Business Tickers: June 3
The Iowa Department of Public Health (IDPH) released a draft of administrative rules that will accompany the statewide smoking ban scheduled to go into effect July 1. The Smokefree Air Act, signed into law by Gov. Chet Culver in April, prohibits smoking in nearly all public places. The rules clarify language not defined in the legislation and outline how the law will be enforced. The draft rules are available at www.iowasmokefreeair.gov. Among the rules, businesses will be required to display signs at every entrance. Comments also can be made on the Web site.
Lou Ann Sandburg, vice president of investments for FBL Financial Group Inc., announced yesterday that she will retire effective Aug. 1. She has been with FBL Financial and its affiliated companies for 28 years, starting out as portfolio manager for the EquiTrust Money Market Fund in 1980. She is a member of Berthel Fisher & Co.’s board of directors and is past president and board member of the CFA Society of Iowa Inc. Charlie Happel will replace Sandburg. He has been with the Farm Bureau organization since 1984, most recently as lead manager of the EquiTrust Value Growth and EquiTrust Managed portfolios.
Mercy Medical Center will host a ceremony at 4 p.m. today to celebrate the placement of the last steel beam in its West Lakes hospital. The event will take place at 5901 Westown Parkway, West Des Moines, on the east side of the parking lot.
General Motors Corp. announced that it will close four plants, saving the company $1 billion and cutting North American truck production capacity by 700,000, Bloomberg reported. The company also plans to introduce new small cars and evaluate whether it should drop its Hummer brand. As GM’s losses have grown to $54 billion over the past 39 months, company CEO Rick Wagoner has focused on expanding sales overseas while improving vehicles and cutting costs in the United States.
Winnebago Industries Inc. said yesterday that it would close its Charles City plant, cutting 270 jobs, the Associated Press reported. The plant, which makes class C motor homes, or smaller units built on a van framework, will close in August and the work will be transferred to the Forest City plant. The change comes as sales for class A and C motor homes industrywide are expected to plummet 42 percent this year from 2004 levels, according to Winnebago officials. Winnebago will continue to employ 190 workers at a Charles City factory that makes new class B motor homes and a hardwood components plant. The cost of closing the plant is expected to be between $1 million and $2 million and the company may incur a one-time impairment charge of $9 million in its fiscal fourth quarter ending Aug. 31.
Meredith Corp.’s Better Homes and Gardens magazine will partner with Canada’s consumer awards program to debut the Best New Product Awards (BNPA) in the United States. The program will be one of the largest consumer surveys focused on new product development and innovation in the nation, and the results will be shared through the magazine and its Web site. To submit products for consideration, visit www.bestnewproductawards.com. The survey will go out in fall 2008 and results will be announced in early 2009.
EMC Insurance Group Inc. has declared a regular quarterly dividend of 18 cents per share, payable on June 17 to shareholders of record June 10.