Georgia yarn maker plans $30 million expansion
A company that makes synthetic yarns for carpetmakers and automotive uses will invest $30 million to expand a northwest Georgia factory over the next five years, adding 40 jobs.
Integrated Fiber Solutions said Tuesday that it will build a new factory next door to its current Rome plant to meet growing demand.
The 35-year-old company now has 300 employees in Rome and 300 more in Dalton and Lafayette. The privately-owned firm supplies synthetic yarns to multiple carpet and rug makers.
Construction is expected to begin in March and be complete before the end of the year, said Missy Kendrick of the Rome/Floyd County Development Authority.
New workers will make $14.50 an hour, on average, Kendrick said.
Rome and Floyd County intend to offer property tax abatements worth $2 million, she said. The company could claim other tax breaks from the state, including a state income tax credit worth $2,500 per job off Georgia income taxes, totaling $500,000 over five years for the company.
CHI Memoria adds sleep lab, clinic in Ringgold, Fort Oglethorpe
CHI Memorial Regional Sleep Center has expanded into North Georgia with a sleep lab where sleep study tests are conducted in Fort Oglethorpe and a sleep clinic for consultation and evaluations in Ringgold.
The lab at CHI Memorial Hospital Georgia in Ft. Oglethorpe and the clinic at CHI Memorial Parkway in Ringgold will expand the capability of CHI's existing sleep study facilities in Hixson, East Brainerd and downtown. The Regional Sleep Center is fully accredited and offers a comprehensive evaluation of sleep disorders, which affect one in three people at some point during their lifetime, according to the American Sleep Association.
Many parts of the brain control sleep and influence its different stages. A sleep study, or polysomnogram, is a recording of sleep patterns. These patterns can help identify different sleep stages and classify various sleep problems.
"Sleep disorders can have a tremendous impact on our quality of life," says Angie Stiggins, administrator, CHI Memorial Hospital Georgia. "Bringing this service to North Georgia fits in with CHI Memorial's vision to provide comprehensive medical care close to home as we work together toward creating a healthier community for all who live, and sleep, here."
Mortgage rates rise but should stay low
U.S. long-term mortgage rates ticked up this week but remain at historic lows as the coronavirus pandemic continues to batter the economy even as more Americans get vaccinated.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan rose to 2.81% from last week's 2.73%. One year ago, the rate was 3.49%.
The average rate on 15-year fixed-rate loans, popular among those seeking to refinance their mortgages, rose to 2.21% from to 2.19% last week. A year ago it was 2.99%.
The 5-year adjustable rate mortgage averaged 2.77%, down from last week's 2.79%. It averaged 3.25% one year ago.
While economists expect modest increases in home-loan rates this year, they likely will remain low with the Federal Reserve keeping interest rates near zero until the economy recovers.
Airbnb tech hub planned in Atlanta
The online rental marketplace Airbnb plans to open a technology hub in Atlanta this year.
Airbnb said Thursday it will add "hundreds of jobs over time" in Atlanta in product development. The San Francisco-based company has not chosen a specific location in Atlanta or an estimate for when the office will open.
Airbnb said it chose Atlanta to help the company expand diversity in its workforce, after looking at multiple cities on the East Coast for its new engineering hub. The company has formed or plans to establish relationships with the colleges of the Atlanta University Center, the NAACP and other groups.
Airbnb also said it will donate all any economic and tax incentives received from the state of Georgia to community organizations.
Last week, Microsoft said it will create a major hub in Atlanta and could eventually add thousands of jobs here. Apple and Southern Co. recently said they will invest $50 million in a tech center at the AUC campus. The expansions have further cemented Atlanta's position as an emerging center for Black-owned technology companies.
FirstBank to repurchase $100 million of its stock
FB Financial Corp., the parent company of Tennessee's FirstBank, announced Thursday it will repurchase of up to $100 million of the company's outstanding common stock over the next 13 months.
The Nashville-based bank, which operates nine branches in Chattanooga, said it will buy back its stock based upon market conditions and other factors. Shares of FB Financial are up nearly 10% from a year ago, but company CEO Chris Holmes said buying back shares "provides another arrow in our quiver to manage capital and maximize earnings per share."
"This repurchase authorization reflects the Company's financial strength and strong profitability," he said.
Oil refineries offline could boost gas prices
A deep freeze in the Gulf state region and beyond that killed dozens of people, left millions without power and jeopardized drinking water systems also forced as many as 11 refineries offline, according to travel app GasBuddy. The resulting capacity cuts could drive gas prices up by about 10 to 20 cents per gallon, said Patrick DeHaan, the head of petroleum analysis at GasBuddy.
The national average for a gallon of gas is currently between $2.54 and $2.57 depending on who you ask, meaning prices could rise to around $2.75 per gallon fairly quickly. Fortunately, it shouldn't last long, assuming refineries get up and running at full strength after the frigid weather moves out.
"Once power is restored, once temperatures rise above freezing, refineries will restart, oil production will restart and it shouldn't have more than a several-weeks impact," DeHaan said.
Also, because gas demand has fallen as the pandemic forced millions of people to work from home, there are adequate reserves to prevent prices from rising too much.
- Compiled by Dave Flessner