February 23, 2024 - Page 2 of 10 - Southern Business & Development

After battery plant win, Gov. Beshear plans to bring more money, jobs from South Korea to Kentucky. Here’s how

Posted on February 23, 2024October 25, 2024 by Michael Randle

Since Kentucky opened an office abroad in Japan, it’s helped attract 199 businesses and more than 45,000 full-time jobs in the commonwealth.

Now Gov. Andy Beshear sees similar potential with South Korea, officially the Republic of Korea.

Over the last decade, Kentucky has formed a business and trade partnership around electric vehicle batteries, auto parts manufacturing and bourbon, with the small Southeast Asian country some 6,900 miles away from the commonwealth.

Since 2020, that relationship has grown drastically, featuring $6.15 billion in investments into the state from South Korean companies including SK On, Ford Motor Co.’s partner on its Glendale battery park, and more than $100.5 million of Kentucky agriculture goods shipped overseas to the country.

Drawing on that success, Beshear wants to include $500,000 in each fiscal year in the 2024-26 state budget to open a business and economic development office in South Korea.

Louisville Courier Journal

Bill Lawrence Featured in Birmingham Business Journal Discussing Burr’s Sports Law Practice

Posted on February 23, 2024October 25, 2024 by Michael Randle

Burr & Forman corporate attorney Bill Lawrence was quoted in the article, “Local Firms Grow Sports Law Practices as NCAA Rules Change,” published on January 12, 2024, by the Birmingham Business Journal.

The article highlighted the Burr Sports Law team in discussing how local law firms have recognized the importance of handling collegiate name, image and likeness (NIL) issues for different entities affected by the relatively new and evolving rules.

“When it became clear the NCAA was going to change its long-standing amateurism rule and allow college athletes to accept NIL compensation, I wanted to lean on my past sport and entertainment experience and get in on the ground floor and hopefully become a leader in the space,” Lawrence said. “It’s a way to expand our client base. It gives us the opportunity to get in front of a lot of young athletes.”

Lawrence also noted the firm’s partnership with athletic branding company Steel City Sports and the Birmingham Legion Football Club franchise, which has provided opportunities to represent athletes who may eventually go pro.

“The exposure we had to those younger athletes provides us a potential client when they get into the business world, whether they form their own business or they’re working for somebody else,” he said.

To view the full article, please click here.

Burr & Forman

Honda sees 2024 U.S. sales climbing 10% due in part to Alabama-built vehicles

Posted on February 23, 2024October 25, 2024 by Michael Randle

Honda Motor Co. expects sales in the U.S. to hit 1.4 million vehicles this year for the first time in three years, fueled mostly by demand for its hybrid and gas-powered models.

The Japanese automaker aims to grow sales 10% in 2024, including as many as 1.3 million Honda brand vehicles and some 150,000 upscale Acura cars and SUVs, according to Mamadou Diallo, the top sales executive at Honda’s U.S. subsidiary.

The Honda Alabama Auto Plant in Lincoln employs more than 4,500 and produces the Odyssey minivan, Ridgeline pickup and Pilot and Passport SUVs, along with the V-6 engines that power them.

Alabama News Center

OPINION: Asa Hutchinson warns GOP is “headed toward a cliff.’

Posted on February 23, 2024October 25, 2024 by Michael Randle

You get the feeling that Asa Hutchinson could have won the GOP nomination for president in the Before Times, namely before a reality TV star named Donald Trump hit the scene and upended what it means to be a Republican in America.

Hutchinson is a former federal prosecutor, member of Congress, and popular two-term Republican governor of Arkansas. He finished his second term as governor in 2023 and, with the timing just right, spent the next year running for president.

But on Monday night, Hutchinson finished with just 0.2% of the vote in the Iowa Caucuses. He dropped out of the presidential race the next day. His strategic error, he said, was telling Republican voters what they needed to hear.

“We’re headed toward a cliff, and we’re going to go off that cliff because Donald Trump cannot attract independent voters,” Hutchinson said in an interview from Arkansas this week. “It’s very clear he’s not going to expand the base with the rhetoric that he has.”

He said the GOP is “in a battle for its soul,” and at the moment, Donald Trump is winning. “But telling what is needed is not always a guarantee you’re going to win votes.”

Atlanta Journal Constitution

Ohio train wreck strains Norfolk Southern. Now there will be job cuts

Posted on February 23, 2024October 25, 2024 by Michael Randle

It was nearly a year ago when a Norfolk Southern train derailed in East Palestine, Ohio, upending lives in the rural town. Twelve months later, the Atlanta-based railroad is still grappling with fallout from the incident.

Norfolk Southern said Friday its 2023 net income was down 44% compared to 2022, as the railroad has accumulated $1.1 billion in charges so far from the Feb. 3, 2023, derailment of a train carrying hazardous materials.

“Last year was historically challenging,” said Norfolk Southern CEO Alan Shaw during an investor conference call Friday. “The eastern Ohio incident tested our resolve.”

Shaw also disclosed Friday plans to cut management staff to reduce costs. The company aims to cut more than 300 people in the next several months.

Revenue was down 5% in 2023 amid network disruptions — including technology outages — and a “stubbornly weak freight market,” Shaw said.

Its operating expenses were driven up by massive costs for the cleanup of the East Palestine derailment site that continues today, legal expenses and liability, payments to residents who relocated and donations to the community in the surrounding areas in Ohio and Pennsylvania. Atlanta Journal Constitution

Biden Pauses Approvals for LNG Exports

Posted on February 23, 2024October 25, 2024 by Michael Randle

The Biden administration effectively froze the approval process for new plants to export U.S. liquefied natural gas, bowing to demands from environmental groups and angering oil-and-gas companies.

President Biden said Friday the administration will pause export application reviews as it takes stock of the country’s newfound status as the world’s largest LNG exporter.

“We will take a hard look at the impacts of LNG exports on energy costs, America’s energy security, and our environment. This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time,” he said.

In a call with reporters Thursday previewing the announcement, Energy Secretary Jennifer Granholm said the process wouldn’t affect already authorized exports or gas exports to U.S. allies, including Europe, which has relied heavily on American gas since Russia’s invasion of Ukraine. The Wall /Street Journal

Boise Cascade Announces $75 Million Expansion and Modernization of Oakdale, La. Wood Products Facility

Posted on February 23, 2024October 25, 2024 by Michael Randle

OAKDALE, La. – Boise Cascade Wood Products announced it plans to invest $75 million to expand and modernize key machine centers at its Oakdale facility in Allen Parish. These projects will increase veneer production capacity by 30 percent and allow the facility to produce up to 400 million square feet of dry veneer annually.

The company expects to create 30 direct new jobs, while retaining 370 current positions. Louisiana Economic Development estimates the project will result in 77 indirect new jobs, for a total of 107 potential new jobs in the Southwest Region.

“Louisiana’s thriving agribusiness industry has been a stronghold in the economy throughout our state’s storied history, creating jobs and opportunities in every region,” Gov. Jeff Landry said. “I applaud Boise Cascade for reinvesting in Louisiana and our skilled manufacturing workforce.”

The projects include upgrade and redesign of Oakdale’s log utilization center, installation of a new six-deck veneer dryer and press and modification of an existing veneer dryer. The upgraded technology is designed to increase productivity and will allow Oakdale to supply additional veneer to Boise Cascade’s engineered wood products (EWP) facility in central Louisiana. The company also operates a plywood and veneer facility in Florien, La.

Louisiana Economic Development

Storm chaser Reed Timmer brings Team Dominator and armored chase vehicles home to Oklahoma

Posted on February 23, 2024October 25, 2024 by Michael Randle

SOMEWHERE NEAR NORMAN — Celebrity storm chaser and “extreme meteorologist” Reed Timmer has come home to Oklahoma, and his armored Dominator chase vehicles are in (get this) a climate-controlled garage.

They won’t be parked for long. Spring, extreme weather and tornadoes are coming.

The Michigan native calls Norman home after 17 years of study, including a Ph.D. in meteorology, at the University of Oklahoma. But he is not disclosing where his new place is exactly, after a bizarre stalking incident.

A man in Georgia got hold of a picture of the 5,000-square-foot warehouse after it was inadvertently, temporarily posted online, and used a reverse image search to determine its location. He drove up to Timmer’s new digs, which include a residence, and knocked on his door.

The Oklahoman

Lincoln Foodservice Equipment Sets Up National Operations Base in Shreveport, La., Creating Nearly 100 Direct New Jobs

Posted on February 23, 2024October 25, 2024 by Michael Randle

SHREVEPORT, La. – Lincoln Foodservice Equipment, a Welbilt brand company that produces commercial-grade foodservice equipment, announced it is establishing a new U.S. operations center at Welbilt’s existing site in Caddo Parish.

The $2.3 million investment will allow the company to create 99 direct new jobs with average annual salaries of more than $50,000. Louisiana Economic Development estimates that the project will result in 137 indirect new jobs, for a total of 236 potential new jobs in the Northwest Region.

“The new Lincoln Foodservice Equipment operations center in Shreveport is a welcome addition not only to Louisiana’s manufacturing sector but also to our world-renowned food culture,” Gov. Jeff Landry said. “I applaud Welbilt for recognizing Louisiana’s unique advantages for business, especially our skilled manufacturing workforce. My administration is committed to growing the economy in all areas of our great state, and more than 200 jobs resulting from this project is just the start of more great things to come in northwest Louisiana.”

Louisiana Economic Development

Broken Arrow, Oklahoma’s bdtronic to add 60 jobs

Posted on February 23, 2024October 25, 2024 by Michael Randle

A leading global supplier of automated production machines, bdtronic, will add 60 new jobs over the next five years with an average wage of $66,000, officials said.

The jobs announcement qualifies bdtronic for the Oklahoma Department of Commerce’s Quality Jobs Incentive.

“With bdtronic’s leading position as a supplier to this market, we have undertaken a rapid growth strategy and are pleased to partner with Oklahoma in being approved for the Quality Jobs Incentive,” said Michael Yarnall, President of bdtronic.

Yarnall said the 60 new positions highlight expertise in project management and engineering, machine controls software, mechanical and electrical assembly technicians, and support administration over the next 5 years.

Tulsa World