News in brief

Fayetteville startup plans 100 new jobs

SupplyPike, a tech startup, plans to create 100 jobs in Fayetteville and is eligible for state tax incentives, the Arkansas Economic Development Commission said Friday.

SupplyPike started as the research wing of CaseStack, a Fayetteville logistics provider founded in 1999 by Dan Sanker, before splitting off into an independent company last fall.

Hub Group of Illinois bought CaseStack in a $255 million deal.

SupplyPike now offers a digital supply-chain management platform for consumer packaged goods. The companies share office space in north Fayetteville.

Brandi Hinkle, the development commission's director of communications, said SupplyPike recently has hired additional employees, resulting in a workforce of more than 80, and plans to hire about 100 more people in the Fayetteville area within the next five years.

Incentives offered to SupplyPike include a cash rebate based on the company's annual payroll, up to $50,000 for training of new employees and earned income-tax and research and development credits (based on the company's inducements).

-- Nathan Owens

VW Tennessee plant gets new chief exec

CHATTANOOGA, Tenn. -- German automaker Volkswagen has named a new chief executive officer at its factory in Chattanooga, a company spokesman said Friday.

Frank Fischer has been named the new CEO at the factory where 3,800 workers produce the Passat and Atlas vehicles, plant spokesman Amanda Plecas said in a phone interview.

Plecas said employees were notified Thursday about the hiring of Fischer, who was CEO of Volkswagen Chattanooga Operations when the plant broke ground in 2008 and began production in 2011. Fischer left Chattanooga three years later for a position at a Volkswagen factory in Germany.

The Chattanooga Times Free Press reported that Fischer was credited with overseeing construction of the Chattanooga factory, which started production on schedule.

Fischer steps in for Antonio Pinto, who replaced Christian Koch in August 2017. Plecas said Pinto is moving to a new assignment for Volkswagen in Germany.

In rocky week, index falls by 6.28 points

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Friday at 404.14, up 0.28 point.

The index fell 6.28 points during a turbulent week.

Seven index stocks rose Friday, led by Bank OZK at 2.42%, Simmons Bank at 2.23% and Home Bancshares at 2.01%.

Seven stocks fell. USA Truck fell 2.68% . JB Hunt Transport Services fell 1.94%.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 05/25/2019