Canadian-firm deal hit on Boyd Metals
A 30-year Fort Smith metals service company, which has a warehouse and sales office at the Port of Little Rock among its five locations, reached an agreement to be acquired by a Canadian company for $110 million.
The sale of Boyd Metals to Russell Metals Inc. of Toronto is expected to close before the end of the year, according to a news release.
Boyd was founded by Chester Koprovic, Tom Kennon and Ron Tabor in 1991 as a full-line steel service center, offering "an extensive inventory of carbon steel, aluminum and fiberglass products," according to the company website.
Boyd Metals also has locations in Tyler, Texas; Joplin, Mo., and Oklahoma City, in addition to its Fort Smith and Little Rock locations.
Russell Metals' top executive indicated in the release that Boyd's locations and more than 250 employees would remain after the sale is completed.
"We believe their culture, experienced management team and business platforms are very much aligned with our existing business as we look to further expand our U.S service center footprint," said John Reid, president and chief executive officer. "We look forward to having all of the Boyd employees as part of the Russel family."
-- Noel Oman
2 appointees named to oversee Ford site
NASHVILLE, Tenn. -- Tennessee Gov. Bill Lee has selected two people for a new government panel that oversees the site where Ford plans to establish a large electric vehicle and battery complex.
The Republican's office says Tipton County Mayor Jeff Huffman, and First Horizon National executive vice president and general counsel Charlie Tuggle will serve on the Megasite Authority of West Tennessee.
Lee previously announced that his transportation commissioner, Clay Bright, will be the authority's chief executive officer.
Under legislation that Lee signed this week, the 11-member board also includes the governor, two appointees each individually by the House and Senate speakers, one joint appointment by the speakers, and the commissioners of economic development, finance and general services.
In September, Ford Motor Co. and South Korean battery maker SK Innovation revealed plans for a $5.6 billion campus to build electric F-Series pickups about 50 miles east of Memphis, near Stanton in rural Haywood County.
-- The Associated Press
America's Car-Mart, Dillard's shares rise
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Friday at 808.10, up 10.89.
Shares of Dillard's Inc. rose 5.7%. America's Car-Mart shares rose 4.4%.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.