Tag: Big Employers

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Ford doesn’t want a Fiat merger, but thousands want $400K car

Latest business news focused on big Louisville employers.

Ford GT
Only 500 of the 2017 GT’s will initially get built.

FORD CEO Mark Fields yesterday nixed the idea of a merger with Fiat Chrysler, initially proposed by Fiat chief Sergio Marchionne, who said Ford could be a potential merger candidate. Marchionne has long called for mergers among large automakers to help cut development costs for advanced cars that pollute less (Reuters). Also, Ford has received more than 7,000 applications to buy its new 2017 GT supercar – with just 500 planned for production. The GT is expected to sell for more than $400,000. It’s been more than a decade since Ford last launched such a pricey vehicle (Torque News).

GE’s appliance division starts readying employees for the transition to China’s Haier Group next week, according to an employee letter from GE Appliances CEO Chip Blankenship, dated Friday. The $5.4 billion sale is to close around June (WDRB). Also Friday, GE reported lower first-quarter underlying revenue, citing weak sales of oil and gas drilling equipment (Reuters). The press release.

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How R&B star Tiller got his start

Latest business news focused on big Louisville employers.

Bryson Tiller
Tiller

PAPA JOHN’S: Rising R&B singer Bryson Tiller, who plays the second of two shows today at Radio City Music Hall, was discovered when he was working 12-hour shifts at a Papa John’s in his native Louisville. Three years ago, producer Timbaland heard his early song “Don’t” and encouraged Tiller, 23, to quit his job to focus on music (NY Post). He also worked at UPS (Wikipedia). Here’s a video of “Don’t.” (NSFW!) More Papa John’s news.

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GE outsourcing jobs, and new Kindred building advances
Appliance Park aerial
An aerial view of GE’s massive Appliance Park, which employs 6,000 workers.

Latest business news focused on big Louisville employers; updated at 5:25 p.m.

HUMANA declared a regular quarterly dividend of 29 cents a share, payable July 29 to stockholders of record June 30. Also, the healthcare giant said it will continue its financial support of Actors Theatre’s festival of new plays through 2019; Humana has been the lead underwriter for 37 years. 

GE plans to outsource its distribution operation at Appliance Park, a move that would affect about 200 union jobs (WDRB). The announcement followed the release of a letter today that contained uncharacteristically harsh criticism of the performance of workers (CJ).

KINDRED was issued four building permits by the city yesterday, indicating it’s ready to start work on its planned $36 million office building in the Theater Square commercial district on Fourth Street near the Brown Hotel (CJ). The expansion will accommodate up to 500 new employees, and follows Kindred’s October 2014 purchase of Gentiva, an Atlanta-based home health and hospice provider (AJC).

PNC will vacate the PNC Plaza Tower on Jefferson Street, moving 300 employees to the National City Tower as the bank consolidates its combined 600 downtown employees in one place. No word on what will happen to PNC Plaza naming rights (WDRB).

PAPA JOHN’S has now eliminated all  high-fructose corn syrup from its menu, a plan first announced in June (press release). The ingredient was one of 14 the company said it would remove in June as it reinforced its “better ingredients, better pizza” slogan (Food Business News).

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Yum profit jumps, and so do shares

YumYUM‘s second-quarter profit rose as its China business continued to show signs of recovery, posting its third consecutive quarterly increase in a key sales metric. The results handily beat forecasts on the bottom line, but missed on the top. Excluding special items, Yum reported earnings per share of 95 cents vs. 80 cents a year ago. Revenue was $2.62 billion. Analysts surveyed by Thomson Reuters had projected 83 cents a share on $2.65 billion in revenue (MarketWatch). Citing the results, Yum raised its projections for growth in core operating profit to 12%, from its previous target of a 10%. Here’s the press release. Wall Street liked the news; Yum shares rose nearly 4% to a recent $85.67 in extended trading. The China unit is Yum’s top profit-driver, and investors are focused on how the company will separate that business and how richly it will be valued (Reuters via NYT)

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Yum quarterly results due today; China unit draws interest

The latest news about big Louisville employers; updated frequently.

YUM reports any moment now. Analysts were expecting earnings per share of 83 cents vs. 80 cents a year ago. Revenue is forecast at $2.66 billion vs. $2.62 billion. Yum investor relations. YUM shares. Major holders. Today’s results follow reports that China’s sovereign investment fund is considering buying Yum’s mammoth China operations in a consortium that includes private equity shop KKR & Co. The China Investment Corp.-led group was doing due diligence on the business, which could be valued at $7 billion to $8 billion, according to CNBC and Bloomberg.

In other news, two big apartment complex developments — including one on the site of the Phoenix Hill Tavern in the Highlands — may be in jeopardy without richer financial incentives from the city (CJ).