LOCAL BUSINESS
Ferro Corp. names executive
Mayfield Heights specialty chemical company Ferro Corp., fighting off a hostile takeover by Fairlawn-based A. Schulman Inc., on Wednesday named a chief executive officer and board chairman.
Ferro also on Wednesday reported earning $883,000 on revenue of $418 million for its first quarter ending March 31. Adjusted earnings came in ahead of analyst expectations while revenue fell short. Ferro, a $1.8 billion company, plans to discuss quarterly earnings at 10 a.m. today.
Ferro announced that Peter T. Thomas, 57, is its new president and CEO after holding the positions on an interim basis since November. He joined Ferro in 2000.
William B. Lawrence, 68, a former TRW executive, was named board chairman after being acting chairman also since November.
Hard Rock invests in track
Hard Rock International, a casino and restaurant company owned by Florida’s Seminole tribe, said it bought an equity stake in the New Meadowlands Racetrack LLC.
The investment extends to any projected future developments at the East Rutherford, N.J., racetrack, said Orlando-based Hard Rock. Financial terms weren’t released.
Hard Rock also has made a significant investment in Summit County. Earlier this year, the company broke ground on the Hard Rock Rocksino, a racino being built at the Northfield Park harness track in Northfield.
The racino, which will feature slots-like video lottery terminals, is expected to open in December.
COMPENSATION
Wal-Mart CEO wins raise
Wal-Mart Stores Inc. Chief Executive Officer Mike Duke got a 14 percent raise in pay to $20.7 million as the retailer, trying to recover from a weak start this year, tied future bonuses to compliance controls.
Duke, 63, was paid a salary of $1.32 million in the fiscal year ended Jan. 31, up 4 percent from a year earlier, the Bentonville, Ark.-based company said. His total compensation included $13.7 million in stock awards and $4.37 million in bonus payments.
Duke has agreed that if sufficient progress on compliance isn’t made by the end of the year, some of his 2013 cash incentive payment will be returned to the company.
The company last year began investigating allegations that executives in Mexico paid more than $24 million in bribes to speed the retailer’s expansion there and has since said it also is probing operations in Brazil, India and China.
The retailer said March 26 that it is spending money on its internal probes, responding to information requests from government investigators and defending shareholder lawsuits.
DURABLE GOODS
U.S. factory orders decrease
Orders for long-lasting U.S. factory goods fell in March by the most in seven months. The drop reflected a steep decline in commercial aircraft demand and little growth in orders that signal future business investment.
The Commerce Department said Wednesday that orders for durable goods declined 5.7 percent in March. That followed a 4.3 percent gain in February, which was revised lower.
Durable goods are items expected to last at least three years. Orders tend to fluctuate sharply from month to month. So-called core capital goods, which include industrial machinery and computers, ticked up 0.2 percent. Capital goods strip out more volatile defense and aircraft orders and measure of companies’ investment plans.
SHIPPING
FedEx edges UPS for contract
FedEx Corp. won a seven-year contract with the U.S. Postal Service valued at about $10.5 billion to carry mail between U.S. airports, fending off a challenge from United Parcel Service Inc.
ENTERTAINMENT
Amazon to enter streaming
Amazon.com Inc., the world’s largest online retailer, plans to release a television set-top box that would stream video over the Internet into customers’ homes, people with knowledge of the matter said.
The device, due later this year, will connect to televisions, said the people, who asked not to be identified because they’re not authorized to speak publicly about it. It will also provide access to Amazon’s expanding video services, which include the Amazon Video On Demand store.
Amazon would move into closer competition with Apple Inc., which sells its own set-top box called Apple TV. The device would also compete with products from Roku Inc. and Boxee Inc., as well as gaming consoles from Microsoft Corp. and Sony Corp. that deliver video programming.
Compiled from staff and wire reports