Ohio business in brief

OHIO

KeyCorp bank raises $1B to fill reserve gap

CLEVELAND — Regional bank KeyCorp said Tuesday it raised $1 billion through an “at-the-market” stock offer as part of its plan to bridge a capital reserve gap the government said it would face if the economy worsens.

The $1 billion was $250 million more than Key initially planned to raise through the “at-the-market” offer, which is when a firm sells shares of common stock at market prices in smaller batches over the course of a set period.

Last month, the government said Key would need an additional $1.8 billion in capital to protect against potential losses if the economy worsens. The government reviewed Key as part of a broader set of “stress tests” run on 19 of the nation’s largest financial firms.

NCR plans to leave Dayton

DAYTON — NCR Corp. says it is relocating its corporate headquarters to Georgia, and some of the roughly 1,250 workers at its current headquarters in Dayton will be offered transfers when the company moves.

The maker of ATMs and retail checkout scanners said Tuesday the new headquarters will be in Duluth, Ga., a suburb of Atlanta.

NCR said it chose the new location after considering available work force, infrastructure, financial incentives and government tax structures.

The company says it will also establish a state-of-the-art manufacturing plant in Columbus, Ga., that will employ an additional 870 people over the next five years.

NCR spokesman Richard Maton says the move will begin in July and be complete by the end of 2010. He says the company’s headquarters building in Dayton will be put up for sale.

Maton says NCR will continue to maintain an operation in Dayton that will include its data center.

NCR was founded in 1884 as National Cash Register Co.

Former Skybus workers to get $1,800 settlements

COLUMBUS — Employees who said Skybus Airlines didn’t give them proper notice before it shut down last year will receive about $1,800 each in a settlement.

The Columbus-based discount airline, known for one-way fares as low as $10, agreed in March to settle a class-action lawsuit filed by former workers. The deal was approved last week by a bankruptcy court.

Skybus estate will pay $925,000, including more than $613,000 to be distributed among 342 ex-employees covered in the suit.

Associated Press