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Briefs

Plastics firm plans plant for Fremont

PADNOS Plastics Solutions, Inc., a division of PADNOS, a full-service recycling company, announced plans Tuesday to locate its first Indiana plastics plant in Fremont, creating up to 22 new jobs by 2016.

The Holland, Mich.-based company will buy, renovate and equip a new 120,000 square-foot facility at 803 S. Reed St. in Fremont, according to a news release from state economic development officials Tuesday night. A dollar amount for the expected investment was not included in the release.

The expansion, which will be fully operational by early 2014, will allow the company to operate its plastics division closer to industrial and commercial customers, reducing freight expenses.

PADNOS currently employs more than 600, the release said. The company plans to begin hiring equipment operators and lab technicians this month and expects to hire operation managers, material engineers and sales executives within a year.

Interested applicants may apply by going to www.padnos.com.

JPMorgan deal boosts Calif. pension funds

JPMorgan Chase & Co. will pay nearly $300 million to California’s public employee and teacher pension funds as part of a settlement related to mortgage-related investments, state Attorney General Kamala Harris announced Tuesday.

The $299 million in damages will settle claims that the company misrepresented the value of residential mortgage-backed securities sold to the California Public Employees Retirement System and California State Teachers’ Retirement System between 2004 and 2008.

The settlement is part of a broader, $13 billion settlement between the investment company and the U.S. Department of Justice.

Under the larger settlement, which also was announced Tuesday, JPMorgan will provide $4 billion in mortgage relief to the states, including California.

Best Buy posts profit, plans holiday bargains

Best Buy says it is committed to “winning” the holiday season with price matching, doorbusters and deals as well as its earliest ever opening hours on Thanksgiving – even if that means profit pressure for the electronics retailer in the fourth quarter.

Best Buy CEO Hubert Joly has been cutting costs, adding employee training and matching online prices to get customers into stores as it faces competition from discounters and online retailers.

On Tuesday the Minneapolis company reported it returned to a profit in the third quarter as the busy holiday season revs up. But the company says it expects a tough competitive environment during the last two months of the year, which can account for up to 40 percent of a retailer’s annual revenue.

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