Fayette Companies on a Winning Streak In July, Alcan Packaging of Peachtree City, GA was honored as a nominee for the state’s Manufacturer of the Year award. “We’re proud of Alcan because they are very deserving of this nomination,” says Randy Hayes, chairman of the Fayette County Development Authority. “We congratulate them on this achievement and know they will continue to thrive in Fayette.” Alcan, a global packaging company serving numerous industries, was the sole nominee from Fayette County. Other Georgia companies presented with a plaque were Bridgestone Bandag of Griffin; the Griffin plant of Georgia Industries for the Blind; Perkins Shibaura Engines of Griffin; PermaTherm of Monticello; Continental Tire/Adora Plant of Barnesville; Toppan Interamerica of McDonough; and Caterpillar Diversified Power Products of Griffin. During the awards ceremony at Griffin Technical College, Georgia Lieutenant Governor Casey Cagle, said Georgia leads the nation in workforce development “primarily because of [our] technical colleges.” In April, Peachtree-based Panasonic Automotive was named by General Motors (GM) as a Supplier of the Year for its overall business performance in providing GM with world-class parts and services. It marks the ninth time in the past 11 years that GM has recognized Panasonic with this honor. “Panasonic is among the best of the best,” says Bo Andersson, GM group vice president, Global Purchasing and Supply Chain. “They understand that our mutual success can only be achieved by sharing common goals and priorities.” “We are honored to have once again been chosen as a Supplier of the Year by General Motors,” says Vince Sarrecchia, president of Panasonic Automotive. “It is a clear indicator that GM recognizes Panasonic’s quality and the value of our brand in the market place, and the connection we have with our customers.” Fayette Fact File • Fayette County is considered a part of the Atlanta Metropolitan Statistical Area. • Fayette County was named for the Marquis de Lafayette. • Fayette County’s largest city is Peachtree City, but the county seat is Fayetteville. Country Cities Population Average Household Income Fayette County 109,624 $101,472 City of Fayetteville 13,676 $74,884 Peachtree City 38,736 $94,458 Town of Tyrone 4,637 $86,473
City of the Future Strategically positioned in the Southwest, the Greater Phoenix area is one of 10 U.S. markets projected to experience 85% of the nation’s growth over the next 35 years. Greater Phoenix, which consists of the City of Phoenix, much of the rest of Maricopa County, a large section of Pinal County, and small parts of southern Yavapai County, currently is the 13th largest area in the United States, with an estimated population of four million. The City of Phoenix is the largest state capital in the U.S. in terms of population and is the only state capital with a population of more than one million. With a labor force of over two million people, Greater Phoenix is known as a business and innovation hub with international access for aerospace, high-tech, bioscience, advanced business and sustainable technologies companies. Currently, over 20 major Fortune 500/1000 companies are located in Phoenix, such as Allied Waste, AT&T Inc., Bank of America, Boeing, Google, Morgan Stanley, and Wells Fargo. Honeywell’s Aerospace division is headquartered in Phoenix, and the valley hosts many of its avionics and mechanical facilities. Intel has one of its largest sites in the city, employing about 10,000 employees. Businesses are easily connected to the region, nation and the world with two major airports—Sky Harbor International Airport and Williams Gateway Airport—and a new light-rail system being launched in December 2008. Hot Spot for Solar With an average of 321 days of sun, a high semiconductor workforce concentration, and a lower cost of doing business compared to California, Greater Phoenix is emerging as a leader in the solar industry. Greater Phoenix is now the world’s fourth largest solar market and is home to companies such as American Solar Electric, Green Ideas, Inc., ETA Engineering Inc., Kyocera Solar, Inc., and First Solar. In June 2008, California-based SolarCity, one of the fastest growing solar power companies in the country, announced it is expanding its operations in Phoenix. The company is transferring regional operations to a new 8,200-square-foot facility, which it plans to use as a base to install solar electricity systems for area businesses and residents. “SolarCity is an innovative company, and its unique SolarLease program will promote and accelerate the adoption of solar across the region,” says Greater Phoenix Economic Council (GPEC) President and CEO Barry Broome. GPEC, comprised of 18 communities, Maricopa County, and more than 140 private-sector companies, serves as a catalyst to strengthen the region’s economic base and promote Arizona’s sustainable industry. Its efforts are helping create high-wage jobs, […]
Kathleen Ellis, senior Vice President of Chubb & Son, also is the firm’s Multinational Risk Group manager of Global Accounts. BF: Why is it riskier for small businesses, compared to large companies, to invest or relocate overseas? KE: You need resources to manage risk. Larger companies often have the people and capital they need to navigate the global patchwork of different laws and languages, currencies and styles of conducting business and create corporate risk management standards throughout the world. Small and midsize companies that do business overseas don’t have those luxuries. But if they’re lucky, they’ll have good business partners to help them create standards that will help reduce foreign property and liability losses and injuries to employees. Additionally, smaller companies have less capital, and what they do have often is tied up in the expansion plans. There is seldom a surplus of extra capital to pay for a mistake or unforeseen costs associated with inefficient practices or poor decisions. A small or midsize company will have fewer staff members and less time to anticipate all of the cultural nuances and business practices that go unspoken in foreign locales. Having a good partner—either a joint venture, attorney, accountant, or consultant—can make the difference between winning and losing. Losing money is just part of the risk; losses can damage long-term relationships in a country. Finally, expanding into foreign markets, while strategic, will lengthen the supply chain of the company. Buying raw materials or components from multiple sources in multiple countries and then coordinating them to create a final product is a challenge. Focusing on logistics and a good management process is required. BF: How has the troubled US economy shifted concerns of corporate executives? KE: According to Chubb’s 2008 Multinational Risk Survey, senior-level executives and risk managers agreed that the top three threats to their business operations or business conducted outside the United States and Canada are: currency risk (23%); supply-chain failure (16%); and credit risk (13%). In our 2007 Multinational Risk Survey, the top three threats were terrorism, natural catastrophes and political instability. Some of these are business risks, and others are insurable through property/casualty insurance. Compliance with local laws and practices is a keen concern for companies doing business abroad. They want to be viewed as good corporate citizens in order to maintain strong relationships with a country’s regulators. For expanding firms, there is a heightened awareness of risks due to liabilities pertaining to employment practices, pensions, and directors/officers. According to Chubb, in 2009… • 75% of companies will […]
From the Desk of the Editor in Chief
These gems didn’t just catch our eye with a quick flash. Their consistent economic development sparkle earned them front-and-center display in our annual showcase.
Iowa is rapidly staking its claim as the number one wind-turbine manufacturing hub in the nation.
North Carolina’s aerospace and aviation industry is flying high as it attracts high-caliber companies and creates well-paying jobs.
World-famous for its expertise in automotive manufacturing and brewing beer, modern Germany also has established itself as a media magnet, an IT hub, and a finance center.
The Palmetto State’s Department of Commerce is casting lines into international waters in an attempt to reel in foreign traders.
With a bevy of financial incentives, acres of available land, and an assortment of creative thinkers, California is home to one of the largest state economies in the nation. Lucrative business deals await, and it’s not too late to take part in this modern-day gold rush.