Business

August 20, 2013

SC business notebook, August 21

Project manager named for Savannah River Remediation; Silotech investing $3.5 million, creating 50 jobs for silicone components plant; August has been unkind to stock market; Netflix expands movie licensing deal with The Weinstein Co.; Barnes & Noble says it will still make Nook despite loss

Project manager named for Savannah River Remediation

Ken Rueter has been named president and project manager for Savannah River Remediation in Aiken, according to parent company URS Corp. The consortium is responsible for closing radioactive waste tanks at the Savannah River Site. Rueter, who previously served as chief operating officer of UCOR at Oak Ridge, Tenn., replaces Dave Olson. He has 25 years of experience in government nuclear facility operations.

Silotech investing $3.5 million, creating 50 jobs for silicone components plant

Silcotech North America Inc., a manufacturer of silicone components, said Tuesday it will invest $3.5 million when it locates a new injection molding production plant in York County, creating 50 new jobs. The Ontario, Canada-based company will open the new 18,000-square-foot facility in July. Hiring will begin early next year. Contact Isolde Boettger at iboettger@silcotech.ca for jobs.

August has been unkind to stock market

It’s been a chilly August for the stock market. At the start of the month, the Dow Jones industrial average and Standard & Poor’s 500 index hit all-time highs. Now the market is down 4 percent from its peak, and August is on track to be the Dow’s worst month since May 2012. On Tuesday, the Dow posted in its fifth straight day of losses, the first time that’s happened this year, closing down 7.75 points at 15,002.99. The S&P 500 and Nasdaq composite index rose modestly for the first time in four days.

Netflix expands movie licensing deal with The Weinstein Co.

In a drive to add subscribers, Netflix has expanded on a movie licensing deal with The Weinstein Co. that will add more films to its Internet video service beginning in 2016. The multi-year agreement announced Tuesday builds upon a partnership that Netflix Inc. forged with Weinstein Co. last year and gives Netflix the rights to show all movies released by Weinstein Co. and its subsidiary, Dimension Films, before they appear on pay-TV channels. That makes it more competitive with channels like HBO and Showtime.

Judge OKs Kodak plan to emerge from bankruptcy

A federal judge has approved Kodak’s plan to emerge from bankruptcy protection. Judge Allan Gropper’s ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing.

Barnes & Noble says it will still make Nook despite loss

Barnes & Noble says it plans to keep making its Nook electronic readers and will focus on offering content to its customers, even as its first-quarter net loss nearly doubled. Barnes & Noble has been dealing with major changes in the book industry. It faces tough competition from discounters such as Amazon and a shift toward electronic readers.

Kristy Eppley Rupon and The Associated Press contributed.

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