Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development.  If you enjoy NewsFlash, thank an EDPA Partner.


In this issue:


SCOSCHE Industries launches distribution center, employs 27 in rural Franklin County

on March 13, 2015 

A 35-year-old maker of consumer electronics, technologies, and car and motorcycle audio installation hardware recently found a new home in rural Franklin County.


SCOSCHE Industries has launched a distribution center in the Spruce Pine area, relocating from its previous site in Russellville. Managed and operated by MDI, Inc., the facility employs 27, with more jobs on the way. 

The company said it is the first "new significant business development" in the area since the April 27, 2011 storm, which devastated Franklin County and other portions of the state.









The road ahead for Hyundai

Brad Harper, Montgomery Advertiser
March 15, 2015

Dave Zuchowski had his work cut out for him when he took over as president and CEO of Hyundai Motor America a little more than a year ago.


The company was coming off a run of record U.S. sales and market share under former leader John Krafcik. Its global parent company had recently put the brakes on capacity expansions, which seemingly put sales growth on a leash, and a brutal winter storm was settling over the nation and stunting sales.


But Zuchowski's first year on the job turned out to be the biggest sales year in HMA history.




[Montgomery Advertiser]




Stimpson names Mobile native as city's innovation team leader
Posted By Jessie Miller, FOX10 Digital Reporter
Mar 16, 2015 

MOBILE, AL (WALA) -According to a press release from the Mayor's office, Mayor Sandy Stimpson has named Mobile native Joan Dunlap as executive director of the Mayor's Innovation Team following a robust nationwide search.

Dunlap, a former business executive, will lead the City of Mobile's participation in the Innovation Team program sponsored by Bloomberg Philanthropies. She will begin the new job effective immediately.


"We received applications from across America and we were thrilled to find our top candidate right here in our local workforce," said Mayor Stimpson. "Joan Dunlap has an outstanding background as an entrepreneur and investor, and she has had impressive experience reviving economically depressed areas in Houston. We are excited to welcome her home again as we continue our efforts to transform Mobile."









Liberty Bank merges with First Tuskegee Bank

Associated Press
March 14, 2015

NEW ORLEANS - A minority-owned New Orleans bank has bought First Tuskegee Bank, which originated in 1894 as a building and loan association housed in a classroom at Tuskegee Institute in Alabama.


Liberty Bank and Trust Co. says the bank's first acquisition in Alabama continues 10 years of rapid expansion.


Liberty Bank announced in 2013 that it planned to buy the $60 million Alabama bank. Louisiana regulators approved the deal in December.




[Montgomery Advertiser






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