Posted January 9, 200817 yr Rail car business rolling along By LOU WILIN Findlay Courier STAFF WRITER The upright steel beams along Ohio 12, several miles east of Findlay, tell part of the story. “The rail car business is booming,” JK-CO President Joseph Kurtz said. “We’ve been turning work away. We don’t have the space and the rail.” The repair shop for railroad cars -- formed by several people who were laid off in the 2002 closing of the Trinity DIFCO plant in Findlay -- will remedy its space shortage by May... Contact staff writer Lou Wilin at: (419) 427-8413 [email protected] http://www.thecourier.com/Templates/News/CurrentNews.asp#story2
January 9, 200817 yr Very cool. This illustrates the changing landscape in America away from rubber tire freight to rail freight. Exciting news indeed.
January 14, 201114 yr I wasn't sure if I should put this in the Toledo Business Thread. I just felt that this was a big enough story to warrant its own topic. One article states that the refining company will be the 5th largest behind Valero. The 2010 Fortune 500 list had Valero as the 26th largest company in America. Marathon splits company Marathon Oil Corp. said Thursday it will split into two companies, separating its oil exploration and production business from its refining operation. The refining company will be known as Marathon Petroleum Corp. and will be headquartered in Findlay. It's expected to be the nation's fifth-largest refiner with operations in the Midwest, Gulf Coast and Southeast. Marathon Petroleum will trade on the New York Stock Exchange under the symbol "MPC" starting on July 1. http://www.thecourier.com/Issues/2011/Jan/14/ar_news_011411_story1.asp?d=011411_story1,2011,Jan,14&c=n Analysts: Findlay fortunate By LOU WILIN STAFF WRITER Speaking to Findlay Rotary Club last October, Marathon Petroleum President Gary Heminger drew cheers when he said he expected Marathon to be in Findlay for a long time. Today he might get a standing ovation just for entering the room. Marathon Petroleum, the refining, marketing and transportation arm of Marathon Oil Corp., will remain in Findlay and be headquartered here after Marathon Oil splits into two this summer. http://www.thecourier.com/Issues/2011/Jan/14/ar_news_011411_story2.asp?d=011411_story2,2011,Jan,14&c=n
January 15, 201114 yr This does indeed sound fortunate for Findlay. More on this below: Marathon to spin off its refining business Oil company seeks flexibility with split; new operation to be based in Findlay HOUSTON (AP) - Marathon Oil said yesterday that it will split into two companies, separating its business of exploring for and producing oil from its lower-margin refining operation. The company says the move will allow it to be more flexible in operational decisions. Analysts say it's a good time to divest less-profitable businesses as energy markets recover. The Houston company had considered a spinoff two years ago but shelved it as prices for oil and gas plummeted in the recession. The refining company will be known as Marathon Petroleum Corp. and will be based in Findlay. It's expected to be the nation's fifth-largest refiner. MORE: http://www.dispatch.com/live/content/business/stories/2011/01/14/marathon-to-spin-off-its-refining-business.html?sid=101
January 15, 201114 yr Well, it looks like Findlay will be one of the most powerful cities its size in America. The Marathon Building in downtown is gorgeous too. BIG win for Ohio.
January 18, 201114 yr I lived in Findlay for 4 years (graduated from UF in May), and it always amazed me that a tiny town of approx 45,000 people had so many large employers. Not only will they have this headquarters, but they have the world headquarters for Cooper Tire, they have a large Whirlpool facility, an independent hospital, and a strong university. If/when this recession ends I really think Findlay is going to grow rapidly.
January 18, 201114 yr Hancock County has been one of the brightest spots in NW Ohio for the last twenty years. They've got to fix the flooding issues to really boom again.
January 18, 201114 yr Fantastic news! "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
May 24, 201114 yr Hancock County just scored the 12th lowest unemployment rate in the state at 7.4%....and it looks like that number will go lower... New Findlay plant receives state loan By LOU WILIN STAFF WRITER Ohio approved a $1.5 million low-interest loan Monday for auto parts manufacturer MITEC, which will open a plant in Findlay in September. MITEC will invest $33 million in renovations, machinery and equipment at the former Findlay Industries building at 4000 Fostoria Ave. It will employ 88 by year's end and plans to employ 121 in three years. The loan was approved by the State Controlling Board. Last month, the state granted MITEC a $284,789 payroll tax credit over six years for the jobs it will create, and a $100,000 grant. Read more at: http://www.thecourier.com/Issues/2011/May/24/ar_news_052411_story3.asp?d=052411_story3,2011,May,24&c=n
July 4, 201113 yr Marathon expanding with aid of tax breaks Friday, July 1, 2011 By Joe Vardon, THE COLUMBUS DISPATCH FINDLAY, Ohio - Before he signed the state budget yesterday, Gov. John Kasich was in northwestern Ohio praising the document's effect on businesses. The Republican governor went to Findlay to celebrate not only Marathon Petroleum's official split from its parent, Houston-based Marathon Oil, but also the Ohio company's commitment to keep or create at least 1,750 jobs in the Hancock County seat. . . . Marathon Petroleum will get a 75 percent, 15-year job-retention tax credit from the state to keep its 1,650 employees in Findlay and a 60 percent, 10-year job-creation tax credit intended to trigger the hiring of 100 employees. The company also will benefit from an interpretation of Ohio's commercial activity tax included in the state's transportation budget exempting exchanges or transfers of gasoline between motor-fuel dealers from the tax. READ MORE: http://www.dispatch.com/live/content/local_news/stories/2011/07/01/marathon-expanding-with-aid-of-tax-breaks.html?sid=101
July 5, 201113 yr Wow it seems to be becoming standard to give big tax breaks for keeping the employees you already have. A generous break for new positions seems to make sense, but I would think such generous incentives for keeping jobs would be setting a bad precedent. I mean what is to keep other companies from demanding the same? And it seems like in many of these cases it is only shifting tax burdens unfairly from the biggest companies to............
July 6, 201113 yr The precedent is solidly set. But, Marathon is a significant retention, and the income taxes from 1,750 people who are happy to work there aren't bad, either. What needs to happen more is the 'clawback' provisions Kasich built into the Diebold deal. You get a tax break for X years, but if you leave before X+Y years, we send you a bill. Man, this is good press for Kasich - I don't think they would have abandoned their operations here in any case, perhaps downsized slightly, but the governor is building a resume of big names that didn't leave. If he wins the SB 5 referendum, I may have to eat my words about him being a one-term governor. "I think Marathon always wanted to be here," Kasich told reporters. "All we're doing is helping them. Never take more credit than you deserve." That's...kind of endearing. I wonder if any out-of-state businesses are buying into Kasich's strategy.
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