Business Briefs: Lawsuit over stolen drugs lowers Covenant's profits

Business Briefs: Lawsuit over stolen drugs lowers Covenant's profits

May 11th, 2017 by Dave Flessner in Business Around the Region

Lawsuit over stolen drugs lowers Covenant's profits

The $500,000 first-quarter earnings reported by Covenant Transportation Group, Inc. turned into a $39,000 loss Wednesday.

That's because the U.S. District Court for the Southern District of Ohio on Monday ruled against the Chattanooga-based trucking company in an ongoing lawsuit over the theft in 2008 of a truckload of $8.6 million worth of pharmaceuticals near Memphis being hauled by Covenant subsidiary Southern Refrigerated Transport Inc.

Covenant is considering an appeal. But the trucking company said Wednesday it increased the reserve it set aside to cover the lawsuit by $900,000, which will result in the loss, the company said in a statement.

TVA restarts one reactor, works to repair another

The Tennessee Valley Authority restarted its Unit 1 reactor at its Watts Bar Nuclear Plant Tuesday after refueling the reactor to generate power for the next 18 months.

TVA said it replaced 80 of the 193 fuel assemblies in the reactor and completed 10,000 work activities and equipment inspections during the outage, which added 800 TVA and contract personnel at the Spring City, Tenn., plant over the past month.

"The work we performed in this outage puts Unit 1 in the best position to continue to safely generate carbon-free, low-cost energy around the clock," said Watts Bar Site Vice President Paul Simmons.

TVA spokesman Jim Hopson said it should take several days of power ascension testing to gradually bring the 1,150-megawatt unit up to full power.

The newest reactor at Watts Bar, which became a commercial unit last October, remains offline while workers work to assess and prepare a ruptured condenser that broke apart when support beams failed at the reactor March 23. TVA expects the $5 billion unit to be offline until later this summer.

30 area employers hiring today at job fair

Job seekers will be able to apply for work at some 30 area employers during a job fair today from 3-7 p.m. at Walker County Civic Center, 10052 U.S. Highway 27.

The job fair is co-sponsored by the Georgia Department of Labor along with the Chattooga, Dade and Walker counties chambers of commerce.

Employers who have registered include: Amedisys Home Health and Hospice Care, Audia Plastics, Clumpies Ice Cream, Coca- Cola, Dixie Collision, Dollar General, EnviroGuard, Hammer Down OC, Hayes State Prison, Jimmy Simpson Foundation, Komatsu America Corporation, Lake Winnepesaukah and Lookout Mountain Community Services, Mohawk Industries, Primary Health Care Centers, Quality Machine, Rock City, Roper Corp., Ruby Falls, Shaw Industries, Sprint, Vanguard National Trailer Corp., Verizon Wireless, Victory Sign Industries, LTD., Walker County Emergency Services, Walker County Sheriff Department, Walker State Prison and Wal-Mart.

For more information about the jobs, or to apply online, visit employgeorgia.com to create an account and upload, or prepare, a resume.

Shaw Industries wins sustainability awards

The Sustainable Purchasing Leadership Council recognized Shaw Industries as one of the top 10 organizations for leadership in the sustainable purchasing movement.

Shaw, the Dalton, Ga.-based carpet giant owned by Berkshire Hathaway, won the council's Market Transformation Leadership Award for creating EcoWorx, a commercial carpet tile product made largely from reclaimed materials.

"This required forging unique collaborations with supplier and customers, and clearly demonstrates its contribution to the circular economy, having achieved Cradle to Cradle Certified Silver," the judges said in recognizing Shaw.

German prosecutors probe Porsche executives

Stuttgart prosecutors say they have received a complaint from Germany's financial watchdog alleging former Porsche Automobil Holding SE executives manipulated markets by not releasing information about Volkswagen's diesel cheating soon enough.

The 2016 complaint from the Federal Financial Supervisory Authority was filed against executives from the holding company that controls Volkswagen, including Matthias Mueller, now Volkswagen's CEO, Hans Dieter Poetsch and Martin Winterkorn, the prosecutors' office told the dpa news agency Wednesday, confirming German media reports.

The office would not say whether a criminal investigation had been launched.

Volkswagen refused to comment.


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