February, 2009 Archives
A whistleblower tells Congress that the Securities and Exchange Commission ignored his warnings about Bernie Madoff for nine years.
The Greensboro Economic Development Alliance just announced a significant expansion by ConvaTec, a global medical device manufacturer and long-time Greensboro employer. The company will expand its ostomy wafer line and attract a new ostomy pouch operation to its 211 American Avenue plant. ConvaTec plans to hire 30 machine operators and mechanics at an average wage of more than $44,000 per year. The company will convert warehouse space to manufacturing, and invest $19.55 million in machinery, equipment and building projects. “As a medical device company, ConvaTec is an important part of our local life sciences industry. Securing this expansion here in Greensboro should help keep the local facility viable and growing for the longer term,” stated Dan Lynch, president of Greensboro Economic Development Alliance. “By partnering with the local facility and showing local and state support for this project, we were able to convince the company to grow in Greensboro rather than overseas.” Formerly a division of Bristol-Myers Squibb Company, as of August 1, 2008, ConvaTec is owned by Cidron Healthcare Limited. The company focuses on four key business divisions – ostomy care, wound therapeutics, continence and critical care and infusion devices. ConvaTec has received the North Carolina “Star” Certification recognizing that the company is a leader in health and safety. Thomas Brugnoli, ConvaTec plant director and general manager of global manufacturing and supply chain, stated, “We are pleased to announce this expansion and appreciate the community support we received. We are proud of our success in Greensboro over the past 29 years and look forward to the implementation of this state-of-the-art project.” The Greensboro Economic Development Alliance (GEDA) worked closely with ConvaTec representatives throughout the site selection process. GEDA extends special thanks to the Greensboro City Council, the Guilford County Commissioners, the North Carolina Community College System, Duke Energy and the North Carolina Department of Commerce for all of their support for this expansion.
A $700-million infrastructure initiative, national leadership in IT services and wind-power manufacturing give the Hawkeye State plenty of reasons to be bullish about the future.
In hard times, economic development specialists have created unique and innovative incentive packages to help ease the financial burden on existing companies and make it attractive for new ones to locate to their states.
Luxembourg is at Western Europe’s geographic core and has long been a major player in the surrounding market.
A new governor’s battle plan to energize a sluggish economy zeroes in on incentives that work and the growth of knowledge-based jobs in the Tarheel State.
Southern states, with lower business costs and a ready workforce, as well as a critical mass of suppliers, still rule in terms of foreign automotive investment.
Howard Hanna Moves Real Estate HQ to Cleveland Howard Hanna Real Estate will move the regional headquarters of its 21-county operation in Ohio from Seven Hills to Cleveland. It will consolidate its operations in the downtown Warehouse District at 800 West St. Clair, the former location of recently acquired Realty One. “With the help of Councilman [Joe] Cimperman, the Downtown Cleveland Alliance and the City of Cleveland’s Economic Development Department, we were able to show the unique assets available to businesses that made Downtown Cleveland the location of choice for the company,” Cleveland Mayor Frank Jackson says. The city will provide to Howard Hanna an Urban Development Action Grant loan in the amount of $250,000, distributed over three years and likely turned into a grant if all loan conditions are met, including maintenance of employment levels. According to Howard Hanna executives, about 100 Seven Hills employees will join about 55 former Realty One employees downtown. More hiring is expected and the employment level will likely reach 200. Howard W. Hanna IV, president of Howard Hanna Ohio, said that in addition to taking over Realty One’s 25,000-square-foot office space, the company plans to lease another 5,000 square feet in the building to accommodate more staff. He said the company is making a “significant” investment into the property, above the loan amount, but did not provide a figure. “The decision to place our Ohio headquarters in the city solidifies our commitment to the region and Cleveland, which is one of the nation’s largest major urban centers,” Hanna says. “Before we entered the Ohio market in 2003, we were impressed by the vitality of Cleveland as a world-class city that offers outstanding quality of life and has an unlimited potential for business growth. That impression is not only lasting, it is deepened.” Howard Hanna Real Estate Services, with corporate headquarters in Pittsburgh, PA, is the fifth-largest full service real estate company and the third-largest privately held real estate firm in the United States. In a period of nearly six years, the company has acquired eight other real estate brokerages and expanded services to include insurance, mortgage options, title and escrow. It is estimated that the brokerage’s move will generate more than $1 million annually for the local economy. Howard Hanna says it expects downtown to grow in the next decade, with a resurgence of high-density, mixed used-urban developments. West Chester Medical Center Opening in May West Chester Medical Center, which broke ground in West Chester, OH in July 2006, is scheduled to open […]
Hemlock Semiconductor to Build $2.5 Billion Plant in Clarksville The Hemlock Semiconductor Group will invest up to $2.5 billion to locate a polycrystalline silicon (polysilicon) manufacturing operation in Clarksville, TN at the Commerce Park megasite in the northeastern edge of the city. If plans are fully implemented, it will be the largest corporate capital investment in Tennessee history. After a two-year global search of more than two dozen sites, The Hemlock Semiconductor Group, which includes two Dow Corning Corporation joint ventures, Hemlock Semiconductor Corporation and Hemlock Semiconductor LLC, finally decided on a location. “Tennessee’s business climate coupled with a superb site in Clarksville, a strong, productive workforce and an excellent location in proximity to our supply chain and customers made this the right decision,” said Hemlock Semiconductor President and CEO Rick Doornbos. “This investment will allow us to meet growing customer demand in both the near term and in the decades ahead.” The Clarksville facility will produce polycrystalline silicon, a primary component used to manufacture solar cells and semiconductor devices. While most of the polysilicon will be consumed by firms in the solar industry, the site also will have the capability to make ultra-pure silicon for the electronics industry as well as solar-grade material. Upon completion, the new facility will have the capacity to manufacture up to 10,000 metric tons of polysilicon annually with the potential to expand to a production level of 21,000 metric tons. Groundbreaking on the new plant is expected in March 2009 and will create up to 1,000 jobs in construction and related crafts during the building phase. Projected to open in 2012, the Clarksville facility itself will create 500 jobs with the potential of employing up to 900 people within five to seven years. The plant will occupy the entire 1,215-acre Commerce Park megasite and the company plans to acquire an additional 947 acres adjacent to the site for additional build-out and buffer space. “The exact scale of this investment will be determined by market conditions. Making this investment in today’s volatile economic climate is a testament to both the long term outlook of the solar industry as well as Hemlock Semiconductor’s ability to add capacity to meet the needs of customers,” said Doornbos. In conjunction with this new industrial development, Austin Peay State University has received a $6.4-million grant to develop and train a workforce for the incoming Hemlock Semiconductor Plant. This includes a new campus building, six new chemical technology professors and about eleven new professors for other core credit requirements toward the […]
Zoning, mineral rights and water rights move to the forefront in a regional relocation.