General Motors Corp. is laying off approximately 350 workers at its Ohio Assembly Plant in Moraine, Ohio, where it produces the Chevrolet TrailBlazer, the GMC Envoy, Saab 9-7X and Isuzu Ascender. Company officials said the layoffs – which represent about 15 percent of the 2,250-member workforce – are in response to decreased demand for the plant’s products, but noted that if the market rebounds, there is a possibility that workers could be recalled.
Cincinnati-based American Financial Group Inc. has entered into a definitive agreement to become the majority shareholder in Marketform Group Limited, a Lloyd’s insurer that focuses on specialty property and casualty insurance products outside of the United States. The company is also a market leader in the non-U.S. medical malpractice market. AFG will pay approximately $75 million and will effectively own approximately 67 percent of Marketform. The acquisition is expected to increase AFG’s gross written premiums by approximately $150 million in 2008.
Cincinnati Bell Inc. has acquired the assets of GramTel USA Inc. in a transaction valued at approximately $20 million. Located in South Bend, Ind., GramTel is nationally recognized as having expertise in disaster recovery and business continuity planning. The company has four data centers located in Indiana, Illinois and Michigan, and expects 2007 revenues of roughly $5 million, an increase of 73 percent from 2006.