Bass Pro Shops completes purchase of Cabela's
Bass Pro Shops' roughly $4 billion acquisition of rival outdoor retailer Cabela's was completed Monday.
Cabela's shareholders are receiving $61.50 per share in the merger. The remaining company will be privately held.
As part of the deal, Cabela's credit-card unit was sold to Synovus bank, which received $75 million to act as a middleman. Synovus also kept $1.1 billion in deposits before reselling the credit card business to Capital One.
Cabela's was founded in 1961 when Dick Cabela started selling fishing flies through the mail from his kitchen table with his wife, Mary, and brother, Jim. It operates a story in Fort Oglethorpe.
Bass Pro got its start in 1971 when founder Johnny Morris began selling high-quality fishing tackle in his dad's liquor store in Springfield. It operates a store in East Ridge.
Morris developed a following in the region and created the Bass Pro catalog in 1974. Morris also introduced the Bass Tracker fishing boat in 1978 that was designed specifically for fishermen.
Gas prices falling after hurricane jump
Gas prices should decline by as much as 10 cents a gallon this week as fuel inventories return to normal following recent hurricanes, an industry expert said Monday
But even with a dip in prices over the past couple of weeks, the average price of regular gas in Chattanooga is still up 44.2 cents per gallon from a month ago before Hurricanes Harvey and Irma struck Texas and Florida, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
Gas prices in Chattanooga at the start of this week averaged $2.49 a gallon, down 3.9 cents per gallon from a week earlier and 6.7 cents cheaper than two weeks ago in the immediate aftermath of Hurricane Harvey shutting off many refineries and some pipelines.
"While oil prices have gained momentum in the last few weeks, it will not be enough to stymie the continued decline at gas pumps, which will bring the national average down another 5-10 cents in the week ahead." said Patrick DeHaan, senior petroleum analyst for GasBuddy.
Volvo to double Carolina auto plant
Even before the first vehicle rolls off the line at Volvo Cars' new factory in South Carolina, the Swedish automaker has nearly doubled its investment to $1 billion and promised to build a second vehicle at the site.
Volvo says it will spend an additional $520 million and add nearly 2,000 more jobs to its plant under construction in Berkeley County just off Interstate 26 about 30 miles (50 kilometers) northwest of the port in Charleston.
Volvo announced two years ago it would build its brand new S60 sedan at the factory. Monday's announcement doubled the number of jobs at the plant to nearly 4,000 and pushed Volvo's investment in the state to more than $1 billion, South Carolina Gov. Henry McMaster said.
Starting in 2021 , the second line will make what Volvo Cars of North America President Lex Kerssemakers called the company's flagship SUV, the revamped, hybrid XC90.
Volvo, which has been owned by Chinese automaker Geely since 2010, will also add about 300 jobs with sales offices, a training facility and research and development center at the Berkeley County site. Once its first U.S. plant is fully operational, Volvo hopes to make 150,000 vehicles per year.
South Carolina gave Volvo more than $200 million in incentives and agreed to build a new interchange on I-26 for the plant when it beat several other states to land the site in 2015. For its expansion, South Carolina officials plan to ask for $46 million in bonds for the company and further incentives are being negotiated, but aren't being made public at this time, Commerce Department spokeswoman Adrienne Fairwell said.
ABB pays $2.6 billion for GE Industrial unit
Swiss robotics and industrial machinery maker ABB is buying the electrification services unit of U.S. conglomerate General Electric in a deal valued at $2.6 billion, boosting its presence in its crucial North American market.
The deal between ABB, which provides high-tech equipment for the transport, utility and infrastructure industries, and GE is expected to close in the first half of next year.
In a joint statement, the companies say the electrification services unit was not a "core business" for GE.
The Swiss company expects the transaction to add to its bottom line within the first year. ABB says it will retain the right to use GE's brand over the long-term, and expects synergies of about $200 million per year after five years.
The deal will require approval from national regulators.