Leggett & Platt to close High Point, N.C. furniture plant, cut 158 jobs

Posted on by Michael Randle

Furniture component maker Leggett & Platt plans to cut 158 jobs in High Point, the company told the North Carolina Department of Commerce.

The company plans to close its manufacturing operation at 1629 Blandwood Drive. The elimination of jobs will be permanent, the company said.

Leggett & Platt said it expects the first release of employees to be on or about July 25, and the rest by the end of September.

They include 134 in production and production support, nine among clerical and administrative workers, and 15 in management. The company is exploring several sources of outplacement assistance.

The notification, dated May 20, was posted Tuesday on the Department of Commerce website.

Leggett & Platt is based in Carthage, Missouri. It makes components and supplies for bedding, furniture, flooring, home textile products, and seat components and systems for the auto and aerospace industries, as well as hydraulic cylinders for material handling, transportation and heavy construction equipment.

Triad Business Journal

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Arrival, the EV maker that failed to deliver on big promises in Charlotte, declared bankrupt

Posted on by Michael Randle

Arrival, the electric vehicle startup that made significant commitments in the Charlotte region, is bankrupt after years of financial struggles.

The company announced this week that it filed for bankruptcy on May 16 in Luxembourg, where Arrival is based. Arrival was declared bankrupt by a Luxembourg court on May 22. The disclosure came after Arrival sold its manufacturing assets in the U.K. and U.S. to Torrance, California-based Canoo Inc.

Arrival implemented several cost-cutting plans since 2022. It also had its shares suspended and delisted from the Nasdaq exchange earlier this year. Arrival revealed in late 2023 that it had secured bridge financing to pursue a sale of its assets. The company’s spiral culminated with its bankruptcy filing.

In 2020, Arrival picked Charlotte as the home of its North American headquarters. The company pledged over $100 million in investment and the creation of more than 750 jobs across its several projects in the region. Those projects included an electric bus microfactory in Rock Hill, an electric van manufacturing facility in Charlotte and a South End headquarters space. It is unclear how many jobs were ever created. Arrival delayed its production timelines at its Charlotte and Rock Hill facilities multiple times and never produced vehicles here.

Charlotte Business Journal

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Large office leases hit highest level in Atlanta since before pandemic

Posted on by Michael Randle

Large office leases in metro Atlanta are returning to the highest levels since before the pandemic, according to new data from Cushman & Wakefield Inc. 

In the first half of 2024, five leases of at least 100,000 square feet have been signed, compared with just one that size at this time last year. The five leases average almost 150,500 square feet, equal to about six floors in a typical office tower.

The highest-profile lease in that group was Piedmont Healthcare Inc. relocating its Atlanta headquarters to Midtown. It took 164,000 square feet at Atlantic Station’s 271-17th Street building. Midtown was the location of another big office leasing transaction. Atlanta Gas Light signed a deal for 264,300 square feet at Midtown Center II.

The flurry of big leases coincides with rumblings from some brokers that more companies are once again shopping for larger blocks of office space. This follows a slowdown in deals of at least 100,000 square feet during the rise of hybrid work. Analysts, though, say it’s too early to draw solid conclusions.

Atlanta Business Chronicle

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PrizePicks expanding Atlanta HQ despite Georgia’s sports betting purgatory

Posted on by Michael Randle

Daily fantasy sports is all about finding overlooked value.

Whether it’s banking on a player’s hot streak or believing a scrappy team is this year’s Cinderella, sports fans bet they can capitalize on their knowledge and intuition.

One of the largest and fastest-growing mobile sports platforms sees Atlanta as a worthwhile wager — one worth doubling down.

PrizePicks announced in April it will expand its Atlanta headquarters by moving to the top floor of the glitzy Star Metals building in West Midtown and adding 1,000 new employees over the next seven years. It’s a massive move for a homegrown company that also represents the growing influence of the wider mobile fantasy sports industry, despite Georgia ranking among the largest states without legal sports betting.

The wave of corporate investment into daily fantasy sports is also synergistic with the surging popularity of the WNBA, along with large annual events like the NBA and NHL finals, which are both currently underway.

Atlanta Journal Constitution

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First Quality in Macon, Ga. to Create 600 New Jobs

Posted on by Michael Randle

Governor Brian P. Kemp today announced that First Quality Baby Products, LLC will invest $418 million to expand its footprint in Macon-Bibb County, creating 600 new jobs.

“We’re always thankful when job creators like First Quality choose to expand in Georgia, and we’ll keep working to strengthen these long-term partnerships that enrich communities in every corner of the state,” said Governor Brian Kemp. “More than 70 percent of last year’s economic development projects were expansions of businesses already operating here in our state, and thanks to companies like First Quality, that positive trend will continue.”

First Quality Baby Products, LLC and its affiliates manufacture baby diapers; youth and training pants; a full line of adult incontinence, feminine hygiene and wipes products; paper towels; and bath tissue while also packaging products for healthcare, retail, and commercial channels.

Georgia.org

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Toyota to expand production with 350 new jobs in Huntsville

Posted on by Michael Randle

Toyota is expanding the production capabilities at its Huntsville engine factory with a $282 million investment while also adding more than 350 new, high-quality jobs with long-term stability, according to an announcement today by Governor Kay Ivey.

The growth project pushes the total investment in Toyota Alabama to more than $1.7 billion and affirms the automaker’s commitment to reinvesting profits in its U.S. operations.

“Toyota has been a critical partner within Alabama’s growing auto industry for over two decades, launching multiple expansions that have increased the Huntsville facility’s production capabilities and its superb workforce,” Governor Ivey said.

“This new investment project will build on the great legacy of Toyota’s Alabama engine plant and create even more new opportunities for the area’s citizens,” she added.

MadeInAlabama.com

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New venture focuses on pristine spring water in rural Alabama

Posted on by Michael Randle

MINERAL SPRINGS, Alabama — Governor Kay Ivey joined the leaders of Alabama Mineral Springs LLC to celebrate the company’s ambitious five-year project to sustainably distribute mineral-rich water from a free-flowing spring in Chilton County.

Alabama Mineral Springs LLC is officially starting production today at a $6 million bottling plant at the location where natural spring water was first discovered around 165 years ago.

The company held a ribbon-cutting ceremony and staged tours of the new facility this morning in the Mineral Springs community. Bottles of its “Simply Artesian” water will go on public sale in early July.

“It’s thrilling to see this historic site be revived by a business that wants to bring a healthy product that’s genuinely ‘Made in Alabama’ to the world,” Governor Ivey said.

MadeInAlabama.com

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San Francisco tech startup to relocate to Birmingham, create 80 jobs

Posted on by Michael Randle

BIRMINGHAM, Alabama — Commerce Secretary Ellen McNair announced that CModel Data Inc., whose proprietary software helps businesses operate more efficiently, is relocating its headquarters from San Francisco to Birmingham, where it plans to create 80 jobs as it grows its operations.

The technology startup developed its AI-powered CORA program to provide insights and recommendations to business decision-makers, allowing them to develop and implement successful growth strategies.

CModel says CORA functions as a decision-support engine that aggregates a company’s most critical business data and uses machine learning to analyze metrics, assumptions, and industry benchmarks to deliver curated recommendations with subject matter expertise.

“The innovators behind CModel Data have developed a software platform that enables business leaders to cut through the static to obtain the insights they need to grow their enterprises,” Commerce Secretary McNair said.

MadeInAlabama.com

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Allied Mineral breaks ground on Alabama expansion

Posted on by Michael Randle

PELL CITY, Alabama — Alabama Commerce Secretary Ellen McNair announced that Allied Mineral Products LLC (Allied) is investing $23.5 million to launch an expansion of its Pell City plant that produces a variety of heat containment refractory products used in industrial applications.

Allied executives and employees joined state and local officials today in groundbreaking ceremonies at the site.

The growth project will add a 200,000-square-feet production facility on the company’s site at 308 Truss Ferry Road in Pell City and create 13 new jobs, according to the Alabama Department of Commerce. The company’s workforce there now totals 81 full-time employees.

“Since its founding over 60 years ago, Allied Mineral Products has grown into a global company, serving multiple industries and registering sales to more than 100 countries,” Secretary McNair said.

MadeInAlabama.com

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