PSC, utility settle rate-increase case
The Arkansas Public Service Commission approved a settlement for Oklahoma Gas and Electric Co. to raise its rates by about 9 percent for residential customers.
The increase means a customer with a $100 monthly bill would see that bill rise to $109 a month with the same energy use.
The rates for Oklahoma Gas and Electric Co. customers are among the lowest in the country, with an average residential bill of about $77 a month. Based on that average, a residential bill will rise about $6 a month.
The Oklahoma City-based utility, which has about 65,000 customers in the Fort Smith area, sought an increase of $16.5 million when it filed its rate case in August. The settlement approved by the commission lowers the increase to $7.1 million.
The new rates take effect June 1.
-- David Smith
Box-maker in state acquires Texas firm
A Fort Smith-based corrugated box and packaging company has purchased Century Corrugated Container Corp. of Kilgore, Texas.
Corrugated Specialties' acquisition includes an 86,000-square-foot plant in Kilgore that employs 12 people. The plant will continue to serve the Shreveport, Dallas and Houston markets, and there are plans to expand its workforce to 40 by the end of 2017, according to a news release. The terms of the deal were not released.
"Century was a good fit for our family and we're glad to welcome them as part of our operation," Rick Watson, Corrugated Specialties' chief operating officer, said in a statement.
Corrugated Specialties was founded in 1971 by William Henson Sr. The company has a 90,000-square-foot manufacturing and warehouse operation on Wheeler Avenue in Fort Smith. The company employs 60 people.
-- John Magsam
Index gives up 0.99; Windstream falls 5%
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.99 to 326.26 Wednesday.
"The S&P Index posted gains for the fifth straight day with defensive sectors outperforming following the release of minutes from the May 3 Federal Open Market Committee meeting signaling a reduction in the Fed's balance sheet," said Leon Lants, managing director at Stephens Inc. in Little Rock.
Shares of America's Car Mart rose 4 percent.
Windstream shares fell 5 percent.
Total volume for the index was 24.6 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/25/2017