$15 million chicken plant planned in East Tennessee
Gold Creek Foods (GCF) plans to invest $15 million to establish a chicken plant at a beef processing plant in Caryville, Tennessee.
GCF announced Wednesday it will create 218 new jobs in Campbell County as the company acquires the assets of Campos Foods LLC, which shut down its beef processing operations earlier this year. The new owners said they will update and convert the plant into a poultry processing facility, allowing GCF to increase production by running 50 million pounds of par-fried and fully cooked chicken products per year.
“We already have been so impressed with the dedication and resiliency of the eastern Tennessee workforce on our frequent visits, as well as the continued recognition and acceptance of the Quick’N Eat brand in the market,” Gold Creek Foods CEO Mark Sosebee said in an announcement Wednesday. “We are excited about our expansion and investment in Campbell County, as well as Gold Creek Foods continuing the Quick’N Eat brand that was produced in the Caryville facility previously.”
Hiring at GCF is currently underway with production expected to reach full capacity by February 2023.
Founded in 2000 and headquartered in Gainesville, Georgia, Gold Creek Foods is one of the nation’s largest full-service chicken processors. The company specializes in processing raw and fully cooked chicken products, serving well-known customers nationwide. With the addition of the Caryville plant, the company will employ more than 3,500 people across its operations in Georgia and Tennessee.
Since 2018, TNECD has supported more than 50 economic development projects in the East Tennessee region, resulting in approximately 7,700 job co
GM power by 2025 will be all renewable
General Motors said Wednesday that it has secured all of the renewable energy it needs to power all of its U.S. facilities by 2025, 25 years ahead of earlier projections.
The Detroit automaker, which initially targeted the year 2050 to achieve its all-renewables goal, said it secured sourcing agreements from 16 renewable energy plants across 10 states.
In early 2021, GM moved up its all-renewables target date to 2030, then advanced that goal by five years this week.
The five-year difference will help erase an estimated 1 million metric tons of carbon emissions, equal to the emissions produced by burning 1 billion pounds of coal, GM said.
We believe it is critical — to ourselves, to our customers and to the future of the planet — to step up our efforts and reach ambitious targets that move us closer to a more sustainable world,” says Kristen Siemen, the company’s chief sustainability officer. “Securing the renewable energy we need to achieve our goal demonstrates tangible progress in reducing our emissions in all aspects of our business, ultimately moving us closer to our vision of a future with zero emissions.”
In recent years, the Detroit automaker has committed to invest $35 billion into electric and autonomous vehicle production with the goal of eliminating tailpipe emissions from its U.S. light-duty autos by 2035.
Meta stock drops after sales decline
Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising sales as it faces competition from TikTok’s wildly popular video app.
The quarter’s weak results raised fresh questions about whether Meta’s plans to spend $10 billion a year on the metaverse — a concept that doesn’t quite exist yet and possibly never will — is prudent while its main source of revenue is faltering.
The quarterly results from Meta Platforms Inc. sent its stock tumbling 19% in after-hours trading to $105.20. If the sell-off holds through Thursday’s regular trading day, it will be the lowest it’s been since 2016. The stock closed Wednesday down 61% for the year.
Meta’s disappointing results followed weak earnings reports from Google parent Alphabet Inc. and Microsoft this week. The Menlo Park, California, company earned $4.4 billion, or $1.64 per share, in the three-month period that ended Sept. 30. That’s down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier.
Analysts were expecting a profit of $1.90 per share, on average, according to FactSet.
Revenue fell 4% to $27.71 billion from $29.01 billion, slightly higher than the $27.4 billion that analysts had predicted.