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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.”
More Business News
Last Update on September 19, 2014 17:24 GMT
NEW YORK (AP) -- Alibaba's stock is surging as the Chinese e-commerce powerhouse begins its first day trading as a public company.
The stock opened at $92.70 on the New York Stock Exchange this morning, up 36 percent from the initial $68 per share price set Thursday evening.
At that price the company would be worth $228.5 billion, more than companies such as Amazon, Ebay and even Facebook.
On Thursday, Alibaba and the investment bankers arranging the IPO settled on a price of $68 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world's biggest ever initial public offerings.
But after a two-hour trading delay due to strong demand, it opened much higher than that price. If the stock closes at $92.70, the IPO will have raised close to $30 billion.
WASHINGTON (AP) -- A gauge designed to predict the economy's future health rose in August but at a much slower pace than in July.
The Conference Board says its index of leading indicators rose 0.2 percent in August, the seventh straight increase. But that was much slower than the revised 1.1 percent gain in July.
Conference Board economist Ken Goldstein says even with the slowdown in August, the index shows the economy is still gaining traction.
WASHINGTON (AP) -- Unemployment rates rose in nearly half of U.S. states in August, even as employers in two-thirds of the states added jobs.
The Labor Department says unemployment increased in 24 states, fell in 15 and was unchanged in 11. Hiring picked up in 35 states, while it fell in 15.
Unemployment rates can rise even when hiring increases if more people start looking for work and don't immediately find jobs. The figures suggest hiring was broad-based across most regions of the country last month, even as nationwide job gains in August were the weakest this year.
Georgia reported the nation's highest unemployment rate, at 8.1 percent, followed by Mississippi at 7.9 percent. That's the first time Georgia has had the highest rate since the Great Recession ended.
LONDON (AP) -- Businesses and investors have reacted with relief to Scotland's decision to reject independence from the United Kingdom.
The No campaign won 55 percent of the votes cast in Thursday's referendum. The 10-point victory margin was wider than expected -- most opinion polls on the eve of the vote showed a narrower 4-point victory.
British stocks responded positively to the news Friday, with the FTSE 100 index up 0.3 percent. Royal Bank of Scotland shares were up, and the bank, which is majority-owned by the U.K. government, said it was "business as usual" for its customers.
Some had warned that if Scotland left, uncertainty over the future value of the British pound and government debt would have rattled the U.K economy.
In the currency markets, the pound was solid too, rising to a two-year high against the euro.
IRVING, Texas (AP) -- Exxon Mobil says it will stop drilling an exploratory well in Russia's Kara Sea in compliance with U.S. sanctions against Russia over Russia's involvement in the Ukraine.
Exxon planned to drill the well between August and October. The latest round of sanctions called for the removal of U.S. workers on projects in the Russian Arctic by Sept. 26.
Exxon says it has received a license from the U.S. Treasury Department to wind down operations, but it is unclear whether the license will allow Exxon to stop drilling on the schedule it had already laid out. Exxon could not be immediately reached for comment.
NEW YORK (AP) -- The maker of Pabst Blue Ribbon beer is being sold to Russian company Oasis Beverages for an undisclosed sum.
In addition to its namesake beer, Pabst Brewing Co. makes Colt 45, Old Milwaukee and Schlitz. Pabst was acquired in 2010 by C. Dean Metropoulos & Co., which is known for investing in food brands.
Pabst Brewing, now based in Los Angeles, traces its roots back to 1844 in Milwaukee. Since purchasing it in 2010, Metropoulos has enlisted comedian Will Ferrell to market the company's beers. Pabst Blue Ribbon has also grown in popularity in part for its blue-collar appeal and cheap price.
Oasis is buying Pabst with TSG, an investment firm known for its work with consumer products companies. TSG Consumer Partners will take a minority stake in Pabst.
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