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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.
More Business News
Last Update on November 24, 2014 08:29 GMT
CAMARILLO, Calif. (AP) -- A national survey reveals the average price of regular gasoline has plunged another 10 cents a gallon over the past two weeks, to $2.84.
Industry analyst Trilby Lundberg says the decline continues a trend that has seen prices in the U.S. fall by 88 cents since May.
Lundberg says lower crude oil prices are continuing to drive prices down, along with an abundant oil supply and the rising value of the U.S. dollar.
The highest priced gas in the Lower 48 states was found in San Francisco at $3.14 a gallon. The lowest was in Albuquerque at $2.47 a gallon.
The average price for midgrade gas in the U.S. is $3.08. For premium it's $3.24.
REGULATING CAR SERVICES
RALEIGH, N.C. (AP) -- North Carolina has become a prime market for the smartphone-based car services Uber and Lyft -- and is likely to join a push around the country to regulate the fast-growing businesses.
A big draw for the companies is the state's mix of mid-sized cities, which are full of college students but lack extensive mass transit networks to serve their spread-out geography.
The companies' expansion has legislators in North Carolina and elsewhere scrambling to study their business models ahead of sessions in 2015 when they could address insurance, car inspections or criminal background checks.
Transportation analyst Douglas Shinkle of the National Conference of State Legislatures thinks at least 20 legislatures are likely to take up legislation on Uber, Lyft and similar services in 2015 after several passed laws this year.
MERGER SURGE-HEALTH INDUSTRY
Health care M&A leads global deal surge
UNDATED (AP) -- It's been a big year for deal making and the health care industry is especially visible in that arena.
Large drugmakers are buying and selling businesses to control costs and deploy surplus cash. A rising stock market, tax strategies and low interest rates are also fueling the mergers and acquisitions.
It's all combining to make 2014 the most active year for health care deals in at least two decades. Data provider Dealogic says the industry has announced about $438 billion worth of mergers and acquisitions worldwide so far, about 14 percent of the $3.2 trillion total for all industries. Overall, M&A is on track for its best year since 2007, the year before the financial crisis intensified.
One analyst says deals are being driven by "cost pressure on the entire health care system," as insurers and government health plans increasingly hold down or even reduce reimbursements to drug, device and service providers.
Companies also are looking to expand market share, and boost their portfolios in hot areas such as drugs for cancer and hepatitis C.
JACOBS ENGINEERING-CEO RETIREMENT
PASADENA, Calif. (AP) -- The construction services firm Jacobs Engineering says CEO Craig Martin will retire in late December because of health reasons.
The company announced Sunday that former CEO and current board chairman Noel Watson will serve as executive chairman until a replacement for Martin is found.
The 65-year-old Martin joined Jacobs in 1994 and became CEO in 2006.
The Pasadena, California-based company helps design and build large, complex facilities for oil and gas companies, chemicals companies, governments and a variety of industrial customers.
Martin will step down Dec. 26, the last day of the company's first fiscal quarter.
MINNEAPOLIS (AP) -- Icy conditions have forced an early end to shipping on the Upper Mississippi River.
The season officially closed Thursday with the towboat Mary K. Cavarra and its load of four barges heading south through Lock & Dam No. 2 at Hastings, Minnesota.
The Star Tribune (http://strib.mn/1yIQ8un ) reports it's the earliest closing in 45 years. The season began last spring with the second-latest opening and came to a 26-day halt in midsummer so crews could clear flood-borne silt from the navigation channel.
Executive director Bob Zelenka of the Minnesota Grain and Feed Association says it's been a challenging year. Zelenka says the river is the cheapest way of moving crops. But the river's early closure means finding alternative ways to get those crops to New Orleans and foreign export markets.
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