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Noon news headlines for Feb. 21, 2013
Summa offers Catholic Health Partners a minority stake; Sherwin-Williams agrees to payback $80 million to retirement fund; Ford boosts Brook Park production of EcoBoost engine

Reporter / Host
Jeff St. Clair
  • Summa offers Catholic Health Partners a minority stake
  • Sherwin-Williams agrees to payback $80 million to retirement fund
  • Ford boosts Brook Park production of EcoBoost engine 
  • List of elder abuse watchdogs may expand
  • Summa offers Catholic Health Partners a minority stake
    A major northeast Ohio healthcare system is taking on an even bigger partner in response to changing business models in the healthcare industry. Summa Health Systems announced today that it plans to sell a minority share in its $1.6 billion dollar operation to Catholic Health Partners.  It could take months to hammer out the details. Catholic Health Partners is a $5.6 Billion dollar hospital system based in Cincinnati that manages 100 health centers in Ohio and Kentucky. Summa began its search for a larger non-profit partner last July in order to prepare for what Board Chairman Norman Wells calls a “new era of healthcare.” Summa says “both organizations have prepared for the transition to value-based payments”;  changes in hospital billing that are part of the Affordable Care Act. Summa owns Akron City, St. Thomas, Barberton and Wadsworth-Rittman hospitals, as well as SummaCare insurance.

    Sherwin-Williams agrees to payback $80 million to retirement fund
    Cleveland-based Sherwin-Williams has reached a deal with the U.S. Department of Labor that will pay back $80 million to current and past participants of its employee retirement plan. Federal investigators found that stock purchases by the company and the bank managing its retirement fund did not benefit workers. The settlement came out of an investigation by the Labor department into whether Sherwin-Williams and GreatBanc Trust Company sought to take advantage of tax breaks. The Feds found the companies improperly managed the plan in violation of the Employee Retirement Income Security Act.

    Ford boosts Brookpark production of EcoBoost engine 
    Ford announced today it’s investing $200 million in its Brook Park engine plant. Workers narrowly approved a deal on Monday that paves the way for up to 450 new jobs coming to the plant over the next few years. Ford worker Dave Ozanich says he's not sure that Brook Park getting the EcoBoost would have been affected if the vote failed. The 2-Liter engine is currently made in Valencia, Spain, but production there will not be affected. Ford is boosting production in the U.S. to meet increasing North American demand for vehicles with the EcoBoost engines.

    List of elder abuse watchdogs may expand
    Proposed Ohio legislation would add bankers, pharmacists and county humane society agents to the list of people required under law to report suspected elder abuse. The bill introduced today by Republican House Reps. Mike Dovilla of Berea and Wes Retherford of Hamilton adds those categories to existing requirements for doctors, dentists and hospital workers. The legislation's goal is to strengthen Ohio's existing Adult Protective Services Law. The legislation would also require a state registry to help identify patterns of elder abuse.

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