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Cooper Tire sells interest in China joint venture for $262 million

Cooper Tire and Rubber Co. said today it has closed on a deal to sell its 65 percent stake in its joint-venture operation in China for $262 million. The Cooper Chengshan (Shandong) Tire Co., or CCT,  was a joint-venture between Cooper and Chengshan Group Co. The Wall Street Journal said last month  Chengshan was buying Cooper’s share for $284 million, […]

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Posted in Business news, Cooper Tire, International, Manufacturing, National, Northeast Mississippi, Tupelo0 Comments

melting chocolate

First a bourbon shortage, now a chocolate shortage … oh, my!

Remember last year when Maker’s Mark was going to dilute its popular bourbon a little so that it could stretch out its limited supply? Yeah, that didn’t work well.  But bourbon makers have been warning for some time that demand is outstripping supply. It takes time to properly age it in charred oak barrels, and according […]

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Posted in Business news, International, National, Silly or odd news0 Comments

Philips logo

Philips confirms 49 ‘temporary’ layoffs at Tupelo plant

Philips Lighting today confirmed it had laid off some workers at its Tupelo plant, but said there’s no reason for alarm. “We did announce 49 temporary layoffs of hourly workers,” said Sylvie Casanova, a spokeswoman for Philips North America. Casanova said it’s a seasonal, cyclical move tied to the usual slowdown in construction across the country […]

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Posted in Business news, Community Development Foundation, Economic development, Employment and jobs, International, Manufacturing, Mississippi Development Authority, National, Northeast Mississippi, Tupelo, Unemployment1 Comment

Cooper Tire logo

Cooper Tire drives to $48M profit in third quarter

Cooper Tire & Rubber Co., which employs 1,300 workers at its Tupelo manufacturing facility,  today reported third-quarter net income of $48 million, or 77 cents a share.  That compares to a loss of $168,000 for the same period last year, when the company was in the midst of  a merger with India-based Apollo Tyres. Cooper’s […]

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Posted in Business news, Cooper Tire, International, Manufacturing, National, Northeast Mississippi, Tupelo0 Comments

Bluefire-logo

BlueFire Renewables could get $270M to build Fulton plant

BlueFire Renewables could get as much as $270 million from China’s Export Import Bank to finish building its cellulosic-ethanol plant in Fulton.  That project was first announced in 2009. The company said the $300 million plant would eventually employ 70-80 people and produce up to 19 million gallons of ethanol from green and wood wastes. Site […]

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Posted in Business news, Community Development Foundation, Economic development, Energy, Fulton, International, National, Northeast Mississippi, Technology0 Comments

Cooper Tire logo

Cooper Tire to sell stake in China plant for $284 million

Cooper Tire & Rubber Co. confirmed today that its joint-venture partner in China, Chengshan Group Co. Ltd., has exercised its option to buy Cooper’s 65 percent state in the Cooper Chengshan (Shandong) Tire Company Ltd, or CCT. According to the Wall Street Journal, Chengshan Group has offered to buy Cooper’s stake for $284.5 million. In […]

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Posted in Business news, Cooper Tire, International, Manufacturing, National, Northeast Mississippi, Tupelo1 Comment

UAM new logo

UAM’s disassembly operations, facility in Tupelo get accreditation

Microsoft Word – UAM Receives AFRA Certification.docx Universal Asset Management‘s disassembly processes and its facility at the Tupelo Regional Airport have received accreditation from the Aircraft Fleet Recycling Association, the company announced. Here’s the press release: Universal Asset Management, Inc. (UAM), a leader in aviation asset management, aircraft disassembly and commercial aviation aftermarket component sales, […]

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Posted in Business news, International, National, Northeast Mississippi, Tupelo, Tupelo Regional Airport, Universal Asset Management0 Comments

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