March 8, 2014

SC business notebook, March 8

Upstate company plans $6 million expansion

Upstate company plans $6 million expansion

A company that makes plastics reinforced with fiberglass is investing more than $6 million in its Gaffney operation and adding 50 new jobs. Core Molding Technologies Inc., said the expansion should be completed by the middle of the year. Last year the company announced it had a new contract to make roofs, hoods and other molded parts for a truck manufacturer. Much of that work will be done at the Gaffney plant.

Bank of America CEO saw big pay jump last year

Bank of America CEO Brian Moynihan saw his compensation jump by 77 percent last year as the company’s fortunes improved. Moynihan’s total compensation was $13.1 million, according to an Associated Press calculation based on a filing made by the company on Friday. The bulk of his pay was $11.1 million worth of stock awards granted in February 2013. He also had a base salary of almost $1.5 million. Company perks totaled $497,751, most of which was for personal use of the company plane. Bank of America’s finances have been improving. Last year its profit more than tripled to $10 billion, and it has been cutting staff and focusing on its core businesses.

Boeing 787 production hits another snag

Boeing’s much-delayed 787 Dreamliner has hit another production snafu. Hairline cracks have been discovered in the wings of some 787s that are being built. The Chicago-based manufacturer said none of the 122 jets already flown by airlines around the world are affected. The production problem was first reported by The Wall Street Journal. Boeing said that roughly 40 airplanes might be affected and that it will take one to two weeks to inspect each plane and fix any cracks found on shear ties on a wing rib. A shear tie is an attachment fitting. It is part of the rib – and connects the rib to the wing skin. The company would not give an overall timeframe to inspect all of the wings. The wings are produced by Japan’s Mitsubishi Heavy Industries and then flown to the U.S. to be assembled with other parts of the plane. Inspections are taking place at Boeing’s plants in Charleston and Everett, Wash. and at the Mitsubishi’s plant. Officials still expect to deliver 110 new Dreamliners this year.

L.L. Bean plans biggest capital investment of its history

Coming off record profits and four years of revenue growth, L.L. Bean is ready to make the biggest single-year capital investment in the retailer’s 102-year history, the company’s CEO said Friday. Chris McCormick, president and chief executive, told workers that the Maine-based retailer has been conservative for the past few years and is now ready to “accelerate our growth plans and grab market share.” That plan includes pumping an additional $100 million into its website, retail expansion and business systems, he said.

The Associated Press contributed.

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