Funding for manufacturing

Funding for manufacturing

YOUNGSTOWN

U.S. Rep. Tim Ryan of Howland, D-13th, and U.S. Sen. Sherrod Brown, D-Cleveland, announced $175,000 to the Youngstown Business Incubator from the Appalachian Regional Commission for the purchase of additive manufacturing and post-processing equipment. The total project costs $350,000, with Youngstown State University providing cost-sharing funds in the same amount.

The machines will be located in YBI’s Tech Block Building Five, the former Vindicator Building in downtown Youngstown where they will be used to serve client firms operating in the advanced manufacturing sector and for YSU student education and training purposes. The equipment is expected to help create nine new jobs and leverage $500,000 in private investment.

SVS relocates its headquarters

YOUNGSTOWN

SVS, a worldwide leader in high-performance home audio products, has relocated its global headquarters to Youngstown. The move gives SVS additional space for design, engineering and operations as it continues to expand in the U.S. and abroad. Since its founding in 1998, SVS has grown from a direct-to-consumer subwoofer manufacturer selling in the U.S., to a multi-national audio company with online and retail availability across Asia, Europe and North America.

Its previous headquarters was located in Girard.

Chamber continues international push

YOUNGSTOWN

The Youngstown/Warren Regional Chamber continued its international business push Thursday when a German business consultant visited Northeast Ohio.

Regional Chamber Vice President for Economic Development Sarah Boyarko joined a group of Northeast Ohio economic development leaders who welcomed Michael Muench, a professional consultant for international business, who operates out of Germany. He is the director of JobsOhio’s German Foreign Direct Investment Office.

German companies have plans to increase their foreign direct investment in the U.S. in the coming years and are ramping up to do so. There are currently 11 German companies doing business in Mahoning and Trumbull counties.

UAW members give strike authorization

BAZETTA

United Auto Workers Local 1112 members at the Kmart Distribution Center, 541 Perkins Jones Road NE, voted in favor of strike authorization.

About 98 percent of the 220 workers represented voted in favor, said Glenn Johnson, UAW Local 1112 president.

Workers voted down a contract proposal Sunday, and the current three-year contract expired Tuesday, he said.

Johnson said the vote does not mean the union intends to strike. Johnson said workers will remain on the job under the old contract on a day-to-day basis as negotiations continue.

Representatives from Kmart were in discussions with the union today, which will pick up Tuesday after Labor Day.

Staff reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .129.49-0.08

Aqua America, .71 24.61-0.46Avalon Holdings,1.94-0.03

Cortland Bancorp, 14.75+0.25

Farmers Nat., .128.280.03

First Energy, 1.44 30.59-0.66

Fifth/Third, .5219.21-0.29

FirstMerit Corp., .6417.29-0.17

First Niles Financial, .328.510.00

FNB Corp., .4812.38-0.02

General Motors, 1.4428.88-0.23

General Electric, .9224.00-0.51

Huntington Bank, .24 10.545-0.16

iHeartMedia Inc., .46 5.00-0.05

JP Morgan Chase, 1.7661.50-1.18

Key Corp, .3013.27-0.18

LaFarge, 16.060.25

Macy’s, 1.44 58.40-0.88

Parker Hannifin, 2.52 103.80-1.48

PNC, 2.0487.66-1.89

Simon Prop. Grp., 6.20174.92-3.00

Stoneridge 12.240.05Talmer Bank 15.81-0.24

United Comm. Fin., .10 4.96-0.03

Selected prices from Friday’s 4 p.m. close.