Kentucky First Federal Bancorp (KFFB), the holding company for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Frankfort, Kentucky, announced net earnings of $598,000 or $0.07 diluted earnings per share for the three months ended December 31, 2013, compared to net earnings of $927,000 or $0.12 diluted earnings per share for the three months ended December 31, 2012, a decrease of $329,000 or 35.5%. Net earnings were $1.0 million or $0.12 diluted earnings per share for the six months ended December 31, 2013, compared to net earnings of $1.4 million or $0.19 diluted earnings per share for the six months ended December 31, 2012, a decrease of $428,000 or 29.5%.
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Showing posts with label kentucky business. Show all posts
Showing posts with label kentucky business. Show all posts
February 6, 2014
May 24, 2013
Kentucky Uranium Plant Closed - Questions Arise
The reasons for the closing of the Paducah Gaseous Diffusion Plant in Kentucky doesn't sound right, as the reason given by Department of Energy officials was it "couldn't reach an agreement that was 'viable for us as responsible stewards for the taxpayers.'"
It was the only government-owned and operated uranium enrichment facility in the United States.
While it's good that it's leaving the government's hands, as the government doesn't belong in business, it does raise questions as to why it couldn't have been passed on to another private company.
Obviously, the wages and benefits of the workers were far beyond market rates, which is a big part of the problem, as they made on average $125,000 a year, including benefits.
With the government saying they couldn't reach an agreement, it smells of radical and irresponsible leaders within the steelworkers union, who apparently decided to dig in and not give back the outlandish wages and benefits they received from the taxpayers. In that regard it's no loss.
This is typical of workers receiving government compensation. It's all fine until market forces pressure prices down, as it did when the at the Fukushima plant in Japan, which was a part of the reason given for having to close the plant, as prices dropped and the huge production costs, including electricity and labor, couldn't support the business.
As for uranium demand, the idea there is no market for it is ludicrous. Go to this article on uranium and the current and future demand the there is.
What is probably meant is these workers were so overpaid the uranium they enriched was priced way above market prices. The result is the plant being shut down.
In the short term there was an uranium glut, but Japan is expected to start bringing its reactors back online, so that should help with that situation.
USEC (which operated the plant) spokesman Jeremy Derryberry said this was already in the wind before the Fukushima, meaning this closure wasn't only about too much supply and price.
Kentucky Republicans Mitch McConnell, U.S. Sen. Rand Paul and U.S. Rep. Ed Whitfield, issued a joint statement saying they were disappointed the DEO couldn't reach an agreement to allow the facility to operate for at least another four months.
Some workers will remain on the job in order to fill customer orders and manage inventory. The site itself will be turned back to the DOE in 2014.
It was the only government-owned and operated uranium enrichment facility in the United States.
While it's good that it's leaving the government's hands, as the government doesn't belong in business, it does raise questions as to why it couldn't have been passed on to another private company.
Obviously, the wages and benefits of the workers were far beyond market rates, which is a big part of the problem, as they made on average $125,000 a year, including benefits.
With the government saying they couldn't reach an agreement, it smells of radical and irresponsible leaders within the steelworkers union, who apparently decided to dig in and not give back the outlandish wages and benefits they received from the taxpayers. In that regard it's no loss.
This is typical of workers receiving government compensation. It's all fine until market forces pressure prices down, as it did when the at the Fukushima plant in Japan, which was a part of the reason given for having to close the plant, as prices dropped and the huge production costs, including electricity and labor, couldn't support the business.
As for uranium demand, the idea there is no market for it is ludicrous. Go to this article on uranium and the current and future demand the there is.
What is probably meant is these workers were so overpaid the uranium they enriched was priced way above market prices. The result is the plant being shut down.
In the short term there was an uranium glut, but Japan is expected to start bringing its reactors back online, so that should help with that situation.
USEC (which operated the plant) spokesman Jeremy Derryberry said this was already in the wind before the Fukushima, meaning this closure wasn't only about too much supply and price.
Kentucky Republicans Mitch McConnell, U.S. Sen. Rand Paul and U.S. Rep. Ed Whitfield, issued a joint statement saying they were disappointed the DEO couldn't reach an agreement to allow the facility to operate for at least another four months.
Some workers will remain on the job in order to fill customer orders and manage inventory. The site itself will be turned back to the DOE in 2014.
April 20, 2013
ZoomEssence Opens in Hebron, Kentucky
The $3 million ZoomEssence, Inc. manufacturing plant has now open for business, which will create 20 jobs in the Boone County area.
Over 50 percent of the jobs at ZoomEssence are high-tech or tech support jobs, which pay out on average $67,000 a year, not including additional benefits.
ZoomEssence has a patented process called DriZoom which converts liquids to powders at ambient temperature. DriZoom is a less expensive process that replaces regular high-temperature spray drying by generating products with improved efficacy, longer shelf life and improved solubility.
Powdered products include food ingredients and flavors for a wide variety of drinks, soups, and snacks. It also serves the health market with vitamins and Omega-3 powders.
Tax incentives for ZoomEssence were approved by the the Kentucky Economic Development Finance Authority preliminarily approved, which will receive up to $300,000 through the Kentucky Business Investment program
Bob Corbett, CEO of ZoomEssence said, “We appreciate the support received from ... the entire Kentucky business community. We look forward to many more years of growth, job creation and involvement in our community.”
Over 50 percent of the jobs at ZoomEssence are high-tech or tech support jobs, which pay out on average $67,000 a year, not including additional benefits.
ZoomEssence has a patented process called DriZoom which converts liquids to powders at ambient temperature. DriZoom is a less expensive process that replaces regular high-temperature spray drying by generating products with improved efficacy, longer shelf life and improved solubility.
Powdered products include food ingredients and flavors for a wide variety of drinks, soups, and snacks. It also serves the health market with vitamins and Omega-3 powders.
Tax incentives for ZoomEssence were approved by the the Kentucky Economic Development Finance Authority preliminarily approved, which will receive up to $300,000 through the Kentucky Business Investment program
Bob Corbett, CEO of ZoomEssence said, “We appreciate the support received from ... the entire Kentucky business community. We look forward to many more years of growth, job creation and involvement in our community.”
Kentucky Bank Seized by FDIC
The FDIC shuttered three banks on Friday, including one in Lexington, Kentucky, bringing the number of bank closures in the U.S. in 2013 to eight.
Another two banks were closed in Florida, with the third being First Federal Bank, based in Lexington.
First Federal Bank has close to $100.1 million in assets and $93.9 million in deposits as of the end of 2012. Deposits and assets held by First Federal Bank will be assumed by Your Community Bank, based in New Albany, Indiana.
Two banks based in Florida were also closed, including Heritage Bank of North Florida and Chipola Community Bank.
Heritage Bank had approximately $110.9 million in assets and $108.5 million in deposits, while Chipola Community Bank, based in Marianna, had one branch and close to $39.2 million in assets and $37.6 million in deposits.
Taking over the deposits and assets of Heritage Bank will be FirstAtlantic Bank, based in Jacksonville, Florida.
First Federal Bank of Florida, in Lake City, Florida, will assume the deposits and acquire almost all of Chipola's assets.
The FDIC will pay out about $50.2 million for the three bank failures.
Bank Failures have been winding down since it peaked in 2010 when 157 banks were shuttered by the FDIC. A total of 92 banks failed in 2011 and another 51 in 2012.
Another two banks were closed in Florida, with the third being First Federal Bank, based in Lexington.
First Federal Bank has close to $100.1 million in assets and $93.9 million in deposits as of the end of 2012. Deposits and assets held by First Federal Bank will be assumed by Your Community Bank, based in New Albany, Indiana.
Two banks based in Florida were also closed, including Heritage Bank of North Florida and Chipola Community Bank.
Heritage Bank had approximately $110.9 million in assets and $108.5 million in deposits, while Chipola Community Bank, based in Marianna, had one branch and close to $39.2 million in assets and $37.6 million in deposits.
Taking over the deposits and assets of Heritage Bank will be FirstAtlantic Bank, based in Jacksonville, Florida.
First Federal Bank of Florida, in Lake City, Florida, will assume the deposits and acquire almost all of Chipola's assets.
The FDIC will pay out about $50.2 million for the three bank failures.
Bank Failures have been winding down since it peaked in 2010 when 157 banks were shuttered by the FDIC. A total of 92 banks failed in 2011 and another 51 in 2012.
April 19, 2013
Toyota (TM) Adding Lexus Production to Kentucky Plant
plant, which will add about 750 jobs to the area.
According to Toyota Motor President Akio Toyoda, the car manufacturer will produce the Lexus ES sedan at the plant in Georgetown, where it now builds Venza, Avalon Hybrid, Camry and Camry Hybrid models.
Toyoda said this in a press conference: "Lexus was founded in the United States, so it is only fitting that we are bringing the production of luxury sedans for our U.S. customers back to where the brand was born."
Kentucky provided Toyota tax breaks of almost $150 million as an incentive to locate in the state.
Toyota said it will invest $360 million into the factory.
Lexus cars are scheduled to begin production at Georgetown in 2015.
March 11, 2013
Century Aluminum Wants Kentucky Lawmakers to Change Power Regulations
Lawmakers in Kentucky are close to making a decision on whether or not to exempt Century Aluminum and other smelters in the state will be allowed to buy power on the open market.
It sounds like a no-brainer when you consider the rates in Kentucky are about 10 percent above the industry average 30 percent. Century's power costs in Kentucky are 40 percent of production costs, making them uncompetitive with rivals.
"We're losing money every month. What the bill would do is get me out from under that exclusive service contract," said Michael Early, Century's energy director.
Also affected by the change in regulations wold be Rio Tinto Alcan's Sebree plant.
As for Century's Hawesville smelter, the closure would result in the loss of 750 jobs and $800 million annually in state revenue.
The high-priced Big Rivers utility, which opposes the proposed legislation, saying it would push up rates for its other customers.
That's a weak argument when the utility would lose the business of Century Aluminum if it is forced to close the plant because of unsustainable operating costs.
Century Aluminum said if the costs of power aren't lowered, it will close the Hawesville plant in August.
This isn't a play, as other aluminum smelters have had to leave the U.S. because of slim margins and high production costs.
With Century committed to Kentucky, it's unthinkable that politicians in the state would balk at not empowering the company to buy power from elsewhere.
March 9, 2013
'Equine Tax Parity Act' Would Reduce Capital Gains Holding Period
A tax provision that has been on the books for 44 years could finally be eliminated if Congressman Andy Barr of Kentucky has his way, as he introduced Equine Tax Parity Act (HR-998) which would cut the holding period for capital gains associated with horses from 24 months to 12 months.
Capital gains for the majority of other property, commodities, assets, stocks and bonds is normally reduced after holding them for a 12-month period. Horse owners have always had to hold them for 24 months before getting a more favorable tax rate.
“The legislation I have introduced would finally eliminate a 44-year-old tax provision that discourages investment in the equine industry, bringing much needed relief to an economic sector that supports 1.4 million full-time jobs,” said Barr, a Republican. “This bill will bring parity to the tax code for the Commonwealth’s signature industry, ultimately helping put Kentuckians back to work.”
It is far past time for a bill like this to be passed to deal with the unfair treatment of horses under the tax code.
March 6, 2013
Overstock.com (OSTK) Opens Warehouse in Hebron, Ky.
Overstock.com (OSTK) recently opened a second distribution and returns facility, this one located in Hebron, Kentucky.
The online retailer said the purpose of the new facility is to cut down the time for resolving customer refunds from returns. It'll also help to reduce supply chain costs.
For Overstock.com customers in the eastern part of the United States, shipment times will be improved.
"Speed to the customer is forefront on our minds," said Jonathan Johnson, the company's acting CEO. "Overstock.com is investing in its supply chain to get product to and from customers more quickly and to remain customer-centric."
The new warehouse will bring 22 jobs to the region, with another 50 jobs expected to be added by December.
The online retailer said the purpose of the new facility is to cut down the time for resolving customer refunds from returns. It'll also help to reduce supply chain costs.
For Overstock.com customers in the eastern part of the United States, shipment times will be improved.
"Speed to the customer is forefront on our minds," said Jonathan Johnson, the company's acting CEO. "Overstock.com is investing in its supply chain to get product to and from customers more quickly and to remain customer-centric."
The new warehouse will bring 22 jobs to the region, with another 50 jobs expected to be added by December.
Joy Global (JOY) Laying Off 150 Millersburg, Ky. Workers
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| photo credit: Kevin Green |
The company acquired the former LeTourneau Technologies plant in Longview in 2011. According to Vice President for Marketing Mark Finlay, there are no plants to move laid off workers to the Longview plant.
“Our movement will take place over a four-or five-month period after the typical warning notice,” said Vice President for Marketing Mark Finlay. “After the 60-day period, we will begin transitioning that work that will go over to (the Longview) plant.”
If there is any extra work at the Longview plant, Finley said it would be supplemental, meaning there is little in the way of hope concerning workers in Millersburg returning to the company.
Joy Global will retain 37 employees in Millersburg, encompassing sales, marketing and engineering.
February 28, 2013
Kentucky Mine Shut Down after Surprise Federal Inspections
A mine in eastern Kentucky was closed for a week after a surprise inspection from Federal inspectors resulted in five orders and 54 citations.
The mine in question was the No. 1 Mine of Rain Coal Company, which received the inspection on January 15. Reportedly an anonymous complaint led to the notification of Federal officials.
Rain Coal said the mine was no longer producing coal as of February 11.
The main concern was the failure of Rain Coal to comply with control the dust in the mine via a required ventilation plan. Too much dust in a mine can result in the mine igniting.
According to the MSHA, it has been inspecting mines in 9 states in January, which resulted in 245 citations and 13 orders.
The mine in question was the No. 1 Mine of Rain Coal Company, which received the inspection on January 15. Reportedly an anonymous complaint led to the notification of Federal officials.
Rain Coal said the mine was no longer producing coal as of February 11.
The main concern was the failure of Rain Coal to comply with control the dust in the mine via a required ventilation plan. Too much dust in a mine can result in the mine igniting.
According to the MSHA, it has been inspecting mines in 9 states in January, which resulted in 245 citations and 13 orders.
February 26, 2013
Premium, Kentucky Residents File Lawsuit Against Coal Company
Close to 40 residents of the eastern Kentucky town of Premium, in Letcher County, have filed a lawsuit against United Coal Company for allegedly contaminating the water supply of the city.
The particular mines in question are Sapphire Mining's UZ No. 1 and UZ No. 2 mines.
Sandra Napier, one of those suing the company, said this, "We had wonderful water, clear, crystal clear, soft water, good drinking water, bath water, and all of a sudden it just turned really bad. Until the state ruled Sapphire was at fault, we had to drive to Neon every day and haul drinking water and all of our water because there wasn't any water here."
According to Kentucky Department for Natural Resources spokesman Dick Brown, drinking water has been supplied by the company to the residents claiming theirs has been contaminated.
"Forcing Sapphire into expensive and protracted litigation while the company awaits word of possible public funding for a permanent water supply solution, a project that should be underway soon, is counter-productive, in the department's opinion," Brown said.
United Coal Company said it had no comment.
The particular mines in question are Sapphire Mining's UZ No. 1 and UZ No. 2 mines.
Sandra Napier, one of those suing the company, said this, "We had wonderful water, clear, crystal clear, soft water, good drinking water, bath water, and all of a sudden it just turned really bad. Until the state ruled Sapphire was at fault, we had to drive to Neon every day and haul drinking water and all of our water because there wasn't any water here."
According to Kentucky Department for Natural Resources spokesman Dick Brown, drinking water has been supplied by the company to the residents claiming theirs has been contaminated.
"Forcing Sapphire into expensive and protracted litigation while the company awaits word of possible public funding for a permanent water supply solution, a project that should be underway soon, is counter-productive, in the department's opinion," Brown said.
United Coal Company said it had no comment.
Kentucky Fried Chicken Severs China Farm Ties
After a tough 2012 when Kentucky Fried Chicken and its parent Yum! Brands got hammered after a report that Chinese farms that had been supplying chickens to the restaurant chain had high levels of antibiotics in the chickens, resulted in the shares of the company plummeting by 6 percent almost immediately.
While there is apparently no way of identifying the exact source of the safety issue, Yum! Brands said they have decided to stop using the suppliers they have identified as probable risks. Over 1,000 Chinese farms will be dropped as suppliers as a result.
“It will always be our top priority to provide customers with the safest chicken with the best quality,” Yum China’s chief executive officer, Sam Su, said, according to AFP. “We have seen some safety problems from the incident. … We aim to address the issue.”
While there is apparently no way of identifying the exact source of the safety issue, Yum! Brands said they have decided to stop using the suppliers they have identified as probable risks. Over 1,000 Chinese farms will be dropped as suppliers as a result.
“It will always be our top priority to provide customers with the safest chicken with the best quality,” Yum China’s chief executive officer, Sam Su, said, according to AFP. “We have seen some safety problems from the incident. … We aim to address the issue.”
Kentucky Homeowners Get $55.5 Million in Mortgage Settlement
As part of the national mortgage foreclosure settlement, Kentucky homeowners will receive over $55.5 million to assuage the struggles they had as a result.
Banks paying out as a result of the settlement include Bank of America (BAC), Citi (C), Chase (JPM), Wells Fargo (WFC), GMAC and Ally.
An average of $35,534 was paid to 1,562 borrowers, according to a statement.
According to Kentucky Attorney General Jack Conway, another $2 million in claims are being processed by mortgage servicers.
This is part of the $25 billion settlement the five largest banks in America reached with 49 state attorneys general.
Banks paying out as a result of the settlement include Bank of America (BAC), Citi (C), Chase (JPM), Wells Fargo (WFC), GMAC and Ally.
An average of $35,534 was paid to 1,562 borrowers, according to a statement.
According to Kentucky Attorney General Jack Conway, another $2 million in claims are being processed by mortgage servicers.
This is part of the $25 billion settlement the five largest banks in America reached with 49 state attorneys general.
February 25, 2013
A Visit to the Creation Museum by Larue County Children
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| Keely Hamilton, Levi Gaddie, Rachael Fantasia, and Ali Massie |
Here's how the website of the Museum describes itself:
The state-of-the-art 70,000 square foot museum brings the pages of the Bible to life, casting its characters and animals in dynamic form and placing them in familiar settings. Adam and Eve live in the Garden of Eden. Children play and dinosaurs roam near Eden’s Rivers. The serpent coils cunningly in the Tree of the Knowledge of Good and Evil. Majestic murals, great masterpieces brimming with pulsating colors and details, provide a backdrop for many of the settings.
Included in the 160 exhibits at the Museum are the Garden of Eden, which visitors can walk through. Below is a photo Adam and Eve as they're portrayed in the exhibit. You also get a glimpse and feel of Noah's ark as you traverse the learning center.
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| Photo credit: Rachael Fantasia |
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| Rachael Fantasia and Keely Hamilton |
For those who enjoy a visual theater experience, there is a terrific Special Effects Theater, which includes mists appearing to rise from the ground and fun, rumbling seats. You can see stories of the six days of creation and The Last Adam, among others.
Visitors can also participate in the Stargazers Planetarium, where they can view an amazing visual of an extraordinary spaceflight.
Other attractions include a rain forest garden, bog garden, over 6,000 plants in a lake, representing 500 varieties. There is also a petting zoo, among numerous other exhibits and activities to partake in.
Below is a depiction of Cane being confronted by God over the slaying of his brother Abel.
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| Photo Credit: Rachael Fantasia |
With the way the media attempts to manipulate and smother Christianity and the bible, places like the creation museum are terrific learning centers and tools for anyone to visit and learn from, while being entertained.
Moses and the Ten Commandments at Creation Museum
What Sequestration Would Cost Kentucky
The cuts mandated by the Obama Administration, called sequestration, will go into effect on March 1 if a budget deal isn't reached by Congress. If implemented, the mandatory cuts would remain in effect through September. Here's a look at how the cuts could affect Kentucky.
Kentucky Defense
Since Kentucky has a strong and large military presence in it, let's look at that first. Figures show that approximately 11,000 civilian U.S. Department of Defense employees would be furloughed in in Kentucky. That means a loss in overall pay of close to $54.4 million.
As for operations to run the Army bases, that funding would be slashed by $122 million. According to the Army, about 15,000 job in the state could be impacted by the cuts.
Kentucky Education
Figures released show that education in Kentucky would be strained from the cuts, with close to $11.8 million in funding for primary and secondary education removed. Estimates are around 160 teacher and aide jobs could be put at risk.
As a result, approximately 21,000 students in Kentucky would no long be served, including children with disabilities and low income students.
Broken down, that would mean 1,710 low-income students would no longer receive aid for college, and close to 470 students would no long be able to use work-study jobs to help pay for their college educations.
Concerning disabilities, an estimated $7.7 million would be lost, resulting in about 90 teacher, teacher aid, and other staff losing funding.
Kentucky Health
Funds for emergency health threats would be cut to the tune of $414,000, which would include dealing with natural disasters, infectious diseases, and other similar events.
As for substance abuse aid, close to $1 million in grants would no longer be available to treat patients, which is estimated to cause about 1,200 less people being admitted into programs. That last figure is listed as admissions, so it may be less than 1,200 people, but may include the same people being admitted more than once.
Kentucky Law enforcement
For law enforcement, where Justice Assistance Grants are used for courts, corrections, education, crime prevention, and other services, about $171,000 would be cut.
Kentucky Environment
Approximately $2.1 million in aid for cleaner water and air would be lost. Fish and wildlife protection may lose about $774,000.
Kentucky Defense
Since Kentucky has a strong and large military presence in it, let's look at that first. Figures show that approximately 11,000 civilian U.S. Department of Defense employees would be furloughed in in Kentucky. That means a loss in overall pay of close to $54.4 million.
As for operations to run the Army bases, that funding would be slashed by $122 million. According to the Army, about 15,000 job in the state could be impacted by the cuts.
Kentucky Education
Figures released show that education in Kentucky would be strained from the cuts, with close to $11.8 million in funding for primary and secondary education removed. Estimates are around 160 teacher and aide jobs could be put at risk.
As a result, approximately 21,000 students in Kentucky would no long be served, including children with disabilities and low income students.
Broken down, that would mean 1,710 low-income students would no longer receive aid for college, and close to 470 students would no long be able to use work-study jobs to help pay for their college educations.
Concerning disabilities, an estimated $7.7 million would be lost, resulting in about 90 teacher, teacher aid, and other staff losing funding.
Kentucky Health
Funds for emergency health threats would be cut to the tune of $414,000, which would include dealing with natural disasters, infectious diseases, and other similar events.
As for substance abuse aid, close to $1 million in grants would no longer be available to treat patients, which is estimated to cause about 1,200 less people being admitted into programs. That last figure is listed as admissions, so it may be less than 1,200 people, but may include the same people being admitted more than once.
Kentucky Law enforcement
For law enforcement, where Justice Assistance Grants are used for courts, corrections, education, crime prevention, and other services, about $171,000 would be cut.
Kentucky Environment
Approximately $2.1 million in aid for cleaner water and air would be lost. Fish and wildlife protection may lose about $774,000.
February 22, 2013
Fort Knox Civilian Workers Get 20 Percent Pay Cut
Approximately 7,000 civilian workers at Fort Knox, Kentucky could have their pay cut by about 20 percent and furloughed a day each week for as many as 22 weeks. This will happen if sequestration occurs, where about 80,000 Federal civilian workers across America will experience being furloughed.
There is no doubt if this does happen that it will impact the region economically, as people will cut back on discretionary spending in response to the situation.
According to officials from the Defense Department, there will be a 30 days' notice given to employees before furloughs begin. The latter part of April is the time it is expected to begin, although that's not 100 percent sure.
The average wage of a civilian worker at Fort Knox is close to $53,000.
There is no doubt if this does happen that it will impact the region economically, as people will cut back on discretionary spending in response to the situation.
According to officials from the Defense Department, there will be a 30 days' notice given to employees before furloughs begin. The latter part of April is the time it is expected to begin, although that's not 100 percent sure.
The average wage of a civilian worker at Fort Knox is close to $53,000.
February 21, 2013
Ky.s Telco Credit Union Sees Boost in Car Loans
Pointing to 2012, Reese said its new loan portfolio soared by almost 20 percent, believing it's probably record year-to-year growth performance by the company.
He said that has continued on into 2013, with the amount of car loan business growing at a higher rate than he has ever remembered for the winter season.
“After sitting on the sidelines for four or five years, there are people who need to make a purchase of a car,” he said, adding that it's the belief that the economy is growing that has probably triggered the boost in car loans.
Also important to the strong car loan performance in Kentucky by the credit union is the fact the Credit Union decided to focus on that particular segment of the market, moving away from the mortgage lending market.
Per its filing with the National Credit Union Administration, Telco shows it has generated $68 million in new car loans last year, which accounted for about 38 percent of its overall loans.
Kentucky Electric Steel Under New Ownership
Kentucky Electric Steel is now under new ownership, as Optima Specialty Steel reportedly acquired the company for over $12 million.
“We are very excited to close on our acquisition of KES,” said Kevin Stevick, president and chief executive officer of Optima Specialty Steel. “We are thrilled to incorporate the company into the fold of Optima Specialty Steel, as this integration will enable us to further cement our position as an industry leader in the specialty steel market. KES has a long history of delivering quality products and value to its customers, and we look forward to honoring this legacy by continuing to serve the market with the highest standards of excellence.”
KES primarily manufactures products serving the auto industry in, including leaf-spring suspensions for light and heavy-duty trucks, and other vehicles. The company says it produces over 2,600 different specialty items.
The deal was completed early in February.
“We are very excited to close on our acquisition of KES,” said Kevin Stevick, president and chief executive officer of Optima Specialty Steel. “We are thrilled to incorporate the company into the fold of Optima Specialty Steel, as this integration will enable us to further cement our position as an industry leader in the specialty steel market. KES has a long history of delivering quality products and value to its customers, and we look forward to honoring this legacy by continuing to serve the market with the highest standards of excellence.”
KES primarily manufactures products serving the auto industry in, including leaf-spring suspensions for light and heavy-duty trucks, and other vehicles. The company says it produces over 2,600 different specialty items.
The deal was completed early in February.
February 20, 2013
Liquor Law for Grocery Stores Battle Continues
The battle by grocery stores in Kentucky to sell liquor and wine has ramped up, as some stores have resorted to sending out fliers to their customers in order to sway them to support the initiative.
After ruling that laws in Kentucky forbidding grocery stores to sell wine in liquor are unconstitutional, U.S. District Judge John G. Heyburn II of Louisville suspended his ruling temporarily in order for lawmakers to have time to resolve the issue.
According to Heyburn's ruling, state law "violates the U.S. Constitution's Equal Protection Clause in that it prohibits certain grocery stores, gas stations and others ... from obtaining a license to sell package liquor and wine."
The existing law states that in counties where alcohol sales are legal beer can be sold out of the grocery stores, but not alcohol or wine. If a separate entrance to a specific part of the stores is provided, the grocery stores can sell liquor or wine, as long as minors aren't allowed to work in that area.
Opposition to allowing grocery stores to sell wine and liquor comes from a recently formed group called Fighting Alcohol Consumption by Teens, or FACT. Its major concerns are that alcohol and wine should be allowed to be sold in stores that allow teens and younger children in them.
Another concern raised by the group is that smaller mom-and-pop liquor stores would struggle to survive when competing against the larger grocery stores.
Bill 310 has passed the House Licensing and Occupations Committee and now goes to the House for further action.
After ruling that laws in Kentucky forbidding grocery stores to sell wine in liquor are unconstitutional, U.S. District Judge John G. Heyburn II of Louisville suspended his ruling temporarily in order for lawmakers to have time to resolve the issue.
According to Heyburn's ruling, state law "violates the U.S. Constitution's Equal Protection Clause in that it prohibits certain grocery stores, gas stations and others ... from obtaining a license to sell package liquor and wine."
The existing law states that in counties where alcohol sales are legal beer can be sold out of the grocery stores, but not alcohol or wine. If a separate entrance to a specific part of the stores is provided, the grocery stores can sell liquor or wine, as long as minors aren't allowed to work in that area.
Opposition to allowing grocery stores to sell wine and liquor comes from a recently formed group called Fighting Alcohol Consumption by Teens, or FACT. Its major concerns are that alcohol and wine should be allowed to be sold in stores that allow teens and younger children in them.
Another concern raised by the group is that smaller mom-and-pop liquor stores would struggle to survive when competing against the larger grocery stores.
Bill 310 has passed the House Licensing and Occupations Committee and now goes to the House for further action.
February 18, 2013
Kentucky Hemp Bill Faces Challenge in House
The bill to allow the production of industrial hemp in Kentucky easily passed the Republican-controlled Senate on a 31-6 vote last week, but faces a challenge in the House.
Kentucky grew a lot of hemp decades ago, but the federal government identified it as a controlled substance in the same vein as marijuana, even though it has little of THC in it, the compound in marijuana that produces the high.
Some law enforcement officials have opposed the return of hemp in the state because it's difficult to distinguish from marijuana because it looks alike. Another concern mentioned by law enforcement is the possibility of those growing marijuana covertly planting some pot in the hemp fields.
As for economic potential, in the U.S. industrial hemp sales surpasses $400 million annually. In Kentucky there is demand for hemp to use in the auto industry, which has a strong presence in the state.
Other general uses for hemp include making biofuels, lotions, clothing and paper, among many other products.
Kentucky grew a lot of hemp decades ago, but the federal government identified it as a controlled substance in the same vein as marijuana, even though it has little of THC in it, the compound in marijuana that produces the high.
Some law enforcement officials have opposed the return of hemp in the state because it's difficult to distinguish from marijuana because it looks alike. Another concern mentioned by law enforcement is the possibility of those growing marijuana covertly planting some pot in the hemp fields.
As for economic potential, in the U.S. industrial hemp sales surpasses $400 million annually. In Kentucky there is demand for hemp to use in the auto industry, which has a strong presence in the state.
Other general uses for hemp include making biofuels, lotions, clothing and paper, among many other products.
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