Fabric maker to expand, add jobs
Fitesa Simpsonville Inc., a fabric maker for the hygiene, medical and industrial markets, will expand its 190,000-square-foot Greenville County plant over the next year with a $50 million investment that will add 32 jobs, South Carolina state officials said. The plant employs about 100 workers. Fitesa Simpsonville, which is the company’s global headquarters, competed with other Fitesa plants in Washington state and Wisconsin for the expansion.
Founder’s son takes reins Chick-fil-A
Atlanta-based fast-food giant Chick-fil-A has named Dan Cathy its new chief executive officer and chairman. Cathy, who has been chief operating officer, replaces his father, Truett Cathy, the chain’s founder and chairman. Truett Cathy will remain at the company as chairman emeritus.
The company said Truett Cathy, 92, is in good health and that Dan Cathy’s promotion is part of a long-planned succession strategy.
Economic growth somewhat deceiving
The U.S. economy showed surprising growth from July through September just before the government’s partial shutdown. But much of the gain came from a buildup in company stockpiles. Consumers and businesses slowed their spending.
Americans did purchase more autos and other long-lasting goods. Yet most analysts say the economy isn’t showing enough underlying strength to cause the Federal Reserve to scale back its stimulus any time soon. Overall, growth accelerated to a 2.8 percent annual rate in the third quarter, the Commerce Department said Thursday. That’s up from a 2.5 percent rate in the April-June quarter. And it’s nearly a full percentage point higher than economists had predicted.
IRS issues $4 billion in fraudulent tax refunds
The Internal Revenue Service issued $4 billion in fraudulent tax refunds last year to people using stolen identities, with some of the money going to addresses in Bulgaria, Lithuania and Ireland, according to a Treasury report released Thursday. The IRS sent a total of 655 tax refunds to a single address in Lithuania, and 343 refunds went to a lone address in Shanghai.
Staff writer Andrew Shain, The Associated Press and Atlanta Journal-Constitution contributed.