Tax law changes boost Dixie Group profits
The Dixie Group Inc. said Wednesday it expects its net income to increase this year from the cut in corporate income taxes, but the Chattanooga-based carpet company will take an $8.2 million non-cash charge against its 2017 earnings in response to the tax changes.
Dixie said the cut in the top corporate tax rate from 35 percent to 21 percent, and other changes to the income tax rules, requires revaluation of the company’s deferred tax assets and liabilities.
The carpet maker plans to release details of its 2017 results on March 1.
Dunkin’ Donuts to drop foam cups by 2020
Foam cups at Dunkin’ Donuts will soon be history, removing what the company estimates will be a billion of them each year from the waste stream.
Dunkin’ said Wednesday the polystyrene foam cups will be completely phased out from its stores globally by 2020.
Because foam packaging decomposes slowly, ends up in oceans and can harm marine life and other animals that ingest it, there has been push to ban its use.
Dunkin’ Brands Group, Inc., based in Canton, Mass., joins other chain restaurants trying to diminish its footprint.
McDonald’s said last month it would use only recycled or other environmentally friendly materials for its soda cups, Happy Meal boxes and other packaging by 2025.
Billionaire buys Los Angeles Times
A biotech billionaire struck a $500 million deal Wednesday to buy the Los Angeles Times, ending the paper’s quarrelsome relationship with its Chicago-based corporate overseers and bringing it under local ownership for the first time in 18 years.
The agreement between Los Angeles medical entrepreneur Dr. Patrick Soon-Shiong and Tronc Inc. represents the latest instance of a rich, civic-minded individual purchasing a newspaper from a big corporation.
Soon-Shiong, 65, amassed his fortune in part by developing a cancer drug in 1991. He was already a major shareholder in Tronc, one of the richest men in Los Angeles and the nation’s wealthiest doctor by Forbes’ estimate, with a net worth put at $7.8 billion.
The deal includes the purchase of The San Diego Union-Tribune and some other publications and the assumption of $90 million in pension liabilities.
Harley recalls bikes for brake problems
Under pressure from U.S. safety regulators, Harley-Davidson is recalling over 250,000 motorcycles worldwide because the brakes might fail.
Documents posted Wednesday by the U.S. National Highway Traffic Safety Administration say the recall covers more than 30 models from the 2008 through 2011 model years. Harley said deposits can form on brake parts if the fluid isn’t changed every two years as specified in the owner’s manual. That can cause a valve in the antilock brake control unit to stick.
The U.S. agency began investigating problems in July of 2016 after getting 43 complaints including three reports of crashes and two injuries.
Documents show Harley wanted to do a field service campaign instead of a recall, but the government refused.