Traverse City Record-Eagle

August 4, 2013

Business in Brief: 08/04/2013

FROM STAFF AND WIRE REPORTS
Traverse City Record-Eagle

---- — Biz start-up workshop

TRAVERSE CITY — Individuals who are considering self-employment or are in the beginning stages of starting a business will have access to a wide variety of helpful information at a business start up workshop being offered by the Michigan Small Business and Technology Development Center. Venture Start: Business Start Up will be held Aug. 13 from 5:30 to 7:30 p.m. in the Parsons-Stulen building on NMC’s Aero Park Campus.

The workshop will be taught by business consultant Walt Muellenhagen and will help aspiring entrepreneurs assess their abilities to lead and manage a company, and evaluate market and sales potential for their products/services. Start-up costs, financing options, and business planning will be introduced, along with necessary steps to getting started.

There is no charge to attend the workshop but pre-registration is required at: northwestmichiganbusiness.com. For more information, call Sharon Gordon at: 922-3780 or email sharongordon@nwm.cog.mi.us.

 

American Axle profits rebound as sales rise

DETROIT — American Axle & Manufacturing Holdings Inc. said Friday that its second-quarter net income jumped five-fold compared with results a year ago hobbled by charges for plant closings.

Its shares jumped briefly to their highest level in more than five years as earnings beat Wall Street expectations.

The company earned $25.8 million, or 34 cents per share, for the quarter that ended June 30. That was up from $4.7 million, or 6 cents per share, during the same period last year, when it absorbed 49 cents per share worth of special charges for closing plants in Detroit and Cheektowaga.

Revenue rose 8 percent to $799.6 million from $739.8 million a year earlier.

Analysts surveyed by FactSet had been expecting lower earnings of 30 cents per share on higher revenue of $813.8 million.

AAM gets most of its revenue for General Motors-related parts, although non-GM revenue rose almost 13 percent to $223.8 million, the company said. It’s benefiting from a recovery in the North American light truck market and from new products, said President and CEO David C. Dauch.

The company said the parts it supplied per vehicle rose to $1,554, from $1,439 a year ago.

Its shares jumped 99 cents, or 5 percent, to $20.78 in midday trading after rising as high as $21.41 earlier in the session.

 

Kellogg cutting jobs at plant in Memphis

MEMPHIS, Tenn. — Cereal maker Kellogg is laying off 37 more workers at its Memphis plant.

According to The Commercial Appeal, the permanent layoffs were first disclosed in an April letter from the Michigan-based company to Memphis Mayor A C Wharton.

The employee cuts, to begin Aug. 10, follow the June layoffs of 33 workers as part of a restructuring at the plant. Kellogg said the August cuts are related to ending bumped rice production at the Memphis plant, while the earlier layoffs were because of ending bran and retail rice production there.

In an email to the newspaper, Kellogg spokeswoman Olivia Harvey wrote that the company does not have plans to close the Memphis plant.