A recycling company announced plans Wednesday to expand its operations in Edgefield County.
US Fibers will spend $5.5 million and create about 48 new jobs at its polyester recycling operation on Pine House Road in Trenton, according to the South Carolina Department of Commerce.
Work on the expansion will start immediately and is expected to be completed in the fourth quarter of this year.
The company will begin hiring for the new positions sometime in the third quarter. Those interested in the new jobs can apply through the company’s Web site, www.usfibers.com.
Aéropostale plans children’s store
Aéropostale Inc. plans to open its newest children’s store, P.S. from Aéropostale, at Augusta Mall on Friday, according to a news release.
P.S. from Aéropostale offers merchandise for girls and boys ages 7 to 12. The store has interactive features, such as a “Box of Fun,” photo mirrors and hopscotch.
Aéropostale Inc. is a mall-based retailer of casual apparel and accessories that targets 14- to 17- year-olds.
Fannie Mae reports $2.7 billion profit
WASHINGTON — Mortgage giant Fannie Mae on Wednesday reported a $2.7 billion profit during the first three months of the year, saying it would not require additional taxpayer aid for the first time since the government seized the troubled firm in 2008.
The company had reported a $2.4 billion loss the previous quarter and a $6.5 billion loss during the same period a year ago.
Fannie Mae attributed its positive numbers largely to improvements in the nation’s housing market, including stabilizing home prices, falling mortgage delinquency rates and brisk sales of foreclosed homes.
Toyota’s quarterly profit quadruples
TOKYO — Toyota’s quarterly profit more than quadrupled to 121 billion yen ($1.5 billion), and the automaker gave upbeat forecasts as it recovers from a sales plunge caused by the tsunami in Japan last year.
Japan’s No. 1 automaker forecast Wednesday that profit for its business year ending March 2013 would soar to 760 billion yen ($9.5 billion). Net profit plunged 30 percent to 283.6 billion yen ($3.5 billion) for the just ended business year.
in takeover bid
LONDON — GlaxoSmithKline PLC has made an offer to take over U.S. drug maker Human Genome Sciences Inc. which values the company at nearly $2.6 billion.
GlaxoSmithKline, which has profit-sharing agreements with HGS on three drugs but a minimal shareholding, said Wednesday it is offering $13 cash per share for the company. A private offer last month by GSK at the same price was rejected by HGS management.
Oil prices fall as supplies increase
NEW YORK — The price of oil fell Wednesday for a sixth day as the U.S. government reported that crude supplies are the highest in 22 years.
Benchmark U.S. oil gave up 20 cents to finish at $96.81 per barrel in New York. The six-day drop is the longest for U.S. oil since July 2011.
– From staff and wire reports