From WisBusiness.com …
— Milwaukee area businesses have very limited expectations toward growth prospects in 2009, according to a Business Outlook Survey conducted by the Metropolitan Milwaukee Association of Commerce. Only 32 percent of businesses surveyed see sales increases in 2009, 32 percent predict profit gains, and 26 percent expect employment growth for their local operations.
“Expectations for the coming year are as low as they have been in the years that the Business Outlook Survey has been conducted in a comparable manner (since 1994),” said Bret Mayborne, MMAC’s economic research director.
Among Milwaukee area businesses, a larger percentage of surveyed companies see real sales declines in 2009 (42 percent) than sales increases (32 percent). Twenty-six percent see no change. Businesses have significantly lower expectations now than at the beginning of 2008. Calendar year 2008 opened with 69 percent predicting sales increases for the year as a whole.
See the survey for more: http://www.wisbusiness.com/1008/090132MMACoutlook.pdf
— Nearly two decades ago, a start-up company named Tetrionics opened in a lab on Science Drive in University Research Park with one employee working on Vitamin D ingredients.
It struggled until around 1996, when it began working on a compound for Abbott Labs that eventually became an approved drug called Zemplar, which is used to treat patients on kidney dialysis.
Revenues climbed and Tetrionics was sold to St. Louis-based SAFC Pharma in 2004. The company is now in the process of building a 50,000-square-foot drug manufacturing plant in the Verona Technology Park that will focus on producing cancer-treating compounds.
Dennis “Doc” Young is in charge of the building process for SAFC. He said the plant should be finished by November and “validated” several months later by SAFC officials for FDA acceptance. Forecasts call for it to manufacture about $10 million in product during 2010, he said.
See more from a WisBusiness interview with Young http://www.wisbusiness.com/index.iml?Article=146534
— Dallas-based Gatehouse Capital wanted the city to provide $18 million in tax incremental financing (TIF) to assist its $158 million Milwaukee Hotel Palomar and Residences development in the Park East corridor, according to documents obtained from the city in an open records request by BizTimes Milwaukee.
Earlier this month Gatehouse Capital cancelled the development and its chief executive officer, Marty Collins, said the firm could not obtain the financial assistance from the city that it needed for the project to be viable. He would not disclose how much financial assistance the firm was seeking. City officials would not disclose that information either, until complying with open records requests.
See more from BizTimes Milwaukee: http://www.biztimes.com/daily/2009/1/22/#gatehouse-wanted-18-million-in-tif-for-palomar-project
— Seven new and five re-elected members joined the 52-member Wisconsin Manufacturers & Commerce Board of Directors during the annual WMC membership meeting in Waukesha.
New members elected to the board were: Gene P. Dalhoff, executive director, Baraboo Area Chamber of Commerce, Baraboo; Laura E. Kohler, senior vice president/human resources, Kohler Company, Kohler; Nicholas T. Pinchuk, president & CEO, Snap-on Incorporated, Kenosha; Charles A. Schrock, president & CEO, Integrys Energy Group, Green Bay; Todd Teske, president & COO, Briggs & Stratton Corporation, Milwaukee; Todd Wanek, president & CEO, Ashley Furniture Industries, Inc., Arcadia; Kelly L. Wolff, vice president manufacturing, Green Bay operations, Georgia-Pacific Corporation, Green Bay.
See the WMC release for details on the re-elected members: http://wispolitics.com/index.iml?Article=146496
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Press Releases
· CREWE: Business group forms to promote Governor’s Global Warming Task Force proposals
· Dept. of Workforce Development: December unemployment rates announced
· Rep. Clark: “WI First” Act to energize local business and state’s economy
· Rosendale Dairy: Permit hearing for Rosendale Dairy addresses key environmental issues
· Smoke Free Milwaukee Project: Hazardous air quality at Milwaukee bars and restaurants linked to secondhand smoke
· UW-Madison: New program aims to create operational excellence at Wisconsin biotech companies
· WMC: Seven new directors join WMC board
For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
TOP STORIES
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2 more state banks get federal funds : Two Wisconsin banks were included Thursday in a U.S. Treasury Department announcement of a $1.5 billion investment in 39 banks. The investment was made through the Capital Purchase Program, a part of the Troubled Asset Relief Program (TARP) to help stabilize and strengthen the financial system.
http://www.madison.com/wsj/home/biz/434250
American Superconductor gets multimillion dollar Chinese wind order: merican Superconductor Corp., which has its wind power unit based in Middleton, on Thursday announced that it has received a multimillion dollar order for 100 sets of its wind turbine core electrical components from China’s CSR Zhuzhou Electric Locomotive Research Institute Co. Ltd.
http://www.madison.com/tct/business/434193
Cummins to close Wautoma plant: Cummins Inc. will close its Wautoma Cummins Emissions Solutions plant in March, putting as many as 180 people out of work. The company announced Tuesday that the plant would close at the same time it announced a strategic merger with Emcon Technologies, of Troy, Mich., to manufacture Cummins Emissions Solutions-designed emission controls systems for the on-highway truck market.
http://www.thenorthwestern.com/article/20090123/OSH03/901230369/1167
178 in Green Bay to lose jobs in Cub Foods closings: Cub Foods notified the state Department of Workforce Development it will terminate the jobs of 178 people when it closes its two stores in Green Bay. The state released the Worker Adjustment and Retraining Act Notification (WARN) on Tuesday.
http://www.greenbaypressgazette.com/article/20090123/GPG03/901230507/1247
Liberty Mutual Group ends Wausau Insurance Cos. brand: Liberty Mutual Group on Thursday abandoned its Wausau Insurance Cos. brand, a name that people across the country came to know from national advertising campaigns. The parent company turned the former Wausau Insurance into “Liberty Mutual Middle Market” to reflect the medium-size business accounts the division handles. Jobs also will be eliminated. Company spokesman Brad Zweck declined to say how many.
http://www.wausaudailyherald.com/article/20090123/WDH0101/901230575/1981
Harley says it will cut 1,100 jobs, after dismal fourth quarter : Harley-Davidson Inc. says it will cut 1,100 jobs over two years and scale back its operations as its fourth-quarter earnings fell amid the slowing motorcycle market. Harley says it will consolidate two engine and transmission plants in Milwaukee into its Menomonee Falls plant. It will close a distribution facility in Franklin and shrink its paint and frame operations in York, Pa. The company also says it will end its domestic transportation fleet and plans a 10% to 13% reduction in motorcycle shipments for 2009.
http://www.jsonline.com/business/38211079.html
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WISBUSINESS FEATURED COLUMNISTS
– GREGG HOFFMANN: Contributor, WisBusiness.com
– TOM STILL: President, Wisconsin Technology Council
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– STEVE JAGLER: Executive editor, Small Business Times
– TOM BURZINSKI: IT executive and consultant
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ECONOMY (back to top)
– Wisconsin jobless rate for December highest since 1986
http://www.jsonline.com/business/38136214.html
MANUFACTURING (back to top)
– Wausau Paper to build Illinois distribution hub
http://www.postcrescent.com/article/20090123/APC03/901230462
LABOR (back to top)
– 3 Wisconsin companies make ‘best places to work’ list
http://www.madison.com/wsj/home/biz/434211
SMALL BUSINESS (back to top)
– Van Boxtel gets back into car business
http://www.greenbaypressgazette.com/article/20090123/GPG03/901230510/1247
– Z Harvest Café in Green Bay is back in business
http://www.greenbaypressgazette.com/article/20090123/GPG03/901230512/1247
INVESTING (back to top)
– Kimberly-Clark Corp’s 2008 financial results to be released
http://www.postcrescent.com/article/20090123/APC03/901230458/1028
REAL ESTATE (back to top)
– Businesses have until March 4 to apply for façade grants
http://www.thenorthwestern.com/article/20090122/OSH03/901220373/1167
– Developer wanted $18 million in city aid to help finance Palomar project
http://www.jsonline.com/business/38180299.html
– Aurora projects in Summit, Grafton remain on schedule
http://www.jsonline.com/business/38199359.html
AGRIBUSINESS (back to top)
– Hundreds Turn Out for Rosendale Dairy Expansion Hearing
http://www.wisconsinagconnection.com/story-state.php?Id=92&yr=2009
– Cross Country: Farming past their 80s — and loving it
http://www.madison.com/tct/business/434210
REGULATION (back to top)
– Saris recalls stationary bicycle trainers
http://www.madison.com/wsj/home/biz/434249
UTILITIES (back to top)
– $18M in refunds coming to Wisconsin Power & Light customers
http://www.madison.com/tct/news/stories/434274
– We Energies drops spending for renewable energy plans
http://www.jsonline.com/business/38144374.html
HEALTH CARE (back to top)
– Finley leaves Oshkosh for Aurora’s new Summit hospital
http://www.thenorthwestern.com/article/20090123/OSH0101/901230371/1987
– Critical care physicians join Aurora
http://www.bizjournals.com/milwaukee/stories/2009/01/19/daily56.html
– Survey: Economy hurting hospital projects
http://www.bizjournals.com/milwaukee/stories/2009/01/19/daily53.html
FINANCIAL SERVICES (back to top)
– Associated earnings down in fourth quarter
http://www.greenbaypressgazette.com/article/20090122/GPG03/90122188/1247
– Associated reports drop in earnings
http://www.madison.com/wsj/home/biz/434261
– Amcore reports fourth-quarter loss
http://www.madison.com/wsj/home/biz/434254
Media Partners
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National Business Roundups ( back to top)
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–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html
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