West Virginia

West Virginia Economic Development Authority Receives Thumb’s Up In Audit

http://www.wveda.org/

The Economic Development Authority in the state of West Virginia has received a thumb’s up in an audit that was recently conducted.

Liabilities decreased by approximately $25 million dollars over a time frame of 1 year. Much more money is available for businesses as they create brand new projects. An executive named David Warner states that many businesses are paying off loans at a quicker rate. Because more money is available, capital can be used to expand a variety of brand new projects. The Audit Manager named Joellen Lucas elaborates on the EDA is considered to be financially clean and received a top notch report.

The audit looked at a variety of financials from June 2011 to June 2012. Total net assets for the EDA increased by $3.5 million dollars as it reached $133 million dollars. Operating Revenues decreased by 4.56 percent as it was $10.2 million dollars. On the other hand, operating expenses increased to approximately 8.64 percent as it was $5.2 million dollars. $1 million dollars was left over in debts that are not collectible. The repayment of a $5.2 million loan was considered as a loss.

The Development Authority also approved a variety of other business loans such as:

  1. $3.7 million dollars to IMI Fabi as new equipment is bought for the Benwood facility. Nine jobs are expected to be created over a time frame of 3 years.
  2. Taylor Warehouse Services received a $2 million dollar loan to purchase Fourco Glass. Nearly 24 jobs will be created over a time frame of 3 years.
  3. $450,000 dollar loan was given to Preston Machine to purchase brand new equipment. 12 jobs are expected to be created over a time frame of 3 years.
  4. $910,000 dollars was given to Putnam Holding so that they can expand real estate. Nearly 20 jobs are expected to be created over the next 3 years.

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Site Selection Magazine Names First Energy as Top Utility For Economic Development

www.statejournal.com/

The site selection magazine has named First Energy as the top utility for ultimately promoting economic development.

Nearly $1.7 billion dollars was raised in capital investment in states such as Pennsylvania, New Jersey, Ohio and West Virginia. Nearly 7,400 jobs are expected to be created within the surrounding states. The designation typically honors a variety of utility companies that assist customers with a hand’s on approach. Business development is also encouraged within the utility companies.

The award is typically based on specific criteria such as:

  1. The utility company creating jobs
  2. Facilitating investment around the specific areas
  3. Creating website tools
  4. Utilizing data which can be used for business development

A Vice President for First Energy elaborates on how the company is committed to economic development and will have a key role in attracting new capital and creating new jobs.

Some of the projects which involved First Energy include:

  1. Chrysler adding nearly 1,100 jobs and the investment of approximately $500 million dollars in the state of Ohio.
  2. Calfrac Services adding approximately 300 jobs and investing nearly $150 million in the Uniontown region in Pennsylvania.
  3. Republic Engineered Products creating 450 jobs and investing nearly $85 million dollars.
  4. Macy’s creating approximately 1,200 jobs and investing nearly $150 million into the region of Martinsburg.

First Energy has also made partners with the state of Maryland and First Solar. The partnership has resulted in the largest solar project on the east coast. The energy project is expected to be completed by the end of 2012. Some other economic development projects include First Prospector which is an internet mapping program, Export Now Program which partners with the Department of Commerce and assists with a variety of export trade opportunities.

Overall, First Energy is positively contributing to economic development as more money is raised and jobs are created.

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Natural Gas Company Invests $1.4B in W.Va, Saves Call Center Jobs

West Virginia Gov. Earl Ray Tomblin and Williams Partners L.P. made a joint announced of the natural gas company’s decision to invest $1.34 billion in Marshall County and create 100 new jobs.

Williams Partners

Photo – Williams Partners

“Williams’ commitment to Marshall County and the entire Northern Panhandle is an example of the growing opportunities Marcellus Shale development is bringing to West Virginia,” said Gov. Tomblin. “The investment and jobs will have lasting effects on the region as the workers needed will be operating and maintaining Williams’ facilities and pipelines for many years to come.”

In January 2012, Williams Partners joined with Caiman Energy II as part of a joint venture to develop midstream infrastructure facilities to connect producers’ natural gas and natural gas liquids to the natural gas marketplace in Utica Shale. The processing plants, in conjunction with the construction of the new fractionation facilities, will include an investment of $800 million to develop natural gas, natural gas liquid, and crude oil gathering and processing infrastructure.

After acquiring Caiman Energy assets and staff in April 2012, Williams Partners has already hired an additional 74 new full-time positions in the area.

Apart from the direct investment, spending and the jobs created by Williams Partners, the Marshall County Commission scored a bonus from Williams Partners – the company decided to lease space for its offices and Marshall County operations in the Teletech call center building in Moundsville.

Teletech had been teetering on the edge, unable to meet their rent. They were about ready to give up and move the 250 call center jobs out of Marshall County, West Virginia. But with the cash rich Williams Partners becoming a co-tenant to share the rent and utility bills, Teletech now has the wind at its back. The building is slated for a $1.4 million renovation and Teletech now plans to add another 100 jobs of its own.

“We are extremely appreciative of Teletech’s long-term investment in our community and their commitment to preserving approximately 250 jobs,” said Jake Padlow, president of the Marshall County Commission. “Their willingness to adapt and share space with the new Williams’ office allows for new business development and growth in our area without losing great economic partners that call Marshall County home.”

West Virginia Welcomes Macy’s and 1700 Jobs

West Virginia Gov. Earl Ray Tomblin welcomed Macy’s Inc., to Berkeley County during a formal ribbon cutting ceremony at the company’s new distribution and fulfillment center in Martinsburg to fulfill orders received from Macy’s online sales.

West Virginia Gov. Earl Ray Tomblin at Macy's ribbon-cutting

Gov. Earl Ray Tomblin at Macy’s ribbon-cutting (Photo – W.Va. Governor’s Office)

Macy’s has pumped in $150 million to establish the 1.3 million-square-foot facility, which will require 700 permanent full-time employees, 300 permanent part-time employees, and another 700 seasonal employees within the next five years.

Back in Dec 2010, Macy’s announced that it had chosen Martinsburg, W.Va. over 157 other potential locations.

The site selection battle to bring Macy’s to W.Va. involved both former Gov. Joe Manchin and current Gov. Ray Tomblin, who took office on Nov 15, 2010, just before the Macy’s announcement.

At that time, Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. said that, “We would like to thank state and local officials in West Virginia, led by Gov. Earl Ray Tomblin, for their support and assistance through our site selection process.”

“The thousands of jobs this Distribution and Fulfillment Center will create will make a tremendous impact in our region, and we could not be more excited,” said Joe Manchin, who is now the U.S. Senator for W.Va. “I am so proud when I was Governor, we were able to bring a team together to make this opportunity possible, and that Governor Tomblin was able to fulfill it.”

“It’s terrific to see Macy’s new distribution and fulfillment center officially opening its doors. The center will provide hundreds of good-paying jobs for West Virginians in the Eastern Panhandle.” said Gov. Tomblin. “Macy’s $150 million dollar investment speaks volumes to the positive business climate we’ve created in our state.”

The new Martinsburg fulfillment center in West Virginia will be used in particular to prepare and ship orders to macys.com customers in Northeast and Middle Atlantic states. Online orders from macys.com were previously being handled primarily by Macy’s fulfillment centers in Portland, TN, and Goodyear, AZ. Bloomingdales.com orders are handled primarily from a fulfillment center in Cheshire, CT.

Macy’s, Inc. has a total workforce of around 171,000 employees, including about 22,000 executive positions to staff and manage 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico. The company had fiscal sales last year of $26.4 billion.

Alpha Natural Resources Releases Sustainability Report

www.statejournal.com/

The company called Alpha Natural Resources has released a sustainability report for the year 2011.

Alpha Natural is based in the state of West Virginia and is one of the largest employers. The sustainability report is called “fueling progress” and analyzes a variety of issues such as environmental and social. A Vice President of the company elaborates on how the process has assisted suppliers, customers and many others on how Alpha Natural operates and works. Vice President Cavatoni wants to make sure that all stakeholders are satisfied as the company works hard to succeed.

The sustainability report has important components such as:

  1. Creating a workforce that is safe
  2. Minimizing the total impact on the environment
  3. Investing around the surrounding community

The CEO of Alpha Natural stated that the company is an enabler of prosperity and they would work hard to fuel progress around the world. CEO Crutchfield also stated that coal is an abundant source of energy as steel and electricity is provided. Having affordable forms of electricity and steel is going to play a key role in improving the lives of many people around the world. In order to assist people, the coal industry and Alpha Natural are going to have to continue its sustainable practices.

The perception of the coal industry and Alpha Natural are not good in the public’s eyes but the sustainable report proves otherwise. There were many environmental efforts that were implemented by Alpha Natural such as planting nearly 2 million trees and properly seeding nearly 7,500 acres. Managing the processing and mining of the operations was also an important environmental issue. There were also many environmental failures pointed out in the report such as the discharge of black water.

Overall, the sustainability report released by Alpha Natural should serve as a positive example for many companies in the coal industry.

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