The Milwaukee Post

6 • Milwaukee County Post • December 24, 2015 BUSINESS Kroger completes acquisition of Roundy's MILWAUKEE — On Friday, the Kroger Co. announced it completed its tender offer to purchase all of the outstanding shares of Roundy's common stock for $3.60 per share in cash. According to the announcement, Kroger expected to complete the acquisition of the remaining eligible Roundy's shares not acquired in the tender offer Friday. "This merger blends Roundy's comple- mentary markets with Kroger's strengths in scale and merchandising. Our future together is bright, and we look forward to learning from each other as partners," said Rodney McMullen, Kroger's chairman and CEO, in a statement. "Most of all, we want to welcome each of Roundy's more than 22,000 associates to the Kroger family of stores." As of the expiration of the tender offer, about 33,144,128 shares were validly ten- dered and not withdrawn in the tender offer, representing 67.138 percent of Roundy's outstanding shares, according to the depositary. "We look forward to bringing together the best of Roundy's and Kroger for our customers and associates," said Bob Mariano, who will continue to lead Roundy's as president and CEO. He has served as chairman, president and chief executive officer of Roundy's since 2002. "Our merger with Kroger will help us continue to exceed our customers' expecta- tions," Mariano said in the statement. www.roundys.com www.kroger.com Decline in commodity prices results in Joy Global losses MILWAUKEE — As the prices of com- modities continued to fall during the fourth quarter, Joy Global reported a $1.34 billion loss. The Milwaukee-based worldwide provider of high-productivity mining solu- tions reported Dec. 16 that oversupplied commodity markets drove customer capital expenditures down about 18 percent year- over-year. In addition, fourth quarter book- ings were $617 million, a decrease of 21 per- cent when compared to the fourth quarter of 2014. Joy Global also reported that fourth quarter losses due to weakened markets was $1.338 billion or $13.24 per diluted share. "During 2015, global commodity markets declined further as supply surpluses led to prices of most major commodities falling well over 25 percent which adversely impacted our bookings rate," said Ted Doheny, president and CEO, in a statement. "Despite the resulting significant drop in our sales volume, we were able to deliver solid adjusted operating profit margins and strong cash generation. In an effort to stay ahead of the market, we implemented fur- ther cost reductions and accelerated our footprint optimization plans." Doheny said the company remains com- mitted to driving its growth strategies and "prudently" managing its balance sheet. www.joyglobal.com Marcus wants to add movie theater at Southridge Mall GREENDALE — Marcus Corp. is seek- ing to add a movie theater to Southridge Mall. The Milwaukee-based company has filed plans with the village to get approval for the project, which would be at 5300 S. 76th St. Sendik's is also seeking to build a Fresh2Go-style store in Greendale at 6200 W. Loomis Road. The project would include a gas station. Revenue slightly down for Marcus Corp. during second quarter MILWAUKEE — Total revenues for Marcus Corporation declined slightly dur- ing the second quarter, while its Marcus Theatres division and the Hotels & Resorts division had record revenue. According to the Dec. 17 announcement, total revenue for the second quarter for Marcus Corporation was $115,676,000, a slight decrease from revenues of $116,061,000 for the second quarter of fiscal 2015. In addition, operating income was $10,554,000 for the second quarter, a 9.2 per- cent decrease from operating income of $11,620,000 for the second quarter of fiscal 2015. The hotel division achieved a 33.1 per- cent increase in operating income in the second quarter and a 14.4 percent increase in operating income for the first 25 weeks. www.marcuscorp.com Versona Accessories to open in Mayfair Collection WAUWATOSA — Versona Accessories will open its first store in Wisconsin in The Mayfair Collection in Wauwatosa. Versona, which is owned by Charlotte, N.C.-based The Cato Corp., is an upscale women's boutique selling apparel and accessories, including jewelry, handbags and shoes. The new store will be located next to DSW Designer Shoe Warehouse and is scheduled to open in spring 2016. The Mayfair Collection is anchored by Nordstrom Rack, Dick's Sporting Gods and Saks Fifth Avenue OFF 5th. www.shopversona.com Jeffrey Quinn elected CEO of Jason Industries MILWAUKEE — Jason Industries Inc. announced that Jeffrey N. Quinn has been elected CEO of the company, effective immediately. He was named interim chief executive officer Nov. 9 and he continues to serve as chairman of the Board of Directors. Quinn is the former chief executive offi- cer and chairman of Solutia Inc., a global specialty chemicals and performance mate- rials company, which during his eight-year tenure he led through Chapter 11 reorgani- zation and its sale in 2012. Jason Industries Inc. is the parent com- pany to a global family of manufacturing leaders within the seating, finishing, com- ponents and automotive acoustics markets. www.jasoninc.com 411 E. Wisconsin Ave. building gets LEED certification MILWAUKEE — Riverview Realty Partners announced that its 30-story, multi- tenant office building at 411 E. Wisconsin Ave. received the U.S. Green Building Council's Leadership in Energy & Environmental Design Gold certification for Existing Buildings Operations and Management. It is the first and only multi-tenant office building in the Milwaukee Central Business District to achieve LEED Gold certification, as well as the largest building in Milwaukee to receive this designation, according to the announcement. In order to achieve LEED certification, buildings are evaluated based on imple- mented practical and measurable strate- gies to improve their environmental foot- print. Generac study: Americans place inconvenience over danger during outages MILWAUKEE — A survey from Generac Power Systems revealed that 23 percent of Americans say they would miss their tele- vision more than their heat during a winter power outage. Just 4 percent of Americans said they would miss their heat most during an out- age. Being unprepared for winter's sub-zero temperatures is no laughing matter, howev- er. Severe winter storms are often accom- panied by freezing temperatures and can wreak havoc on a home. Accumulating snow and ice may lead to power outages and place homeowners in debilitating or life threatening situations. The survey shows less than one-third of Americans owned a source of backup power to counter a winter outage. In addition to outages, winter storms may cause other dangerous damage includ- ing burst water pipes, flooding or trapped entryways. www.generac.com Kohl's forms partnership with designer Reed Krakoff MENOMONEE FALLS — The partner- ship between Kohl's and award-winning designer Reed Krakoff will result in the retail store carrying a new line of hand- bags and apparel in spring 2016. Krakoff, who has won the Council of Fashion Designers of America Inc. award three times, is known for his tenure as exec- utive creative director at Coach Inc. He also has his own label. This will be his first retail partnership, according to the announcement. His collection, called REED, will be available exclusively at Kohl's and Kohls.com for spring 2016. Prices for the entire collection range from $15 to $129. www.Kohls.com Walsh named chief financial officer for Bon-Ton Stores MILWAUKEE — The Bon-Ton Stores, Inc., parent company of Boston Store, announced it has appointed Nancy A. Walsh as executive vice president, chief financial officer for the company. Walsh has more than 30 years of experi- ence in the industry. She most recently served as senior vice president of Finance at Coach Inc., a leading global company marketing accessible luxury handbags and accessories. http://investors.bonton.com Hoth to retire as CEO of Better Business Bureau MILWAUKEE — Randall "Ran" Hoth announced he will retire next year as pres- ident and CEO of the Better Business Bureau serving Wisconsin, effective Oct. 1. During Hoth's 18 years at the BBB, he expanded the BBB of Greater Milwaukee into BBB Serving Wisconsin by creating business owner accreditation support from 6,500 businesses throughout the state, according to the announcement. www.bbb.org/wisconsin

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