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THURSDAY, APRIL 13, 2017 | IN THIS ISSUE
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 B/E Aerospace becomes Rockwell Collins Interior System
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An employee from Rockwell Collins' new Interior Systems business builds airline cabin seats at its Winston-Salem, North Carolina-based facility. Photo / Rockwell Collins
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The acquisition of B/E Aerospace by Rockwell Collins was finalized this week, completing a deal that will bring Rockwell Collins' employment to 30,000 and add a new Interior Systems business focused on aircraft cabin furnishings and fixtures.
The deal, totaling $8.6 billion in payment and assumed debt, is the largest in Rockwell Collins' 85-year history. It increases Rockwell Collins' annual revenue to more than $8 billion on a 2016 pro-forma basis.
Rockwell Collins said B/E Aerospace will immediately come under the Rockwell Collins brand. As previously announced, former B/E Aerospace president and CEO Werner Lieberherr became the executive vice president and COO of Rockwell Collins Interior Systems, reporting to chairman and CEO Kelly Ortberg. In a press release, Mr. Lieberherr pointed to common values between the companies, adding, "joining the Rockwell Collins family and its forward-thinking approach to the market sets us on an exciting path that will greatly benefit our customers, employees and shareowners."
B/E Aerospace brings a global manufacturing platform, which includes considerable manufacturing capacity in the United States. Its main product lines are seating, food and beverage preparation and storage equipment, lighting and oxygen systems, and modular galley and lavatory systems.
"Today marks a major step in advancing our vision of being the most trusted source of aviation and high-integrity solutions in the world," Mr. Ortberg stated in a press release. "The industry-leading products and solutions being brought together by this acquisition give us a much broader offering, increasing value for our customers and ultimately driving long-term, profitable growth and shareowner value."
Rockwell Collins issued $4.65 billion in bonds to partially fund the acquisition, according to an SEC filing Monday.
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Wells Fargo & Co. reported little change in earnings for its first fiscal quarter as the company continued to respond to fallout of a consumer scandal in which bank employees opened accounts in customers' names without their authorization.
For the quarter ended March 31, Wells Fargo reported diluted earnings per share of $1, up from 99 cents in the first quarter of fiscal 2016, on net earnings of $5.5 billion, virtually unchanged from a year earlier.
Results were constrained by lower mortgage banking revenues and increased costs for legal expenses and personnel. Revenues were down about 1 percent, to $22 billion.
"Wells Fargo continued to make meaningful progress in the first quarter in rebuilding trust with customers and other important stakeholders, while producing solid financial results," CEO Tim Sloan stated in a press release. " We have taken significant actions throughout the company to date and we are committed to building a better bank as we move Wells Fargo forward."
Mr. Sloan said he was pleased to see improved customer service scores, record levels of deposits, more primary consumer checking customers and record client assets in the Wealth and Investment Management unit. He said the board of directors has just issued a report on its investigation into the company's banking sales practices which will prove useful in identifying areas for improvement.
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WorldBlu, a company specializing in freedom-centered, democratic organizational design and leadership, announced it has certified Cedar Rapids-based Geonetric as part of the 11th annual WorldBlu List of Freedom-Centered Workplaces, published annually on "Freedom at Work" Day.
"We're proud to be one of only 24 organizations worldwide to earn this honor. Over the years, we've evolved from being just a cool company in Cedar Rapids to one that is recognized globally for our efforts to truly empower employees and promote their well-being. We know that employees who feel valued and trusted are happier at work and produce better results for our clients," Linda Barnes, CEO of Geonetric, stated in a press release. "We've realized higher employee satisfaction and client satisfaction since practicing freedom at work. Our self-directed teams produce value for our company from the bottom up, not the top down."
WorldBlu evaluates an organization's practice of democratic principles such as transparency, dialogue, listening, integrity, decentralization and accountability.
"Companies that practice freedom rather than fear in their workplace in terms of how they operate and treat their employees average almost seven times higher revenue growth compared to companies on the S&P 500 Index," WorldBlu Founder and CEO Traci Fenton stated in a press release. "Organizational democracy is the framework for freedom, and it's a proven strategy for creating world-class cultures and highly sustainable companies."
Organizations are eligible for the WorldBlu List of Freedom-Centered Workplaces after employees complete The WorldBlu Freedom at Work Scorecard, which evaluates their practice of the WorldBlu 10 Principles of Organizational Democracy. Organizations from the for-profit and non-profit sectors in operation for at least one full year with five or more employees can apply.
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Laura Ling |
Iowa Women Lead Change (IWLC) announces one of the Eastern Iowa Conference speakers, Lisa Ling, will be replaced by her sister, Laura Ling. Lisa Ling was called away by CNN for the entire month of April, so her sister, Laura will be the luncheon speaker April 27. She will share her story from when she was apprehended and held prisoner by North Korean soldiers while filming a documentary.
"When we found out Lisa was unable to make it to our conference this year, of course we were disappointed, but as I know, the life of a journalist means you're always on-call," Tiffany O'Donnell, IWLC Chief Operating Officer, stated in a press release. "That being said, we're thrilled to have Laura Ling as part of our powerful lineup of speakers and look forward to hearing her story of being held captive and prevailing from that experience. She's also the host of a series that profiles inspiring people who have broken boundaries to achieve their goals."
The 2017 Anniversary Dinner keynote speaker is Gretchen Carlson. In 2016, the former Fox News anchor became the face of sexual harassment in the workplace, gracing the cover of Time magazine and standing strong in her determination to promote a safe working environment for all women.
The Eastern Iowa Conference is April 26-27 at the DoubleTree by Hilton Hotel Complex in Cedar Rapids. Ticket prices are $495/person for conference attendee or $4,950/per table of 10. For more information, visit
www.IWLCLeads.org/EasternIowa
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The cities of Cedar Rapids and Marion will observe Good Friday on April 14. Most city offices will be closed on that day.
In Cedar Rapids, the following city services will continue to operate as indicated below:
- CR Transit: Normal hours
- Fire Department: Administration and Fire Marshal's offices open 8 a.m.-4:30 p.m.; responding to emergencies
- Golf Department: Office closed; Ellis, Gardner and Twin Pines golf courses open
- Police Department: Administrative offices closed. Non-emergency calls can be directed to (319) 286-5491.
- Solid Waste & Recycling: Garbage, yard waste and recycling will be collected as normal; office closed
- Water Pollution Control: Operating as usual
In Marion, police, fire and other critical city services will continue to be provided on Friday. The Marion Public Library will be closed both Friday and Sunday. Garbage, recycling and yard waste will be collected according to the normal schedule.
The Public Services office and Yard Waste Facility will be closed Friday. The Recycling Drop-off Center and Yard Waste Facility, both located at 195 35th St., will maintain normal hours of operation from 8 a.m.-4:15 p.m. Saturday.
Utility payments will be accepted via either drop box located outside City Hall. Drop boxes are located at the building entrance along Sixth Avenue and near the 12th Street driveway entrance.
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Short-Term Event Planner
April 13
EDC's Annual Meeting,
by the Entrepreneurial Development Center, 11:30 a.m.-1 p.m., The Hotel at Kirkwood Center, 7725 Kirkwood Blvd. SW, Cedar Rapids. Attend to hear first-hand from several Corridor entrepreneurs regarding their experiences with launching and scaling their businesses in Iowa. Cost: $50 each or $400 for a table of 10.
April 17
Coralville Roundtable - Wig & Pen Pizza Pub,
by the Iowa City Area Chamber of Commerce, noon-1 p.m., 1220 W. Highway 6 Iowa City. Roundtables are social lunches over the noon hour. All are invited to network, keep up to date with chamber and community events and frequent a member restaurant or business. Free. For more information, call the chamber at (319) 337-9637.
QuickBooks: The Basics,
by SCORE and Kaplan University, 5:30-7:30 p.m., Kaplan University Room 135, 3165 Edgewood Parkway SW, Cedar Rapids. This hands-on class will teach the basics of QuickBooks accounting software. Free. Registration required at conta.cc/2oS4xJP.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28
Iowa Gov. Terry Branstad has signed a wide-ranging gun bill into law that includes a stand-your-ground provision. Portions of the bill which was signed today go into effect immediately though most will be enforced starting July 1. Democrats and gun safety advocates expressed concern over the stand-your-ground provision, which will allow people to use deadly force anywhere if they felt a risk to their life or safety. They say it will lead to racial tensions and increase gun violence. Republicans say the bill will expand Second Amendment rights in the state. The bill will also allow a person with a weapons permit to bring a concealed handgun into the state Capitol. Minors under 14 will be able to use handguns with parental or guardian supervision.
T
hese news items are provided by CBS2/FOX 28
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CBS2 Chief Meteorologist Terry Swails' Weather First Forecast
Temperatures will start off mild in the morning and, with some clearing in the afternoon, will rise into the 60s. A stronger storm will move into the Midwest late Thursday and draw up a lot of moisture for Friday and Saturday. It will also get pretty warm with temperatures climbing through the 60s and close to 70. Scattered showers and thunderstorms will be likely both afternoons.
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