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7/30/2010
4:46 PM
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$1.50/AUGUST 2 - 8, 2010
Vol. 31, No. 30
INSIDE Asian carp has some NE Ohioans fretting We hit the water to gauge locals’ interest level in and fear of Asian carp, which has the potential to threaten species in the Great Lakes. Read Chuck Soder’s story on Page 3.
Bold manufacturers buck fears Stronger firms reinvest in operations, even as Fed calls business owners’ spending restrained By DAN SHINGLER dshingler@crain.com
Fear and loathing be damned — from buying land to investing in new equipment and workers, some of the area’s strongest manufacturers are plugging money back into their
businesses. “You have to invest,” said Matt Hlavin, CEO of Thogus Products, a plastic molding and design company based in Avon Lake. “By the time the year’s over, we’ll probably have put $1.5 million of new investment into the business.”
It has been a good year for Thogus, which has seen profits rise more than 80% so far in 2010 from levels during the like period last year, and Mr. Hlavin wants more good years in the future. That’s why he’s reinvesting in his company despite econo- Hlavin mists’ uncertainty about the length and strength of the recovery. The latest Federal Reserve Board Beige Book report, released last
week, indicates not every company is willing or able to make such investments. The report said capital outlays in the Fed’s Cleveland district “continue at relatively low levels, and business owners are approaching spending decisions with caution.” But there’s also evidence that Thogus is far from alone. See REINVEST Page 17
Edgepark Medical to stay, grow after deal
A TIGER-LESS TOUR? SHHH As PGA pros tee off in Akron this week, what effect will a wobbling Woods have?
New ownership assumes control of Twinsburg outfit
By JOEL HAMMOND jmhammond@crain.com
By SHANNON MORTLAND smortland@crain.com
A
s the Bridgestone Invitational hits Akron’s Firestone Country Club this week, the tournament’s most prominent figure is in a funk. Tiger Woods, when healthy and in contention, draws big crowds and television audiences and gives corporate sponsors a good reason for milliondollar outlays. And the Bridgestone could be just the tonic for Mr. Woods, who has been slumping this season but also has won at Firestone seven times. However, the loss of his luster makes some wonder what a Tiger-less tour would look like.
The holding company that owns Twinsburg’s Edgepark Medical Supplies and Independence Medical soon will have a new owner that will look to grow the medical supply distributors in Northeast Ohio. The Jordan Co. L.P. of New York announced it has signed a definitive agreement to sell its majority interest in HGI Holdings Inc. to private equity firms Clayton, Dubilier & Rice and GS Capital Partners, both in New York. Terms of the sale were not disclosed, and officials at both Clayton Dubilier and GS Capital, which is an affiliate of investment giant Goldman Sachs, did not return calls last week from Crain’s for more information on the deal. Although some media reports put the deal’s value at $850 million, that figure did not come from anyone close to the transaction, said Adam Max, a managing principal at Jordan. However, Mr. Max would not disclose the purchase price. Mr. Max said Edgepark and Independence Medical will not be moved by GS Capital and Clayton Dubilier, which will be the majority owner once the deal closes this fall.
See TIGER Page 10
REUTERS/ AARON JOSEFCZYK
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See MEDICAL Page 15
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SPECIAL SECTION
REAL ESTATE Despite sour hotel occupancy across city, plans for new ones keep popping up ■ Page 11 PLUS: MODELING TECHNOLOGY ■ ADVISER ■ & MORE
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