QUOTE OF THE DAY
“This ‘don’t worry, be happy’ monetary message isn’t working.”
Rep. Kevin Brady, R-Texas, Joint Economic Committee chairman
Article, 1D
Fort Smith OKs bonds for firm’s new gear
Fort Smith has approved up to $7 million in bonds to pay for new equipment at a Graphic Packaging International Inc. plant in the city.
The industrial-development revenue bonds will be used to install a press and cutting machine at the plant on Roberts Boulevard, according to a company spokesman. The company plans to move an older printing press and cutting machine to its second plant, on Boone Avenue.
The new gear will support the addition of about 25 fulltime jobs with average pay of $32,000 with benefits, according to city documents. The company employees 315 at Fort Smith, including 15 already hired for the new jobs.
Graphic Packaging is responsible for paying back the debt and will pay 50 percent of the normal property taxes on the equipment for 12 years. The total capital investment by Graphic Packaging will be $7.9 million, according to the spokesman.
In North America, Graphic Packaging operates 11 plants that make paperboard, cartons, and bags for food, beverages and household and industrial products, according to the company website. It also has holdings in Europe, Australia, Latin America and Japan.
Graphic Packaging International Inc. is a subsidiary of publicly traded Atlanta-based Graphic Packaging Holding Co.
Windstream to report earnings today
Windstream Holdings Inc. will hold a conference call today to discuss the company’s 2014 first-quarter financial results, which also will be released today. The conference call begins at 7:30 a.m. and can be accessed by calling (877) 374-3977 and using passcode 24524892. The conference also will be streamed live on the company’s website at windstream.com/investors. Little Rock-based Windstream had a total profit of $241 million for its 2013 fiscal year, a 43 percent jump from 2012. The telecommunications company saw its total revenue fall from $6.1 billion in 2012 to $5.98 billion in 2013.
Century Farm applications available
The Arkansas Agriculture Department is seeking applications for the 2014 Century Farm Program recognizing families that have owned and farmed land in Arkansas for at least 100 years. The deadline to apply is May 31. The program began in 2012, and since then 185 farms have been certified Arkansas Century Farms. Qualified applicants will be given a personalized metal sign and a certificate. To qualify, the same family must have owned the farm for at least 100 years by Dec. 31, 2014. Ownership may be traced to the original settler or buyer through children, grandchildren, siblings, nephews, nieces, marriage or adoption. The farm must consist of 10 acres or more of the original land and make a contribution to overall farm income. Applications must come from the legal owners of the land and can be obtained from the Arkansas Agricultural Department by calling (501) 683-4851 or from from the department’s website, aad.arkansas.gov. Applications must be postmarked by May 31 to be eligible for designation in 2014. There is no cost to apply.
— John Magsam
Speedy dockworker negotiations urged
Labor negotiations for a new contract for West Coast dockworkers are set to begin as import volume at the nation’s major retail container ports is expected to rise by 3.5 percent in May, according to the monthly Global Port Tracker report released Wednesday by the National Retail Federation and Hackett Associates.
A lot of cargo is expected to move through U.S. ports this summer and it’s best not to have any interruptions in the supply chain that would affect cargo flow, said Jonathan Gold, vice president for supply chain and customs policy with the National Retail Federation.
Representatives of the Pacific Maritime Association and the International Longshore and Warehouse Union are scheduled to begin negotiations next week on a new contract to replace the current agreement, which expires June 30.
Fiat stock plunges on doubts about plan
MILAN — Fiat shares sank more than 11 percent Wednesday as investors expressed skepticism over a new business plan to elevate Fiat Chrysler Automobiles to become a leading global player.
Analysts said that the plan to invest $67 billion to increase annual production volume to 7 million by 2018 from 4.4 million last year failed to adequately address the financing requirements. The plan does not include a capital increase, and the company left its options open, including the possibility of a convertible bond.
Chief Executive Officer Sergio Marchionne emphasized that cash-generating Ferrari was not for sale — a topic of frequent market speculation — and that an initial public offering was not imminent.
Business on 05/08/2014