Local BUSINESS
Incubator receives state help
The Akron Global Business Accelerator, one of 12 incubators supported by the state, has been awarded $500,000 through the Ohio’s Third Frontier Incubation Program.
The money is designed to help the Global Business Accelerator, in the former B.F. Goodrich complex downtown, provide space and services to startups and early-stage companies. The money was awarded to the Akron Development Corp., a nonprofit established by the city of Akron that manages the Accelerator.
Ohio voters in 2010 continued the state’s Third Frontier effort — composed of a variety of economic development programs — to 2016 by authorizing the issuance of $700 million in additional bonds.
Other Northeast Ohio incubators awarded Third Frontier funds this week include the Youngstown Business Incubator ($450,000) and the BioEnterprise Corp. in Cleveland ($350,000).
Also this week, the Third Frontier program awarded various loans, including a $1.6 million loan to a small early stage company in Akron called Intellirod Spine. The money is designed to accelerate development and commercialization of its post-lumbar spine fusion medical device.
Intellirod previously was called Orthodata Inc. Earlier this year, the company, founded in Kentucky, moved into a new headquarters at White Pond Crossing Development off White Pond Drive.
To pay for the relocation to Akron, Intellirod pulled together $1.1 million from private sources and received funds from Akron BioInvestment Funds LLC, which also is operated by Akron Development Corp. Intellirod also secured funds from the Cleveland-based JumpStart Inc., a nonprofit that invests in Northeast Ohio ventures. Intellirod has said it is working with the Austen BioInnovation Institute in Akron.
— By Katie Byard
ENERGY
Canton forum on natural gas
American Natural will host a compressed natural gas industry forum and information session Tuesday in Canton.
The program will run from 2 to 5 p.m. at Canton Memorial Civic Center, 1101 Market Ave. N.
The program is designed to explore compressed natural gas opportunities in Stark County.
Participants will learn about American Natural’s Canton fueling station for natural gas, diesel and gasoline that is scheduled to open in 2014. The company is an outgrowth of New York-based Cleopatra Resources LLC and has operations in Pittsburgh,
Companies that have switched to compressed natural gas will also tell the story of their conversions.
For more information, contact Laura Marcus at 212-359-4487 or Kevin Krober at 412-489-9973. Register online at www.americannatural.com.
ACQUISITIONS
Cable company plans offer
Cable television company Charter Communications Inc. is preparing an offer letter to acquire Time Warner Cable Inc. for less than $135 a share, Bloomberg News reported.
RESTRUCTURING
Mall owner plans spinoff
Simon Property Group Inc., the largest U.S. mall owner whose holdings include Summit Mall in Fairlawn, plans to spin off its strip-center business and smaller enclosed malls into a new real estate investment trust.
The new company, referred to as SpinCo, will own all or part of 54 strip centers and 44 malls and is expected to generate net operating income of more than $400 million in its first year, Indianapolis-based Simon said. SpinCo will operate 53 million square feet of retail space in 23 states.
ECONOMY
Wholesale energy costs fall
Wholesale prices dropped in November for the third consecutive month, pushed down again by cheaper gasoline and lower home heating oil costs. But excluding volatile energy costs, inflation was mostly stable. The producer price index, which measures prices before they reach the consumer, declined 0.1 percent last month, the Labor Department said Friday. This comes after similar decreases in October and September.
Overall wholesale prices have risen just 0.7 percent in the past 12 months.
Excluding energy and food prices, so-called core wholesale prices increased 0.1 percent in November and 1.3 percent over the past 12 months.
Compiled from staff and wire reports