Qcells Secures $1.45 Billion Loan To Build Georgia Solar Plant
This week South Korean solar cell and module manufacturing firm, Qcells, announced a conditional commitment from the US Department of Energy for a $1.45 billion loan to support the company’s state-of-the-artsolar supply chain manufacturing facility in Cartersville, Georgia.
Qcells already operates a plant in nearby Dalton making 30,000 solar panels per day, and the Cartersville plant will manufacture ingots, wafers, cells, and finished panels at a multi-gigawatt scale. The combined investment in the two Georgia facilities is over $2.5 billion.
Between Qcells’ factory in Dalton and progress in Cartersville, the company’s full annual solar production capacity in Georgia is anticipated to reach 8.4 GW by the end of this year, which is enough solar to power nearly 1.3 million homes a year.
According tothe official press release, Qcells has created 3,800 direct jobs and nearly 7,000 jobs total (direct, indirect, and induced jobs) in Bartow and Whitfield counties.
Lockheed Martin To Aquire Florida Satellite Products Manufacturer
This weekLockheed Martin announced the global defense technology company will acquire Florida-based Terrain Orbital, a leading manufacturer of satellite products serving the aerospace and defense industries.
The deal valued at $450 million will result in Lockheed Martin acquiring an established company that they have collaborated with on multiple space missions since 2017 when Terrain Orbital joined the Lockheed Martin Ventures portfolio, a fund that makes investments in technology innovations.
Terrain Orbital Chairman and CEO Marc Bell views access to Lockheed Martin’s industry-leading resources as a game-changer for the Boca Raton-based company he co-founded with Anthony Previte in 2013.
“This transaction combines our strengths and expertise. Access to Lockheed Martin’s incredible engineers and world class facilities will only accelerate our business plan to provide low-cost, high-value solutions to our ever-growing customer base.” -Marc Bell
According to the official press release,Lockheed Martin will acquire Terrain Orbital for $0.25 in cash for each outstanding share of common stock and retire the company’s existing debt. The transaction also establisheda new $30 million working capital facility as of the signing of the agreement.
Bobcat Completes Major Renovation Of Buford Facility
This week Bobcat announced the completion of a $3.26 million renovation at its Buford, Georgia, location, home to the company’s North American material handling sales, service, marketing, parts, and logistics departments.
Bobcat’s Material Handling line includes hundreds of different forklift models with diesel, gas, liquid propane gas and electric power options.
In the official announcement, Bobcat VP of material handling products, Jarrod Steck, highlighted the importance of the division to the company and the important role that the Buford team has played in meeting growth targets.
“Our Buford team has grown by 40% in the last year and is still growing. Bobcat’s investment in both people and facility illustrate our level of commitment to growing Bobcat’s presence in this important market.” – Jarrod Steck
According to the Doosan Bobca’ts most recent quarterly earnings report, YOY sales in the Martial Handling division were down 28% “due to high base and deferred purchases due to high interest rates in North America.”
MiTek Announces $80 Million Manufacturing Facility In Zephyrhills
Building solutions and construction technology leader MiTek has announced that the company has purchased a 111-acre site and plans to build a new manufacturing facility at the North Tampa Bay Industrial Park in Zephyrhills.
According to the Pasco Economic Development Council, the company plans to invest $80 million to build the new 480,000-square-foot facility which will manufacture steel connector plates and builder products for the construction industry.
In the official announcement, MiTek SVP of Global Supply Chain and Manufacturing, Douglas Krauss, emphasized the commitment that the Missouri-based company is making in Florida and Pasco County in particular.
“We are excited to put down roots in Pasco County and to be part of the ongoing economic development in this area. We have a high concentration of customers in Florida, so this is really a long-term investment in MiTek’s future, our customers, and the Pasco County community.” – Douglas Krauss
More details about the new MiTek facility can be found on the Pasco EDC website.
Aertssen Logistics To Open Processing Center In Savannah
A leading European company in the infrastructure works, transport, lifting and hoisting arenas is expanding operations to the United States with a new international logistics facility in Savannah.
Today, Belgium’s Aertssen Group announced the opening of a 380,000-square-foot equipment processing center at Savannah Gateway Industrial Hub (SGIH) in Rincon near the Port of Savannah.
Aertssen officials say they chose the Georgia location for its proximity to the Port of Savannah, and the company plans future expansion into 3 additional U.S. markets with major container port access: Baltimore, Houston and Tacoma.
Aertssen Group is active worldwide in over 30 countries. Beyond Europe, the company has established a strong presence in the Middle East having taken on lead roles in major infrastructure projects including rail networks, stadiums and airport expansions in the UAE and Qatar.
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If you own an established manufacturing business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.