Archive for the ‘International’ Category
Cooper Tire & Rubber Co. is seeking $20 million in state money, plus another $18 million from Tupelo and Lee County to upgrade its plant in Tupelo.
As reported today by the Daily Journal’s Bobby Harrison, Cooper promises to keep at least 1,300 jobs for 10 years.
The company, which has been in Tupelo since 1984, currently employs 1,600 with an annual payroll of $80 million.
An excerpt from the story:
David Rumbarger, CEO of the Lee County-based Community Development Foundation, said the hope is to lure Cooper to spend those modernization funds at the Tupelo plant. Rumbarger and Cooper officials met with Gov. Phil Bryant and legislative leaders about the possibility of passing legislation during the ongoing session to commit the funds to the Cooper project.
Cooper CEO Roy Armes said the goal is “to modernize our facility to make it more globally competitive.” Cooper also has plants in Mexico and China that Tupelo is in competition with for the company’s planned $140 million investment.
Read more of Bobby’s story by clicking here.
If you missed the story in Sunday’s Journal, it seems the proposed $100 million ethanol plant in Pontotoc is still on the drawing board, five years after being announced.
An excerpt from the story:
Five years have passed, and a planned $100 million ethanol plant is no closer to being built.
Little has changed from a year ago, when company officials said they were committed to the project and were working to “move the project forward.”
For now, though, Enerkem Mississippi Biofuels is stuck in park.
Enerkem Inc., EMB’s Canadian-based company, said last March said it expected construction to begin in the second half of 2013.
That hasn’t happened. Read the rest of this entry »
But that’s chump change compared to China, which gobbled up more than 1,120 tons of gold last year. That’s 2.24 million pounds, or $35.84 billion worth of the yellow metal.
China’s hunger for gold was ahead of India, which has in recent years been the biggest buyer of gold. Even in second place, Indian consumers bought nearly 975 tons of gold.
Said the Los Angeles Times:
Consumers bought a record 3,863.5 tons of gold jewelry, coins and bars worldwide last year, up 21 percent from 2012, according to data released Tuesday by the World Gold Council, a market development organization for the industry.
Demand was up 32 percent in China. … in India, demand was up 13 percent. U.S. consumers bought 190.3 tons, an increase of 18 percent from 2012.
But the global growth in consumer purchases was offset by an outflow of 881 tons from exchange-traded funds. That was a key factor in reducing overall gold demand by 15 percent last year, the report said.
The Federal Reserve and other central banks also reduced their gold purchases. They bought 369 tons, down 32 percent from the previous year.
UPDATE/CORRECTION 2.20.14: Guessed I missed the memo, but EADS North America recently became Airbus Helicopters, but the info about the helicopter contract remains the same. Seems Sen. Cochran’s office missed the memo, too. Oops!
Anyway, below is Wednesday’s original post announcing the deal:
U.S. Senator Thad Cochran (R-Miss.), vice chairman of the Senate Defense Appropriations Subcommittee, today announced that the Army has awarded $22.8 million contract modification to EADS North America for the purchase additional UH-72A Lakota helicopters produced in Mississippi.
“I am proud of the manufacturing capabilities and technical expertise of our workers in Mississippi, whose efforts support Army missions both at home and broad,” Cochran said. “This contract modification can be seen as confirmation of those abilities.”
Work on the new aircraft will be performed at the EADS North America facility in Columbus, with an estimated March 2015 completion date.
The FY2014 omnibus appropriations act enacted in January provided $171 million to support the procurement of additional UH-72A Lakota helicopters, which is considered one of the most cost-effective programs in the military. In addition to being used for military missions, these helicopters are used to support disaster response, border protection and pilot training.
It seems an Alabama company has filed a petition with the Mississippi Department of Environmental Quality over its fast-tracking of a permit for Mississippi Silicon, the company that announced last month it was building a plant in Tishomingo County and adding 200 jobs.
Here’s the press release from the company’s public retains firm:
A petition was filed for a formal hearing before the Mississippi Environmental Quality Permit Board, challenging PSD Permit No. 2640-00060, issued by MDEQ to Mississippi Silicon LLC (MS Silicon) for the proposed construction of a greenfield silicon metal manufacturing facility in Tishomingo County, Mississippi.
Globe Metallurgical, Inc. (GMI), which employs about 100 people at its silicon metal plant in Selma, Ala., filed the petition. As one of North America’s largest producers of silicon metal, GMI is intimately familiar with air pollution sources and environmental controls in the industry. Silicon metal is an industrial ingredient vital in the production of an array of products. Read the rest of this entry »
Less than two years after announcing a major expansion at its Corinth remanufacturing facility, Caterpillar is making another announcement Friday.
There are no details, but Gov. Phil Bryant is expected to be on hand for the news, which will be made at 11:30.
In May 2012, Caterpillar announced it was consolidating its warehousing and logistics operations under one roof in a 540,000-square- foot facility.
About 35 more jobs were expected to be added with the move into the new facility, the Mississippi Logistics Service Center.
The facility warehouses engine parts and ship individual and bundled parts to Caterpillar’s Corinth and Booneville main plants. At the time, Caterpillar said it employed 900 people in Corinth plus another 300 in its Prentiss County location and satellite distribution facilities in the area. Another 200 are employed at Caterpillar’s Oxford and Southaven operations
Caterpillar’s remanufacturing plants disassemble engines nearing the end of their life cycle, clean them and refurbish them.
More from the Los Angeles Times:
The automaker is reportedly close to paying a $1-billion fine to settle a four-year federal criminal investigation into whether it properly reported safety complaints to regulators. Meanwhile, Toyota’s lawyers are in settlement talks over hundreds of civil lawsuits alleging wrongful deaths or injuries, potentially adding hundreds of millions to the tab.
Previously, Toyota agreed to pay $1.6 billion to settle a class-action case brought by thousands of Toyota owners who contended that sudden-acceleration problems damaged the value of their vehicles. Read the rest of this entry »