A new company is taking over a vacant facility in Allendale, S.C., to make conduit pipe, South Carolina development officials announced Tuesday.
Four Star Industries will invest $2.75 million and create 50 jobs. Production could begin in the first quarter of 2010.
"Four Star Industries will manufacture high-density polyethylene pipe and conduit, which will supply a niche market for underground power cables," said Joe Taylor, the state's commerce secretary.
Four Star will begin hiring in February, state officials said.
Bi-Lo reorganization to include cash infusion
GREENVILLE, S.C. --- Southern grocery chain Bi-Lo says its bankruptcy reorganization plan includes a $350 million infusion from the private equity firm that owns it.
Bi-Lo said its plan includes $150 million in new investment and $200 million in loan financing by Dallas-based private equity group Lone Star Funds.
The Mauldin-based grocery chain said a further $150 million loan would fund operations after Bi-Lo emerges from bankruptcy.
Company officials said a committee of Bi-Lo's unsecured creditors submitted a competing reorganization plan that calls for a different private equity firm to be the lead investor.
Facebook stock move could signal IPO plan
NEW YORK --- Facebook has created a dual-class stock structure designed to give founder Mark Zuckerberg and other existing shareholders control over the company.
The move could be seen as laying the groundwork for an initial public offering, though the social network said Tuesday it had no plans to go public "at this time."
The dual-class structure is what Google Inc.'s founders, Larry Page and Sergey Brin, created to keep voting control over that company before it went public in 2004. Google's Class B shares, owned by Mr. Page, Mr. Brin, CEO Eric Schmidt and some directors, hold 10 times the voting power as its regular, Class A stock.
In other news
GREEN MOUNTAIN Coffee Roasters sweetened its offer for Diedrich Coffee by $2 per share Tuesday, matching a rival bid from Peet's Coffee & Tea.