New Company, $5M Investment, 35 New Jobs in Chattanooga
Van De Wiele, a manufacturer of high performing machines for the textile industry, plans to invest $5 million in a Chattanooga facility that will create around 35 jobs and provide service and support for the company’s U.S. operations, according to a news release from the Chattanooga Area Chamber of Commerce.
“Chattanooga is an ideal location to support the carpet industry,” said Bob Harding, President of Van de Wiele. “Proximity to Atlanta, with air links to the rest of the USA as well as Central America, will better position us to support knitting, weaving and tufting across an entire market.”
The new facility will include a state of the art sampling and development center for tufting, following Van de Wiele’s recent acquisition of tufting machine manufacturer Cobble.
"Chattanooga is the birthplace of tufting with a long tradition in the flooring industry,” said Charles Beauduin, CEO of Belgium-based parent company NV Michel Van de Wiele. “We see many Chattanooga businesses leading in their respective fields, and that bodes well for the future of the area.”
“We are very much looking forward to this exciting new chapter for the Van De Wiele Group of Companies in the USA,” said Harding, confirming that the company plans to move its entire U.S. operation to the Chattanooga area following completion of the new facility on Relocation Way in Ooltewah, slated for the end of 2014.
Charles Wood, vice president of economic development at the Chattanooga Area Chamber of Commerce, said, “Van de Wiele’s plan for the Chattanooga facility to represent the center of their U.S. presence speaks to the international appeal of Chattanooga and broadens our growing base of European companies.”
New Company, $5M Investment, 35 New Jobs in Chattanooga
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Last Update on August 31, 2015 07:33 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) --There are no major economic reports scheduled for release today. But tomorrow, the Institute for Supply Management will issue its manufacturing index for August and the Commerce Department will report on construction spending for July.
Also tomorrow, automakers will release vehicle sales for August.
On Wednesday, the Labor Department will reveal second-quarter productivity data and the Commerce Department will report on factory orders for July. The Federal Reserve will also release its Beige Book.
SENECA FALLS, N.Y. (AP) -- U.S. Treasurer Rosie Rios plans to travel to the National Women's Hall of Fame in upstate New York later today to hear from the public about plans to put a woman on the $10 bill.
Rios is scheduled to be at a town hall meeting in Seneca Falls, where the original 1848 Women's Rights Convention was held.
Treasury Secretary Jacob Lew announced in June that the $10 bill would be redesigned, with the portrait of Alexander Hamilton replaced with a woman. Lew says the agency has so far gotten more than a million responses to his request for comments.
Officials plan to make a decision by this fall, with the total redesign completed by 2020, the 100th anniversary of the passage of the 19th Amendment giving women the right to vote.
UNDATED (AP) -- Billionaire investor Warren Buffett's company has amassed a stake worth nearly $4.5 billion in Phillips 66 more than a year after trading a chunk of its holding in the oil refiner for a chemical business investment.
A regulatory filing says Berkshire Hathaway Inc. has accumulated about 58 million shares, which amounts to more than 10 percent of the Houston company's stock.
In late 2013, the Omaha, Nebraska, company agreed to trade about $1.4 billion of its Phillips 66 stock for one of the refiner's businesses that makes additives to help crude oil flow through pipelines.
Many investors watch Berkshire Hathaway filings closely because they like to copy Buffett's moves given his successful record.
ROME (AP) -- An Italian energy company Eni says it has discovered a "supergiant" natural gas field off Egypt.
The company, Eni, says it's the largest ever found in the Mediterranean Sea.
The discovery well is about 120 miles from the Egyptian coast, at a depth of nearly 4,800 feet.
Eni says after full development, the discovery will be able to ensure satisfying Egypt's natural gas demands "for decades."
GENERAL MILLS-CLIMATE CHANGE
GOLDEN VALLEY, Minn. (AP) -- General Mills says it's eager to do its part to fight climate change, so it's setting a goal of cutting greenhouse gas emissions by 28 percent over the next decade -- from farm to fork to landfill.
The giant food company outlined its plans to The Associated Press ahead of an official announcement today.
General Mills says it will invest more than $100 million in energy efficiency and clean energy in its own operations. But its plan appears to stand apart from other companies' efforts by getting its suppliers and consumers into the act.
Those suppliers will be encouraged to do things like engage in more sustainable agriculture.
CEO Ken Powell says the company is acting because climate volatility will ultimately be bad for its business.
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