Auto Supplier Plans $ 40 Million Tennessee Expansion, More Business News

Automotive supplier expands Tennessee plant

Auto parts maker Martinrea will expand operations in Tennessee, investing $ 40 million and creating 97 new jobs at its Springfield site.

With the expansion, Martinrea will modernize its large presses, add additional robots and welding cells and add 30,000 square feet to its existing facilities.

Martinrea is a diverse and global automotive supplier of lightweight structures and propulsion systems and currently operates at 57 locations in Canada, United States, Mexico, Brazil, Germany, Slovakia, Spain, China, Africa South and Japan.

“We are delighted to see the continued growth of the automotive industry in Tennessee,” said Pat D’Eramo, president and CEO of the company.

The stock market hits a new record

Wall Street closed a landmark week on Friday with stock indexes hitting record highs as investors hailed a report showing the nation’s labor market was even stronger than expected last month.

The S&P 500 rose 0.8%, its seventh consecutive gain and seventh consecutive all-time high. The benchmark index also recorded its second consecutive weekly gain. The Nasdaq also set a record, benefiting from a boost from tech stocks, which led the broad market rally. The only laggards were energy stocks and banks, which fell as Treasury yields headed lower.

Economists viewed the report as a sign that workers will indeed return to the workforce as more people are vaccinated and the pandemic subsides. Perhaps more importantly for markets, some have said the numbers likely mean the Federal Reserve can stay the course, keeping interest rates low for a while to support the economy.

“The wage inflation figure has not increased to the level some people expected, which is probably a bit reassuring for the market as well,” said Andrew Mies, chief investment officer of the 6 investment advisory firm. Meridian.

Aid to restaurants has no more money

A $ 28.6 billion federal relief fund for restaurants and other food businesses closed this week after running out of money, responding to less than a third of the grant applications it received.

The Small Business Administration, which manages the Restaurant Revitalization Fund, told unsuccessful applicants in an email that it was unable to fund all qualified applications due to “overwhelming demand.” More than 370,000 business owners have requested more than $ 75 billion in funding, almost three times what the program had available. About 105,000 companies were approved for grants, which averaged just over $ 272,000.

“For 100,000 restaurants, the RRF has made their future clear and stable, but for the more than 200,000 operators excluded from funding, receiving this letter today only increases their fear and anger,” said Sean Kennedy , spokesperson for the National. Association of restaurateurs. “We need Congress to act.”

Bills to add $ 60 billion have been introduced, with bipartisan support, in the House and Senate, but their future in a busy legislative timetable is unclear.

Logan’s Steak Owner buys J. Alexander’s

Logan’s Roadhouse parent company and several brewery brands have agreed to buy the Nashville-based restaurant chain J. Alexander’s Holdings Inc. in a $ 220 million deal.

SPB Hospitality, which is moving its headquarters to Houston, said Friday it will pay $ 14 per share in an all-cash merger with J. Alexander’s, which operates 47 restaurants including a restaurant in Chattanooga at 2215 Hamilton Place. Boulevard.

J. Alexander’s also owns the Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill.

The deal is expected to close early in the fourth quarter, the companies said.

– Compiled by Dave Flessner

More Stories
19 million more people need humanitarian aid as funding shrinks, reveals world’s most comprehensive study – World