Bond considered for new company
The Montgomery County Community Improvement Corporation (CIC) will consider a $6.75 million bond next week for a company that wants to move into and improve the former REX building off Needmore Road in Harrison Twp.
The CIC board will weigh a $6,750,000 bond for Earth City, Mo.-based idX Corp. to move into 2875 Needmore Road, the former REX electronics and appliances showroom.
The company will use the site to manufacture retail store fixtures, according to an agenda for the CIC board.
If the project comes to fruition, 130 full-time jobs would be retained and some 120 new jobs would be created, according to CIC documents. New annual payroll would amount to $3.5 million to $4 million. idX currently has a local site at 721 Springfield St.
The company would use $5.5 million for real estate acquisition and $1.25 million for building improvements, according to the agenda.
The CIC board meets at 10:30 a.m., Oct. 17 at the Montgomery County administration building. THOMAS GNAU
Cooper Tire, Apollo Tyres agreement grows strained
Cooper Tire & Rubber Co. shares plunged Monday as its $2.2 billion deal with Apollo Tyres Ltd. becomes more uncertain.
India’s Apollo is seeking a lower price than the original $35 per share it offered Cooper in June because of added costs for union matters. Findlay, Ohio-based Cooper said it does not agree with such a price reduction.
Investors are increasingly concerned that the deal could fall apart. Under the terms of the agreement, if the deal is delayed past Dec. 31 it can be terminated without penalty. If it is completed, the deal would create the seventh-largest tire company in the world.
Shares of Cooper fell nearly 13 percent to $25.81 in afternoon trading. Its stock has traded between $18.38 and $34.79 in the past 52 weeks, peaking in June when the deal was announced.
The deal between Cooper and Apollo had been approved by the boards of both companies and Cooper shareholders. However, union talks led to a delay and the deal’s future has been complicated by escalating conflicts between the companies. ASSOCIATED PRESS
Chrysler readies ads for Jeep Cherokee
DETROIT — Chrysler has a marketing campaign ready to go for the Jeep Cherokee as soon as the long-delayed vehicles are shipped to dealers, Olivier Francois, Chrysler’s chief marking officer, told the Detroit Free Press.
Shipments of the Cherokee have been delayed because of issues with the SUV’s nine-speed transmission. Chrysler had hoped that dealers would begin receiving Cherokees in September.
As with other Chrysler advertising rollouts, Francois said the campaign for the Cherokee is intended to help the vehicle stand out from its competition. ASSOCIATED PRESS