SC business notebook, June 1

Boeing announces shift of additional work to S.C.

Boeing Co. announced Friday a significant shift of both current and future engineering work out of Washington state’s Puget Sound region, to South Carolina and Southern California. Boeing, which last year began producing 787s at a new plant in North Charleston, said it will establish a new propulsion operation in South Carolina that will initially do the engineering design and also assemble the engine nacelle inlet for the 737 MAX. The company said the South Carolina propulsion operation will “expand strategically on future airplane programs.” Boeing also said it will open an “engineering design center” in South Carolina that will “support Boeing’s business from product development through design, production and support.” The company has been snapping up land around its current Lowcountry campus.

One Midlands member retires from S.C. Public Service Commission

David Wright of St. Andrews retired Friday as a member of the state Public Service Commission, the agency that decides on utility rate hike requests. “I’m still young enough to do something else,” he said. “I’m looking for a challenge.” He plans to be a consultant on nuclear power and other energy issues as well as help raise money to battle colon cancer, a disease he has survived. Wright, 57, served on the PSC for nearly 10 years. Previously he was a state representative and Irmo mayor and councilman. His post as one of two Midlands members of the PSC could remain empty until a successor is elected by the Legislature next spring.

Remediation head takes job in Washington state

Savannah River Remediation President and Project Manager Dave Olson has accepted the position of overseeing Washington River Protection Solutions at Hanford. Hanford is a mostly decommissioned nuclear complex in Washington state. URS leads both the Savannah River Remediation and Washington River Protection Solutions contracts; Savannah River Remediation is the Savannah River Site’s liquid waste contractor. Olson will begin transitioning to his new duties in mid-June. Olson will replace Mike Johnson who is retiring at the end of June. Olson became Savannah River Remediation’s president and project manager in 2011, taking over for Jim French who accepted a URS international assignment in the United Kingdom. Olson told employees in a written message that is was a time of “mixed emotions” for him.

Market closes lower after afternoon sell-off

Stock prices closing sharply lower on Wall Street after a late afternoon sell-off. The Dow Jones industrial average ended down 208 points at 15,115 Friday, a loss of 1.4 percent. Pfizer led the Dow lower. The Dow held on to a gain of 1.9 percent for May and is still up 15 percent so far this year. The Standard & Poor’s 500 index lost 23 points to 1,630, a decline of 1.4 percent. The Nasdaq fell 35 points to 3,455, a decline of 1 percent. All 10 industry groups in the S&P 500 fell, led by health care and energy stocks.

Tim Flach, The Aiken Standard, The Seattle Times and The Associated Press contributed.