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Here is today's summary of economic development news, presented by the Economic Development Partnership of Alabama.
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Government Executive magazine finds Huntsville offers a lot
Published: Monday, August 09, 2010, 8:45 AM Budd McLaughlin, The Huntsville Times
For the article, Katherine McIntire Peters interviews people who have moved or are planning to move here from the Washington, D.C., area through BRAC. A monthly magazine, Government Executive is targeted toward government leaders, particularly mid- to senior-level managers. It has a print circulation of more than 77,000. The website is govexec.com and the article can be found at govexec.com/features/?oref=topnav So, what prompted Peters to pay us a call? "Last spring, Mayor Tommy Battle and others reached out to us when they were here (for the Huntsville Madison County Chamber of Commerce's annual fly-in)," Peters said. "My editor (Tom Shoop) and I talked to them and figured with so many federal officials coming down (to Huntsville), we decided to spend the money for me to go to there." Peters said her "experience in Alabama is limited" to a visit to Birmingham several years ago for a story as well as a sojourn along the Gulf Coast. However, she didn't get to enjoy our offerings when she came here in June. "I spent one night and two full days interviewing people," she said. Those interviewed in the story are mostly surprised at what Huntsville has to offer. The short travel time: "I was 16 miles from work. On a good day - and I mean a good day - it would take me an hour and a half" to get to Fort Belvoir from home. "Now, I'm 23 miles away and it takes me half an hour to get to work."
more...
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Huntsville's 'Angels' fly high despite tough economic times
Published: Monday, August 09, 2010, 8:08 AM Updated: Monday, August 09, 2010, 8:12 AM
Budd McLaughlin, The Huntsville Times
HUNTSVILLE, AL -- The last couple of years have been called the worst economic period in our nation's history since the Great Depression.
But for a local investors group and some startup businesses, this has been a boom time.
In fact, it's been a record year so far for the Huntsville Angel Network, which recently had its fifth anniversary.
According to Executive Director Dick Reeves, the group has made more than $2.8 million in new investments in local tech companies.
"This $2.8 million has been leveraged with an additional $2.7 million from investing partners, for a total of over $5.5 million in capital for area companies," he said. "In its first five years, the HAN has invested over $8 million, with an additional $7.7 million coming from investment partners. At this rate, our 75 members will invest over $3.5 million in 2010, more than a 100 percent increase over 2009.
"The innovation ecosystem is alive and well in Huntsville."
Reeves said the investors are not just in it for the money - "They like to make a dollar or two" - but, as entrepreneurs, they want to see other entrepreneurs succeed and to see new products on the market.
The Angel Network invests from $250,000 to $1 million in startup and early-stage technology companies, Reeves said.
"We invest in about 1 out of 20 or 30 companies who reach out to us," he said. "I can weed out half of the 20 or 30 in the first phone call."
The group has criteria businesses must meet to be accepted, he said. "First, they must have a business plan."
more...
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American Cast Iron Pipe to lay off 80 workers
Published: Thursday, August 05, 2010, 8:42 AM Updated: Thursday, August 05, 2010, 8:55 AM
Russell Hubbard -- The Birmingham News
American Cast Iron Pipe said Wednesday it will lay off 80 employees at its Birmingham plant on Sept. 7.
Employees were notified Tuesday, spokeswoman Joy Carter said.
"We are working to connect them with job relocation resources and to provide employee assistance," Carter said.
It has been a rough year for Birmingham's cast-iron pipe makers. The Magic City is the industry's home, headquarters to the U.S. Big Three: ACIPCO, McWane Cast Iron Pipe and U.S. Pipe & Foundry.
The sluggish economy and low demand for water pipes from stalled home construction is the culprit: McWane puts its plant on indefinite furlough this year, costing 117 positions at a plant that once employed as many as 500 workers. Read a story about the move.
In February, U.S. Pipe announced plans to close its North Birmingham pipe plant and eliminate 260 jobs
more... Birmingham News link |
HK Group announces joint venture to develop eco-friendly engines
Published: Thursday, August 05, 2010, 7:00 AM
Dan Murtaugh, Press-Register
MOBILE, Ala. -- Hybrid Kinetic Group Ltd., the company proposing an automotive assembly plant near Bay Minette, has created a joint venture with a Chinese company to develop eco-friendly engines.
On Aug. 3, HK Capital, a wholly owned subsidiary of the group, signed a letter of intent with Anhui Jianghuai Automobile Co., Ltd., to invest 2 billion yuan ($295 million) into the joint venture, which will be based in Hefei, about 250 miles west of Shanghai.
The amount each company will invest in the joint venture will be determined in the future, according to the agreement.
"The cooperation, if successful, would in the long run move the group a step further in launching a larger-scale production of automobiles and automotive products," HK Group said in a release.
Under a plan unveiled last year, Hybrid Kinetic Motors, a Pasadena, Calif.-based subsidiary, would start production in Baldwin County in 2013. The cars built there would run mainly on compressed natural gas, backed up by electric batteries and a small gasoline tank.
more...
Press Register link |
Vanity Fair laying off 68 in Monroeville, AlabamaPublished: Thursday, August 05, 2010, 5:30 AM Jeff Amy, Press-Register
MOBILE, Alabama -- Vanity Fair Brands LP is closing one of its two remaining warehouses in Monroeville and laying off 68 employees.
John Shivel, spokesman for Vanity Fair owner Fruit of the Loom, said Vanity Fair is closing a warehouse on Drewry Road and transferring 61 of 129 employees to the remaining warehouse off Ala. 21 south of downtown.
The cutback began Tuesday and is supposed to be complete by Sept. 20. It's unclear what will happen to the empty building.
Distribution Vice President James Dodwell said in a statement the layoffs resulted from a "competitive apparel market and a very difficult business environment."
It's the latest in a series of cuts for Vanity Fair, which began operations in Monroeville in 1937 and was once the city's cornerstone employer. The subsidiary of Berkshire Hathaway Inc. (NYSE:BRK) closed its last manufacturing operations in Monroeville and Jackson, Ala., last year.
more...
Press Register link |
Parent of ST Aerospace Mobile announces contract with Delta Air Lines, higher sales and profit
Published: Wednesday, August 04, 2010, 9:01 AM Updated: Wednesday, August 04, 2010, 10:48 AM
Jeff Amy, Press-Register
MOBILE, Alabama -- Singapore Technologies Engineering Ltd. said Tuesday that it has signed a contract to maintain 75 Boeing 757s for Delta Air Lines for an undisclosed price over the next 18 months, with at least some work to be done in Mobile. The announcement came as the firm unveiled higher profit and sales for the second quarter.
Profit rose to 124 million Singapore dollars ($92 million), up 14 percent from S$108.7 million in the April-to-June period of 2009.
Sales rose 8 percent to S$1.52 billion ($1.12 billion) from S$1.41 billion in the 2009 quarter.
ST Engineering, the majority of which is owned by the Singapore government, employs 1,400 at ST Aerospace Mobile.
Chief Executive Officer Tan Pheng Hock said the company is on track for higher sales and pre-tax profit in 2010 than in 2009.
"Ahead should be a nice set of results," Tan said.
The Delta work will largely be done in San Antonio, said ST Aerospace President Chang Cheow Teck, with some spillover to the Brookley Field Industrial Complex base in Mobile until the middle of next year.
more...Press Register link |
Spec building already drawing interest
By Tom Smith
Published: Friday, August 6, 2010 at 3:30 a.m.
Last Modified: Thursday, August 5, 2010 at 11:14 p.m.
Rogersville Mayor Richard Herston compares attracting industry to fishing.
"It's like baiting a hook and trying to get a nibble," Herston said. "You have to have something to lure the industry."
The bait Rogersville is trying to use is a 40,000-square foot speculative building that was recently completed on U.S. 72 in the town's industrial park.
And the nibbles Herston has hoped for are coming.
"The building is an enticement, and you have to have something to offer industry to get them to locate in your area," Herston said. "Companies that are interested in moving into an area want a building that is ready right now, not six months down the road. Having this spec building gives you an advantage over other sites.
"The spec building changes our image from having nothing to offer to having something very good to offer."
more...Times Daily link |
Whitney Bank to build call center in Prattville
August 4, 2010
PRATTVILLE - Whitney National Bank announced this morning it will build a call center at its McQueen Smith Crossing branch in Prattville, an expansion that will bring 50 white collar jobs to the city.
The center is another sign of Whitney's commitment to Alabama, said John C. Hope III, the bank's chairman and CEO.
"We're adding this site with the future in mind," he said. "The McQueen Smith Office in Prattville offers room the grow and provides the bank with an attractive location for this call center. "
The branch is located in east Prattville at the intersection of McQueen Smith Road and East Main Street. The center is expected to open Sept. 7, and will bring 34 jobs to the area in the next two years. Whitney also anticipates announcing the addition of 16 jobs at its operations center in downtown Prattville later this year. The operations center opened in July of 2009 and conducts back office operations for the bank. The center now employs about 60 people.
Headquartered in New Orleans, bank has more than 150 branches in Texas, Louisiana, Mississippi, Alabama and Florida.
more... Montgomery Advertiser link |
State steps in to help save Bush Hog in Selma
By Alvin Benn � Special to the Advertiser � August 7, 2010
SELMA -- One of Alabama's industrial jewels was saved for Selma on Friday when Gov. Bob Riley arrived to announce a $300,000 grant for a project to guarantee Bush Hog's presence in the town where it was created. The grant, to be used for a Norfolk Southern rail crossing, will augment about $250,000 in local funds to build a street in an east Selma neighborhood. Owners of Bush Hog, which makes heavy-duty rotary cutters developed in Selma after World War II, told area officials that streets around the plant had become a liability due to higher insurance rates along with safety and security risks. Some neighborhood residents were up in arms over the impending closure of two streets in east Selma, but local leaders made it clear that Bush Hog and its nearly 300 jobs would be saved. That led to contributions from Selma and Dallas County governments along with the Selma-Dallas County Economic Development Authority. The state's $300,000 grant sealed the deal, and Bush Hog's meeting room was filled Friday with local and state officials along with employees of the company.
more... Montgomery Advertiser link |
Local manufacturing company, Great Lakes Metal Stamping, receives
Global Quality Award.
Release - Keiper LLC has recognized Great Lakes Metal Stamping as the only North America Supplier to receive a Prestigious Award for "Quality Performance". Keiper is a German based organization that supplies approximately 55% of the seating mechanisms for the European Automotive Market. Great Lakes Metal Stamping supplies high tolerance seating mechanisms for the Automotive Industry. The relationship between Keiper Eldon and Great Lakes Metal Stamping was initiated in year 2004. Since that time Great Lakes has made continuous improvements by implementing elements of QSB into their operating systems. Since 2006 Great Lakes has annually reduced their ppm-rate and number of complaints. In 2009, on a delivery volume of 1.9 million parts Great Lakes achieved an excellent Quality Performance of 0 PPM. In recognition of this outstanding accomplishment Great Lakes received the Keiper Supplier Award 2009 in category "Quality" at an awards ceremony in Germany. Great Lakes Metal Stamping's owners Keith and Betty Hettig would like to thank and honor our Team Members for this outstanding accomplishment. Without their hard work, dedication and commitment to excellence, this Outstanding Quality Award would not have been possible. Chambers County Development Authority Executive Director Valerie Gray, was not surprised but delighted when she heard the news. "From the moment we first met Keith and Betty Hettig 6 years ago, we knew that they would be a perfect fit for our community", stated Gray. "Great Lakes Metal Stamping is a first class company with excellent leadership and a wonderful corporate citizen." "GLMS is very deserving of this award and on behalf of the Board of Directors of the CCDA, we congratulate them in their achievement!" Great Lakes Metal Stamping, Inc. is a contract supplier of stamped metal components along with welded and mechanically fastened sub-assemblies to various industries including, automotive, office furniture, appliance, agriculture, consumer hardware and many others. Established in December of 1995, as a start-up company with one person, GLMS now employs over 100 team members. For more information regarding the company, please visit their website at http://www.glakesmetalstamping.com/ |
AWTA Keynote Address by Francisco J. S�nchez
Francisco J. Sanchez, Under Secretary of Commerce for International Trade
U.S. Department of Commerce International Trade Administration
Aug. 18 at 11:30 a.m.
The Club, Birmingham, Ala.
Glen Iris II & III 1 Robert S. Smith Drive
Open seating $30 per person; Reserved table of eight $220
Registration: Required. Reservation By Aug 13, 2010 call 334-318-1877 or contact [email protected] Sponsoring Organization: AWTA; AITC; Alabama Development Office; Export Alabama; US Commercial Service
Dress: Business Formal Only
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Featured Community Partner:
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