Local & State
St. Matthews plant to bring 50 jobs
Wire Mesh Corporation, a manufacturer of welded wire products, is opening a $13.9 million manufacturing plant in the St. Matthews area of Calhoun County, state officials announced Tuesday. The plant is expected to provide 50 new jobs during the next five years.
It will primarily produce prestressed concrete from steel rods in a 143,000-square-foot building on 29 acres off U.S. 601 in of St. Matthews. The site has access to rail lines.
The Coordinating Council for Economic Development has approved a $60,000 grant to help defray the costs of real property improvements related to the project, state officials said.
Duke Energy to pay $146 million, admit no guilt in lawsuit
Duke Energy has agreed to settle a shareholder lawsuit linked to its 2012 merger with Progress Energy for about $146 million.
Duke’s insurance coverage covers most of the settlement amount, and shareholders – not customers – will pay the remaining portion, according to a company statement. The Charlotte-based company last year reported a $26 million reserve for the estimated portion not covered by insurance.
The class-action lawsuit brought by shareholders claimed Duke Energy, its executives and directors made misrepresentations related to a post-merger CEO change. As part of the agreement, Duke and the named executives and directors denied the allegations and any wrongdoing.
Nation & World
Lumber Liquidators investigated
Lumber Liquidators Holdings Inc. is being investigated by Connecticut Attorney General George Jepsen as the company faces scrutiny over imports of Chinese flooring allegedly containing more formaldehyde than the law allows.
In a letter to the company’s president and general counsel, Jepsen asked whether Lumber Liquidators plans to discontinue sales of the flooring and if it will compensate customers who have installed it in their homes, the attorney general said in a statement.
Lumber Liquidators stock has been crashing because of a report by CBS’s “60 Minutes” alleging the company has been selling flooring with excessive formaldehyde. The network used undercover reporters and hidden cameras to show managers at three Chinese factories admitting to false labeling that made it look as if the products met regulations. IN BRIEF
• Coast Guard officials say efforts to clean up after a collision on the Houston Ship Channel spilled a flammable chemical will take at least several days to complete. About a four-to-eight-mile stretch of the ship channel remained closed Tuesday as crews worked to clean up the gasoline additive that spilled after two 600-foot ships collided a day earlier in foggy conditions.
• Volkswagen will spend $1 billion to upgrade and expand a factory in Mexico that will build a next-generation crossover SUV, the automaker has announced. Construction on the plant will begin imminently, a VW spokesman said.
From Staff and Wire Reports