(WisBusiness) WED News Summary — 30 July 2008

July 30, 2008

From WisBusiness.com …

— The state’s oldest automobile dealership is celebrating its 100th anniversary this year.

Madison’s Smart Motors was started in 1908 by O.D. Smith, who first ran it out of his father’s livery. The company now has a new 15,000-square foot showroom and is run by JR Smart, O.C.’s grandson.

“It was difficult for the manufacturers to get autos to the people and that’s how dealerships evolved,” said Smart. “The manufacturers could build the cars but couldn’t get them to the people that needed them.”

As automobiles began to appear, livery and bicycle businesses were natural fits to become car dealers, he said.

The first car sold by Smart Motors? A hand-built Apperson Jack Rabbit, which cost $5,000. That’s the equivalent of $122,000 today.

See story: http://www.channel3000.com/news/17032808/detail.html

— A storage tank explosion at a Tomahawk mill Tuesday killed three workers and injured a fourth.

Packaging Corp. of America said that the three workers were fatally injured when a tank used to store recycled fiber exploded while they were performing maintenance on top of it.

The injured worker was standing on a platform at a lower level of the tank when it exploded, the company said. The cause of the explosion was not known.

— Gov. Jim Doyle says the two most important things government can do to combat global warming are to set renewable energy use standards and establish a carbon cap-and-trade market.

While Doyle said a cap-and-trade market needs to be implemented on a national and global scale, he said it is important for the Midwest and other regions to act on it because the national government has failed to move forward.

Doyle, however, said the national situation could change after the November elections and that the Midwest needs to be ready.

Speaking in Milwaukee, Doyle said that while renewable energy efforts are important to the entire nation , that with its raw materials for energy production and its research capacity, Wisconsin “has particularly great benefits to realize from a real commitment to renewable energy” because of its abundance of raw materials for energy production and its research capacity.

— Doyle said he hasn’t spoken with any legislators regarding a special session to repeal the minimum markup law.

“I’ve been the one calling to get rid of this for a long time; we’ve never gotten past the legislative leadership on this,” Doyle said. “If they tell me they have the votes and they want to do it, I’ll call them in in a second.”

Doyle however, said that although he can call them in, they don’t have to show up and they don’t have to vote on anything.

“Unless the leaders really say they can deliver on this and they want to deliver on this, I’m not just going to go through the charade,” Doyle said.

— Regal Beloit is reporting second-quarter net income of $38.1 million, up nearly $2 million from $36.3 million during the same period a year ago.

The Beloit-based company said its quarterly net sales increased 31.9 percent to $606.3 million from $459.8 million a year earlier. Officials attributed the increase to a strong market demand for generators, industrial motors and high efficiency motors.

They said the company grew in spite of continued weakness in the residential HVAC market and unprecedented inflation in raw material costs.

See the release:

http://www.wisbusiness.com/index.iml?Article=132241

— The state is seeking $3.8 million from the federal government to help employees dislocated by the elimination of the second shift at the General Motors plant in Janesville.

Department of Workforce Development Secretary said in addition to GM workers, the money would help employees laid off at the Lear Corp., United Industries and Logistics Services because of the elimination of GM’s second shift. The application proposes serving 785 workers over the next two years with assessment, counseling, job training and placement services.

See the release:

http://dwd.wisconsin.gov/dwd/newsreleases/2008/0729_neg_app_for_gm_related_layoffs.pdf

— Racine-based Modine Manufacturing Co., which is in the midst of a restructuring plan, posted fiscal first quarter net earnings of $7.8 million, or 24 cents per share, which was down from $11.0 million, or 34 cents per share, in the same period a year ago.

The company’s quarterly net sales grew to $499.7 million from $444.2 million.

During the quarter, Modine completed its previously announced sale of its Electronics Cooling business.

See story: http://www.biztimes.com/daily/2008/7/29/#modine-restructuring-plan-moves-forward

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WISBUSINESS LUNCHEON: Global Warming Task Force Co-Chairs
Tuesday, August 12, 11:45 am, The Madison Club

WisBusiness.com, The Madison Club and Madison Magazine present “The Madison Business Luncheon” on Tuesday, August 12, with featured guests Global Warming Task force Chairs Roy Thilly of the Wisconsin Public Power and Tia Nelson of the Board of Public Land Commissioners.

Learn more about the Global Warming Task Force: http://dnr.wi.gov/environmentprotect/gtfgw/

TOP STORIES
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Doyle advocates regional emissions plan: Gov. Jim Doyle on Tuesday defended plans to set up a Midwest regional system that would cap and reduce emissions linked to global warming beginning as soon as 2012. Doyle said he’s often asked why Wisconsin or the Midwest would get involved in an initiative that is also a matter being debated by the U.S. Congress. “Given that the federal government simply has not been moving strongly in this direction, it is important that the various regions of the country get to work,” he said.

http://www.jsonline.com/story/index.aspx?id=777738

Tomahawk mill explosion kills 3, injures fourth: A tank explosion Tuesday that killed three men and injured a fourth has left Tomahawk-area residents in states of shock, curiosity and concern. he explosion occurred at about 1:30 p.m. at Packaging Corp. of America in the town of Bradley, killing three employees who were performing maintenance on top of the tank, said Ron Zimmerman, human resources manager for Lake Forest, Ill.-based PCA. Video: Workers killed in tank explosion. A fourth person working nearby was injured and transported to a nearby hospital, Zimmerman said. The extent of the man’s injuries was unknown.

http://www.wausaudailyherald.com/apps/pbcs.dll/article?AID=/20080730/WDH0101/807300645/1581&located=RSS

Related:

– Burns leave mill worker critical

http://www.wisconsinrapidstribune.com/apps/pbcs.dll/article?AID=/20080730/WRT0101/807300688/1806&located=RSS

– Explosion at mill shocks Tomahawk residents

http://www.wausaudailyherald.com/apps/pbcs.dll/article?AID=/20080730/WDH0101/807300680/1581&located=RSS

Grede Foundries lays off 90: Grede Foundries announced Tuesday that 90 employees on one of its five molding lines will be laid off this week. However, a company official said he hopes to hire workers back soon. Grede also laid off about 80 employees in April, according to the company. “We haven’t seen our general business levels fall to this level in 18 years,” Vice President of Operations Todd Sternaman said. “The majority of our customers have experienced deteriorating sales this year, which has forced them to significantly reduce their orders for our products over the last few months.”

http://www.wiscnews.com/bnr/news/298563

Mercury Marine To Lay Off 60, Halt Production: Boat engine maker Mercury Marine said it will cut 60 jobs and temporarily shut down production in Fond du Lac. The company has already announced layoffs at other facilities in the U.S. Spokesman Steve Fleming said slow boat sales and the poor economy have forced the company to cut costs. He said more layoffs could be coming, but he didn’t know how many.

http://www.channel3000.com/money/17028994/detail.html?rss=c3k&psp=news

Bush lends support to Great Lakes Compact: Supporters of the Great Lakes Compact will go into a Senate hearing today able to say that President Bush supports the agreement among eight states and two Canadian provinces. The president issued a statement Monday night urging “rapid approval” of the compact by Congress.

http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080730/GPG0101/807300748/1207&located=RSS

Related:

– Great Lakes states protect their water

http://www.stateline.org/live/details/story?contentId=329624

State has little help to offer EAA as it looks to expand: Wisconsin’s tourism secretary said there’s little the state agency can do to help the Experimental Aircraft Association in its search for financial assistance to expand and reorganize its festival grounds. Secretary Kelli Trumble said state financial support for a project like EAA’s proposed $17.2 million upgrade and expansion does not exist, though the organization supports the proposed expansion. Trumble said the Tourism Department’s support would come in promoting and marketing an event with an economic impact that stretches across much of the state.

http://www.thenorthwestern.com/apps/pbcs.dll/article?AID=/20080730/OSH0107/807300516/1128&located=RSS

See more EAA news below in TRANSPORTATION

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WISBUSINESS FEATURED COLUMNISTS

– GREGG HOFFMANN: Contributor, WisBusiness.com

– TOM STILL: President, Wisconsin Technology Council

– JENNIFER SERENO: Senior manager, Wood Communications Group

– STEVE JAGLER: Executive editor, Small Business Times

– TOM BURZINSKI: IT executive and consultant
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TECHNOLOGY (back to top)

– Madison: Opposition Arises Over Charter’s Plan To Move Public Access Channels

http://www.channel3000.com/news/17020623/detail.html?rss=c3k&psp=news

MANUFACTURING (back to top)

– Manitowoc tests new warship

http://www.jsonline.com/story/index.aspx?id=777788

– New recycling facility cost rises by $2 million

http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080730/APC0101/807300617/1004&located=RSS

– Manufacturer finds certification pays off

http://www.jsonline.com/story/index.aspx?id=777732

– Bemis profits hurt by high materials costs

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349597178/daily25.html

– Modine 1Q earnings down, but beats consensus

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349555515/daily22.html

– Twin Disc 4Q sales slip

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349555516/daily24.html

LABOR (back to top)

– Minimum wage increase sought

http://www.jsonline.com/story/index.aspx?id=777737

– Wisconsin Seeks Federal Aid For GM Workers; Money Would Help 785 People Over Next 2 Years

http://www.channel3000.com/news/17028073/detail.html?rss=c3k&psp=news

SMALL BUSINESS (back to top)

– Oldest Auto Dealer In State Celebrates 100 Years

http://www.channel3000.com/news/17032808/detail.html?rss=c3k&psp=news

REAL ESTATE (back to top)

– Madison: Nonresidential construction contracts up here, residential down in June

http://www.madison.com/tct/business/298293

– ‘Car-Light’ Neighborhood Could Be In Madison’s Future

http://www.channel3000.com/news/17032088/detail.html?rss=c3k&psp=news

– Madison: Council President Wants To Revitalize Burr Oaks Neighborhood

http://www.channel3000.com/houseandhome/17019980/detail.html?rss=c3k&psp=news

– Help is on the way as mortgage plan nears enactment

http://www.madison.com/wsj/home/biz/298539

AGRIBUSINESS (back to top)

– Corn growth behind schedule

http://www.thenorthwestern.com/apps/pbcs.dll/article?AID=/20080730/MNH0101/807300471/1732&located=RSS

– Farmers in Wisconsin, nation to produce more wheat

http://www.thenorthwestern.com/apps/pbcs.dll/article?AID=/20080730/MNH0101/807300472/1732&located=RSS

– Ethanol plant info coming

http://www.wisconsinrapidstribune.com/apps/pbcs.dll/article?AID=/20080730/WRT0101/807300684/1806&located=RSS

– Sassy Cow: direct from creamery to customer

http://www.madison.com/tct/business/298345

TRANSPORTATION (back to top)

– AirTran to cut capacity

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349701578/daily27.html

– Bad weather, rising costs could hurt Wisconsin roads

http://www.madison.com/wsj/topstories/298480

– New jet packs take off at Oshkosh event

http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080730/GPG0101/807300742/1207&located=RSS

– EAA visitors get first glimpse of rocket-powered race planes

http://www.thenorthwestern.com/apps/pbcs.dll/article?AID=/20080730/OSH0107/807300512/1128&located=RSS

– A glimpse of space tourism will come to Oshkosh next year

http://www.thenorthwestern.com/apps/pbcs.dll/article?AID=/20080730/OSH0107/807300515/1128&located=RSS

RETAIL (back to top)

– Smith makes Mayfair national destination

http://www.bizjournals.com/milwaukee/stories/2008/07/28/story10.html?b=1217217600^1674815

– Good Harvest Market to open new location in Third Ward

http://onmilwaukee.com/market/articles/goodharvest.html

– Milwaukee Public Market lands organic grocer

http://www.jsonline.com/story/index.aspx?id=777736

– Wisconsin craft beer sales still rising, despite economy

http://www.jsonline.com/story/index.aspx?id=777738

– Three area Elder-Beerman, Younkers stores to become Boston Stores

http://www.jsonline.com/story/index.aspx?id=777739

– Russ Darrow III buys two more dealerships

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349876383/daily31.html

REGULATION (back to top)

– Feds find unsafe, unsound lending practices at Beaver Dam bank

http://www.jsonline.com/story/index.aspx?id=777805

– Inspectors ensure Fair food safety

http://www.thenorthwestern.com/apps/pbcs.dll/article?AID=/20080730/MNH0101/807300678/1732&located=RSS

– Feds indict 3 for attack on U.S. Forest Service

http://www.htrnews.com/apps/pbcs.dll/article?AID=/20080730/MAN0101/807300549/1358&located=RSS

TOURISM (back to top)

– Sheboygan gets back to bratwurst

http://www.sheboygan-press.com/apps/pbcs.dll/article?AID=/20080730/SHE0101/807300576/1062&located=RSS

– Madison: Frautschi buttresses Overture trust fund with another $3 million

http://www.madison.com/wsj/home/local/298555

UTILITIES (back to top)

– New Berlin would pay regional water fee

http://www.bizjournals.com/milwaukee/stories/2008/07/28/story9.html?b=1217217600^1674812

FINANCIAL SERVICES (back to top)

– Merger costs cut into Fiserv earnings

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349814526/daily29.html

MANAGEMENT (back to top)

– Harley-Davidson adds Cummins exec to board

http://feeds.bizjournals.com/~r/bizj_milwaukee/~3/349888738/daily32.html

BUSINESS COLUMNS (back to top)

– Imagine: Milwaukee the tax haven?

http://onmilwaukee.com/market/articles/milwaukeetaxhaven.html

– U.S Bank Championship is an asset worth saving

http://onmilwaukee.com/sports/articles/begel072908.html

Media Partners
—Channel3000
—Small Business Times
—Madison Magazine
—BusinessWeek

National Business Roundups ( back to top)
–YAHOO FINANCE: http://finance.yahoo.com/
–CNBC BUSINESS NEWS: http://www.cnbc.com
–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html

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