A $60 million wood pellet manufacturing plant is expected to create 35 jobs in Sandersville, Ga.
The Georgia Department of Economic Development announced Tuesday that General Biofuels Georgia LLC will construct a facility in Washington County that will open in early 2014.
The plant will manufacture industrial-grade wood pellets for a major European utility.
The plant’s capacity will be about 440,000 tons per year.
The feedstock will come from Georgia timberlands and local lumber producers. Pellets will be transported by Sandersville Railroad and Norfolk Southern Railway to the Port of Savannah for storage and shipping.
Apple stock tops $700 for 1st time
NEW YORK — Apple’s stock closed above $700 for the first time Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.
Shares rose $2.13 to close at $701.91. Earlier, the stock traded as high as $702.33.
The rally in Apple’s stock price puts the company’s market value at more than $657 billion.
Yahoo completes deal with Alibaba
SAN FRANCISCO — Yahoo has completed a long-awaited $7.6 billion deal with China’s Alibaba Group, generating a windfall that could help ease the pain of Yahoo shareholders who have endured the company’s foibles during the past few years.
After Yahoo distributes most of the proceeds to its shareholders, its recently hired CEO Marissa Mayer will still have an extra $1.3 billion to finance acquisitions or hire new talent as she tries revive the company’s revenue growth.
The deal will give Alibaba greater autonomy as it prepares for an initial public offering of stock in the next three years.
Microsoft raises dividend 3 cents
REDMOND, WASH. — Microsoft Corp. is increasing its quarterly dividend by 15 percent.
The Redmond software company said Tuesday that it will pay a dividend of 23 cents per share Dec. 13 to shareholders of record as of Nov. 15.
That is up from its previous-quarter dividend of 20 cents.
Microsoft also said that long-time board member Raymond Gilmartin will retire. The 71-year old former CEO of Merck & Co. has been on Microsoft’s board for 11 years.