Fence Maker Creates 162 Tennessee Jobs, More Business News


Fence maker creates 162 jobs in Tennessee

Barrette Outdoor Living, a manufacturer of fences, railings and outdoor products, said Thursday it will invest $ 33 million and create 162 new jobs at Bulls Gap, Tennessee, where it has been in business since 2001.

With a workforce of over 700 employees, Barrette Outdoor Living is one of the largest employers in Hawkins County. Barrette will add 40,000 square feet of manufacturing space, including four new extruders, co-extruders and cooling tanks as well as additional manufacturing and packaging equipment.

Barrette was founded almost 100 years ago in Canada and today employs approximately 2,000 people in North America. As a leading North American supplier of outdoor home products to the residential market, Barrette Outdoor Living manufactures and distributes vinyl, aluminum, steel and composite fences and railings, composite decks and others. outdoor products.

“Creating jobs in rural Tennessee is critical to the economic success of our state, and I thank Barrette Outdoor Living for its investment in Hawkins County,” said Tennessee Governor Bill Lee.

Billionaire club grows as stocks increase wealth

One of the most exclusive clubs in the world has just welcomed a new member, with a second contender knocking on the door.

Steve Ballmer, the former CEO of Microsoft Corp., has a net worth of over $ 100 billion, making him the ninth person in the world to reach that high plateau. Oracle Corp. founder Larry Ellison failed to reach a score of 10, ending Wednesday with a fortune of $ 98.6 billion, according to the Bloomberg Billionaires Index.

Ballmer, 65, who stepped down as CEO of Microsoft in 2014 and now owns the Los Angeles Clippers of the NBA, saw his wealth increase by $ 20.1 billion this year, while Ellison added 18, $ 9 billion.

A rally in tech stocks fueled the latest increase in wealth, with seven of them breaking the $ 100 billion mark pulling their fortunes from tech companies. Jeff Bezos of Amazon.com Inc., the richest person in the world, was among the biggest beneficiaries of this rally and now has a record net worth of $ 212.1 billion.

Together, the nine club members – along with Ellison – have added an estimated $ 245 billion to their fortunes since the start of the year and are now collectively worth $ 1.36 trillion. As well as being primarily tech leaders, the group is also largely American, with the exception of French luxury mogul Bernard Arnault.

Mortgage rates fall again

Mortgage rates continued to fall this week, following lower yields on Treasuries as the bond market continues to signal concerns about the strength of the recovery from the pandemic recession.

Mortgage buyer Freddie Mac reported Thursday that the 30-year average home loan loan had fallen from 2.98% last week to 2.90%. In contrast, the rate stood at 3.03% a year ago.

The rate on a 15-year loan, a popular option among homeowners refinancing their mortgages, fell to 2.20% from 2.26% last week. Economists at Freddie Mac expect economic growth to gradually push mortgage rates higher in the second half of the year.

Toyota ends giveaways to election deniers

Toyota Motor Corp. will no longer be donating to members of Congress who voted against certification of the 2020 elections in January, including all GOP congressmen from Tennessee and most Republicans in Georgia, the company said Thursday.

The move follows an announcement earlier today that The Lincoln Project, a political action committee founded by Republicans to help defeat former President Donald Trump in the 2020 election, would release a series of advertisements aimed at to companies that donated to policy makers who opposed certification. the January 6 election, starting with Toyota.

Like many other companies, Toyota has announced that it will temporarily withhold and review PAC donations after Trump supporters invaded the U.S. Capitol and after 147 Republicans objected to some state Electoral College results later in. the evening.

But the company’s PAC resumed donations to some of those members as early as Feb. 4 with a donation to Representative Alex Mooney, R-West Virginia, according to campaign fundraising records. The company then donated a total of $ 56,000 to Mooney and 37 other Republicans who opposed the certification of the results, according to an analysis by Citizens for Responsibility and Ethics in Washington, an ethics watchdog group at non-profit.

Other corporate donors included Boeing, Koch Industries, Lockheed Martin, Walmart, PNC, US Bancorp and many more.

Mazda recalls 261,000 cars

Mazda is recalling nearly 261,000 older small cars because a plastic emblem on the steering wheel can shatter if the airbags are inflated, causing injury.

The recall involves certain Mazda 3 cars from model years 2004 to 2007.

Mazda says in documents released Thursday by U.S. safety regulators that the emblem can shatter and send plastic fragments into vehicles.

The company says in documents that it has 10 reports of injuries outside of the United States. In addition, two lawsuits have been filed in the United States alleging personal injury.

Dealers will replace the airbag module cover. Owners will be notified starting August 28.

– Compiled by Dave Flessner

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