Company News: GenPrime names Somes as CEO

GenPrime Inc., the Spokane company developing biochemical testing equipment, announced Buck Somes has become the firm’s chief executive officer.

Somes succeeds Johnny Humphreys, who will continue serving as chairman of the board. A press release issued Thursday said Humphreys remains dedicated to expanding GenPrime’s business opportunities in multiple emerging markets worldwide.

Since co-founding GenPrime in 1997, Somes has worked as the privately held firm’s chief operating officer. He has also been GenPrime’s vice president in charge of sales and marketing.

Humphreys has held a number of area leadership positions, including chief executive officer of Itron Inc. He joined the board of GenPrime in 2003.

“Spokane-based Ambassadors Group on Thursday reported year-end earnings of $1.25 per share and $26.7 million in net income for the year ended Dec. 31.

That’s a 19 percent increase from $1.05 per share and $22.4 million in earnings for 2005.

The company provides student education trips and professional tours.

It also reported a fourth quarter 2006 net loss of $5.4 million or 26 cents per share. The comparable fourth quarter 2005 net loss was $4.8 million or 24 cents per share.

“Toyota Motor Corp. is working to restrain labor costs at its North American manufacturing operations, which are expected to rise by $900 million in the coming years, according to a confidential company report obtained by the Detroit Free Press.

The newspaper published details Thursday from a copy of the 42-page report, which was left unsecured on computers at the Japanese automaker’s Georgetown, Ky., plant and passed around by hourly employees.

The report from Seiichi Sudo, president of Toyota Engineering & Manufacturing in North America, says Toyota’s North American manufacturing labor costs continue to increase at a faster rate than its profit margin.

“This condition is not sustainable in the long term,” he said in the report.

By fiscal 2011, the report says the labor costs are expected to rise by $900 million because of increases in its work force, as well as rising wages and benefits. It says human resources officials are working to trim that hike by $300 million.

The company has acknowledged that the documents supplied to the Free Press were authentic. The presentation apparently was left on a shared computer drive and later printed, Toyota spokesman Daniel Sieger said.