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Southwestern Energy to spend $1 billion in Arkansas Sunday, Dec 23, 2007 By Roby Brock Southwestern Energy, the largest stakeholder in the Fayetteville Shale natural gas play, says it will spend more than $1 billion in Arkansas for the second year in a row in 2008. In announcing its capital investment plans this past week, Southwestern Energy also told investors that it expects a 35 percent increase in production volumes next year. Staffmark merges with Cincinnati group Privately owned Little Rock-based Staffmark will merge with CBS Personnel Holdings in a deal announced Wednesday. Staffmark is owned by the Stephens' organization, which bought the company in 2000. The transaction is expected to close in January. Terms of the deal were not disclosed, but the two companies have more than $1 billion in aggregate revenues. Cincinnati-based CBS Personnel Holdings operates 145 branch locations across 18 states, providing temporary staffing services. None of those locations is in Arkansas. Staffmark has 222 branches and on-site locations in 29 states. Of those locations, 21 are in Arkansas. Aristotle could bid in upcoming wireless auction Little Rock-based Aristotle Inc. has bid to participate in an upcoming government auction of wireless bandwidth, according to a regulatory filing disclosed this week. Alltel, AT&T and CenturyTel have also applied to potentially buy positions in the 700 MHz wireless spectrum auction. The new bandwidth is largely expected to host the next generation of wireless technologies and it was a primary driver in Alltel's bid to become a privately held company. In addition to Aristotle, nontraditional wireless firms like Google and Microsoft could also bid for bandwidth. Aristotle's application has been classified by the FCC in the zero to $15 million range. Tyson Foods and USDA settle labeling dispute Tyson Foods battle with the U.S. Department of Agriculture over labeling standards is apparently over. Tyson Foods and the USDA have agreed to new and more informative labeling for the company's "Raised Without Antibiotics" chicken program, Tyson officials reported this week. After six weeks of consumer research and discussion, Tyson and the USDA have approved the following language on the company's product labels: "Chicken Raised Without Antibiotics that impact antibiotic resistance in humans." Blytheville plant to close, lay off 350 Milwaukee Electric Tool will close its Blytheville plant by the end of 2008 eliminating about 350 jobs in Mississippi County. Most of the production will be shifted to the company's Jackson, Miss., facility. Milwaukee Electric Tool, a subsidiary of Techtronic Industries, is headquartered in Brookfield, Wis. The company manufactures professional and industrial heavy-duty portable corded and cordless power tools, accessories and safety equipment. In addition to Blytheville and Jackson, Milwaukee operates facilities in Greenwood and Kosciusko, Miss., and Matamoros, Mexico. Pine Bluff lands 300 new jobs Pine Bluff Poultry, a newly formed limited liability company, will invest $3 million in the former Tyson Foods plant in Pine Bluff for a new processing facility. Pine Bluff Poultry will turn "spent hens," which are poultry used at egg processing plants that are no longer egg-producing, into processed chicken. Up to 300 workers may eventually be hired at the plant, according to company officials. Fort Smith barge company opens In Fort Smith, barge and tugboat manufacturer, U.S. Technology Marine Services (USTMS), officially announced its new riverfront facility that could eventually employ more than 200 people. The company has $16 million in contracts and plans to build 20 barges in 2008. Initially, 50 employees will be hired in early January and the company expects to have 100 on its payroll by the end of the year. USTMS officials say that if options in the current contracts are agreed upon, then there could be another 100 workers hired bringing employment to 200. ThermoEnergy gets new investor ThermoEnergy Corp., the Little Rock-based wastewater technology company, received a potential $13.5 million equity commitment today. The private equity investment comes from L.A.-based Quercus Trust. Under terms of the agreement, Quercus purchased more than 6.6 million shares of ThermoEnergy stock for $5 million. Quercus says it may make an additional $7 million to $8.5 million investment at a later date. ThermoEnergy plans to use the proceeds to develop a planned ammonia recovery process facility in New York City, repay certain debt obligations, and provide working capital for additional facilities related to its business. AERT secures $13.5 million in funding Advanced Environmental Recycling Technologies (AERT) announced that it has closed on $13.5 million in financing to fund the construction of a plastic waste mining and reclamation facility near Watts, Okla. When built, the facility is expected to significantly reduce the company's raw material costs and assure a stable supply of raw materials, according to AERT officials. In addition, the plant has the potential of producing new products for sale in the world plastics market. The facility is expected to be in operation by the end of 2008. UA, Gadberry Group partner on program The UA Walton College of Business has announced a partnership with Arkansas-based tech firm, the Gadberry Group, and an international software company, Pitney Bowes. The alliance will provide finance students at the Walton College access to the latest data intelligence products from Gadberry, which recently announced it would work with Wal-Mart competitor Tesco in providing demographic data for the London-based retailer's U.S. expansion. The Gadberry Group has developed a patent-pending household and population data product known as MicroBuild. Pitney Bowes, a strategic partner with Gadberry, is industry-renowned for its integration software known as MapInfo, a location intelligence software system. LaBarge contract to help Berryville LaBarge Inc. has received a $6.3 million contract from United Launch Alliance to produce wire harnesses for satellites. Production will take place in Berryville, where LaBarge has a manufacturing complex. The contract is expected to run through 2010. LaBarge employs 240 in Berryville, up about 50 workers from this time last year. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
