Business digest

REGION

Federal grant will help build factory in N.E. Ohio

ELYRIA — The federal government has awarded a $24.6 million grant to help build a factory in Ohio to produce lithium-ion battery materials for electric cars.

The U.S. Department of Energy announced the grant on Wednesday for the BASF chemical company’s project in Elyria, west of Cleveland.

There was no immediate job estimate for the new operation.

President Barack Obama has pledged to put 1 million plug-in hybrid cars on the road by 2015.

Daimler will phase out Canton distribution center

CANTON — Daimler Trucks North America plans to phase out its Detroit Diesel parts distribution center in Northeast Ohio over the next 12 months and eliminate 190 jobs.

The company told employees about the move Monday in Canton.

Daimler Trucks, part of German automaker Daimler AG, blames the closing on the economic downturn and calls the decision part of an ongoing repositioning.

Detroit Diesel opened the distribution center in 1988.

NATION

Oil prices see an increase

SIOUX FALLS, S.D. — Oil prices rose Wednesday, despite growing crude supplies and more signs of weakness in major sectors such as retail and transportation.

Benchmark crude for September delivery gained 55 cents to settle at $71.97 a barrel on the New York Mercantile Exchange.

Prices at one point Wednesday morning dipped below $70. In London, Brent prices rose $1.23 to $75.27 a barrel on the ICE Futures exchange, the first time it’s closed above $75 this year.

Associated Press