Business news digest

OHIO

Farmers National earns $1.4M in 4th quarter

CANFIELD — Farmers National Banc Corp. earned $1.4 million in the fourth quarter, compared with $963,000 in the same quarter last year. Last quarter’s earnings included a $316,000 accounting charge to cover the loss of value in an investment in Fannie Mae preferring stock. Farmers also set aside $860,000 to cover loan losses in the fourth quarter, compared with $385,000 in the same quarter in 2007. “Our fourth quarter results were solid despite additional other-than-temporary impairment charges recognized and increased levels of loan loss provisions,” said Frank Paden, company president and chief executive.

Lincoln Electric plans various cutbacks

CLEVELAND — Lincoln Electric Holdings Inc. said Monday that it will eliminate more than 10 percent of its global work force and cut executive compensation in an attempt to lower costs to deal with current economic conditions. The welding products manufacturer also plans to cut hours at its Cleveland plant, offer voluntary buyouts to about 2,900 Cleveland employees, freeze merit raises and external hiring and reduce overall executive compensation by 20 percent to 45 percent in 2009. In addition, Lincoln will suspend its 401(k) match and slash annual capital expenditures by at least $20 million. The news release did not say how many jobs would be cut. According to its Web site, Lincoln Electric has a global work force of more than 9,000.

From Vindicator staff and wire reports