New Company Bringing 200 Jobs to McMinn County
A new company is moving into McMinn County, bringing and estimated 200 jobs.
HP Pelzer Automotive Systems, Inc. builds automotive acoustic systems and car trim parts. The company will build a 185,000-square-foot manufacturing facility at the Mt. Verd Industrial Park in Athens, Tenn., set for completion in August 2013.
Investment in the project is anticipated to total $28 million. With site prep now underway, the company is targeting facility completion for Sept. 15, 2013.
Headquartered in Witten, Germany, the HP Pelzer Group operates 37 manufacturing sites and five technical centers employing more than 5,000 people in 18 countries. In the U.S., the McMinn County site will join other HP Pelzer facilities in Michigan, Georgia and Kansas.
“Our team looks forward to opening this facility in Athens, Tennessee,” said HP Pelzer Chief Operating Officer Steve Paladino. “In McMinn County, we have found a geographic area and a team of local leaders that are ideal for HP Pelzer’s manufacturing needs and growth. We look forward to being part of the regional business community.”
Tennessee Gov. Bill Haslam and Department of Economic and Community Development Commissioner Bill Hagerty welcomed HP Pelzer’s announcement as a jobs win for East Tennessee and the state.
“I want to thank HP Pelzer for its investment in Tennessee and the new jobs created in McMinn County,” Gov. Haslam said. “Our Jobs4TN strategy recognizes the auto sector as a key industry cluster where Tennessee has a distinct advantage with more than 900 auto suppliers and manufacturers, and today’s announcement helps us toward our goal of becoming the No. 1 location in the Southeast for high quality jobs.”
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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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