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Old LaFayette Bluebird Plant Gets New Occupant
LAFAYETTE, GA - New jobs are headed to Walker County. Phillips Bros. Machine Co. announced today in a news conference, at the site of the former Bluebird plant, that they are immediately hiring 40 new workers for the new plant and an additional 50 workers long-term.
The need for additional workers comes as Phillips Machine and the Walker County Development Authority officially closed the land sale of the former Bluebird bus plant.
Phillips Machine Co. has purchased 45 acres, including the Bluebird manufacturing facility that will house their new operations. The remaining 80 acres have been acquired by the Walker County Development Authority, and will provide added incentives when attracting new industrial business prospects to the area.
"The announcement of almost 100 new jobs is a direct reflection of the hard work and high caliber that our local workforce offers to new and existing businesses contributing to the economic success of Walker County," said Bebe Heiskell, Walker County commissioner. "The focus of the Commissioner's Office and Walker County Development Authority has been and will continue to be maintaining significant job growth in our area by providing support to businesses such as Phillips that can bring a positive economic impact to our area."
"Now that the land sale is complete, we are ready to expand our operations more than ever before and bring on the large number of individuals who will join the Phillips family," said Michael Phillips, Phillips Bros. Machine Co. plant manager. "The final closing of the land deal makes our company's expansion official, and we owe a large part of that to the involvement of the Walker County Development team."
Since the economic downtown of 2008, the number of unemployed individuals drastically increased when businesses such as Bluebird were forced to shut their doors. Development officials in Walker County have made it a top priority the past four years to seek out and support business opportunities that put residents back to work and enhance the local economy. The new land deal acquiring Bluebird's property will allow for this through the addition of almost 100 jobs and opening up opportunities for more new business growth.
"The success of companies like Phillips, Roper, Nissin Break and others, reflected in ongoing job creation, is a valuable asset to Walker County's economy and extremely low unemployment rate that continues to be one of the lowest in the state," said Commissioner Bebe Heiskell. "It is a great way to show future potential new industries that Walker County is a great place to bring your business and thrive."
This latest land acquisition by Walker County will be an advantage for future industrial recruitment efforts. The Walker County Industrial Park continues to attract new industries bringing economic growth through tax incentives, fiber optic capabilities and large amounts of available space for growing businesses to utilize.
Phillips Brothers makes parts for machinery like bulldozers and dump trucks and also supply parts for Alstom in Chattanooga.
The company currently operates on Mission Ridge Road in Rossville.
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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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