Former Northern Va. economic official sentenced in embezzlement case

Posted on by Michael Randle

HARRISONBURG, Va. — The former director of a local economic development authority in Virginia who was accused of embezzling $5.2 million through an array of bogus transactions was sentenced Wednesday to 14 years in federal prison — ending a legal drama that featured the death by suicide of a county sheriff who was also implicated in the crimes.

Jennifer R. McDonald wore a blank expression inside the Harrisonburg District Court as a judge chastised her for using her position as director of the Front Royal-Warren County Economic Development Authority to siphon the money between 2014 and 2018 to buy properties, pay bills and gambling debts, and enrich relatives and friends.

“This was the community that she purports to love and she betrayed that community,” said Judge Elizabeth Dillon, who also ordered that McDonald pay $2.7 million in restitution to the economic development authority, which gained possession of some properties from McDonald. The Washington Post

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Miami jumps in rankings of world’s top startup ecosystems, report says

Posted on by Michael Randle

South Florida is among the Top 20 markets in the world for technology startups, according to a new report from Startup Genome and the Global Entrepreneurship Network.

The Miami metro area ranked No. 16 in the Global Startup Ecosystem Report 2024, an analysis of more than 300 ecosystems across the globe. It looks at factors such as venture capital funding, talent attraction and other trends to identify the best locations for early-stage startups.

That’s up seven places from 2023, when Miami came in at No. 23.

The report looked at performance, funding, talent and experience, market reach and knowledge to devise an overall ranking. Miami scored best for market reach (8), performance (7) and funding (7), but lagged in talent and experience (3) and knowledge (1).

The talent and experience category considers factors such as the number of STEM university students, the size of the life sciences market and software engineer salaries. The knowledge category looks at metrics such as the number of patents and research publications coming out the ecosystem.

South Florida Business Journal

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Connor Industries locating operations in Coahoma County, Miss.

Posted on by Michael Randle

Boat manufacturer Connor Industries is locating operations in Clarksdale. The project represents a corporate investment of at least $8 million and will create 56 jobs.

Connor Industries’ new location will enable the company to manufacture and test boats year-round on the Mississippi River. The project involves the construction of a new 48,600-square-foot facility to house Connor Industries’ new Clarksdale operations, as well as public infrastructure improvements in north Coahoma County, including the construction of a new road over the Mississippi River levee and a river dock landing.

The Mississippi Development Authority is providing assistance for site development and infrastructure improvements. Substantive additional support is being provided through grants from the U.S. Economic Development Administration and Delta Regional Authority.

Based in Canada, Connor Industries’ product line includes welded aluminum commercial, luxury and emergency response vessels. The company expects to complete construction next year and plans to fill the 56 jobs shortly after completion.

Mississippi Development Authority

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Blue Delta Jeans expanding in Lee County, Miss.

Posted on by Michael Randle

Custom blue jean manufacturer Blue Delta Jeans Company is expanding at its location in Lee County. The project is a $1,500,000 corporate investment and will retain 55 jobs.

Blue Delta currently leases 15,000 square feet of its facility in Shannon. The company is purchasing the facility, which will allow it to expand to fill its entire 25,000 square feet. Blue Delta plans to renovate the facility, as well.

The Mississippi Development Authority is providing assistance for building improvements.

Founded in 2012 in Tupelo, the bespoke denim company, whose clients include artists and athletes, creates custom-fit, tailored blue jeans to each client’s specific measurements, operating by its motto “one size fits one.” Today, Blue Delta products are sold online and carried by more than 400 wholesale partners across the U.S., Canada and the UK.

Mississippi Development Authority

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Anduril Industries expanding operations in Stone County, Miss.

Posted on by Michael Randle

Anduril Industries is expanding its operations in McHenry. The project represents a corporate investment of $75 million and will create 60 new jobs. Anduril is a defense technology company on a mission to transform U.S. and allied militaries with advanced technology. Anduril combines modern software expertise with a rapid and differentiated approach to hardware development and manufacturing.

The company, based out of Costa Mesa, California, acquired Adranos, Inc. last year, along with its solid rocket motor production site in Stone County. The expansion will enhance the capabilities of that facility to increase the propellant mixing and solid rocket motor annual production capacity from 600 to more than 6,000 tactical-scale solid rocket motors. The expansion supports growing demand from Anduril’s customers.

Mississippi Development Authority

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S&W Foods Announces $21 Million Investment to Expand Hammond Headquarters, Retain More Than 100 Tangipahoa Parish, La. Jobs

Posted on by Michael Randle

HAMMOND, La. – S&W Wholesale Foods, a Louisiana-based leading independent foodservice supplier, announced it is investing $21 million to acquire a new facility that will increase operational capacity and allow the company to fill orders for customers across the Gulf Coast more effectively and efficiently.

The company is expected to retain more than 100 existing jobs in Tangipahoa Parish. The project is estimated to create 60 construction jobs at peak construction.

“Louisiana’s world-class food scene extends beyond our many great restaurants to the locally-owned businesses that support this wide-ranging sector,” LED Secretary Susan B. Bourgeois said. “There are success stories just like S&W Foods in every corner of Louisiana and LED is committed to supporting these businesses as they grow and export Louisiana’s food expertise far and wide.”

S&W Foods opened in Hammond in 1978. Since then, the company has secured partnerships ranging from local companies, such as Cajun Chef and LA Fish Fry, to globally recognized brands, such as Kraft Heinz and Nestlé, to supply customers with top quality products.

Louisiana Economic Development

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Greater Owensboro, Ky. EDC announces Bacon as new president/CEO

Posted on by Michael Randle

OWENSBORO, Ky. — The Greater Owensboro Economic Development Corp. (GOEDC) has hired Claude M. Bacon as its new President and CEO, effective July 10, 2023. The GOEDC Board of Directors unanimously approved the hiring of Bacon to fill the President and CEO role for the economic development agency.

Bacon will join the GOEDC team in July, bringing more than 25 years of business and resource development experience. For the last 15 years, Bacon has served as the Vice President of Administration, Sales, Marketing and E-Commerce for LinGate Hospitality in Owensboro, KY.

The Lane Report

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JAA: Hermeus is the company exploring Cecil Airport for multimillion-dollar expansion

Posted on by Michael Randle

Hermeus, an Atlanta-based hypersonic aircraft company, is exploring Cecil Airport as a location for a new engine test facility, according to the Jacksonville Aviation Authority.

The Mayor’s Budget Review Committee on Monday approved a proposal for incentive supporting the expansion of an aerospace and defense technology company under the codename Project Heat.

The incentives proposal will now be reviewed by City Council.

The Project Heat company, which JAA identified as Hermeus, aims to expand its operations in Jacksonville, city records show.

Hermeus, which was founded in 2018, plans to set up a test facility for hypersonic engines at a Cecil Airport hangar for the Department of Defense.

The company intends to make a $135 million capital investment, with $37 million in tangible personal property, to test, develop and manufacture the hypersonic engine. The project would create 100 full-time jobs, with an average annual wage of more than $100,000.

Jacksonville Business Journal

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Kennametal resumes operations at Arkansas facility after tornado

Posted on by Michael Randle

Kennametal’s Rogers, Arkansas plant is back online.

After sustaining tornado damage from a May 26 storm, Kennametal Inc. was forced to temporarily shut down the Arkansas facility, which produces engineered carbide wear components used primarily in the energy and engineering industries. The facility also produces rods used in the manufacturing of certain round tools of the company’s metal cutting business.

Kennametal said that the facility, which is located at 205 N. 13th St. in Rogers, was closed for the Memorial Day holiday weekend at the time the tornado hit, and no employees were on-site at the time.

Pittsburgh Business Times

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