Loading…
Thursday, July 10, 2014
Current Weather
Loading Current Weather....
Published: Friday, 7/1/2011

Kasich lauds new Marathon expansion, jobs

CEO cites state incentives, local aid for decision to stay

BY SARA FELSENSTEIN
BLADE STAFF WRITER
Gary Heminger, left, Marathon Petroleum Corp.'s chief executive, and Ohio Gov. John Kasich tout the Findlay company's new independence and expansion as a benefit for northwest Ohio. Gary Heminger, left, Marathon Petroleum Corp.'s chief executive, and Ohio Gov. John Kasich tout the Findlay company's new independence and expansion as a benefit for northwest Ohio.
THE BLADE/JETTA FRASER Enlarge | Buy This Photo

FINDLAY -- The unveiling of the new Marathon Petroleum Corp. sign Thursday in Findlay meant more than just the revealing of a developing company -- it marks job retention, job creation, and the hopes of a blossoming economy for the region, Gov. John Kasich said.

The governor's remarks were made at a ceremony marking the spin-off of Marathon Petroleum from Marathon Oil Corp. in Houston.

He touted Marathon's new independence and subsequent expansion as the beginning of job growth in Findlay and a larger Ohio region.

"Marathon is a company that looks toward the future," he said. "You think about all the families that benefit because of the presence and strength of this corporation."

State incentives were one of three factors that Gary Heminger, Marathon Petroleum's chief executive officer, cited for the company deciding to stay in northwest Ohio.

The others were the infrastructure of the firm, which includes an imposing headquarters on South Main Street, and a flood remediation project underway by the city.

Mr. Heminger said job retention and creation also were part of the decision to stay put. Marathon Petroleum Thursday became the largest company in northwest Ohio and fifth largest oil refiner in the country with $62.5 billion in sales last year.

Mr. Heminger said he expects to add 100 jobs this year at the headquarters.

Thursday night, Mr. Kasich signed a two-year, $55.8 billion state budget. He said more firms like Marathon are choosing to stay in Ohio because no taxes were increased to balance what was once an $8 billion deficit.

"This budget has shaken people in the business community to the point where they say, you know, this government is for real," he said.

Marathon Petroleum's headquarters could improve Findlay's economy by bringing traffic to businesses and drawing new industries. Marathon has more than 1,600 employees in its three-building headquarters and a separate leased facility. It has almost 26,000 employees nationwide, more than 18,000 of whom work at its Speedway gas stations.

After Mr. Heminger's speech, the new Marathon Petroleum Corp. sign above the entrance facing Hardin Street was unveiled.

"Marathon is just part of the family, it's something you expect," Mr. Kasich said. "Losing Marathon would be like blowing a hole in the community."

Shares of the new Marathon Petroleum Corp. began trading this morning on the New York Stock Exchange under the ticker symbol "MPC."

The new stock began advance trading of "when issued" shares late last week and traded at $41.40 a share Thursday. Private brokerage clients bought the stock at a set price and will receive the shares when trading begins on the stock exchange.

Marathon Petroleum has the authority to issue 1 billion shares of common stock and 30 million shares of preferred stock, according to filings with the U.S. Securities and Exchange Commission.

Contact Sara Felsenstein at: sfelsenstein@theblade.com or 419-724-6050.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories