BEEBE ONE-ON-ONE
Gov. Mike Beebe sat down for a lengthy conversation with political columnist John Brummett of the Arkansas News Bureau for our upcoming magazine edition of Talk Business & Politics.
Their discussion centered on a number of political changes, Beebe's session agenda, and thoughts on his legacy and how he'll be perceived at the end of his final term as Governor.
For a preview, visit our web site at www.talkbusiness.net.
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BANK OF THE OZARKS NABS GEORGIA BANK
Bank of the Ozarks has assumed another Georgia bank - Oglethorpe Bank of Brunswick, Georgia. Oglethorpe Bank only has two branches.
As of September 30, 2010, Oglethorpe Bank had approximately $230.6 million in total assets and $212.7 million in total deposits.
Last year, Bank of the Ozarks nabbed four banks including Chestatee State Bank of Dawsonville, Georgia; Horizon Bank in Florida; Unity National Bank of Georgia; and Woodlands Bank of South Carolina.
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TWO FOR THE ROAD
Gov. Mike Beebe named two different people to the Arkansas Highway Commission Friday morning to fill vacancies on the powerful roads board.
Little Rock businessmen Tom Schueck and John Burkhalter will both serve extended terms. Schueck will represent a Second Cong. District seat on the highway panel, while Burkhalter is an at-large appointment.
Schueck's appointment expires Jan. 14, 2011 and Burkhalter will serve out the remainder of former commissioner Cliff Hoofman's term, which expires Jan. 14, 2017. Hoofman was recently appointed to the Arkansas Court of Appeals.
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100 NEW JOBS COMING TO PRESCOTT
Firestone Building Products
Company, LLC (FSBP) announced it will consolidate all production of its roofing membrane products into its manufacturing facility in Prescott, the hometown of Rep. Mike Ross, D-Prescott.
The consolidation plan means significant investment, expansion, and 100 new jobs for the company's Prescott plant. A plant in South Carolina will close as a result of the move by the middle of this year.
FSBP currently employs more than 400 in Prescott. Company officials said that a slowdown in commercial building created too much capacity between the two locations.
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NANOMECH BUYING CANADIAN COMPANY
Arkansas-based NanoMech, Inc. is acquiring Canadian Nano Technologies (Canano) in a private transaction for an undisclosed sum.
NanoMech is the northwest Arkansas nanotechnology research firm that designs and manufactures nanoparticle-based additives and coatings to a variety of products to extend their useful lives. Canano provides custom-engineered nanopowders designed to add value to products that span multiple industries including electronics, agriculture, solar energy, and aerospace.
NanoMech said it will add two nanopowder synthesis reactors to its factory in Springdale immediately, a move expected to create significant high-wage jobs.
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ELECTRONIC GAMING WAGERS REACH NEW HIGH
Electronic games of skill (EGS) wagers continue to post impressive revenue numbers as Southland Park in West Memphis set a single-month record and Oaklawn Park nearly eclipsed its best month.
In December 2010, Southland saw EGS wagers hit $66.9 million, up from $40.3 million one year ago. Oaklawn posted EGS wagers of $39.1 million, up from $23.4 million in December 2009.
For the full year, EGS wagers at Southland topped $673.7 million, while Oaklawn saw revenue wagers from video poker, blackjack and craps exceed $452.2 million. Combined, the two tracks' casino-like operations top $1.12 billion.
One year ago, the two tracks combined for EGS wagers of just $740.7 million.
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ABB, BALDOR EXTEND TENDER OFFER
Officials with ABB and Baldor Electric Co. announced they were extending the tender offer to Jan. 19 for the more than 13 percent of shares not tendered on the initial deadline of Jan. 10.
Zurich, Switzerland-based ABB announced Nov. 29 the move to acquire Fort Smith-based Baldor in an all-cash $4.2 billion deal expected to close in the first quarter of 2011. The Baldor board unanimously agreed to the deal, and ABB said it will keep the corporate operation in Fort Smith.
The companies said as of close of business Jan. 10, approximately 40,970,885 Baldor shares had been tendered, or 86.38 percent of the outstanding shares.
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88th GENERAL ASSEMBLY BEGINS
State lawmakers convened for the 88th General Assembly in Little Rock last week despite snowy weather. Legislators were officially sworn in, organized committees and received Gov. Mike Beebe's State of the State address.
Beebe said he was "fortunate" to be in his position and the state was "fortunate" to be in sound fiscal shape. Comparing Arkansas' relatively stable state budget to other states that are in trouble, Beebe said that legislators cannot rest on their laurels.
He called on lawmakers to further cut the grocery tax by a half-cent, while also seeking a small increase in K-12 and higher education budgets. Beebe outlined big reform issues, including a revamp of the state's prison system and he warned that changes to Medicaid were necessary to avoid a financial crisis as early as 2013.
You can keep up with daily news from the legislature, especially as it affects your business on our Talk Politics blog at www.talkbusiness.net.
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