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Manufacturing Plant

All articles tagged with #manufacturing plant

business1 year ago

Blommer Chocolate to Close Chicago Manufacturing Plant

Blommer Chocolate announced the closure of its original Chicago manufacturing plant, citing increasing operating costs and production reliability issues, while also revealing plans to expand and transform other facilities. The corporate headquarters, Applications Lab, and New Research and Development Center will remain in downtown Chicago at the Merchandise Mart, with expanded lab capabilities. The company's chief operating officer emphasized the necessity of embracing progress and transformation, with a planned expansion to the Campbellford Canada operation marking a new chapter for Blommer.

via WLS-TV|
#blommer-chocolate#business#chicago
business1 year ago

Rivian Halts $5 Billion Electric Truck Plant Construction, Unveils Affordable EV Models

Rivian Automotive pauses construction of its $5 billion electric truck plant in Georgia to prioritize production and save money, opting to start building its new R2 midsize SUVs at its existing plant in Illinois instead. The move is expected to get the R2 to market more quickly and save $2.25 billion in capital spending. The company's share price jumped after announcing new models, but it still faces challenges in meeting production targets and justifying the Georgia plant's construction amid legal opposition and concerns about drainage issues on the site.

via The Associated Press|
#business#electric-vehicles#georgia
business2 years ago

Rivian Secures $15 Billion Debt Funding for Georgia EV Plant

Rivian Automotive intends to raise approximately $15 billion in debt to support the construction of an electric vehicle manufacturing plant in Georgia. The company plans to purchase taxable bonds issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. Rivian has committed to paying a minimum of nearly $300 million in property tax payments until 2047, with the potential for increased payments if the carmaker surpasses its $5 billion investment. The new plant is expected to employ over 7,500 people and produce 400,000 vehicles annually.

via Yahoo Finance|
#business#debt-financing#electric-vehicles
business2 years ago

Rivian Secures $15 Billion Debt Funding for Georgia EV Plant

Rivian Automotive intends to raise approximately $15 billion in debt to support the construction of an electric vehicle manufacturing plant in Georgia. The company plans to purchase taxable bonds issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. Rivian has committed to paying a minimum of nearly $300 million in property tax payments until 2047, with the potential for increased payments if the carmaker surpasses its $5 billion investment. The new plant is expected to employ over 7,500 people and produce 400,000 vehicles annually.

via Yahoo Finance|
#business#debt-financing#electric-vehicles
business2 years ago

Hyundai's Acquisition of General Motors' India Plant Boosts Production Capacity

Hyundai Motor's Indian unit will acquire General Motors' Talegaon plant in Maharashtra, allowing the U.S. automaker to exit the Indian market. The deal will increase Hyundai's annual production capacity and support its plans to launch more electric vehicles in India. Hyundai aims to upgrade the existing infrastructure at the plant and start manufacturing in 2025, with a target of reaching a cumulative production capacity of one million units per year. The deal value was not disclosed.

via Reuters|
#automobile-industry#business#general-motors
energy2 years ago

Maryland's Sparrows Point to become hub for clean energy with new wind turbine plant and legislation.

Orsted is building a new manufacturing plant in Sparrows Point, Maryland, to make components for wind turbines across the US. The facility will employ 125 union construction workers and offer 20 professional staff jobs. The plant will also help Maryland achieve its clean energy goals, as Governor Wes Moore signed three bills at the ground-breaking event, quadrupling the state's offshore wind energy goal to 8.5 gigawatts by 2031, reducing greenhouse gas emissions, and providing rebates to businesses that purchase electric vehicles.

via WBAL TV Baltimore|
#clean-energy#energy#manufacturing-plant
business2 years ago

Micron's Losses Continue Despite Hope for AI Boost in 2025.

Micron Technology reported a loss of $2.31 billion in its fiscal second quarter, with losses adjusted for stock option expense and restructuring costs at $1.91 per share. The chipmaker posted revenue of $3.69 billion in the period and expects its results for the current quarter ending in May to range from a loss of $1.86 per share to a loss of $1.72 per share. Micron announced in October it will build a huge computer memory manufacturing plant on a 1,400-acre industrial park in Clay.

via syracuse.com|
#business#loss#manufacturing-plant