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Tyson foods to unload Canadian beef operations Sunday, Jun 29, 2008 By Roby Brock Tyson Foods has signed a letter of intent to sell the packing, feedyard and fertilizer assets of Lakeside Farm Industries Ltd. and its subsidiary Lakeside Packers, to XL Foods Inc., a Canadian-owned beef processing business. Tyson CEO Dick Bond said Canada no longer fits the long-term international strategy of the company, which is now focused primarily in Asia, Mexico and South America. The $106 million transaction includes approximately $56 million to be paid at closing. The remaining $50 million, plus interest, will be paid over a five-year period following the deal's close. Tyson's beef operations have been problematic in recent months due to export issues, rising grain prices and other difficult market conditions. Its Canadian unit has been plagued by chronic labor shortages and poor operating margins in recent years. Car-Mart quarterly profits nearly triple America's Car-Mart saw its fourth-quarter profits nearly triple as the Bentonville-based car retailer posted net income of $6 million on revenues of $76.5 million. One year ago, Car-Mart recorded earnings of $2.1 million and revenues of $59.3 million. For the full fiscal year, Car-Mart reported net income of $15 million and revenues of $275 million. In the previous fiscal year, the company reported net income of $4.2 million on sales of $240 million. Mercy Health lays off 43 Mercy Health System of Northwest Arkansas is laying off 25 more employees and closing two clinics. The latest announcement brings the total to 43 jobs eliminated at Mercy in the last week, with more announcements perhaps to come before the health system's new fiscal year begins July 1. "There could be more changes, but they would be made within the next two weeks," said Mercy spokesman Kyle Weaver. Hospital officials declined to comment on the average salaries of the jobs being terminated. Equity Media sells assets for $18.5 million Equity Media Holdings Corp., the troubled Little Rock-based media group, has sold a portion of its assets to Luken Communications LLC, a group led by Equity Media's largest shareholder and former CEO Henry Luken III for $18.5 million. Equity Media also has entered into asset purchase agreements with Luken for the sale of additional television stations if federal regulators approve the deal. Pulaski Tech lands $1 million aerospace grant Pulaski Technical College in North Little Rock received a $1 million grant from the U.S. Department of Commerce to expand its aerospace workforce training program. When combined with an earlier-received $1.5 million Department of Labor competitive grant, Pulaski Tech will be able to more than double its existing training space to 25,000 square feet. The school will also be able to double its student training from 175 annually to 350 ready for the workforce. Garver to build $10 million HQ, add 120 jobs Garver Engineers is building a new corporate headquarters in North Little Rock's Northshore Business Park to open in 2009. The consulting engineering company will invest $10 million in the 50,000-square-foot headquarters and will add 120 new employees at an average annual wage of $65,000. The company says the addition of 120 new employees will bring Garver's employment at its central Arkansas headquarters to more than 230 people and increase its total staff to 380 in 10 offices. NEW to expand Jonesboro operations N.E.W. Customer Service Companies, Inc. (NEW) has announced an expansion of its customer contact center operations in Jonesboro. NEW will add 120 work-at-home customer representative jobs over the next year troubleshooting technical problems for DIRECTV buyers. NEW, which provides call center operations for extended service plans and product protection programs, recently selected Russellville for a new facility and 250 jobs. In tandem with the Jonesboro work-at-home expansion, the company will employ about 400 people in Arkansas. Zook to head state chamber After a four-month nationwide search, the executive committee of the Arkansas State Chamber of Commerce and Associated Industries of Arkansas has named Randy Zook as President and CEO of the organization. Zook currently serves as Deputy Director of the Arkansas Economic Development Commission. He will assume his new position July 28. Arkansas trucking executive testifies to congress Arkansas trucking company Maverick USA lost money for the first time in its history last year and is on pace to do even worse this year because of record-high fuel prices, according to congressional testimony from the company's chairman Steve Williams. Maverick's diesel fuel bill is expected to increase 72 percent to nearly $115 million this year if prices merely remain steady at their current all-time high, Williams testified before a House Energy and Commerce subcommittee. The panel is investigating why diesel fuel prices have risen dramatically this year. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
