LOCAL BUSINESS
Job fair in Rootstown
A job fair will be held from 10 a.m.-3 p.m. Monday at the Northeast Ohio Medical University’s conference center in Rootstown at 4209 state Route 44. The event is free and open to the public.
The event is being coordinated by U.S. Sen. Sherrod Brown along with chambers of commerce from Akron, Youngstown-Warren, Canton, Kent and regional development organizations Team NEO, NorTech and the Portage County Economic Development Board.
Brown will speak at 10 a.m.
Job candidates may send an RSVP by calling 888-896-6446 and touch Option 1.
Blog workshop set
A workshop on learning how to create pages called blogs on the Internet will be sponsored by the Ohio Farm Bureau Federation and held beginning at 9 a.m. June 28 at the Shisler Center at the Ohio Agricultural Research Development Corp. in Wooster.
The workshop is free for bureau members. Registration is required by June 21 and can be done online at ofbf.org on the Web. Search for “summer blog workshop.”
Discussion topics will include platforms, building an audience and benefits for food and farming communities.
For information, call 614-246-8271.
Pianalto discusses banks
Federal Reserve Bank of Cleveland President Sandra Pianalto said so-called living wills to outline how failing banks will be shut down will help increase regulatory transparency for investors.
“Successfully addressing the ‘Too Big To Fail’ problem requires the establishment of a credible resolution process, one that appears capable of safely managing the failure of systemically important financial institutions in times of distress,” Pianalto said in remarks prepared for delivery at a conference at the Fed Board in Washington, D.C.
“Achieving this credibility will, in turn, require a fair amount of informational and regulatory transparency,” she said.
Ravenna jet product
A plant in Ravenna is going to build radar nose cones, called radomes, for a new Swiss-made business jet.
The Saint-Gobain Aerospace facility will supply the nose radomes for the PC-24 twin-engine jet being developed by manufacturer Pilatus in Stans, Switzerland. Radomes cover and protect radar antennas and electronics.
The PC-24, which will accommodate up to 10 passengers in its commuter configuration, will be the flagship of the Pilatus line. The jet will have an estimated price starting at $8.9 million with its first flight expected at the end of 2014.
The 75,000-square-foot Ravenna Saint-Gobain plant will make PC-24 radomes using what it calls its Norton Armor materials. Saint-Gobain has supplied radomes for the Pilatus PC-12 aircraft for more than 20 years.
RETAIL
Bangladesh study continues
Wal-Mart Stores Inc. and Gap Inc. are meeting with retailers, industry associations and the Bipartisan Policy Center to develop a plan to improve fire and safety regulation in Bangladesh factories.
The discussions are part of the previously announced Safer Factories Initiative organized by the Bipartisan Policy Center, a nonprofit policy and advocacy think tank.
Walmart and Gap are among U.S. retailers that have faced criticism for not joining at least 24 other garment-sellers in a legally binding agreement to improve safety at Bangladesh factories that has won support from labor-monitoring groups. On April 24, the Rana Plaza factory collapsed — the worst industrial incident in the country’s history. The accident killed at least 1,127 and followed a series of deadly fires that already had prompted activists to push Western retailers to take more responsibility for work conditions in that country.
COMPENSATION
$85 million to execs
Smithfield Foods Inc. executives, who run one of the stock market’s worst-performing large U.S. food makers over the past five years, are set to reap at least $85.4 million from the sale of the company to China’s Shuanghui International Holdings Ltd. The company has been under pressure from its biggest shareholder for lagging behind competitors Hormel Foods Corp. and Tyson Foods Inc. Continental Grain Co., which has a 6.8 percent stake, said in March that Smithfield should appoint new managers and break itself into three businesses as rising animal-feed costs made its hog-production unit unprofitable.
The total payout is based on the stock and share options held by Smithfield’s five top executives, according to data compiled by Bloomberg. Among the managers, Chief Executive Officer C. Larry Pope owns stock valued at $25.4 million based on the $34-per-share offer price. Pope would also get $11 million for his share options.
Compiled from staff and wire reports