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Business News Digest



Published: Thu, October 5, 2006 @ 12:00 a.m.



REGION

Virginia companybuys Cardinal Tire

YOUNGSTOWN -- Enviva Materials, a materials recovery and processing company based in Richmond, Va., said it has bought the Cardinal Tire processing plant in the Performance Place industrial park.

Enviva said it will turn scrap tires into rubber products, including mulch. It also will transform tires into material to be used for production of synthetic gas for the making of thermal and electrical energy. The company said it plans to expand the plant's capacity and provide 15 to 20 new jobs in the next year.

NATION

Microsoft executivesget smaller bonuses

REDMOND, Wash. -- Bill Gates and Steve Ballmer both got slight raises last year, but their overall compensation fell as Microsoft Corp.'s top executives received smaller bonuses.

Gates, Microsoft's co-founder and chairman, and Ballmer, the company's chief executive, each received 616,667 in salary and a 350,000 bonus for Microsoft's fiscal year that ended June 30. In the previous fiscal year, the two executives received a salary of 600,000 and a bonus of 400,000.

Ballmer's total compensation, including 401(k) matching contributions and flexible benefits, was 976,149, down from 1,009,073 for Microsoft's fiscal year ended June 30, 2005.

Gates' total compensation was 968,779, compared with 1,002,469 in the previous fiscal year. Gates has announced plans to scale back his Microsoft duties by mid-2008 so he can focus on his philanthropy.




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