FRIDAY, AUG. 17, 2018  |  IN THIS ISSUE  
Story1Corridor companies make up one-third of Iowa's fastest growing

Of the 5,000 fastest growing companies in the nation recognized this week by Inc. magazine, 26 are based in Iowa. More than a third of those - 10 - are based in the Corridor. 

The fastest-growing companies in America "are a force," the magazine reported as part of its annual Inc. 5000 list, "notching collective revenue of more than $206.2 billion in 2017 and three-year revenue growth rates that top out at 75,661 percent."
 
The highest-ranked Iowa company was Ivy Lane, coming in at No. 811. The West Des Moines-based business which operates 35 Valvoline Instant Oil Change stores reported 621 percent growth over three years.
 
Cargofy, a Cedar Rapids-based logistics and transportation company, was the highest-ranked company in the Corridor, coming in at No. 822, with 613 percent growth and $2.7 million in revenue.

Other Corridor companies on this year's list include:
  • Moxie Solar, of North Liberty, at No. 1163
  • KASA Solutions, Cedar Rapids, No. 1183
  • Converge Consulting, Cedar Rapids, No. 1399
  • Ready Wireless, Hiawatha, No. 3244
  • MediRevv, Coralville, No. 3382
  • Circle Computer Resources, Cedar Rapids, No. 3399
  • Ideal Industries, Vinton, No. 3545
  • Involta, Cedar Rapids, No. 3550
  • Clickstop, Urbana, No. 4736

Iowa's seasonally adjusted unemployment rate dropped to 2.6 percent in July, down from 2.7 percent in June and from 3.1 percent one year ago, Iowa Workforce Development (IWD) announced this morning.  
 
The U.S. unemployment rate decreased to 3.9 percent in July. 
 
"Iowa hasn't seen an unemployment rate this low in 18 years and the amount of help available to employers to find workforce is substantial, as evidenced by the more than 13,000 additional Iowans employed now compared to the same time last year" said IWD Director Beth Townsend in a release. 
   
The number of unemployed Iowans decreased to 44,000 in July from 44,900 in June. The current estimate is 8,100 lower than the year-ago level of 52,100. 

The retail sector shed the most jobs in July (-3,000) and was responsible for all of the loss in the trade and transportation super sector (-2,100).  Much of the decline was expected, state officials said, given the recent announcements of store closures around the state. IWD warned the downward trend could continue through 2018 as online sales continue to gain in popularity around the nation.
 
July's largest job gains came in manufacturing, which added 1,300 jobs in July following a moderate gain of 900 jobs in June.

The largest union representing Rockwell Collins workers voted Wednesday to authorize a strike against the company amid an ongoing dispute over the outsourcing of work formerly performed by union members.

Members of Local 1362 of the International Brotherhood of Electrical Workers (IBEW) voted Wednesday to authorize a strike, with 82 percent of members backing its authorization. The vote is only the initial stage in a process to call a strike, and no work stoppage has resulted.

Rockwell Collins eliminated 62 custodial positions held by IBEW members in 2016 and outsourced the work to an outside firm. The union objected that the outsourcing violated the company's contract with the IBEW, and took its complaint to arbitration. Last month, an arbitrator ruled that Rockwell Collins' action violated the contract, giving the company 60 days to remedy the situation. Rockwell instead filed a lawsuit in federal court seeking to overturn the arbitrator's decision.

IBEW Local 1362, based in Cedar Rapids, indicated that the strike authorization vote is a response to Rockwell Collins' inaction in reversing the terminations and outsourcing.
 
"We hope this sends a clear message to the company to comply with the arbitrator's decision," the union said in a prepared statement.

Rockwell Collins continues to believe it is in compliance with its labor agreement with IBEW Local 1362, according to its own statement issued Thursday.

"We respect the right of our employees and others to voice their opinions," said the statement issued through spokeswoman Pam Tvrdy-Cleary. "We believe we have acted on this matter in good faith and in full compliance with the current collective bargaining agreement. Rockwell Collins will continue to work with the union to resolve this matter."

The potential for a labor dispute looms as United Technologies Corp. works to complete its pending acquisition of Rockwell Collins, expected sometime this summer.
 
Staff at Marion Process Solutions have begun moving into a new technical facility located next to its existing business at 3575 Third Ave. in Marion.   
The company has announced a ribbon cutting ceremony will be held Aug. 21 at 9:30 a.m.

Marion Process Solutions broke ground in October on an 8,200-square-foot addition for sales, engineering and testing services. The space will allow customers to participate in the testing and design of their custom solutions on-site.

"It's truly a collaborative space, showcasing the insight and innovation the team at Marion Process Solutions delivers, creating a competitive advantage for our valued customers around the world," Ryan Murphy, senior vice president of sales and marketing, said in a release.

Marion Process Solutions specializes in the design and manufacturing of custom mixing, blending and thermal processing solutions in support of the food, chemical, mineral, plastics and biomass markets. 

Moody's Investors Service has upgraded Mercy Iowa City's revenue bonds to Ba3 from B1, and revised its outlook to positive from negative in recognition of a one-year improvement in operating income of nearly $30 million.

This upgrade follows Mercy's comprehensive debt recapitalization and pay down of direct debt due to a significant financial turnaround during the last year. Hospital officials say the positive outlook reflects the system's upwards trajectory during the past fiscal year in improving operating results. Moody's anticipates that Mercy Iowa City will continue to show better results and return to positive income over the next two years.

"The confidence that Moody's has shown in Mercy Iowa City's performance after just 12 short months underscores the hard work, dedication and skill of the team we are blessed to have," said Sean Williams, Mercy Iowa City's president and CEO, in a statement.
 
"We are well on our way to continued performance improvement in this fiscal year and following," he added. "While this continues to be a team effort, I want to call out in a special way the outstanding expertise, focus and leadership of Doug Davenport, CFO. Mercy's improving financial performance is being built on years of recognized excellence in clinical quality and patient satisfaction." 

Key elements of the turnaround included a focus on physician staffing, core services and longer-term referral partnerships with Mercy Health Network, such as the recent partnership formed with Iowa Heart Center, revenue cycle improvements and new management team members with experience in hospital turnarounds.
 
Aug. 20
Coralville Roundtable, by Iowa City Area Chamber of Commerce, noon-1 p.m., Cheddar's Scratch Kitchen, 2824 Commerce Drive, Coralville. Roundtables are social lunches over the noon hour. All are invited to network and keep up-to-date with chamber and community events. Free for members. Call the chamber at (319) 337-9637 if interested and not a member.

Aug. 21
Iowa City Roundtable, by Iowa City Area Chamber of Commerce, noon-1 p.m., Mosley's Barbeque, 525 S. Gilbert St., Iowa City. Roundtables are social lunches over the noon hour. All are invited to network and keep up-to-date with chamber and community events. Free for members. Call the chamber at (319) 337-9637 if interested and not a member.

Ribbon Cutting: 365 Nutrition, by Iowa City Area Chamber of Commerce, 4 p.m., 350 Beaver Kreek Center, North Liberty. Help welcome 365 Nutrition to the North Liberty business community. Free. For more information, visit bit.ly/2LIAGes.

Aug. 22
1 Million Cups, by 1MC, 9-10 a.m., Geonetric, 415 12th Ave. SE, Cedar Rapids and MERGE, 136 S. Dubuque St., Iowa City. Join for community connections, startup pitches and free coffee. Free. For more information, visit facebook.com/1MCICR.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28  
   
Authorities say they have found human remains in and around Wolf Creek in La Porte City.  Police have not confirmed if the remains belonged to Jake Wilson, but La Porte City Police Chief Chris Brecher says what they found is "consistent what they are looking for." DNA testing will confirm the identity of the remains, but could take weeks. The  16-year-old, who has autism, has been missing since April 7 when he left his La Porte City home for a walk along Wolf Creek at night. Mr.  Brecher says recreational kayakers came across the remains on Tuesday afternoon and a crew of 25-30 people have been searching the area and investigating since then.  Tempers flared after the news conference. Jake's biological father, Mike Wilson, was charged with two counts of simple assault after he attempted to confront Jake's stepfather, who he blamed for Jake's disappearance. Both families have been ordered not to contact each other.
 
Details on health care coverage plans designed to lower costs but avoid state and federal regulations will be released soon, Gov. Kim Reynolds said Thursday.  The Iowa Legislature  passed a bill  that Ms. Reynolds signed into law allowing the Iowa Farm Bureau and Wellmark to team up and craft " health benefit" plans  designed to offer Iowans facing high premiums in the individual health insurance market an alternative. Because the plans are not technically considered insurance under the law, they are not subject to state and federal regulations, like those under the Affordable Care Act. Ms. Reynolds told reporters following a press conference Thursday the details of the kinds of coverage in those plans are forthcoming. Read the rest of the story here.

T hese news items are provided by CBS2/FOX 28 
CBS2 Chief Meteorologist Terry Swails' Weather First Forecast

As Thursday's storm departs, clouds will clear and rain will move out. A few isolated showers can't be ruled out, especially close to the Mississippi today. Temperatures will warm into the low 80s and it will be muggy as the sun returns this afternoon. It will be clear through the night with the potential for fog Saturday morning.  High pressure will build in for the weekend and it will be dry and calm through the weekend. Temperatures will be in the low to mid-80s, and it will be muggy.  A strong storm will move into the Midwest Monday and will bring another round of showers and thunderstorms.