Made in America: Mammoth Memphis industrial site close to landing first industrial prospect from China
by July 31, 2016 8:10 am 165 views
Editor’s note: Each Sunday, Talk Business & Politics provides “Made In America,” a round-up of state and global manufacturing news.
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MAMMOTH MEMPHIS INDUSTRIAL SITE CLOSE TO LANDING FIRST INDUSTRIAL PROSPECT FROM CHINA
The 4,100-acre Memphis Regional Megasite, which was established by Tennessee lawmakers more than a year ago with a $100 million taxpayer-backed appropriation, is close to landing its first industrial prospect at what state economic developers call the “most eligible manufacturing site” in the U.S. According to the Memphis Commercial Appeal, Sentury Tire Americas, a Chinese tire manufacturer, has narrowed down its options for its first U.S. plant to the mega industrial site in Memphis and another location near LaGrange, Ga. The tire manufacturing plant could bring an initial investment of $500 million and more than 600 jobs, the article said.
To take a virtual tour or learn more about the mammoth industrial site in Haywood County, 20 minutes east of Memphis, click here.
GENERAL MILLS TO CLOSE PLANTS ACROSS GLOBAL SUPPLY CHAIN, WILL IMPACT 1,200 JOBS WORLDWIDE
General Mills has announced restructuring in its global supply chain, impacting its U.S., Brazil and China operations and more than 1,200 employees. In the U.S., the Minneapolis, Minn.-based food giant said it has made a tentative decision to close its manufacturing facility in Vineland, N.J., and transfer production to other U.S. facilities to eliminate excess soup capacity in its North America supply chain. If the decision becomes final, which is subject to talks with union officials, the closure would impact nearly 370 employees. General Mills expects the action to be completed by the first quarter of fiscal 2018.
General Mills also reached a tentative agreement to sell its Martel, Ohio, facility to Mennel Milling Company, pending negotiations with union officials. If the decision becomes final, General Mills expects the sale to close by the second quarter of fiscal 2017, which would impact 180 employees. At that time, Mennel would act as a supplier to General Mills.
The Martel plant manufactures dry baking mix products and has been operated by General Mills since 2001. The Minnesota manufacturer of such brands as Yoplait, Cheerios and Pillsbury, also had made the decision to close the Marília manufacturing facility and distribution center and transfer production in Brazil and a Trix fruit snack facility in Nanjing, China. Those plant closings, expected in the first quarter of 2017, will impact a combined total of 720 employees.
COMMERCE DEPARTMENT FORMS COUNCIL TO EXPAND ACCESS TO TRADE FINANCE FOR U.S. EXPORTERS, MANUFACTURERS
The U.S. Department of Commerce on Friday (July 29) announced the establishment of the U.S. Department of Commerce Trade Finance Advisory Council, which will advise the department on the development of strategies and programs that would help expand access to trade finance for U.S. exporters.
The key focus of the council will be to provide a necessary forum to facilitate the discussion between a diverse group of stakeholders such as banks, non-bank financial institutions, other trade finance related organizations, exporters, and relevant U.S. government agencies to gain a better understanding regarding challenges facing U.S. exporters in accessing finance. The TFAC will be comprised of up to 20 private-sector individuals, appointed by the Secretary of Commerce to serve for a two-year term.