$100K incentive for store goes to council
A request by a Bartlesville, Okla., businessman for a $100,000 incentive to build a new Ace Hardware store in town will be heard by the Bartlesville City Council Monday, according to a report in the Bartlesville Examiner-Enterprise.
The hearing follows previous discussions by the local businessman, Jeff Potter, and the Bartlesville Development Corp. board of directors.
According to the arguments for the incentive, a new hardware store would bring 12 to 14 full-time jobs to the area, plus about $20,000 in city revenue generated by sales tax. The proposal calls for a $10,000-per-year incentive for a 10 years.
The city council denied a similar request in 2010, when Tractor Supply sought an incentive. Other local businesses objected on the grounds that the store wouldn’t bring new customers but would divert customers from existing stores, according to the newspaper.
Kentucky store closes its doors
According to a report in the Cincinnati Enquirer, The Klingenberg’s Do it Best hardware store in Newport, Ky., has closed.
The store had operated under various owners for 90 years. It was one of five Klingenberg hardware stores opened by five Klingenberg brothers in 1922, according to the newspaper.
The Newport store was most recently owned by Don Hartig, who told the newspaper the store couldn’t beat the economic downturn. Klingenberg hardware stores in Erlanger, Fort Thomas and Dayton closed previously. Two stores remain open — in Covington and Latonia.
Hillman to acquire H. Paulin & Co.
The Hillman Cos. agreed to buy Toronto-based fastener distributor H. Paulin & Co. for $103.7 million (C$103 million).
“We are excited to become an integral part of the Hillman organization,” said Richard Paulin, who will continue as president of the new division of Hillman Canada. “This acquisition joins two great and complementary industry leaders with over 140 years of combined fastener knowledge.”
The transaction is expected to close in the first quarter of 2013.
The $103 million price tag represents a premium of about 116% of the 20-day volume weighted average price of the Paulin shares on the Toronto Stock Exchange as of Dec. 17.
Hillman CEO Max Hillman said the combined company will implement best practices of Paulin and Hillman “to better serve customers and to grow the combined operations throughout Canada.”
Cincinnati-based Hillman was founded in 1964 and began serving Canada in 2002. The company said it has more than 20,000 retail customers in the United States, Canada, Mexico, South America and Australia.