Two Kentucky High-Tech Companies Awarded Funding for Expansions

FRANKFORT, Ky. ‘ The Kentucky Economic Development Finance Authority (KEDFA) awarded two high-tech Kentucky companies, Louisville Bioscience, Inc., and Laboratory and BioDiagnostics, LLC, (LabDx), state funding. The companies are anticipated to create a combined 36 new high-tech jobs at an average annual salary of over $64,000. (Manafacturing & Techonology eJournal, October 29, 2009)

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Small Business Crunches Numbers

Small business has fought the health-care bill as too costly. That made Saturday’s vote bitter to many of the nation’s roughly 30 million such entrepreneurs, if welcome to some.

“With unemployment at a 26-year high, the punitive employer mandates and atrocious new taxes will force small business owners to eliminate jobs and freeze expansion plans at a time when our nation’s economy needs small business to thrive,” Susan Eckerly, senior vice president of one of the most powerful small-business lobbying groups, the National Federation of Independent Business, said in a statement Saturday.(By EMILY MALTBY and RAYMUND FLANDEZ. The Wall Street Journal, NOVEMBER 9, 2009)

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Blackhawk Composites to Start-up in Morgantown, Kentucky

FRANKFORT, Ky. Blackhawk Composites, Inc., a start-up manufacturer of advanced aerospace composite parts, will begin manufacturing operations in Butler County. The project entails the creation of 20 new jobs initially, growing to 30 within the first year, and a more than $1.5 million investment in the Commonwealth.

Established in September 2009, the newly formed Blackhawk Composites will lease a 40,000 square-foot facility to manufacture advanced aerospace composite parts for Cessna Caravan aircraft cowls, the part of the aircraft that covers the engine. The Cessna Caravan is a large single engine turboprop used for executive and cargo transport, as well as other commercial uses such as a jump platform for skydiving. These aircraft are found in increasing numbers worldwide.(Manafacturing & Techonology, October 29, 2009)

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Small Business Gets Breaks in House Financial-Overhaul Bill

WASHINGTON — Lawmakers are adding sweeping exemptions to financial-regulation legislation that would benefit small businesses, a move that is irking some consumer groups and liberal lawmakers who contend that could compromise the effectiveness of the overhaul.

Bills currently under consideration in the House exclude thousands of community banks from oversight by the proposed Consumer Financial Protection Agency, and transfer oversight of small investment advisers to state regulators. The latest move came Tuesday, when a House panel voted to exempt small public companies from complying with a provision of the 2002 Sarbanes-Oxley law, which was passed after a series of corporate scandals earlier this decade.(By KARA SCANNELL and DAMIAN PALETTA, The Wall Street Journal, NOVEMBER 4, 2009)

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Glasgow Kentucky’s Dana Commercial Vehicle Looking To Invest Millions in Upgrades

Dana is proposing a project consisting of technology upgrades, including automation and robotics, transitioning from antiquated equipment with an anticipated project investment of $6,697,500. This project would consolidate out-of-state operations into the Glasgow facility. The company anticipates retaining the existing 217 current fulltime jobs paying average hourly wages of $19.85, excluding benefits and creating an additional 155 new full-time jobs.

Kentucky approves the negotiated maximum incentive amount of $6,697,500.

Growth Through Innovation

Innovation can steer a company’s strategy, even in tough times (BusinessWeek)

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Chicago Innovation Awards

Chicago Innovation Awards

Chicago may have lost out on the 2016 Olympics, but it still hosts an annual competition in innovation. After poring through more than 200 entries, the judges of this year’s Chicago Innovation Awards honored these Top 10. The 2009 winners range from huge institutions such as the University of Illinois Medical Center at Chicago to a startup called Rescue Vac Systems, an emergency equipment maker begun by a veteran firefighter. In addition, Abbott Laboratories (ABT) picked up the People’s Choice Award, based on votes registered at the Chicago Innovation Awards Web site, while another Chicago-area firefighter was awarded a special “visionary” award for his public safety invention. Here are profiles of the most innovative companies and people in metro Chicago.(By Michael Arndt, Damian Joseph, Venessa Wong; BusinessWeek; 10/10/2009)

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Godiva Goes to the Supermarket

In 1926, a Belgian boutique began selling smooth, indulgent chocolates in a luxe gold box. The upscale approach has worked well: Godiva has grown into a $500 million product sold at more than 10,400 stores around the world. Now the chocolatier is going mass market. While adhering to its original recipes, Godiva is selling lower-priced bags of candies in supermarkets such as Publix (PUSH.OB) and Safeway (SWY), joining the likes of M&Ms and Hershey’s Kisses.

Godiva executives forecast that the new Gems line of chocolates, as well as baked goods soon to be available on the company’s recently redesigned Web site, will help double revenue by 2014. Already, Gems, which start at $5 for a metallic pouch of 12 to 18 truffles, solid chocolates, or caramels in supermarkets, have grown to 10% of sales in its 423 company stores since their early-September introduction. But as Godiva chocolates become more common—Gems will be in 2,000 supermarkets by yearend—will the brand become commonplace? (By Venessa Wong, The BusinessWeek, October 14, 2009)

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Hershey’s Arrested Development

Buried within Hershey’s (HSY) Web site is a section that invites consumers to pitch their own ideas for new products. “We are seeking innovative concepts,” it reads. “What’s your big idea?”

Hershey could certainly use the help. The innovation cupboard at the $5.1 billion chocolate maker has grown bare. In the mid-2000s, Hershey regularly launched over 200 products a year, according to consumer-product tracker Mintel. Last year that number fell to 146, and through the first three quarters of 2009, just 40 items have made their debuts. Hershey’s R&D budget comes to just 0.5% of sales. (By Matthew Boyle, The BusinessWeek, October 14, 2009)

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Louisville’s Sypris Sells Test & Measurement Business to Tektronix

LOUISVILLE, Ky. — Sypris Solutions, Inc. (Nasdaq/NM: SYPR) has completed the sale of its Test & Measurement business to Tektronix.

Commenting on the announcement, Jeffrey T. Gill, president and chief executive officer of Sypris Solutions, said, “The completion of this transaction with Tektronix marks an important milestone for Sypris Solutions. The proceeds from the deal will enable us to support many growth opportunities in our Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen our balance sheet and focus our future investments in two highly scalable platforms represented by our Industrial and Aerospace and Defense segments.’(Manafacturing & Techonology eJournal, October 29, 2009)

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