Cambridge Square craft beer outlet gets new identity
Five years after opening Heaven & Ale at Cambridge Square, co-owners Ryan and Rebekah Hargrove are changing the name of their Ooltewah bar and its craft beer to Hoptown Beer Bar.
The name change reflects the couple's desire to build their own independent brand, while also reflecting Mr. Hargrove's home town of Hopkinsville, Kentucky which is often referred to as "Hoptown" by locals. The new brand's logo features a water tower which is a symbol of the Hargrove's commitment to the local community.
"We liked the play on words with the new name direction, and I liked paying tribute to my hometown — community is very important to Rebekah and to me," Hargrove said.
The Hargroves were some of Cambridge Square's first tenants and the current staff at the bar— several of whom have been involved from the concept's early days — will remain through the brand transition.
"We had a lot of people tell us that Ooltewah was not ready for a craft beer concept," said Jim Cheney, marketing director at Cambridge. "If that was indeed the case, someone forgot to tell Ryan and Rebekah. They have built something very significant in a relatively short period of time and we're fortunate that they chose Cambridge to launch their venture. It's the local ownership story we love to hear."
Pickup cover maker locates in Alabama
A company that specializes in aluminum roll covers for pickup trucks is building its first U.S. plant in Alabama.
Mountain Top Industries, based in Denmark, said it plans to bring a $13.3 million, 73,000 square-foot manufacturing facility to Montgomery and create about 90 jobs. The company said it will start production at the end of 2020 or in early 2021 and will supply North American markets.
Besides design and production facilities in Denmark, Mountain Top also has locations in Australia and Thailand.
"We know that pickup truck owners, as an extension of their DNA, expect high-performance, quality products to suit the style and durable nature of their vehicles," Timothy Bruce, plant manager of Mountain Top's Montgomery facility, said. "Our covers are built to withstand the toughest scrutiny and keep performing even in the harshest environments."
Senators oppose TikTok Oracle deal
A group of Republican senators sent a letter to the Trump administration Wednesday outlining their opposition to a proposed deal between Oracle Corp. and ByteDance Ltd. that would allow the Chinese company to maintain majority ownership of TikTok, despite an order by the U.S. president that the popular video app sever its ties to China on national security concerns.
The lawmakers are trying to get ahead of a ruling expected this week by the Committee on Foreign Investment in the U.S., or Cfius, on a plan that includes Oracle as a "trusted technology partner." TikTok sent a proposal to the U.S. Treasury Department over the weekend and Treasury Secretary Steven Mnuchin said the committee's members would deliver a verdict to President Donald Trump this week.
The deal, which needs the blessing of Trump and the Chinese government to become final, would create what Mnuchin called "TikTok Global." It would see a newly structured global company headquartered in the U.S., with Oracle and other U.S. investors taking minority stakes in the business.
The proposal stands in stark contrast to the original outlines of a deal requested by Trump, which required TikTok's Chinese parent to sever ties with the app in the U.S. and agree to an outright sale of the U.S. operations. Now, lawmakers are questioning how any deal in which ByteDance Ltd. remains the majority owner of the app and retains control over TikTok would address the U.S. government's national security concerns.
Raytheon cuts 15,000 jobs
Raytheon Technologies Corp. plans to eliminate more than 15,000 jobs this year at its corporate offices, jet engine-maker Pratt & Whitney and aviation and military equipment manufacturer Collins Aerospace amid the downturn in the airline industry, Chief Executive Officer Greg Hayes said Wednesday.
Hayes, speaking during a Morgan Stanley analysts conference via webcast, said the cuts amount to administrative cost reductions of about 20% at Pratt & Whitney and about 12% at Collins Aerospace.
Pratt & Whitney has seen shop visits decline 60% since the second quarter, and Collins Aerospace saw a 65% drop in commercial spare parts orders, Hayes said, noting global commercial air traffic is down about 45% amid the coronavirus pandemic, down from an 80% drop in March.
Raytheon is seeking $2 billion in cost reductions and $4 billion in cash conservation this year, he said.