Archive for December 2013
From the Mississippi Development Authority:
Led by Gov. Phil Bryant, Mississippi’s aggressive efforts to create jobs and attract new investment produced significant results, with 2013 more than doubling the jobs and investment generated in the state in the previous year.
Projects supported by Mississippi Development Authority over the past year created 6,265 new jobs for the state’s workers and more than $1.03 billion in new investment. In 2012, state-assisted projects accounted for 2,664 new jobs and $455,560,000 in new investment. Read the rest of this entry »
If at first you don’t succeed, try, try again.
State officials announced today that that Mississippi Silicon will build a new silicon metal production facility in Burnsville in Tishomingo County. The company, Mississippi Silicon, is investing $200 million in the project, which will create 200 jobs, according to Gov. Phil Bryant’s office.
It’s at least the second time in two years that Mississippi Silicon has tried to open in the state.
According to a press release, the Burnsville plant will produce silicon metal for a broad range of industries in the U.S., including the aluminum, automotive and chemical industries. Mississippi Silicon’s high-tech facility is expected to be one of the most efficient and cost competitive silicon metal production facilities in the world, according to the release.
But the project has been tried before. In 2012, Mississippi Silicon looked to build a facility in Lowndes County, with hopes of opening this year. But that deal fell apart because financing couldn’t be secured. The MDA helped put together a $75 million incentive package, but didn’t release the money because the deal fell through. The project also was previously Ohio before finding its way to Lowndes County.
That previous project, which was named Silicor , was to operate in two phases . The first was a silicon metals plant – like the Burnsville plant, it seems – with a second phase that included a silicon purification plant. MDA officials said there is a second phase to this newest project, but declined to give details.
For the Burnsville project, the state is providing a total of $21,150,000 for building construction and workforce training, as well as a $3.5 million loan to Tishomingo County for infrastructure needs. The funds were provided through the Mississippi Industry Incentive Financing Fund.
According to today’s MDA press release, Mississippi Silicon is a strategic partnership between Rima Holdings USA, Inc., and domestic investor group Clean Tech I, LLC. Read the rest of this entry »
Well, you’ve got 360 days until next Christmas to help save up for the latest, greatest TV from Samsung. Or you can go ahead and pony up for one with bowl season here and the Olympics comin up.g
Samsun has introduced a 110-inch that has four times the resolution of standard high-definition TVs.
The cost? In South Korea, they’re selling for a mere $152,000.
From the Associated Press:
The launch Monday of the giant television set reflects global TV makers’ move toward ultra HD TVs, as manufacturing bigger TVs using OLED proves too costly.
Last year, Samsung and rival LG Electronics, the world’s top two TV makers, touted OLED as the future of TV. OLED screens are ultrathin and can display images with enhanced clarity and deeper color saturation. Read the rest of this entry »
The former Eli’s BBQ in Tupelo is being repainted and renovated, and we can confirm that Bishop’s BBQ Grill will
be moving into the spot.
Eli’s closed inexplicably in late November, and it wasn’t until about a week later that a sign was posted that it was indeed closed. No explanation given.
Bishop’s will be opening its fourth location when it opens on West Main Street, it’s second in Tupelo. Bishop’s original restaurant is in Saltillo. It opened on McCullough Boulevard a couple of years ago and last year opened a third location in Booneville.
The West Main Street location is scheduled to open in mid-February.
Cooper Tire and Rubber Co. announced it is ending its merger agreement with Apollo Tyre. Cooper says financing can’t be secured for the deal and will sue for damages. Apollo also said it will also pursue damages.
Cooper said it doesn’t believe a $50 million breakup fee applies in its case, but said it thinks Apollo is responsible for a $112.5 million reverse breakup fee. Cooper says Apollo breached the merger agreement.
Cooper Tire & Rubber Company today announced it has terminated the merger agreement with Apollo Tyres.
“It is time to move our business forward,” said Cooper Chairman, Chief Executive Officer and President Roy Armes. “While the strategic rationale for a business combination with Apollo is compelling, it is clear that the merger agreement both companies signed on June 12 will not be consummated by Apollo and we have been notified that financing for the transaction is no longer available. The right thing for Cooper now is to focus on continuing to build our business.”
“Our business model is strong, and despite the challenges this year, we are coming off record operating profit through the first half of the year and expect to continue to be profitable for the second half, ending the year with a strong balance sheet. We look forward to continuing to execute on our strategy in 2014, and we have a very strong base from which to do this—brands that are respected for quality, a loyal customer base, a flexible global network of manufacturing facilities, a skilled workforce, and top technical capabilities,” Armes said.
Apollo responded with this statement: “Apollo has made exhaustive efforts to find a sensible way forward over the last several months, however, Cooper has been unwilling to work constructively to complete a transaction that would have created value for both companies and their shareholders. Cooper’s actions leave Apollo no choice but to pursue legal remedies for Cooper’s detrimental conduct.”
The state Department of Health regularly inspects restaurants and food facilities.
The facilities are graded from A to C. “A” is the best. “C” is the equivalent of failing, but the inspection isn’t bad enough to merit the closure of the restaurant.
The facilities are listed as they are in the MSDH system, even if there are typos.
• Tupelo – Subway and McDonald’s (both at Love’s Travel Center)
• Oxford – City Grocery, Abner’s Restaurant, Mundo Latino
• Corinth – Alcorn County Regional Correction Facility
• Houston – Dodge’s Store 673, Subway, Sprint Mart #4139, United Convienance, Food Giant #273
• Fulton – Burger King, Sweet Cheeks Donut & Sammich Read the rest of this entry »
Cooper Tire doesn’t seem to think there’s any chance of its $2.5 billion merger with Apollo to go through, and has moved to file damages against the company. According to RubberNews.com, Cooper ”intends to pursue this case as an action for damages,” and that it intended to approach the court after Jan. 1 regarding scheduling of hearings to that effect.
“Cooper did not say whether this course of action means it is giving up on the prospect of completing the deal, which the companies announced publicly June 12.
“The two sides have not ruled out reaching a compromise deal before Dec. 31, although Cooper asked Chancery Court Judge Sam Glasscock in its Dec. 20 letter that ‘… all motions should be taken off calendar until a status conference can be held in January where the parties and the court can discuss next steps and an appropriate schedule.’”
If the merger isn’t complete before Dec. 31 – Tuesday – Apollo can walk away without paying a $112.5 million breakup fee.