Sonnax owner sells to managers

first_imgSonnax Industries,by Kevin Kelley Vermont Business Magazine The co-founder of one of Vermont’s fastest growing manufacturing companies has sold the business to its top two executives.Sonnax, a Bellow Falls automotive parts maker recently named Vermont’s Exporter of the Year, changed hands for an undisclosed sum in a deal announced last week. Neil Joseph, who founded the company with his father in 1978, made the sale along with minority shareholder David Landa.The new owners are Tommy Harmon and David Bedard, who had worked, respectively, as chief operating officer and vice president of sales and marketing. Harmon, who becomes president and CEO, had formed a 50-50 partnership with Bedard, now the company’s chief operating officer.”We really saw this as a great opportunity for my partner and me to continue growing the business,” Harmon said.Sonnax has recorded double-digit growth rates for each of the past few years. And Harmon says he expects expansion to continue at a 10-12 percent annual pace. With 165 employees in Bellows Falls and business operations in 60 countries, Sonnax has revenues of about $36 million a year.It is this performance that led the Vermont Business and Industry Expo to honor Sonnax in May as its Exporter of the Year.The company makes automatic transmission components, including a governing device that Joseph designed around the time that Sonnax was launched.Joseph was unavailable for comment this week, but in an interview in April he attributed the company’s success partly to its recruitment of a multilingual sales staff. “Being able to speak to customers in their own languages helps us greatly in the markets where we want to be,” Joseph said then.He added that Sonnax was committed to staying in Vermont despite the difficulty of hiring locally for some positions. State economic development officials awarded Sonnax $725,000 in tax credits over five years in a successful attempt to persuade the company to expand in Vermont rather than in Tennessee, as it had considered doing. In return, Sonnax said it plans to add 75 workers in the next few years.The new owners told The Rutland Herald that they intend to sustain the company’s policy of paying livable wages. Harmon said no full-time worker makes less than $10 an hour, while the average annual salary exceeds $30,000.Joseph, 48, will stay on as a consultant for the next three years. In a prepared statement, he expressed satisfaction at having sold the business to Harmon and Bedard, “who I believe have the ability to take this company to the next level.”last_img read more

Banks Wary of Investing in U.S. Coal

first_imgBanks Wary of Investing in U.S. Coal FacebookTwitterLinkedInEmailPrint分享Taylor Kuykendall for SNL:Just as investors are shying away from the risks of the coal market, banks have been selective about who they lend money to in the coal space, a panel of investors said at the recent 24th Annual Coal Properties and Investment Conference hosted by Platts. In addition to tightened environmental regulations and a shale gas revolution that has crippled coal’s competitiveness in the U.S., many large coal firms are also hobbled with large debt loads from purchasing expensive metallurgical coal properties before demand shriveled in that market.“They really ignored valuation metrics during this process,” said Raymond McCormick, a managing director of Headwaters MB. “They really put on an immense amount of debt, right at the highest prices of the marketplace.”Though it is not quite so gloomy for coal in other countries, McCormick said, in the U.S. “there’s essentially little to no access to capital markets” for coal companies. The trend may be showing up in a deal between Peabody Energy Corp. and Bowie Resource Partners LP. Though an agreement to sell assets to Bowie was reached, there have been rumors Bowie was not able to secure financing and may be backing out of the deal. Peabody has suggested failureto execute the deal could trigger default.If Peabody were forced to seek bankruptcy protection, it would be the largest of the coal giants to do so in recent months. Alpha Natural Resources Inc. filed bankruptcy in 2015 and Arch Coal Inc. filed early in 2016.“Most coal companies are not generating cash these days,” McCormick said. “They’re looking to manage capital and reduce capital expenditures.”Jerrod Freund, a managing director with Deutsche Bank, said the primary thing investors are looking for is where exactly a coal asset sits on the cost curve and how sustainable that structure may be. Access to capital in the future, he said, will depend on the evolution of the coal market, something difficult to predict.“Ten quarters ago, we thought this downturn was going to last a quarter or two,” Freund said. “It just got significantly worse than anyone expected it to. Who knows how long it will bump along the bottom before there’s material uptick?”As a result, investors that do want to get involved with the coal industry are doing so after extensive research.“Equity investors that are looking at coal are looking at contracts and saying am I going to get my money back? Almost like a debt investor,” Freund said. “It’s the first time I’ve seen such a conversion of how diligence is performed and how they are viewing investment. You’ve just seen a bloodbath of billions and billions of equity and debt.”McCormick said the average investor is looking at coal companies at a granular level, going mine by mine and closely examining the company’s customers before jumping into coal investments. The panel also discussed that, in some cases, investors want to know all about the company — even down to conditions included in coal leases and utility contracts — before they will put any money into the sector.Full article: Investors examine capital options in wake of coal’s equity, debt ‘bloodbath’last_img read more

Kentucky Utility Sees Coal-Powered Electricity All but Disappearing by 2050

first_imgKentucky Utility Sees Coal-Powered Electricity All but Disappearing by 2050 FacebookTwitterLinkedInEmailPrint分享WFPL (Louisville):Kentucky’s largest electric utility expects to be powered more than 80 percent by natural gas or renewable energy by the middle of this century — regardless of whether the country’s energy policies change.Last month, PPL — the corporation that owns both Louisville Gas and Electric and Kentucky Utilities — released a climate assessment called for by shareholders.Assuming a 55-year lifespan for coal-fired power plants, the analysis found approximately 10 percent of LG&E and KU’s fleet would be existing coal plants by 2050. That’s compared with nearly 80 percent today.If the coal plants are run for 65 years, they account for a slightly larger amount of the fleet’s generation by 2050 — about 18 percent.“Just by virtue of [economics], you’re going to have substantial reductions and when you look out to 2050, substantial retirements of our coal-fired units will have happened by then,” said PPL spokesperson Ryan Hill.This report comes as the Trump Administration is weighing the future of the Obama Administration’s carbon dioxide regulations, — regulations which Trump’s team has argued will hurt the U.S. coal industry and power generation.But at least in terms of LG&E and KU, the regulations will have virtually no effect on how much coal the utilities burn, at least in the long term.By 2050, the bulk of the LG&E and KU fleet will be new natural gas facilities and renewable energy. There’s not even a category for “new coal” plants on this climate assessment — that’s because Hill said there’s no scenario where new coal plants will make economic sense.“We have no current plans to build any new coal-fired power plants,” he said. “You’ve seen natural gas prices come down over the past five, six, seven years and that’s really spurred a transition in the generation mix across the country. And certainly we’ve seen that transition begin a bit at our LG&E and Kentucky Utilities companies as well.”More: Decline in Ky. Coal Plants Regardless of Climate Policylast_img read more

Analyst says solar plus storage will be a game changer in Texas power market

first_imgAnalyst says solar plus storage will be a game changer in Texas power market FacebookTwitterLinkedInEmailPrint分享Platts:Solar energy — increasingly paired with battery storage — is likely to be the “next big thing” in the Electric Reliability Council of Texas, attendees of the Texas Renewable Energy Industries Alliance annual GridNEXT conference learned Monday.During a workshop about the Texas power market, Peter Kelly-Detwiler, principal of the NorthBridge Energy Partners consultancy in Lexington, Massachusetts, pointed out that ERCOT has about 20,000 MW of solar projects in the interconnection queue, which would represent an exponential increase in solar capacity from today’s roughly 1.5 GW.Not long ago, coal-fired generation was considered among the least-expensive resources, but at an average cost of $50 to $65/MWh today, it is second only to peaking gas turbine units, Kelly-Detwiler said. In contrast, renewable power has costs ranging about $10/MWh, nuclear power costs range from $15 to $20/MWh and natural gas combined-cycle power ranges from $25 to $35/MWh, according to his written presentation.The increasing efficiency of hydraulic fracturing in exploration and production of natural gas “has been responsible for the decline of coal — it hasn’t been renewables,” Kelly-Detwiler said. But as solar and wind technologies improve in cost and efficiency, “the playing field continues to tilt in favor of these relatively new technologies,” he said.“Texas is going to be a big part of that, based on what we see in the interconnection queue,” Kelly-Detwiler said. “Solar is going to be the next big thing in ERCOT in terms of game changers.” Adding solar in Texas makes sense because it can smooth out the power supply curve that often becomes volatile as wind generation waxes and wanes, Kelly-Detwiler said.But solar power presents challenges as well, especially when behind-the-meter rooftop solar destroys power demand during peak hours but causes a massive increase in demand as the sun sinks in the west. Battery storage is an obvious choice, and the technologies are improving, but the conversion of transportation from the internal combustion engine to electric vehicles is likely to provide the tipping point, Kelly-Detwiler said. When that first wave of old EV batteries comes in, “it’s going to be so dirt cheap that it’s going to fundamentally change” power markets, Kelly-Detwiler said.More: Solar-plus-storage likely the ‘next big thing’ in ERCOT: expertlast_img read more

Volusia County Bar to evaluate judges

first_imgVolusia County Bar to evaluate judges May 1, 2002 Regular News Volusia County Bar to evaluate judgesThe Volusia County Bar Association has become the first local voluntary bar in the state to use The Florida Bar’s Model Judicial Evaluation Poll.The Volusia County Bar sent the poll, which was recently updated by the Judicial Evaluation Committee, late last month.“The poll is intended to reflect the composite opinion of the bar concerning the judicial qualifications of each individual listed, considered on his or her own merits,” said a letter sent to Volusia Bar members along with the poll.The poll asks members to rate the judges in categories including legal ability, communications ability, written decisions, professional conduct, and professional activities.last_img read more

NAFCU testifies on credit union reg relief Thursday

first_imgEd Templeton, NAFCU’s chair and the president and CEO of SRP Federal Credit Union in North Augusta, S.C., will testify before the Senate Banking Committee next Thursday on regulatory relief for credit unions.Templeton will focus on the association’s 2015 top priorities, Dodd-Frank burdens, field of membership issues and more. He will also use this hearing as a forum to express NAFCU’s concerns with NCUA’s second risk-based capital proposal.“NAFCU looks forward to this opportunity to present credit unions’ concerns about regulatory burden, and to discuss solutions, this early in the 114th Congress,” said Carrie Hunt, NAFCU’s senior vice president of government affairs and general counsel. “We are eager to work with Congress to lift some of that burden and enable credit unions to focus more on meeting their members’ needs.”NAFCU will appear alongside other financial trade association representatives in Thursday’s hearing, the second in a series the panel is holding on regulatory relief for credit unions and community banks. The association will address the need for statutory changes and changes that could be executed on the regulatory front now. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Shoreham Teen Carter Rubin Advances To Semifinals of The Voice

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Fifteen-year-old Carter Rubin, a Shoreham resident, is rising up the ranks on NBC’s The Voice, advancing on Tuesday to the semifinals, where he’ll compete among the top nine contestants of Season 19.Carter is a sophomore student at Shoreham-Wading River High School. The SWR Central School District wrote on its website that he is “a very active singer and has appeared in many concerts as a member of our school choirs and in our dramatic productions” and encouraged the community to tune in to the premiere on Oct. 19.More than a month later, Carter is holding his own among singers from across the country, most older than him. He sang “Hero” by Mariah Carey on Monday night during the season’s first live show from Hollywood to secure a spot in the semifinals.He Tweeted on Tuesday night: “HOLY MOLY I’M IN THE TOP 9! ‘thank you’ can’t even express how grateful i am for each and every one of you. SEMIFINALS HERE WE COME! #TheVoice #VoiceLives #TeamGwen.”Carter chose Gwen Stefani, a judge on the show, to be his mentor for the season after she and John Legend both turned their seats for him during his blind audition, which aired in late October. In the audition, he sang Lewis Capaldi’s “Before You Go.” Carter’s mother watched from backstage, and his grandfather, brother, and father were shown on screen watching from their home in Shoreham.Last week Carter beat out fellow contestant Larriah Jackson in the battle rounds after they sang a duet of Meghan Trainer’s “Like I’m Gonna Lose You.” Carter will perform again when the competition show airs on Monday, Dec. 7 at 8 p.m. For more entertainment coverage, visit longislandpress.com/category/entertainment.Sign up for Long Island Press’ email newsletters here. Sign up for home delivery of Long Island Press here. Sign up for discounts by becoming a Long Island Press community partner here.last_img read more

Processing ‘qurban’ meat before distribution is allowed: MUI

first_imgHe explained that the cattle meat was traditionally distributed immediately after the animal was slaughtered so that people in need could receive it as soon as possible. But given the current situation, he said processing the meat before distributing it was safer, especially for people affected by COVID-19.“Since it may be difficult for these people to cook it themselves, it is permissible to distribute the meat through cooked food or other processed foods,” he said.If there is an abundance of meat during Idul Adha, the meat can also be preserved and distributed at a later time as stipulated in MUI Fatwa No. 37/2019.The Religious Affairs Ministry recently banned the public celebration of Idul Adha in areas considered “unsafe from COVID-19” by their respective regional administrations. Indonesia’s second-largest Muslim group, Muhammadiyah, also encouraged Muslims to convert their qurban to sadaqah (alms) to help those who had been hit hard by the pandemic, or to do both if they could afford it, as Muhammadiyah acknowledged that the health crisis had caused social and economic problems that had forced many into poverty.Topics : The Indonesian Ulema Council (MUI) announced recently that processing qurban (sacrificial cattle) meat prior to distribution is allowed due to health concerns amid the COVID-19 pandemic.In a written statement received by The Jakarta Post on Wednesday, MUI fatwa commission secretary Asrorun Niam Sholeh said meat sacrificed on Idul Adha (Day of Sacrifice) could be processed into canned food, or cooked into rendang (slow-cooked meat in coconut milk and spices).last_img read more

Glenmark’s favipiravir version shows promise in late-stage COVID-19 trial

first_imgIndia’s Glenmark Pharmaceuticals Ltd said on Wednesday its version of anti-flu drug favipiravir showed promise in a late-stage study of 150 patients with mild to moderate coronavirus infection.Data showed that patients receiving FabiFlu shook off the virus about 29% faster that those receiving standard supportive care.About 70% of the patients being treated with the drug achieved “clinical cure” by the fourth day of the study, compared with about 45% in the standard care group, the company said in a statement. Clinical cure is defined as a physician’s assessment of the normalization of clinical signs of COVID-19 such as temperature, oxygen saturation, respiratory rate and cough.FabiFlu was also well tolerated with no serious adverse events or deaths in the treatment arm, the company said, adding that it plans to submit the study data for peer review in the coming weeks.Glenmark last month received Indian regulatory approval to make and sell FabiFlu for restricted emergency use in patients with mild-to-moderate COVID-19 symptoms, and last week cut the price of the drug to 75 rupees ($1.01) per tablet. Topics :last_img read more

Inside the Gold Coast’s $10 million riverfront mega mansion

first_img Enjoy water views from almost every room. Pictures: Amir Mian. From the moment you step inside the gates you feel a million miles away from Surfers Paradise.As you wind your way through the gardens and inside, the spectacular water views are on show from every room.There are several areas for relaxation and entertainment, from a cinema, kitchen with scullery and cold room, an executive office, six bedrooms, seven bathrooms and three powder rooms. More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoOne of the bedrooms. Pictures: Amir Mian.Mr Mian said the prestige market on the Gold Coast was booming despite the COVID-19 pandemic.“In my eyes people have been holding off from buying since November,” he said.“We had Christmas and in January the virus started so it was slow.“A lot of buyers now don’t want to be leaving money in the bank, they want to put their money in tangible assets like property.”He said isolation had also given buyers time to think about their future property.“People are enjoying our lifestyle,” he said.“We have never used our homes as much as we do now and people are appreciating every little thing in their home.” Every day is a holiday here. Pictures: Amir Mian. Luxury at every turn. Pictures: Amir Mian. Entertain in style. Pictures: Amir Mian. 1-3 La Scala Court, Isle of Capri has sold in a multimillion-dollar deal. Picture: Amir Mian. The property takes up a point position. Picture: Amir Mian. TOP SALES 2020center_img Relax on the sandy beach. Picture: Amir Mian. One of the many entertaining areas. Picture: Amir Mian. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:12Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:12 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCOVID-19: What will happen to house prices? 02:13ONE of the most jaw-dropping mansions to hit the Gold Coast this year has been snapped up in a multimillion-dollar deal.Riverpoint, a six-bedroom residence on the Isle of Capri is understood to have sold for more than $10 million, the highest price paid on the Glitter Strip this year.Previously, the highest price paid this year was $6.75 million for a residence on Ephraim Island Access, Paradise Point. There are formal and informal living rooms, a wellness retreat and even a man cave.Taking centre stage outside is the alfresco pavilion, which sits at the heart of the property. It has a state-of-the-art outdoor kitchen and offers effortless entertaining overlooking the manicured gardens, pool and riverfront. Water enthusiasts will also relish the private beach, pontoon and boat ramp with direct access into the 10 car basement garage, as well as the tennis court and gymnasium. The sprawling 2623sq m property on the Isle of Capri only hit the market three weeks ago but is already under contract through Amir Mian of Amir Prestige.While Mr Mian confirmed the sale he declined to comment on the sale price, sellers or buyers.Built on a massive point position with 90m of main river frontage, the 1,651sq m residence at 1-3 La Scala Court is surrounded with lush tropical gardens and is reminiscent of a Thai resort.“I had very strong interest in the property,” Mr Mian said.“People were saying to me ‘it’s not a house, it’s a resort’. Every day in there it feels like a holiday.” $6.75 million- 18a Ephraim Island Access, Paradise Point $5.5 million- 6/3531-3533 Main Beach Pde, Main Beach$5.2 million- 59 Hedges Ave, Mermaid Beach$4.75 million- 46-48 Peak Ave, Main Beach3/3565 Main Beach Parade, Main Beach, $4.5 millionlast_img read more