An auto parts supplier is planning a $20 million project to expand and buy new equipment for a southern Indiana factory.
The Japanese company that owns Seymour Tubing Inc. says in documents submitted to Seymour city officials that the project will help retain the factorys current 460 jobs and is expected to add about 20 positions.
Company officials say the project improve the factorys productivity.
Construction work on improvements including new warehouse space could begin next month and be completed by May
The company also is buying new manufacturing equipment for the factory in the city midway between Indianapolis and Louisville, Ky.
Seymour Tubing makes carbon and stainless steel tubing components primarily used for auto parts such as shock absorbers.
Ohio storms lead to $433 million in claims
The storms that socked Ohio in late June and early July made for the third-costliest natural disaster in the states modern history, leading to estimated insurance claims of at least $433.5 million, an insurance industry trade group said Monday.
The tally reported by the Ohio Insurance Institute doesnt include the $29 million in damage to infrastructure and cleanup costs reported by 38 affected counties after the severe weather from June 29 to July 2, officials said.
The insured losses from those storms fell short of the damage caused by the Hurricane Ike windstorm in 2008, which had insured losses of at least $1.14 billion plus $38.6 million in other damage.
The 1974 Xenia tornado outbreak was second costliest.
The recent storms caused widespread power outages, left significant strewn debris, and damaged public facilities and some rural electric cooperatives.
Five deaths were blamed on the storms. One occurred in a barn collapse and four others were heat-related.
FedEx will propose buyouts to cut costs
FedEx will soon begin offering buyouts to U.S. employees in an effort to cut costs in the face of a weakening global economy.
The worlds second-largest package delivery company hinted at cutbacks earlier this summer when it said that slowing economic growth would crimp its earnings well into next year. It has already removed some aircraft from its fleet of more than 600 to account for a loss of demand.
While FedEx hasnt yet decided how many positions will be eliminated, it will likely focus on slow-growth areas such as its Express and Services units.
The Chefs’ Warehouse buys meat company
Specialty food company The Chefs Warehouse Inc. announced Monday that it has purchased Michaels Finer Meats LLC for $54.3 million to expand its business in the Midwest.
The acquisition is the companys fourth in just over a year.
Columbus, Ohio-based Michaels sells beef, seafood and other meat to restaurants in Ohio, Indiana, Illinois and Pennsylvania and has an estimated $80 million in annual revenue.
The Chefs Warehouse, based in Ridgefield, Conn., currently distributes food to customers in New York, Boston, Philadelphia, Washington, D.C., Los Angeles, San Francisco, Miami, Las Vegas and Portland, Ore.