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Shaw Industries Hiring

Berkshire Hathaway’s Shaw Industries Group, Inc. (Shaw) will invest at least $40 million and hire more than 25 new associates in South Pittsburg, Tenn., to meet the growing demand for its Epic® engineered flooring product.

“Marion County could not be more pleased to see the commitment of additional capital investment and new jobs being created by Shaw in our county. We greatly appreciate the confidence the company has shown in our citizens and community by announcing this expansion in South Pittsburg,” said Marion County Mayor John Graham.

South Pittsburg Mayor Jane Dawkins noted, “We are excited about the growth of Shaw in our city and look forward to continued involvement with them as a good corporate partner. This expansion project is a confirmation of the company’s long term commitment to South Pittsburg, Marion County and the State of Tennessee.”

The expansion will add more than 60 percent capacity to the existing hardwood manufacturing facility. Construction is set to begin in late 2013 and is the latest in Shaw’s efforts to expand and enhance its hardwood manufacturing. Plant HW, which currently employees 200 associates, has already grown by 65 associates this year as a result of Shaw increasing the number of shifts it is operating at the facility.

“Tennessee has the best balance sheet in the country and the kind of business friendly environment where incumbent companies like Shaw Industries Group, Inc. can feel confident to reinvest and further their growth,” Tennessee Department of Economic and Community Development Commissioner Bill Hagerty said. “I want to thank Shaw Industries Group, Inc. for being a valued corporate citizen and appreciate these new jobs they will create for Tennesseans.”

The announcement represents the company’s continuous efforts to adapt to market demands and preferences. Shaw transformed this former yarn plant into one of the most sophisticated and technologically advanced hardwood flooring manufacturing facilities across Shaw’s entire portfolio – and the largest engineered flooring facility of its kind in the world. Additionally, in recent months, the company implemented $26 million in technology and automation to improve efficiency, cost, safety, material yield and waste reduction improvements at its hardwood facilities in Tennessee, North Carolina and South Carolina.

“The expansion of the South Pittsburg hardwood operation is an important component in our overall hardwood strategy. By investing in this plant and our other hardwood facilities, we are enhancing our ability to offer the widest product mix, the most innovative design, and the greatest quality and service to our customers,” said Shaw Chairman and CEO Vance Bell.

Since entering the hardwood flooring business in 2006, Shaw has become the second largest and fastest growing hardwood manufacturer in the market. 

 
Shaw Industries Hiring

Monday, September 23 2013, 09:21 PM EDT

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Last Update on December 26, 2014 08:30 GMT

MINIMUM WAGE

SEATTLE (AP) -- Washington state's minimum wage will rise to the highest in the nation on Jan. 1.

The Seattle Times reports that the minimum wage in the state will hit $9.47 an hour then. The minimum wage in neighboring Oregon will rise to $9.25, the second-highest in the nation.

The Times reports that Washington makes an annual cost-of-living adjustment to its minimum wage each year.

The state's Employment Security Department says the pay bump -- which will total $312 per year for full-time workers -- will affect more than 67,000 workers.

Washington and Oregon, along with 18 other states, are set to increase their minimum wages on New Year's Day, according to the nonprofit National Employment Law Project. New York will do so a day ahead, on Dec. 31.

JAPAN-ECONOMY

TOKYO (AP) -- Japan says its inflation rate eased slightly in November as household spending dropped, hindering the government's effort to get the world's third-largest economy out of recession and back to sustainable growth.

Government data released Friday showed core consumer prices, excluding food, fell 2.7 percent while the inflation rate excluding food and energy was minus 2.1 percent.

Overall incomes fell 1.1 percent in November while household spending was down 2.5 percent. Unemployment was flat at 3.5 percent.

Prime Minister Shinzo Abe is due to release soon a proposed stimulus plan that reportedly will focus on providing more support to lower income families and to Japan's regions, where growth has stagnated. The economy slipped into recession after a sales tax hike in April sapped consumer demand.

RUSSIA-ECONOMY

MOSCOW (AP) -- Russian President Vladimir Putin has scrapped New Year's holidays for government ministers because of the unfolding economic crisis.

Putin told a televised government session on Thursday that Cabinet ministers "cannot afford" to go on holiday.

Russian company employees throughout the country are entitled to holiday from Jan. 1 to Jan. 12 when Russians celebrate the New Year, the main holiday in Russia, as well as Orthodox Christmas on Jan. 7.

Russia's economy, battered by low oil prices and Western sanctions, is set to enter recession next year for the first time in six years, while the ruble is now worth less than half of its value.

Putin told Cabinet ministers on Thursday he expects them to keep the situation in check even during the holiday lull.

SAUDI-ECONOMY

RIYADH, Saudi Arabia (AP) -- Saudi Arabia's Cabinet has endorsed a budget for 2015 that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a $39 billion deficit.

The kingdom says it will dig into its reserves to cover the difference between $229.3 billion in projected expenditures and $190.7 billion in revenues for the coming fiscal year.

The new budget approved Thursday reflects an expected drop in revenues of around $88 billion from $278.9 billion in 2014. It also shows an increase in spending of about 0.6 percent from the previous year.

Saudi-based investment firm Jadwa Investment says the deficit will be financed comfortably using the Saudi Arabian Monetary Agency's huge stock of net foreign assets, which totaled $736 billion at the end of November.

JAPAN-MCDONALD'S

TOKYO (AP) -- Big fries are going back on the menu in Japan.

McDonald's Japan said Friday it will resume serving all portion sizes of fries on Jan. 5 after resolving shortages due to labor disruptions on the U.S. West Coast. The fast-food giant began limiting customers to orders of small fries earlier this month.

The company said in a notice on its website that its fry inventory had improved thanks to air shipments and extra sea shipments from the U.S. East Coast. It apologized and said it would try to avoid further shortfalls at its 3,100 outlets in Japan.

Frozen french fries -- cut and ready for the deep-fryer -- are a leading U.S. export.

Japan's locally grown potatoes are mostly eaten fresh, rather than as fries, and production has been declining for years. Most of the more than 300,000 tons of french fries consumed in the country each year come from imports of frozen, processed potatoes.

JAPAN-SONY

TOKYO (AP) -- Sony's online PlayStation store and Microsoft's Xbox site suffered disruptions to users on Christmas Day in the latest possible cyber-attacks on the companies.

The PlayStation Store Twitter feed said Friday that some users were having trouble logging into its network. It said engineers were investigating.

A notice on Microsoft's Xbox website said it knew some users were having trouble signing in. it said, "We're aware of this issue, and we're working to find a fix ASAP!"

The problems were affecting Xbox Live Core Services, though most other applications were up and running, it said.

Earlier this month the PlayStation store also experienced spells of inaccessibility. That followed a cyberattack on computer systems of Sony Pictures Entertainment that led to the release of confidential information on the Internet.

A hacker group calling itself Lizard Squad appeared to take responsibility for the disruptions on its Twitter account.

JAPAN-CITIBANK

TOKYO (AP) -- Citigroup has agreed to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corp.

Citigroup said in a statement Thursday that the two sides have reached agreement on selling Citibank Japan's retail branches and ATMs to a trust bank subsidiary of SMBC. The deal includes 740,000 customer accounts and about 2.5 trillion yen (about $21 billion) worth of yen and foreign currency accounts.

It said about 1,600 Citibank Japan employees in Japan will also be transferred to SMBC, one of three Japanese mega-banks.

Citigroup did not give a total value for the deal, which will close in late 2015. The company also is considering selling its credit card business in Japan, separately, as it streamlines its global banking and focuses on corporate and investment banking, and other services.

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