National Unemployment Rate Drops in November

by rgifford Mon, December 10 2012 17:07

A higher than expected additional 146,000 jobs were added in the United States during November, leading to a decline in the national unemployment rate from 7.9% to 7.7%.  However, it should be noted that many of these new jobs are thought to be seasonal, and there was also a large decline in the number of persons still actively seeking employment, a prerequisite to being counted when the determination of the unemployment rate is made.

Assets of MPI in Knox Acquired by Monomoy Capital Partners

by rgifford Tue, November 27 2012 19:45

Starke County's largest industrial company with over 300 employees has new ownership with the announcement yesterday that the assets of that company have been acquired by Monomoy Capital Partners, a private equity fund located in New York.  Monomoy already owns two other Indiana companies, Compass Automotive in Franklin and Gearbox Group in Crawfordsville, and also owns well-known companies like Oneida and Anchor Hocking.  A copy of the company announcement follows:

Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, announced today that it has acquired the assets of MPI, LLC (“MPI”) from Revstone Industries, LLC. Monomoy acquired MPI through its second fund vehicle, Monomoy Capital Partners II, L.P. Terms of the transaction were not disclosed.

MPI is North America’s leading manufacturer of high-precision, fineblanked metal components for powertrain systems, hydraulic systems and other safety-critical automotive and industrial applications. Fineblanking is a dual-press stamping process for cutting, shaping and machining of highly engineered metal components that produces parts with uniform flatness, unparalleled dimensional accuracy, and near-net finish. The process is ideal for manufacturing geometrically-complex powertrain and transmission components.

“MPI’s fineblanked product offering and experienced management team create an unmatched foundation for capitalizing on positive trends in automotive transmission components,” said Monomoy Partner Daniel Collin. “We are thrilled to add MPI to the Monomoy portfolio of companies.”

Headquartered in Southfield, Michigan, MPI is one of the world’s leading manufacturers of automatic transmission products, supplying automotive original equipment manufacturers (“OEMs”) with clutch plates, separator plates, and backing plates. The company’s automotive customers include several large car makers and a wide array of Tier I automotive suppliers. MPI also manufactures safety-critical and hydraulic components for heavy duty vehicles and general industrial customers. The Company employs over 700 team members at four North American manufacturing facilities and its corporate headquarters in Michigan.

“This transaction represents an exciting next step in MPI’s evolution as the premier fineblanked component supplier in North America,” said Mark Mitchell, Chief Executive Officer of MPI. “Monomoy’s operational expertise and strategic guidance will provide MPI with the necessary resources and capital to expand and improve our operations both domestically and abroad. We look forward to the opportunities ahead.”

Garry Jaunal and Stacey Kern from Baker & McKenzie, LLP provided Monomoy with legal counsel and Ernst and Young LLP provided financial and accounting diligence. Wells Fargo provided acquisition financing for the transaction.

About Monomoy Capital Partners

Monomoy Capital Partners is a private equity firm with $700 million in committed capital under management that makes control equity investments in middle market businesses in the manufacturing, distribution, consumer product and food service industries. Over the past five years, Monomoy has closed over 30 middle market acquisitions, and its companies currently produce over $1.1 billion in combined sales and employ more than 4,500 people across four continents, from North America to Asia. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage profitable growth.

Starke County Unemployment Rate Unchanged in October

by rgifford Tue, November 20 2012 19:51

The Indiana Department of Workforce Development (DWD) released its October unemployment report this morning.  The State of Indiana experienced a slight drop of .1% from September at 8.0%.  Since October of 2011, that rate has fallen from 9.1% to the current level of 8.0%.  The State added 7,700 private sector jobs and since last October, has added a total of 67,000 private sector jobs.

Starke County's rate remained unchanged from September at 8.9%, and since October of 2011, that rate has fallen from 10.3%.

Ohio leads all neighboring states at 6.9%, while Kentucky is at 8.4%, Illinois is at 8.8%, and Michigan is at 9.1%.


National Unemployment Rate Up Slightly in October Despite Jobs Increase

by rgifford Fri, November 02 2012 18:14

The Department of Labor delivered its October jobs report this morning which showed that a net 171,000 jobs were created in the month, beating estimates by a considerable margin.  The average number of new jobs created over the past 4 months is 173,000 per month, as compared to the previous three  months of April to June, which only saw an average increase of 67,000 new jobs per month.

Despite the increase over estimates, the national unemployment rate actually increased from 7.8% in September to 7.9% in October.  Analysts attribute the increase in rate to the fact that more people are looking for work than before, as the government counts someone as being unemployed only if that person is actively searching for a job.

Starke County Unemployment Rate Drops Again in September

by rgifford Fri, October 19 2012 19:50

The Indiana Department of Workforce Development (DWD) released its September Unemployment Report this morning. Starke County experienced a drop in its rate from an adjusted 9.7% in August down to 8.9% for September. This is the lowest rate for the County since November of 2008, and the first time the rate has been under 9% in that same period of time. The number of unemployed persons also fell under 1000 for the first time since November of 2008.

On the state level, Indiana saw its first rate decline since April of this year, despite the fact that 6,000 private sector jobs were lost during the month. The Indiana rate fell from 8.3% in August to 8.2% in September. The DWD also reported that the state saw its first increase in the total labor force in the last 7 months. Around the Midwest, Indiana continues to have the second lowest rate to that of Ohio, at 7.0%. Kentucky is at 8.4%, Illinois is at 8.8%, and Michigan is at 9.3%.

U.S. Unemployment Rate Falls Below 8% for First Time in 44 Months

by rgifford Fri, October 05 2012 17:11

The U.S. unemployment rate fell from 8.1% in August to 7.8% in September, the first time that rate has been below 8% in nearly 4 years.  114,000 jobs were added in September, with many of those jobs coming in the health care industry.

Starke County Unemployment Rate Drops in August

by rgifford Fri, September 21 2012 20:24

The Indiana Department of Workforce Development (DWD) issued its August unemployment report this morning.  While Indiana saw its rate rise from 8.2% to 8.3% for the month, Starke County was one of 76 counties in the State to see a decrease in its rate,going from 9.9% in July down to 9.6% for August.  Most neighboring counties also saw a decrease in their rates.  The rate for Starke County has thus fallen from 11.7% in January of 2012 to this month's 9.6%.

Indiana saw an increase of 7,200 private sector jobs for the month, fueled mainly by the areas of Educational and Health Services (5.200) and Construction (2,000).  Of note for the past two months is a seeming discrepancy in figures tabulated by the U.S. Department of Labor's Bureau of Labor Statistics in the two measures of job growth and employment.  If their figures are accurate, it would show that over 66,000 Hoosiers have gone from gainfully employed to being no longer in the work force in a span of three months.  This is despite a net gain of over 11,000 private sector jobs in Indiana during the same period.  Starke County's reported Labor Force went from 10,587 in June to 10,381 in July and then back up to 10,415 in August.

National Unemployment Rate Drops Despite Lower Job Growth Than Expected

by rgifford Fri, September 07 2012 22:33

The August jobs report was issued this morning with less than expected results.  Only 96,000 new jobs were added during the month, while experts had expected about 125,000 new jobs.  Despite that report, the national unemployment rate fell from 8.3% in July to 8.1% in August, signaling that several individuals have stopped looking for jobs as opposed to new jobs being created.

State Road 8 East of Knox Reopens

by rgifford Fri, September 07 2012 19:17

State Road 8 just east of Knox has reopened for traffic as of this morning.  The road had been closed for the past two weeks while work was done on the railroad crossing just east of the Sabre manufacturing plant.  The reopening came about three days earlier than originally planned.



Indiana Named as Best Place to Do Business in the Midwest by Another Study

by rgifford Mon, August 27 2012 19:34

Indiana has once again received high ranking in the recently released Pollina Corporate Top 10-Business States for 2012 study.  Among states in the Midwest, Indiana received the top ranking and among all states, Indiana was rated as the 5th best state to do business in.  This is the fourth ranking in less than a year in which Indiana's business climate has received a top 10 ranking nationally.

The Pollina study is the ninth year that such rankings have been made, and the study is based on a review of 32 factors controlled by state government.  Indiana's ranking has moved up 18 places since 2010, earning it the title of "most improved state" this year.  Among neighboring states in the Midwest, Kentucky ranked 28th,Ohio 20th, Michigan 39th, and Illinois 48th.  During the same three year period of 2010-2012, Illinois saw their ranking go from 36th up to 48th, at the same time that Indiana was recording a noticeable improvement in their ranking.

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Creating Opportunities ... Delivering On Promises

"The first thing we have to do is prove we’re credible and then deliver results. We have done that. Give us a task and we’ll get the job done." Charles Weaver, Executive Director

Starke County location and logistics create opportunities:

  • A 90-minute drive to downtown Chicago
  • In the heart of Indiana, the "Crossroads of America"
  • Midway between the east coast and the Rocky Mountains
  • In the NAFTA Super Highway corridor
  • One day’s drive within one-third of the population of the United States
  • Excellent service from class-one and short line railroads

The Starke County Economic Development Foundation delivers on our promises to make your move here easier than you ever thought possible. We have:

  • Built and leased back spec buildings
  • Constructed lead track and rail spurs
  • Installed water tower, water mains, and sewer infrastructure
  • Upgraded highway interchanges
  • Continue to assemble land for development

The Foundation has built a reputation as the LEDO that partners with you to get the job done.

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