Aluminum-foil plant to reopen in Newport
Granges, a global maker of aluminum products, announced Thursday that it would invest $26 million to restart an aluminum-foil production facility in Newport and create 100 jobs over two years.
Granges acquired the Newport operation when it purchased Noranda Aluminum in 2016.
The Newport facility has one of the widest aluminum rolling mills in the United States and produced aluminum foil until 2015.
Noranda acquired the Newport facility in 1989. At the time, the plant had 250 hourly and salaried workers. About 20 work at the plant now.
"Granges' investment in this facility, one of the longest operating manufacturing plants in Jackson County, is a tremendous boost for our local economy," said Jon Chadwell, a top economic development official for Newport.
The investment will upgrade existing rolling mills and equipment. Production will total 44 million pounds annually beginning early next year, Granges said.
-- Noel Oman
Missouri's MFA Oil buys George's Gas
Missouri-based MFA Oil has acquired propane supplier George's Gas Co.
George's Gas Co. employs 15 people and has operations in Springdale, Berryville and Harrison. In response to emailed questions, Jon Ihler, vice president of sales with MFA Oil, said nearly all of the workers were offered employment or consulting opportunities with the company. The terms of the deal were not released.
Email and telephone requests to determine the relationship, if any, between George's Gas Co. and Springdale-based poultry company George's Inc. were not returned Thursday afternoon. Charles E. George, the co-president of George's Inc., is listed in incorporation documents as president of George's Gas, and Ancel McClane, George's Inc.'s treasurer, is also listed as treasurer for George's Gas.
George's Gas provides propane to contract poultry growers, as well as some residential and commercial locations. Ihler said all George's Gas contracts will be honored.
MFA Oil is a farmer-owned cooperative with more than 40,000 members.
-- John Magsam
Arkansas Index falls 1.93, ends at 398.63
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 1.93 to 398.63 Thursday.
"Equities dropped sharply in early trading, testing the S&P 500 200-day moving average of 2,615.04 before recovering," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/04/2018