Babcock & Wilcox Intech Inc. Adds 50 Jobs
Babcock & Wilcox Intech Inc. has announced plans to invest $4.85 million to establish a new facility that expands its footprint in Chattanooga while adding 50 new jobs.
Intech, which was established in Chattanooga in 1995, was acquired by The Babcock & Wilcox Company in 2008. The company provides expertise in non-destructive examination (NDE) inspection for the nuclear industry along with maintenance and repair, robotic tooling and process development for the fossil and nuclear markets.
According to Allen Steagall, Operations Manager for Babcock & Wilcox Intech, the company prides itself on long-standing and continuing operations in Chattanooga.
“We’re expressing our commitment to this community and our customers by more than tripling the square footage of our current operations while adding fifty technical positions,” Steagall said. “This expansion increases our capacity for solving customer challenges through new and innovative approaches while shortening the length of the inspection and repair process at operating nuclear plants.”
Steagall pointed out that Chattanooga’s location and revitalization have helped boost the company’s local growth.
“Chattanooga is located near many of our customers,” he said. “And, this community offers an outstanding quality of life that makes it easy to attract and retain qualified talent. We’re looking forward to the new facility’s location adjacent to the Tennessee River and the Riverwalk which will contribute to the wellness options for our employees.”
In addition to adding capacity for Babcock & Wilcox Intech’s current operations, the new facility will offer additional room for expansion and a state-of-the-art training area. It will also include proof of process and machining/fabrication areas. Among the company’s offerings are custom-designed and manufactured robots that reduce human interaction with hazardous, radioactive environments.
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Last Update on January 30, 2015 08:34 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Investors will have their eye on the government's latest estimate of U.S. economic growth when the Commerce Department releases its report on fourth quarter gross domestic product today.
Also, the University of Michigan will issue its monthly index of consumer sentiment for January and the Labor Department will release the employment cost index for the fourth quarter, a measure of wage and benefit growth..
It's also the busiest week of the current corporate earnings season.
The global biopharmaceutical company AbbVie will report quarterly financial results before the market opens, along with Altria Group and MasterCard.
NEW YORK (AP) -- Investors apparently have a craving for a better burger.
Hamburger chain Shake Shack Inc. has priced its initial public stock offering at $21 per share, above its proposed range of $17 to $19 per share.
It sold 5 million shares, raising $105 million. The banks managing the deal may buy 750,000 more shares.
Shake Shack cooks burgers to order and promotes its use of natural ingredients, emblematic of what's known as the "better burger" trend.
Its origins date to 2001, when Union Square Hospitality Group, a company owned by restaurateur Danny Meyer, opened a hot dog cart in Manhattan's Madison Square Park. Shake Shack now has 63 locations in nine countries.
The stock is expected to begin trading Friday on the New York Stock Exchange under the "SHAK" ticker symbol.
TOKYO (AP) -- Japan's industrial output edged higher in December, suggesting the world's third-largest economy may be turning the corner on a recession brought on by a hefty sales tax hike.
Data released Friday showed manufacturing output increased 0.3 percent in December from the same month a year earlier. However, inflation moderated to 2.5 percent from a year earlier, compared with 2.7 percent in November.
The core consumer price index, excluding food, fell 0.2 percent from the month before.
Falling energy costs thanks to the plunge in oil prices had a limited effect, since the CPI excluding both food and energy was unchanged from the previous month.
Japan's jobless rate dipped to 3.4 percent from 3.5 percent the month before. But stagnant wages meant household spending dropped 3.4 percent from a year earlier.
MINNEAPOLIS (AP) -- Jury deliberations will resume Friday in a case alleging a 1996 Toyota Camry had a design defect that caused a fatal crash.
Jurors left the federal court in Minneapolis without a verdict Thursday and will return Friday to keep deliberating. At one point in their discussions, jurors asked for a video player so they could view some evidence in the case.
The jurors must decide whether Toyota's design of the 1996 Camry had a defect that was unreasonably dangerous. If they find there was a defect, they must decide if it directly caused injuries to those hurt or killed when Koua Fong Lee crashed into another car in 2006.
Lee spent 2 1/2 years in prison before being released after reports suggested some Toyota cars had sudden acceleration problems.
BILLINGS, Mont. (AP) -- As Congress presses the Obama administration to approve the Keystone XL pipeline, government records show oil pipeline accidents have become increasingly frequent in the U.S.
An Associated Press review shows accident numbers growing steadily since 2009, reversing a decade-long decline.
Keystone would go from Canada to the Gulf, passing near where 30,000 gallons of crude spilled into Montana's Yellowstone River earlier this month.
The recent breach became the latest in a string of spills to highlight ongoing problems with maintenance of the nation's crude pipeline network.
After the U.S. Senate voted Thursday in favor of Keystone, Sen. Maria Cantwell of Washington state cited the increase in spills in calling for Obama to veto the measure.
Keystone supporter North Dakota Democrat Sen. Heidi Heitkamp said building it was preferable to using older pipelines.
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