Florida business leaders look to boost economic development

Posted on by Michael Randle

A well-connected group of Florida business leaders thinks its members can help fill a void that opened last year when lawmakers broke up the business recruitment agency Enterprise Florida.

The Florida Council of 100 on Wednesday released a report about the types of businesses and industries that different areas of the state should work to attract, while offering its more than 150 members to help link businesses with regional economic development organizations.

The report — “Beyond Sunshine: Advancing Florida’s World Class Economy for the Next Generation” — breaks Florida into six major regions and three rural areas of opportunity. Different industries are identified for each region based on issues such as existing economic clusters.

Tampa Bay Business Journal

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Global aerospace co. Acutronic names Austin its divisional HQ, plans additional investment in area

Posted on by Michael Randle

As he readied to disclose big news about the future of Acutronic USA Inc. in the Austin area, Acutronic Group CEO Florian Aigrain experienced a host of emotions. There was a feeling of pride about what his company has achieved in Austin over the last six-plus years, as well as relief that it purchased and updated a building in East Austin and closed on land in Bastrop for a manufacturing site.

It all culminated in excitement June 25 when Aigrain made a “triple play” of announcements during the SelectUSA Investment Summit in Washington, D.C. The 20,000-square-foot building in East Austin will serve as the manufacturer’s new headquarters for its aerospace components division, and the 14-acre site in Bastrop will be home to a manufacturing facility of at least 20,000 square feet, the company announced. Plus, Acutronic is launching an apprenticeship program with the Bastrop Independent School District next year to help build its talent pipeline.

Austin Business Journal

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Rivian lands $5 billion investment from Volkswagen to help fund Georgia plant

Posted on by Michael Randle

Rivian Automotive Inc. landed a major investment that may get its Georgia plant back on track.

In a joint venture that could bring Rivian up to $5 billion, the electric vehicle startup is partnering with legacy automotive company Volkswagen. Rivian will help the German automotive company expand its plans for software-defined vehicles based on Rivian’s existing software platform, electrical architecture and technical capabilities.

Rivian Chief Financial Officer Claire Rauh McDonough said the investment “reinforces the foundation for Rivian’s future growth.”

“The initial and planned investments by Volkswagen group together with our balance sheet cash cash equivalents and short term investments are expected to provide the capital to fund Rivian’s operations through the ramp up of R2 in Normal, as well as the mid-side platform in Georgia, enabling Rivian a path to free cash flow positive and meaningful scale,” McDonough said during a Tuesday evening conference call with investors.

Atlanta Business Chronicle

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NorSun Plans $620M Investment in Oklahoma for U.S. Solar Wafer Manufacturing Operations

Posted on by Michael Randle

Norwegian solar energy company, NorSun, has selected Tulsa, Oklahoma for its first U.S.-based factory, an initial planned investment of $620 million in a new 5 GW silicon ingot and solar wafer manufacturing facility. The expansion, which was facilitated by the Oklahoma Department of Commerce and Tulsa Airports Improvement Trust, will create 320 new direct jobs and provide critically needed domestic production of ingot and wafer capacity to meet the increasing demand from U.S. solar cell and panel manufacturers, supporting the growth of the renewable energy sector. 

“Our business plan has an ambitious timeline, so we knew we needed a partner who can work fast and efficiently to meet the critical need for American-made energy,” said NorSun CEO Erik Løkke-Øwre. “Oklahoma impressed us even before our selection journey – its robust clean energy, manufacturing ecosystem and workforce development programs were already on our radar, and its competitive business offerings and site acceleration options solidified our decision.”

NorSun has identified a greenfield shovel-ready site of approximately 60 acres. Construction is expected to begin in late 2024, subject to approvals, necessary permits and final incentive agreements.

“I’m thrilled to welcome a new company bringing high-quality, high-paying jobs to our community. Innovation and excellence thrive in Tulsa, and so will NorSun. Thank you to Governor Stitt for working to make Oklahoma the best place to do business!” – U.S. Congressman Kevin Hern (OK-01)

Production is anticipated to come online in 2026, making the Oklahoma facility among the first in the United States to produce high-performing silicon ingots and wafers, currently the biggest bottleneck in achieving a fully domestic solar supply chain. The Tulsa site offers an opportunity to further expand production up to 10 GW as the U.S. continues to prioritize domestic energy manufacturing.

Okcommerce.gov

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Nucor adding $20M fabrication affiliate to its new, $350M mill in North Carolina

Posted on by Michael Randle

The fabrication and installation affiliate of Nucor Corp. is setting up a rebar facility near the steel mill the Charlotte-based company is building near Lexington, a $20 million investment expected to employ 25.

The project was announced yesterday by Gov. Roy Cooper and the N.C. Department of Commerce. Nucor Rebar Fabrication is the beneficiary of a $50,000 grant from from the One North Carolina Fund, which helps local governments attract economic investment and employers. The state grants require a matching grant from local governments.

Pay for each of the new jobs will vary but will average $65,000, exceeding the Davidson County average of $51,201, for an annual potential payroll impact of $1.6 million, according to the Commerce Department.

Charlotte Business Journal

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Beer distributor to add 65 jobs in $32M Alabama project

Posted on by Michael Randle

A beer distributor’s project in South Alabama is expected to create dozens of jobs.

Gulf Distributing Co. plans to acquire and renovate the former Mobile Press Register building, according to a news release from United Bank, which was involved in funding the project. Gulf Distributing plans to move its existing Mobile workforce of 257 to the new facility, which will be a warehouse and office, and add 65 jobs as part of the move. It’s a $32.5 million project and is slated create 40 more jobs than previously expected.

“This move will play a key role in the revitalization of downtown Mobile as we strive to recruit more back-office operations to our downtown area,” Mobile Chamber President and CEO Bradley Byrne said.

Birmingham Business Journal

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Gov. Beshear: Thermo Fisher Scientific To Invest Nearly $48 Million, Create 69 Kentucky Jobs With New Facility in Covington

Posted on by Michael Randle

FRANKFORT, Ky. (June 27, 2024) – Today, Gov. Andy Beshear highlighted further momentum within the state’s health care industry as Thermo Fisher Scientific Inc. announced plans to locate a new lab operation in Covington, investing nearly $48 million and creating 69 additional Kentucky jobs.

“The commonwealth is seeing tremendous growth in its health care and life sciences sectors, providing high-paying, quality jobs for Kentucky residents across the state,” said Gov. Beshear. “I am thrilled to see Thermo Fisher once again choosing Kentucky to locate and expand its business. I look forward to the company’s continued success here in the commonwealth as this investment adds to Northern Kentucky’s economic growth.”

The company plans to expand its central laboratory operations in Kentucky dedicated to accelerating pharmaceutical and biotech customers’ delivery of safe, effective medicines to patients. The PPD clinical research business of Thermo Fischer Scientific will expand its sample management and biorepository operations in a new 65,000-square-foot space in Covington, enabling further capability expansion at its existing site in nearby Highland Heights. Thermo Fisher’s $47.8 million investment is expected to create more than 250 new jobs across the two sites over the next eight years, with renovation and construction anticipated to begin later this year.

Team Kentucky

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Heirloom Carbon Technologies Announces $475 Million Investment to Establish North America’s Second Direct Air Capture Facility in Louisiana

Posted on by Michael Randle
·         The company is expected to create 81 direct new jobs at the Port of Caddo-Bossier.
·         Heirloom’s technology enhances the power of limestone to capture CO2 directly from the air.
·         Construction on the new facility is expected to begin by the end of the year.

SHREVEPORT, La. – Heirloom Carbon Technologies, Inc. announced it is moving forward with the first phase of a decarbonization project that combines public and private investment to create two direct air capture (DAC) facilities at the Port of Caddo-Bossier.

During the first phase, the company plans to invest $475 million to establish its first DAC facility in Louisiana and second in North America. Heirloom expects to create 81 direct new permanent jobs with an average annual salary of more than $56,000. Louisiana Economic Development estimates the project will result in 188 indirect new jobs, for a total of 269 potential new jobs in the Northwest Region. The company also estimates that the project will support more than 1,000 construction jobs.

The anticipated second facility would be built as part of Project Cypress, which would utilize up to $550 million of U.S Department of Energy (DOE) funding to create one of the world’s largest Direct Air Capture hubs in Louisiana.

“Louisiana is well positioned to become America’s leader in safely storing carbon dioxide,” Gov. Jeff Landry said. “Heirloom’s expansion into the Port of Caddo-Bossier means even more growth and more jobs for our State and is another example of how we are leading the race to drive the nation’s energy future. The expansion of Project Cypress Direct Air Capture Hub across the State represents the best of Louisiana – cutting-edge technology at the forefront of the energy economy, powered by innovation and a broad base of highly skilled workers.”

The first facility is expected to begin construction by the end of the year. The company estimates it will remove around 17,000 tons of CO2 from the atmosphere annually beginning in 2026.

Opportunity Louisiana

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Toyota Is Unstoppable, Makes Solid Investment To Expand the Factory in Texas

Posted on by Michael Randle

Toyota seems unstoppable. The auto giant is investing more than half a billion dollars to boost the capabilities of its Texas plant, where it builds the Tundra, the Tacoma, and the Sequoia.

Toyota is on a mission to expand its footprint in the state of Texas. The production center already covers 500,000 square feet. Based on the $531 million investment planned for the facility, Toyota will increase its capacity in San Antonio, where it also builds drivetrain parts.

The move will create 400 new jobs, which Toyota labels as long-term and high-quality positions. Operating over the past two decades, the carmaker’s Texas plant has been rolling out trucks and SUVs. More than 181,000 vehicles, some of the toughest currently on the road, saw the light of day there last year.

The plant in San Antonio exclusively builds the full-size Tundra pickup truck, the compact Tacoma, and the all-hybrid Sequoia SV, assembled on the same production line.

The factory in San Antonio is, according to Toyota, the company’s first plant to integrate production facilities for many of their suppliers on the same grounds and some even under the same roof.

With the latest investment, the total invested in what seems to be a global powerhouse exceeds $4.7 billion. Texas Governor Greg Abbott says Toyota found an unmatched business-friendly environment, low taxes, and a young, growing, and skilled workforce in the state.

autoevolution.com

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Texas county approves Toyota incentives for $531M expansion

Posted on by Michael Randle

The appetite among San Antonio leaders to use financial incentives to recruit companies and investment soured after the outbreak of Covid-19 and ensuing economic uncertainty. But that old-school play is making a comeback.

Local officials are hopeful nearly $32 million in public incentives will sway Toyota to invest more than $531 million in a major expansion of its San Antonio manufacturing campus.

Last month, Bexar County Commissioners authorized negotiations with Toyota on an incentives package valued at $14.9 million. Commissioners have now approved a contract between the county and Toyota tied to those incentives. 

“We’re grateful for the county support,” said Toyota Motor Manufacturing Texas Inc. President Susann Kazunas. “It’s an important milestone in this potential project.”

San Antonio Business Journal

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