Michael Randle, Author at Southern Business & Development

MSC Group to open $100M North American cruise headquarters in South Florida

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

An international shipping company will open a new headquarters for its North American cruise division in Miami’s downtown area.

MSC Group will open a 120,000-square-foot office in Block 55 at Sawyer’s Walk, a mixed-use complex that is now under construction at 249 N.W. 6 St. in Miami’s Overtown neighborhood.

The office will hold about 250 team members from MSC Cruises, MSC Cargo, and Explora Journeys, according to a release from the Beacon Council, the main economic agency for Miami-Dade County. The new headquarters is also a $100 million investment from MSC Group that will generate 668 direct and indirect jobs over the next three years, the Beacon Council added.

South Florida Business Journal

Staghorn opens $250 million Garrard County Distilling Co. facility in Kentucky

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

Atlanta-based spirits company Staghorn is opening its first distillery, Garrard County Distilling Co., which has officially begun production in Lancaster, Kentucky.

The more than $250 million project is capable of producing up to 150,000 barrels of bourbon per year while supporting the local economy with more than 60 new jobs, according to a news release. This is the first commercial distillery in the formerly dry county Garrard County — south of Lexington between Danville and Richmond, Kentucky — since the 1800s.

Located 30 minutes south of Lexington on a 210-acre site, the project will include a more than 50,000-square-foot distillery, as well as two rickhouses, with plans for up to 24 aging warehouses by 2030, each holding nearly 25,000 barrels, the release said.

Louisville Business First

SC’s first Tesla facility coming to Greenville County this year

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

FOUNTAIN INN — Electric car company Tesla announced it will set up its first South Carolina operation in Fountain Inn.

The company is committed to leasing a 251,100-square-foot space in the Fox Hill business park to create a regional parts-distribution facility poised to open early this year.

It will not sell Tesla vehicles directly to consumers and instead will serve as a hub for Tesla-licensed service providers to buy parts.

Post and Courier

How Chesapeake, Southwestern Energy Merger Will Reshape U.S. Natural Gas Industry Via $24 Billion Entity

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

In the wider scheme of the U.S. oil and gas industry, the recently announced merger of Chesapeake EnergyCHK -0.8% and Southwestern EnergySWN -0.6% may not be the biggest in valuation stakes. That’s especially considering how Q4 2023 went.

The last quarter saw ExxonMobil announce an agreement to acquire Pioneer Natural Resources for around $59.5 billion on October 11. A mere 12 days later, rival Chevron unveiled its deal to acquire Hess Corp. for around $53 billion. Then in December, Occidental Petroleum acquired CrownRock for nearly $11 billion. And these weren’t the only consolidation moves in the industry.

By comparison, Southwestern was valued at approximately $7.4 billion, or $6.69 per share, based on Chesapeake’s closing price on January 10, 2024. Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock outstanding at closing under the terms of the merger agreement.

Forbes

Want to work in climate? Look to Georgia and the Carolinas

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

The Southeast is becoming a hub for solar, electric vehicle, and battery manufacturing plants.
Companies in five states, including Georgia and South Carolina, could need nearly 40,000 workers.
Tax breaks in the Inflation Reduction Act are helping fuel the growth.
This article is part of Business Insider’s weekly newsletter on sustainability. Sign up here.

Southeastern states like Georgia and the Carolinas are quickly becoming hot spots for climate jobs.

Companies in the region that make solar panels, electric vehicles, and battery storage are building factories that may require some 40,000 workers, according to data compiled by E2 between August 2022 and November 2023. That figure reflects planned projects in Georgia, South Carolina, North Carolina, Tennessee, and Kentucky.

“The US used to be relegated to buying solar panels and batteries made in China and other parts of Asia,” Bob Keefe, the executive director of E2, told Business Insider. “Now we are making them here, and we’re making them at scale.”

The manufacturing boom is largely driven by the Inflation Reduction Act, which Congress passed in August 2022. The law includes hundreds of billions of dollars in tax breaks for companies that make renewable-energy technology in the US to accelerate the green transition and reduce the country’s reliance on China.

Business Insider

Hope Baking Co. Plans $37M Expansion, 266 New Jobs

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

A $37 million expansion of Hope Baking Co.’s manufacturing facility in Hope is underway, the company announced Thursday.

The project is expected to create 266 jobs over two years. It began after Hope Baking Co.’s parent company, East Baking Co. of Holyoke, Massachusetts, acquired the former Southern Bakeries LLC facility in March 2023.

The company has added a new production line to the plant, which was built in the 1960s, but does not expect the 171,000-SF facility’s physical footprint to increase.

Arkansas Business

Stardust Power Selects Muskogee, Okla., to Build Battery-Grade Lithium Refinery and Secures Economic Incentives Package for the Facility Build

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

Stardust Power Inc. (“Stardust Power” or the “Company”), a development stage American manufacturer of battery-grade lithium products, announced today that it has selected Southside Industrial Park in Muskogee, Oklahoma to build a new battery-grade lithium refinery, and is expected to be eligible to receive up to $257 million in state and federal economic incentives for the facility build-out. The Company may also be eligible for further federal grants and or incentives offered by the Department of Energy and the Department of Defense.

Stardust Power selected Muskogee, Oklahoma for its central refinery because of Oklahoma’s central U.S. location, facilitating delivery of lithium inputs and shipment of battery-grade lithium products over multiple transportation routes to support the Company’s refining operations. The area’s superior intermodal freight transport options as well as a highly skilled workforce trained in oil and gas engineering were other key factors. Additionally, Oklahoma is recognized as an emerging national leader in sustainable power, including solar and wind, supporting Stardust Power’s commitment to limit its carbon footprint.

“Stardust Power’s more than a billion-dollar investment is a testament to Oklahoma’s ‘all-of-the-above’ approach to energy, and our focus on workforce development,” said Oklahoma Governor Kevin Stitt. “As we see more energy manufacturers moving to our state, due in part to our competitive, performance-based incentives, Stardust Power’s new lithium refinery will create hundreds of new jobs while cementing Oklahoma’s place as the best state in the nation for critical mineral manufacturing. I’m proud to welcome Stardust Power to Oklahoma, and I applaud their commitment to American energy dominance.”

Muskogee Mayor Marlon Coleman also commented, “Muskogee is excited to welcome Stardust Power to our community, embracing a future filled with innovation and sustainable growth. Stardust Power’s choice to establish its cutting-edge lithium refinery here underscores Muskogee’s strategic advantages. We anticipate a prosperous partnership that contributes to our community’s continued success.”

“We welcome Stardust Power to Muskogee and are proud that our city and Port will be at the forefront of powering the future of America’s automotive industry,” said Kimbra Scott, Executive Director of Port Muskogee. “The decision to establish a state-of-the-art lithium refinery reinforces Port Muskogee’s unmatched advantages and our commitment to supporting emerging industries. We look forward to a longstanding partnership as Stardust Power plants its roots in Northeastern Oklahoma.”

“We would like to thank Governor Stitt and officials at the Oklahoma Department of Commerce, Tulsa Chamber, City and Port of Muskogee for their strong support,” said Roshan Pujari, Founder and CEO of Stardust Power. “Oklahoma offers many advantages for private employers, including a strong, well-trained workforce and an eye on the future of energy production and mobility.”

“Currently there is no large-scale refinery for battery-grade lithium in the United States, exposing the country to undue national security and supply chain risk,” continued Mr. Pujari. “We will work with oil and gas producers to address America’s growing energy demands. When fully operational, our new lithium refinery will both speed America’s energy transition and boost Oklahoma’s local economy, creating significant new investment and employment opportunities. We are excited to call Oklahoma our new home.”

The total value of the economic incentive package will ultimately be determined by Stardust Power achieving certain business milestones around job creation and local investment, including new machinery, equipment and manufacturing. The Oklahoma Department of Commerce performed an illustrative analysis of the incentive package based on the Company’s inputs. The Company currently expects to break ground in the first half of 2024.

Oklahoma Commerce

Company that picked North Carolina for 375 jobs hits bankruptcy with $1.6 billion in debt

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

Less than three years after announcing plans for a large expansion in Morrisville, a California company focused on genetic testing has filed for bankruptcy.

Invitae (OTC: NVTA) on Feb. 13 filed for Chapter 11 bankruptcy protection as it pursues a sale of its business. The move follows months of layoffs and divestments of business units as the company tried to improve its cash position. While these initiatives helped with cash flow, the company’s debt remains a problem, CEO Ken Knight said in a statement.

The company, in its filing in U.S. Bankruptcy Court in New Jersey, lists total assets of $535 million and total debts at around $1.62 billion.

Invitae’s debt problems are tied to a streak of rapid acquisition activity, with the company completing 13 deals between 2019 and 2021. These transactions required large sums of capital and increased the company’s operating expenses. Invitae funded these deals by adding significant debt to its balance sheet, increasing its debt obligations by about $1.5 billion, according to court filings.

Invitae in April 2021 announced plans for a new testing and laboratory facility in Morrisville. The company later that year signed a lease for all 245,159 square feet of office, research and lab space at a new development called The Stitch – the former site of the Morrisville Outlet Mall off Airport Boulevard right off Interstate 40.

The lease term runs through 2035.

Triad Business Journal

Town at heart of Toyota-induced development gets OK to unplug development clog

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

Pent-up development demand in the northeastern Randolph County town of Liberty has gotten some relief: The N.C. Department of Environmental Quality has given approval for the town to add sewer lines.

The town and DEQ entered a special order of consent in January 2021 preventing Liberty from adding sewer extensions until it repaired its wastewater treatment system. The system had had several overflow events mainly from stormwater runoff leaking into it after severe storms, particularly after major hurricanes.

Without additional sewer service, significantly sized residential and commercial projects could not proceed.

It’s been a development hold-up for the municipality closest to the massive plant Toyota is building to make batteries for its growing lines of hybrid and all-electric vehicles. The automaker plans a nearly $14 billion investment in its new plant about seven miles northwest of Liberty, where it eventually employ 5,100 in North Carolina’s largest ever industrial project. It is getting its water and sewer service from an extension from the city of Greensboro, part of the infrastructure improvements that turned the property into a megasite drawing major industrial attention until the plant was announced in December 2021.

And some 10 miles east, Durham-based semiconductor company Wolfspeed is building a $5 billion factory to employ 1,800. It’s adding up: A growth plan Randolph County adopted last fall for its northeast corner predicts the area will grow in population by 13% through 2040.

Liberty, however, has begun shoring up the system to DEQ’s satisfaction.

Triad Business Journal

Zallpy Digital Announces International Expansion to Frisco, Texas

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

Frisco, Texas, Feb. 20, 2024 – Brazil-based Zallpy Digital, a leading provider of custom software development services, digital solutions, IT consulting and outsourcing, has announced the launch of its first international office with a U.S. Headquarters in Frisco, Texas. This strategic move, facilitated by the Frisco Economic Development Corporation, makes Zallpy Digital the first Brazilian company to establish a presence at The Star in Frisco. The Star is home to the world headquarters for the Dallas Cowboys, one of the NFL’s most successful and beloved franchises, and holds the title of the world’s most valuable sports team.

“Our international expansion is a strategic step towards tapping into new opportunities. We chose Frisco for several compelling reasons, including its strong local economy, logistical advantages relative to Brazil, high quality of life, and a significant presence in the global tech market,” said Marcelo Castro, CEO of Zallpy.

Frisco, also known as Sports City USA, has been recognized as one of America’s safest and fastest-growing cities over the past decade. The city is home to twice the national average of tech talent, more than 500 tech companies and six major corporate innovation and research and development centers.

Frisco Economic Development Corporation