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The new Professional MBA program at the University of Louisville is designed to provide students with more real-life situations and skills.

The University of Louisville is replacing its traditional masters of business administration program with a two-year program that stresses teamwork and interaction with real businesses. Students accepted into the Professional MBA program will go through the program together, taking the same classes at the same time.

Classes will take place two nights a week and on occasional Saturdays in 14 six-week blocks, a structure designed to help students learn real-life skills such as career management, conflict resolution, risk management and creativity, said Charles Moyer, dean of the business school.

The new program also will require students to work on projects with local businesses and will include an international studies trip. Students who pursue the MBA without interruption will receive a no-tuition-increase guarantee.

The new program is scheduled to begin this August. A Saturday-only MBA option is also planned and will be launched in January 2008.

The goal, Moyer said, is to make the program “more accessible and boost local economic development efforts to build, attract and retain a high-quality workforce.”

Coldstream Laboratories will concentrate on developing and producing small batches of sterile pharmaceuticals required for clinical trials and orphan drugs, which are those used to treat rare diseases.

The University of Kentucky has announced that its Center for Pharmaceutical Science & Technology (CPST) will become a private business.

The idea, according to UK Vice President for Commercialization and Economic Development Len Heller, is to create a more flexible and competitive business named Coldstream Laboratories.

“There is no question that we have a cutting-edge advanced pharmaceutical manufacturing center that will fill an important niche for the industry,” Heller said. “In order to take advantage of this new business opportunity, we are already looking at incorporation, competitive compensation, and access to capital for future expansion and growth.”

Coldstream Laboratories will operate as a subsidiary of Kentucky Technology Inc., the University of Kentucky’s for-profit company that invests in and operates businesses and real estate such as Coldstream Research Campus, and develops and markets UK’s research discoveries. 

Joseph Wyse, Ph.D., who has been working as the CPST managing director and has 17 years of experience in the pharmaceutical industry, will assume the position of president. Nearly 30 professionals will transition with Wyse from UK staff to employees of Coldstream Laboratories. 

Seiichi Sudo (right), president of Toyota Motor Engineering and Manufacturing North America, said he hopes the new Institute of Research for Technology Development ôwill help other industries add new technologies to meet changing needs in today's manufact

Toyota Motor Engineering and Manufacturing North America Inc. has given $1 million to the University of Kentucky College of Engineering to support a new Institute of Research for Technology Development.

The new institute will explore and develop new technology aimed at increasing productivity, performance and profitability in a variety of manufacturing industries.  The institute will be headed by Kozo Saito, a UK engineering professor with a longstanding relationship with Toyota who has performed research to improve painting efficiency in the manufacturing process.

“This gift continues and deepens UK’s relationship with Toyota.  It further builds the kind of university-industrial partnership that we at UK believe is essential to creating a foundation for 21st century prosperity in the Bluegrass State,” said UK President Lee T. Todd Jr. “It also demonstrates Toyota’s confidence in UK’s researchers to help that company continue to make products that have made it a worldwide leader.”

The institute will operate labs both on campus and in the former Lexel Building at Coldstream Research Campus.  The labs will focus on laser diagnostics, paint inspection, wet spray paint, computational fluid dynamics simulation, conceptual design and nanomaterial synthesis.  The facility also will include a prototype testing unit for automobile surface coating and other applications.

The institute will develop products such as the Vorticone®, a system that captures excess paint from the manufacturing process and prevents it from being shed into the environment.

The new institute also will pursue new technology useful in production of carbon nanotubes, steel, aluminum, environmental pollution prevention equipment from coal-fired power plants and fire safety equipment.

Toyota’s gift qualifies for matching funds from the state’s Research Challenge Trust Fund.

St. Luke Hospitals, like St. Elizabeth, operate as not-for-profit institutions.

The boards of directors at St. Luke Hospitals, Inc. and St. Elizabeth Medical Center have announced their intent to combine the two Northern Kentucky health care organizations.

The merger would give the combined company a more significant place in the market, with a total of 949 beds. (St. Elizabeth is currently licensed for 555 beds; St. Luke for 394.)

The two hospitals have a long heritage of providing health care services to Northern Kentucky and Greater Cincinnati. St. Elizabeth is sponsored by the Diocese of Covington and has locations in Covington, Edgewood and Williamstown, as well as numerous other facilities and services throughout Northern Kentucky. The St. Luke facilities include St. Luke East in Fort Thomas, St. Luke West in Florence, and the St. Luke Drug and Alcohol Treatment Center in Falmouth. The systems currently cooperate on a number of projects and services including TransCare and the Kentucky Diagnostic Centers. Both St. Luke and St. Elizabeth are not-for-profit, mission-based institutions.

The boards have agreed that all current hospital facilities will remain open and, at least for the short term, will continue to operate under their individual names. While the consolidation of services and reduction of costs is a major component of the planned merger, hospital officials say that because of the population growth and demand for services in Northern Kentucky, no loss of jobs is anticipated. In fact, the hospitals anticipate that by having more resources, they will be able to attract more doctors with more specialties.

The merger does hinge on St. Luke’s gaining court approval to withdraw from its current partnership with Health Alliance, a Greater Cincinnati health care system.

The Reynolds Food Packaging plant in Mt. Vernon produces plastic trays and containers used in the food service industry.

Alcoa has announced plans to close its Reynolds Food packaging manufacturing plant in Mt. Vernon as part of a company restructuring plan.

The closing, which impacts 115 people, is expected to take place by the middle of the year.

The Mt. Vernon plant produces thermoformed and injection molded plastic trays and containers, primarily used in the bakery, deli and food service markets.

“Despite the outstanding efforts of our workforce, the costs and demands of the market simply cannot support this facility,” said Ray Newton, Reynolds Food Packaging director of thermoforming operations.

Alcoa plans to transfer production from the Mt. Vernon plant to other Alcoa facilities.

Production will continue in Mt. Vernon through April.

The parts produced by Kobe Aluminum's new mechanical forging press will be used in the Nissan Altima (pictured above), as well as the Nissan Maxima, Honda's Odyssey and MDX, and General Motor's Tahoe and Suburban models.

Kobe Aluminum Automotive Products, LLC is investing $14 million in its Bowling Green facility to add a fourth mechanical forging press and associated equipment.
The Bowling Green-based company, which is the U.S. subsidiary of Kobe Steel, Ltd., is a supplier for Honda, Nissan, and General Motors. The company’s expansion comes in response to increased demand for lightweight automotive suspension systems.

Since KAAP’s start-up in June 2005, production of aluminum forgings has continued to expand. Strong demand required the company to install a second forging press in April 2006 and a third press in December of the same year. KAAP currently manufactures 190,000 pieces per month. KAAP anticipates that demand will continue to increase in the future as aluminum is being considered in new car applications, primarily by Japanese automotive companies.

With cars being fitted with more safety devices and options, they have been growing heavier, leading American and Japanese automakers to turn to forged aluminum suspensions. According to information released by Kobe, aluminum suspensions are about 40 percent lighter than suspensions made of steel castings and also contribute to improved drivability and ride quality.

When the No. 4 forging press goes into operation in April 2008, KAAP’s production capacity will rise to 280,000 pieces per month, a 33 percent increase. The company employs approximately 180 people at its plant in Bowling Green.

With security restrictions making commercial air flights frustratingly
time-intensive these days, an old-fashioned mode of travel appears to be making a comeback. Megabus, an intercity express bus line, has entered the Louisville market, offering daily service to Chicago and Indianapolis. The company launched its service in March 2006 and now offers service between Chicago and 13 cities throughout the Midwest. Prices begin as low as $1 per seat. Schedules and ticketing information are available online at www.megabus.com.

The proposed Iron Quarter complex will contain about 120,000 square feet of retail space and 110,000 square feet of office space, and will include 500 parking spaces inside the development. Developer Todd Blue has not yet named the tenants he is seeking f

Louisville developer Todd Blue has announced plans for a $50 million retail-office complex to be built in downtown Louisville. The Iron Quarter complex will be adjacent to the city’s planned $252 million downtown arena and will feature everything from clothing, furniture and jewelry stores to restaurants, cafes and coffee shops.

Blue owns eight buildings in the East Main Street block, along with a vacant lot. Six of the building have historic cast-iron facades, hence the name Iron Quarter. The development’s name also pays homage to the Blue family’s former scrap metal business, which for decades operated nearby.

Blue plans to keep the historic cast-iron facades while building a new glass structure on the vacant lot. He will also construct a series of new glass and steel structures on top of the East Main buildings, merging historic 19th century architecture with contemporary 21st century style. The project was designed by Bravura, a Louisville architectural firm headed by Jim Walters.

City leaders were exultant over the announcement.

“The arena is already paying huge dividends, even before the first shovel of dirt is turned,” Mayor Jerry Abramson said. “This proves that our decision to build the arena downtown was correct.”

Construction is to begin this December with a grand opening scheduled for spring 2010.

Heaven Hill Distilleries has received approval from the Kentucky Economic Development Finance Authority for economic incentives to fund a planned expansion of its historic Bernheim Distillery in Louisville. The Bardstown-based company has seen a marked increase in demand for its bourbon and other whiskies and is pursuing the expansion to help meet that demand. The expansion will add more space to accommodate a new grain handling system, a new mash cooker, and new fermenters. The additional equipment is expected to boost output by approximately 40 percent. The company anticipates hiring some 15 additional workers, bringing total employment at the distillery to around 50.

BWI supplies children's and young adult books to thousands of public libraries around the country.

Book Wholesalers Inc. (BWI) has announced plans to move its headquarters and distribution center from Lexington to Illinois.

BWI is a full-service provider of books and audiovisual items to more than 2,200 public library systems. The company employs approximately 300 people in Lexington.

In making the announcement, company officials explained that BWI had outgrown its Lexington facilities. The move to McHenry, Ill., will allow BWI to utilize existing warehouse and office space owned by its parent company, Follett Corp. It will also put BWI in closer proximity to Follett’s four other divisions, all of which are located in Illinois.

The relocation will be conducted in phases and is expected to complete by the early part of 2008. Employees are being offered the option to relocate to McHenry, which is some 55 miles northwest of Chicago. Those who opt to decline the relocation are being offered severance packages and outplacement services.

Lexmark International Inc. has been named one of the 100 Best Corporate Citizens for 2007, according to a recent list published by CRO magazine.

Now in its eighth year, the “100 Best Corporate Citizens” list identifies companies that excel at serving a broad range of stakeholders.  The list is drawn from more than 1,100 of the largest U.S. publicly traded companies. The 100 Best Corporate Citizens list was developed by Business Ethics magazine, which was incorporated last year into The CRO, a membership organization for corporate responsibility officers.

“The 100 Best distinguish themselves from their peers at other large public companies by embracing higher standards – combining strong financial performance with responsible practices on environmental and social issues,” said Michael Connor, publisher and editor of CRO magazine.  “We salute the 100 Best for their leadership roles in the field of corporate responsibility.” 

Lexmark was ranked 80th in the annual survey, which has gained national recognition as an indicator of best practices in the area of corporate responsibility.

Headquartered in Lexington, Lexmark provides printing and imaging products in more than 150 countries. In 2006, the company reported $5.1 billion in revenue.

Medical Multiplex Inc., a Louisville company that operates wound-care centers, has merged with National Healing Corporation, of Boca Raton, Fla.

Both privately owned companies offer development and management of outsourced wound healing centers and hyperbaric oxygen facilities.

MMI partners with 22 centers in 11 states and has 200 employees, 27 of whom are employed at its St. Matthews headquarters. The company will become a division of NHC, which accounts for more than 23 percent of the nation’s managed wound healing centers. Through the merger, the combined company holds 113 contracts with hospitals in 30 states.

As a result of the acquisition, NHC will be able to customize a variety of services for its hospital clients, including management, development, consulting, clinical training and education and technical expertise.

NHC CEO James Patrick said, “While National Healing Corporation and Medical Multiplex, Inc. expect to experience economies of scale due to the acquisition, the driving force of this merger is to marry leading-edge research and technology with unparalleled clinical education programs. Together we have the wound outcome databases, clinical pathways, software and established research partnerships to create what we believe will become the new gold standard in wound care and hyperbaric oxygen therapy services.”

Steel Technologies Inc., a Louisville-based manufacturer of flat-rolled steel, has signed a definitive merger agreement with Mitsui USA in a deal valued at $532 million.

Steel Technologies operates 25 steel processing facilities, including its joint venture operations, throughout the United States, Canada and Mexico. The company processes flat-rolled steel to specified thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, agricultural, recreational and office equipment industries, among others.

Mitsui USA is the largest wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global trading, investment and service enterprise that is headquartered in New York. Mitsui USA has operations in iron and steel products and raw materials, infrastructure projects, machinery, information technology, chemicals, plastics, energy and consumer products, among others.

Steel Technologies and Mitsui have been 50/50 joint-venture partners for 20 years in Mi-Tech Steel, a company that processes flat rolled steel with a focus on “new domestic” automotive customers. The merger will significantly expand Steel Technologies’ North American platform and will create one of the leading steel processing companies in North America.

Upon completion of the merger, Steel Technologies will operate as a separate, wholly owned subsidiary with the current management team maintaining responsibility for the company’s performance and growth strategies.

Ichizo Kutsukake, senior vice president of Mitsui USA’s Iron and Steel Products Division noted that as a result of their 20-year partnership, the two companies “know each other’s strengths quite well” and said that Mitsui is committed to supporting Steel Technologies’ initiative to deepen its penetration in existing markets and develop opportunities in new markets.

The transaction is expected to close by the end of June.

The Kentucky World Trade Center will hold its annual World Trade Day Awards Luncheon and International Trade Fair on June 5 at the Galt House Hotel in Louisville.

Attendees will have the opportunity to meet with trade representatives from more than 20 countries and network with Kentucky business people who represent the state’s international manufacturing and service firms.

Last year’s event in Lexington drew more than 300 attendees, 50 exhibitors and more than 40 representatives from 22 countries.

The cost, which includes lunch, is $55 for Kentucky World Trade Center members and $70 for non-members. Tickets for tables of 10 are also available at a cost of $5000 for members or $600 for non-members.

For more information and reservations, contact the Kentucky World Trade Center at (502) 574-2400 or kwtc@louisvilleky.gov or visit www.kwtc.org/world_trade_day_ 2007.php.

Unemployment rates fell in 88 Kentucky counties between January 2006 and January 2007, according to the latest figures released by the Kentucky Office of Employment and Training.

Kentucky Unemployment Rates
January 2007

Lowest Unemployment			Highest Unemployment
Woodford	4.0%		Jackson	14.4%
Fayette	4.2%		Clay	12.5%
Warren	4.7%		Magoffin	12.5%
Madison	4.9%		Wolfe	11.8%
Scott	4.9%		Owsley	11.5%
Jessamine	5.0%		McCreary	11.4%
Bourbon	5.1%		Menifee	11.1%
Franklin	5.1%		Muhlenberg	11.0%
Boone	5.2%		Morgan	10.6%
Campbell	5.2%		Bath	10.4%
Kenton	5.2%

For January ’07, Woodford County recorded the lowest jobless rate in the commonwealth, with 4 percent. Jackson County recorded the state’s highest unemployment rate – 14.4 percent. The overall state unemployment figure for January 2007 was 6.3 percent, compared to 6.6 percent in 2006.