approximately $3.83 million and create 50 new full-time permanent positions with an estimated annual payroll of $2.6 million, according to city documents.“ https://www.bizjournals.com/columbus/news/2022/11/22/job-incentives.html
November 25, 20222 yr New report on our growth as a tech hub, including a look at the Google data center on S High and Rathmell. Columbus among nation's top 10 data center regions, report shows “The Columbus area is adding data centers so fast that it now has become one of the top 10 regions in the country for them. A new report finds that data center space increased 146% over the past 10 years in central Ohio. The 1.9 million square feet of space added here between 2012 and 2021 trailed only Washington, D.C., and Dallas over that period, according to the report from 42Floors, a commercial real estate listing service. The region now has 4.6 million square feet of space for data centers, ranking ninth among the country's metro areas. Washington, D.C., is No. 1 with 25.5 million square and Dallas is second with 14 million square feet. Columbus is behind only Chicago and Omaha, Nebraska, in data center space in the Midwest, and has added more space than both of those metro areas over the last decade. Baxtel's site shows Columbus has 40 data centers to 21 for Cleveland and 16 for Cincinnati. By power use, however, the Columbus area dwarfs the other Ohio cities, with 314.1 megawatts used compared with 43.7 in Cincinnati and 22.4 in Cleveland.“ https://www.dispatch.com/story/business/2022/11/25/columbus-home-to-amazon-facebook-google-data-centers/69636957007/
December 7, 20222 yr OTCA incentives for Columbus announced today: - Space technology company Voyager Space said in September that it had chosen a proposal from the state, JobsOhio and One Columbus to host the terrestrial analog of the George Washington Carver Science Park. The Voyager project is expected to create 50 jobs with an annual payroll of $5.9 million. - Safecor Health received approval for its expansion plan to create 100 jobs with an annual payroll of $5.5 million. The company will invest $4 million as part of the project. Hiring for administrative, production and sales positions will begin in 2023. Safecor opened its current headquarters at 4060 Business Park Drive in 2011. It will expand into a nearby building at 4000 Business Park Drive as part of this project. - Logistics company RXO Corporate Solutions plans to create 75 jobs with a payroll of $3.75 million as part of its expansion project in Columbus. RXO, recently spun off from XPO Logistics, provided third-party freight brokerage services. https://www.dispatch.com/story/business/2022/12/07/3-central-ohio-projects-receive-tax-incentives-osu-space-project/69707125007/
December 16, 20222 yr A few local business announcements, two in logistics, one in healthcare. Brooks Running to more than double Central Ohio presence with move to 600K SF building at Rickenbacker Logistics Park “A running performance retailer is relocating its distribution center to a new facility that will more than double its Central Ohio presence. Seattle-based Brooks Running, currently located at 2829 Rohr Road in Groveport, will move to nearby 10302 Transport St. in the second quarter of 2023. The company will occupy nearly 600,000 square feet, which encompasses an entire building at Rickenbacker Logistics Park in Groveport. Brooks is currently located in a 284,000-square-foot facility, so the move adds about 316,000 square feet to the running company's local footprint. It will also result in new employees, as Brooks plans to hire another 100 people in addition to the 100 workers it currently employs in Central Ohio.” https://www.bizjournals.com/columbus/news/2022/12/16/brooks-running-rickenbacker-logistics-park.html SK Food Group to occupy newly completed Rickenbacker Cold Storage Logistics Center “SK Food Group, an Arizona-based subsidiary of Canada's Premium Brands Holding Corp., is occupying a recently completed facility near Rickenbacker International Airport in south Columbus. The Crawford Hoying-led project, dubbed the Rickenbacker Cold Storage Logistics Center, will allow SK Food Group to store the frozen food products it manufactures less than 3 miles from its Groveport operation. SK will occupy the entire 164,800-square-foot facility, which has more than 6 million cubic feet of freezer space that can be maintained at temperatures as low as 10 degrees below zero. The 50-foot-clear-height building includes a green refrigeration system, a specialized building envelope with a heated floor, a cold dock for inbound/outbound product and a fire suppression system complete with a 300,000-gallon water tank. Located at 2099 John Glenn Ave., the cold storage center is the first speculative freezer facility built in Ohio in a generation, according to a news release from Crawford Hoying. The company says it developed the property in an effort to provide the Columbus region with a "state-of-the-art, energy-efficient offering that could compete on a national level to attract critical cold-chain end users to the market."’ https://www.bizjournals.com/columbus/news/2022/12/15/sk-food-group-rickenbacker-cold-storage-center.html With this acquisition and the under-construction Pickerington facility, OhioHealth will soon have 14 hospitals in its network. OhioHealth to acquire Appalachian hospital on Jan. 1 “Southeastern Ohio Regional Medical Center in Cambridge joins the system on Jan. 1 after a six-year arms's length relationship, OhioHealth announced Thursday. The hospital, with its ambulance company and physician practice, is Guernsey County's largest employer, with a headcount of more than 700. Central Ohio's largest health system also is building hospital No. 14, OhioHealth Pickerington Methodist Hospital. It's aiming to open late next year. The two nonprofits announced just over a year ago they would explore the potential union.OhioHealth becomes sole owner in the merger, replacing Guernsey Health Systems as parent. There's no cash exchanged.” https://www.bizjournals.com/columbus/news/2022/12/15/ohiohealth-seormc-merger.html
December 29, 20222 yr On 1/20/2022 at 11:34 PM, Columbo said: Hopefully Root can weather whatever it is they are going through. Otherwise, this would be a massive comedown from the highest-valued market debut in Ohio history in 2020. I know this isn't a stock thread, but are there serious concerns about Root being able to exist/survive as a company? Revenues have declined QoQ for quite awhile now and losses continue to persist (between $4.50 and $7.00 per share the last four quarters). Very Stable Genius
December 31, 20222 yr https://ir.joinroot.com/node/8701/html A Friday night 8-k dump -> a Root employee has allegedly stolen at least $9.5m. Very Stable Genius
December 31, 20222 yr I have a small amount invested in Root, and I’ve watched its stock price dwindle over the year, even after the reverse split. I’m beginning to have doubts Root will be around a decade from now.
January 10, 20232 yr Holy parking lot, Batman. Western Alliance Bank picks Westerville for $2.2M tech hub, 150 jobs “The subsidiary of Western Alliance Bancorporation (NYSE: WAL) will open its first Ohio location at 570 Polaris Parkway. The roughly 30,000-square-foot tech hub will be located on the third floor of the Westar I office building in Westerville. Western Alliance will move in during the third quarter of 2023. The project supports the expansion of Western Alliance's products and business segments, the company said in a news release. The firm's IT division is establishing a workforce in new geographies, like Westerville, to enable acquisition and retention of data analytics, cyber security, software development, finance and IT talent. Western Alliance is hiring data analysts, engineers, developers, network operators, managers and finance specialists to grow its technology business, and thanks in part to incentives offered locally and statewide, the firm has selected the Westerville site for this initiative. “We are building a high-performing technology enterprise for our high-performing bank, and we were drawn to this outstanding part of Ohio," Western Alliance Bank COO Tim Boothe said in the news release. "The robust talent pipeline, concentration of finance and technology companies, and competitive business environment in the Columbus region is the type of ecosystem we were looking for when scouting locations across the country.” https://www.bizjournals.com/columbus/news/2023/01/09/western-alliance-bank-westerville-technology-hub.html
January 10, 20232 yr https://www.dispatch.com/story/business/2022/08/03/sliding-sales-leads-scotts-miracle-gro-cut-hundreds-jobs/10223153002/ Quote Scotts Miracle-Gro has cut hundreds of jobs amid a slump in sales and an overinvestment in the company's Hawthorne division that caters to the cannabis business. "While we have been forced to make dozens of tough decisions in a compressed time frame, including a head count reduction of hundreds of people, we’re also protecting our competitive advantages and securing our leadership pipeline we need in the future,’’ the company's CEO and chairman, James Hagedorn, told analysts on a conference call Wednesday to discuss the company's results for the three months that ended July 2. https://www.wsj.com/articles/scotts-miracle-gro-shortage-glut-inventory-fertilizer-11663261193 Quote Just months ago, the chief executive of Scotts Miracle-Gro Co. was bracing for the biggest summer ever. After two years of struggling to fill store shelves, the company had ramped up production to catch up with consumer demand for lawn seed, garden fertilizer and other garden products. Investments in new manufacturing capacity were paying off as the 67-year-old CEO prepared for the usual rush of May orders from retailers looking to replenish their stocks. The orders never came, and by Memorial Day, Mr. Hagedorn knew his company was in trouble. Scotts has already cut about 450 jobs, or around 6% of its workforce, since May, and more layoffs are coming. Manufacturing plants have been slowed. Cash is dwindling. Nobody is getting bonuses. Instead, the company is in full-blown crisis mode. Quote “I love working, but this isn’t exactly the s—hole I was planning to live in toward the end of my career, working my way out of a goddamn latrine,” Mr. Hagedorn said. “But that’s what it is and that’s where I am.” Quote Scotts was in the middle of its active selling season when Covid-19 shut down much of the global economy. Early in the pandemic, the company’s manufacturing operations were deemed essential because fertilizer is important to the food supply and most retail stores that sold such products also remained open. Production was chaotic. Scotts began paying workers a 50% premium, but entire shifts would typically be sent home if someone got sick. Scotts changed from three eight-hour shifts to two 12-hour shifts to use available workers as much as possible. “Our best guess is that we missed about $200 million in sales because we just couldn’t deliver,” Mr. Hagedorn said. “We picked up 10 years of growth in a year, that first year of Covid.” Quote By November 2021, the company’s chief financial officer assured investors the company was in a good place on inventory. The company set conservative expectations for 2022, forecasting that consumer unit sales would fall because of strong year-ago comparisons, but that price increases would offset the decline. At the end of December, total inventory was up 55% to $1.7 billion, almost doubling its pre-pandemic level. In early May, when Scotts delivered its fiscal second-quarter results, it said spring rain had clipped some sales, but that consumer demand was strong. The company was optimistic that the usual parade of May reorders would come but warned that it might have excess inventory. By the middle of the month, it was becoming clear those orders weren’t coming. Not sure it's been discussed here much, but things sound very dire for Scotts at the moment. I have a friend who works there and it does sound like a ****show. Just some highlights of what I've heard (some if it reflected in the articles above): -blow out sales in 2020 & 2021 -> largely due to the pandemic, people spending more time at home and deciding to work on their yards/gardens -up to $200m in sales missed because Scotts couldn't keep up with demand -the huge years led to a lot of financial irresponsibility internally - things like paying out 250% of bonuses or just deciding to give employees $3k in bonuses -much of management saw the '20 & '21 trajectories and wanted to keep planning out that way, but the CFO at the time (not sure which one) said '19 should be the baseline and the company should strive for a small % growth over that rather than the huge double digit % increases of the last couple years -that CFO got canned because no one liked that idea -they have, I believe, an interim CFO currently who is the 4th person in that position in just the last couple years -additionally, Scotts loaded up on cheap debt when rates were low and now they're in jeopardy of breaching those debt covenants, so they're looking to drastically reduce expenses (head count reduction dominating the headlines, of course) -my friend estimated 40% of all VP level positions have been laid off -in September, directors and above were supposedly paid 40% cash and 60% equity...but the equity didn't vest until 30 days later, at which point the stock had dropped some 20% -they've supposedly gutted all of the on campus services - pool, gym, doctor's office, pharmacy, etc. -they attempted to do a furlough (again, to cut expenses) but there was enough push back that it didn't go through (yet) -401k matches used to occur every pay period - now they are only paid out twice a year -they even attempted to sell their undeveloped land back to Marysville, but the city said no Edited January 11, 20232 yr by DarkandStormy Very Stable Genius
January 11, 20232 yr Spectrum to add 200 jobs in Columbus “Separately, Spectrum says it is opening a customer service billing center in Columbus, creating 200 jobs by the end of the year. The office will serve Spectrum customers across the company's 41-state service area. The workers will resolve billing inquiries and account issues, and adjust services as requested for Spectrum internet, television, mobile and voice customers. The positions will be based on Spectrum's facility at 1600 Dublin Rd. Starting pay for the jobs is $20 an hour along with health benefits, educational assistance and retirement benefits. In addition to Columbus, Spectrum also is hiring customer service billing representatives at its Zanesville call center.” https://www.dispatch.com/story/business/employment/2023/01/10/western-alliance-bank-to-create-tech-hub-in-westerville/69790204007/
January 30, 20232 yr “In central Ohio, the authority approved tax incentives for management consulting and coaching company Pathfinder Product Labs for an expansion of its Grandview Heights headquarters that will create 40 jobs by 2025 with a payroll of $5.4 million. Pathfinder has nearly quintupled its workforce in the past two years, prompting the expansion of its 1207 Grandview Ave. location. The tax incentives have an estimated value of $700,000.“ https://www.dispatch.com/story/business/economy/2023/01/30/abbott-laboratories-factory-will-create-450-jobs-in-bowling-green/69853836007/
February 6, 20232 yr Tourism in Columbus last year came close to pre-pandemic levels The Columbus hospitality community can begin breathing a sigh of relief as tourism in 2022 was close to 2019 levels. Visitors created $48.6 million in bed taxes in 2022, a 45% increase from that of 2021’s $33.5 million, according to reports from the city auditor. The 2022 total is just 2%, or $1.1 million, short of 2019’s pre-pandemic all-time high of $49.7 million. “We are pleased to share that 2022 was the year of recovery, with leisure and business travel returning following the devastating impact the pandemic had on our sector,” Experience Columbus President and CEO Brian Ross said in a release. The Hilton Columbus Downtown also just missed achieving 2019 occupancy levels, with a 60% increase over 2021, reaching nearly 90% of 2019's totals.
February 10, 20232 yr On 12/31/2022 at 10:20 AM, DarkandStormy said: https://ir.joinroot.com/node/8701/html A Friday night 8-k dump -> a Root employee has allegedly stolen at least $9.5m. https://www.bizjournals.com/columbus/news/2023/02/09/root-insurance-lawsuit-cmo-bc-silver.html Root Insurance sues former marketing chief, claiming $9.4M 'brazen and sophisticated scheme' Quote “Root believes that other similar fraudulent schemes may exist,” the complaint said. The company is aware of at least one other outside vendor that may have transferred payments to Silver's outside company. Root seems like a money laundering front at this point. Edited February 10, 20232 yr by DarkandStormy Very Stable Genius
February 16, 20232 yr Re: Root They have been fighting a losing battle since the day they decided to be an Insurance Company rather than an Insurance Technology company. There's lots that can be said but ultimately, they tried to beat legacy insurers at something legacy insurers were already starting to offer and thats a losing proposition. Let's see if Branch fairs any better.
February 17, 20232 yr Agree, at this point they aren't really offering anything the major legacies aren't So either they strike lightning twice and invent something new and innovative again (unlikely) or they just continue to go on for now as a middling (and currently unprofitable) insurance company Maybe they could still be acquired by a legacy insurer themselves, but I can't really see a value proposition for another company in that given they already have the same technology and root's relatively small (and see again, unprofitable) customer base
February 21, 20232 yr Found the tidbit in bold interesting... Lower.com lost CTO, reshaped workforce in 2022 – and could move to Columbus from New Albany By Carrie Ghose - Staff reporter February 21, 2023, 10:00am EST Updated 14 hours ago After reducing and reshaping its workforce in 2022 – and losing its CTO – Lower.com is focusing its fintech ambitions on its distribution model quickly gaining traction, CEO Dan Snyder said. Meanwhile, with a gradual shift to hybrid work, the digital lender has consolidated its New Albany offices, Snyder said in an interview. Lower could leave for downtown Columbus or the Easton area once its remaining lease expires. "We still are empowering homeownership through technology," Snyder said. https://www.bizjournals.com/columbus/inno/stories/news/2023/02/21/lower-mortgage-ceo-dan-snyder-staff-office.html
February 21, 20232 yr I'm assuming they'd move to Astor Park? "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
February 22, 20232 yr 9 hours ago, ColDayMan said: I'm assuming they'd move to Astor Park? Would make sense. I guess that would mean another building would need constructed. Unless they take space in one of the buildings on Spring, but I guess that depends on how much space they’re looking to take up. And I’m hoping those sites will be redeveloped. At least the parking lots anyway. I do hope the move to downtown happens. I think it seems fitting, seeing how the stadium that bears their name is also downtown.
February 24, 20232 yr Black-owned Adelphi Bank raises $25M, now open in King-Lincoln Bronzeville Adelphi Bank – one of 21 Black-owned banks in the country and the only one in Ohio – has surpassed its fundraising goal and opened in the King-Lincoln Bronzeville neighborhood. A group of Black civic leaders raised nearly $25 million to launch the institution, said Franklin County Commissioner Kevin Boyce, Adelphi's founder and vice chairman. That's well above the $20 million requirement the FDIC set when granting provisional approval last May. "We were received in a very strong way, not just from the investment and business community," Boyce said in an interview. "There's a lot of excitement around it. More below: https://www.bizjournals.com/columbus/news/2023/02/24/adelphi-bank-open.html & https://www.bizjournals.com/columbus/news/2023/03/01/adelphi-bank-jordan-miller-kevin-boyce-interview.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
February 28, 20232 yr Columbus a top 10 market for largest industrial lease transactions in 2022, according to CBRE report “The commercial real estate firm recently released a study analyzing the 100 largest industrial and logistics lease transactions last year. The findings show the Columbus market reported four leases accounting for 4.3 million square feet, which placed it in the top 10 for number of transactions and total square footage. Jeff Lyons of CBRE's Columbus office said these leases were for both existing facilities and newly constructed buildings, and that industrial distribution companies occupied the majority of the space. “We are now approaching a sustainable vacancy rate, giving tenants more options in the marketplace, while also attracting new ones to the area," Lyons said. "Occupiable, existing product is a key driver in attracting tenants in the market, but new spec product is also expected to build upon that momentum as we transition to a post-pandemic norm.” Lyons said these large leases show the Columbus market is a prime location. "It signifies, in the eyes of tenants, that logistically Columbus is a focal market for companies to get products to consumers with ease, based on location, trucking drive times and labor," he said.” https://www.bizjournals.com/columbus/news/2023/02/27/columbus-largest-industrial-lease-transactions.html
March 14, 20232 yr Here's how Honda is preparing for its massive EV production investment in Ohio “Honda has revealed the key next steps it will take to establish a major electric vehicle hub in Ohio, which includes a $3.5 billion facility in Fayette County and the transformation of its Marysville auto plant. The automaker announced Tuesday that the Marysville plant will consolidate and retool two assembly lines for the production of electric vehicles and EV components. In addition, production of the Honda Accord will be transferred from the Marysville facility to the company's auto plant in Indiana. Two production lines that currently make vehicles powered by internal combustion engines and hybrid-electric vehicle systems will be consolidated in Marysville. Honda says consolidating production to one line will enable the Marysville site to begin building the infrastructure necessary for EV production. Every Marysville employee will maintain a position as part of this transition, Honda said. Those associates will begin training programs to prepare for EV production starting later this year.” https://www.bizjournals.com/columbus/news/2023/03/14/honda-reveals-next-steps-for-ev-production-in-ohio.html
March 31, 20232 yr OhioHealth is paying $1 Billion (in cash) for the Riverside and Grant expansions. While health systems across the state are operating in the red, Columbus' four systems are growing like crazy. According to the article, Riverside is among the 20 busiest hospitals nationwide and is full every day. Quote Two-thirds of Ohio’s hospitals lost money last year, but OhioHealth Corp. is paying $1 billion in cash to expand its Columbus flagships. Central Ohio’s largest system launched ambitious growth plans this year, including projects delayed by the pandemic – both recommitting to its Columbus core and widening its statewide territory through acquisitions. The other three Columbus health systems also are building new towers, including Mount Carmel Health System’s planned $250 million Dublin hospital and Ohio State University Wexner Medical Center’s nearly $2 billion critical care tower. Nationwide Children’s Hospital is designing a twin to its main tower. No other metro area in the state has so much in the works: Cleveland Clinic, Ohio’s largest system, has $1.3 billion in construction under way and is opening a new hospital – yet it posted a more than $200 million operating loss last year. Mercy Health is building a hospital in Mason, but in December cited economic conditions in pausing a planned hospital in Northeast Ohio. Hospitals across the nation are decreasing bed counts. In Ohio, more than 4,700 beds, or 17%, have been taken out of service the past two years, according to the Ohio Hospital Association. But Columbus systems say they are building because the region’s population is growing, plus urban multi-specialty referral hospitals attract more of the sickest patients from outlying areas and out of state. https://www.bizjournals.com/columbus/news/2023/03/30/ohiohealth-grant-riverside-hospitals-expansion.html
April 25, 20232 yr Sounds like Arrive has big expansion plans here. If they do decide to take up more office space, I hope they either continue to grow at Gravity or take up space at the Peninsula. Arrive Logistics expands to Columbus with new office in Franklinton's Gravity development “Arrive Logistics, a multibillion-dollar company based in Austin, Texas, recently opened a new office in the Gravity building at 500 W. Broad St. in Franklinton near downtown Columbus. It is one of two new offices for the growing firm, which also opened in Phoenix, Arizona, in recent months. About 20 people currently work in the 11,400-square-foot office, but Arrive Chief of Staff Scott Sandager said that number is expected to grow "pretty quickly" as the company seeks talent from nearby colleges and universities. The access to a rich talent pool was one of the main factors that led Arrive to Columbus, Sandager said. In addition to new hires, Sandager said the company may also grow its physical footprint in the coming years. He floated the possibility of expanding within Gravity or opening another office in Central Ohio. "I anticipate over the next couple years we're going to need additional office space to support our continued expansion in Columbus," he said.” https://www.bizjournals.com/columbus/news/2023/04/25/arrive-logistics-opens-downtown-columbus-office.html
May 3, 20232 yr Google's three Central Ohio data centers put the region in rare company. Here's why the tech giant is high on Columbus. Quote It's rare for Google to have multiple data centers in the same area, especially in the Midwest. But that's now the case in Central Ohio after the tech company announced it is building two additional centers in the region, bringing the total to three. Google on Wednesday officially confirmed the construction of new data centers at 5076 S. High St. in far south Columbus and 105 Whiley Road in Lancaster, both of which are underway. The facilities add to the company's New Albany data center that is undergoing a $1 billion expansion. All three will perform the same function — powering Google's artificial intelligence products such as Search, Gmail and Maps. What's unique, though, is their proximity to one another. https://www.bizjournals.com/columbus/news/2023/05/03/google-data-centers-followup.html
May 4, 20232 yr Columbus is a banking boomtown “We didn’t reinvent any wheels here,” said Dave Mallett, CEO of Ohio State Bank in Bexley. “We provide local service. We are more responsive. It’s nothing more complicated than that.” Over the past decade, only greater Los Angeles has had more new banks approved than the Columbus region, with five open and two raising capital, according to aColumbus Business First analysis of FDIC data. Since 2013, three new banks have opened throughout the rest of the Midwest, in Chicago, Detroit and Minneapolis. Central Ohio’s “economic engine” – relocating and expanding companies, projected 50% population growth – is driving the startup wave, said Steve Steinour, CEO of Columbus-based Huntington National Bank, a regional institution with $189 billion in assets. “There’s room for community banks for sure, and they serve a purpose throughout the country,” Steinour said. “It’s really hard at $100 million (in assets) to make a profit.”
May 17, 20232 yr 1 hour ago, DHubb said: Great News for Columbus 🙂 Columbus named a Workforce Hub by White House It will be interesting to see what types of advantages this brings. I feel like most workplaces in the trades already do training/community college help. With the federal government not really investing money into it, I’m not sure it will bring a ton. It’s still good for the area and hopefully adds a lot of workers to the trades. It is very much needed.
June 28, 20231 yr INEOS Enterprises Shifting North American Operations to the Columbus Region "In a boost to the Columbus Region, INEOS Enterprises, a global chemical company and division of INEOS Group, has chosen to make the Columbus Region the home of their North American headquarters. INEOS Enterprises plans to move operations from Baltimore, Wichita, and Houston to a new site in GrandviewHeights. Additionally, INEOS Enterprises will continue to operate their lab in Dublin, while investing in a new location in Dublin. The $24.5 million investment will create a 65,500 square foot laboratory in Dublin and develop another location in Grandview Heights for office administration, creating 50 new jobs. INEOS Enterprises is a global market leader in the production of intermediary chemicals. The company has a diverse portfolio of chemical products that are used as an essential input into chemical value chains across a broad variety of end markets and sectors, such as paints, coatings, composites, construction, automotive, packaging, and medical devices. Through a portfolio of a number of discrete business units, INEOS Enterprises serves these sectors with an extensive manufacturing presence in North America, Europe, and China. “As the global economy evolves, so does INEOS Enterprises,” said AndrewBeer, Senior Vice President, Americas at INEOS Composites. “By far, the Columbus Region made the most sense as we consolidated our North American headquarters operations for this business. At the same time, growing demand and need for technical solutions is driving our investment in a new laboratory in Dublin that will strengthen our capabilities to better serve our customers.”' https://columbusregion.com/press-release/ineos-enterprises-shifting-north-american-operations-to-the-columbus-region/ Looks like it will be immediately adjacent to AWS in Dublin:
June 29, 20231 yr According to preliminary BLS data, the Columbus MSA again achieved record high labor force participation and non-farm payroll in May, while unemployment ticked up slightly from April’s record low of 2.8%. https://www.bls.gov/regions/midwest/oh_columbus_msa.htm
July 5, 20231 yr https://www.dispatch.com/story/business/names-faces/2023/06/30/report-said-embedded-insurance-offered-root-19-34-per-share/70371677007/ Root Insurance received a buyout offer at $19.34/share. The company has declined for now. Very Stable Genius
August 11, 20231 yr A few weeks old, but still impressive. Columbus adds more construction jobs than all but two U.S. cities with Intel, OSU projects Quote Central Ohio gained 6,100 construction jobs over the past year, more than almost any other U.S. city, as Intel, Ohio State University and other projects keep the local hammers swinging. Between May 2022 and this May, the number of Columbus-area construction jobs rose from 48,600 to 54,700, according to the Associated General Contractors of America , which based the report on federal Bureau of Labor Statistics data. The data also includes an estimated 3,000 jobs in the mining and logging industries. Only Dallas (11,600 jobs) and New York (9,600 jobs) added more new construction jobs over the same period, AGC found. Among larger cities, Columbus had the biggest percentage gain of construction jobs over the last year. https://finance.yahoo.com/news/columbus-adds-more-construction-jobs-100356572.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHtWQH5YNtbhwhvKDdLBVRlod9SVW0N6xjY70_PVZlX1bm2Zs__PUPB5GpTMOKx-Osdqtw9bUPjoAQSAal9caHY_yB7GsYCo-omVFfGfa7dcAxkPZCnYGbQrgvF3LZPx9dFNibU20zsCx4PtduSgpvkJOQz7A3MDJ_EdNYRKeN4q
August 11, 20231 yr 16 minutes ago, Pablo said: A few weeks old, but still impressive. Columbus adds more construction jobs than all but two U.S. cities with Intel, OSU projects https://finance.yahoo.com/news/columbus-adds-more-construction-jobs-100356572.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHtWQH5YNtbhwhvKDdLBVRlod9SVW0N6xjY70_PVZlX1bm2Zs__PUPB5GpTMOKx-Osdqtw9bUPjoAQSAal9caHY_yB7GsYCo-omVFfGfa7dcAxkPZCnYGbQrgvF3LZPx9dFNibU20zsCx4PtduSgpvkJOQz7A3MDJ_EdNYRKeN4q With no signs of slowing down in the near future. Love this!!! In my 13 years in Columbus there has always been a lot of construction, but in the last year or so it's entered a whole new level.
September 26, 20231 yr Worthington Industries announces new names for split businesses The next iteration of Worthington Industries has a new name — and an old one. The Columbus-based manufacturer last fall announced plans to divide its business into two new companies. Tuesday it announced the names of those entities. The building products, consumer product and sustainable energy solutions businesses will be called Worthington Enterprises, while the steel processing business will be known as Worthington Steel. The split of Worthington Industries (NYSE: WOR) could occur as early as this December, which would be ahead of the initial projection of early 2024. More below: https://www.bizjournals.com/columbus/news/2023/09/26/worthington-industries-announces-new-names-for-its.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
November 28, 20231 yr https://www.nbc4i.com/news/local-news/columbus/former-columbus-insurance-executive-guilty-of-embezzling-10-2-million/ Very Stable Genius
February 29, 20241 yr Honda and LG Energy Solution begin hiring for Ohio battery plant Hiring is underway at Honda Motor Co. and LG Energy Solution's new $3.5 BILLION Ohio battery plant. Hiring the first of 2.200 workers.
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