Posted by survivalist on Fri, Jul 26, 2013, at 12:38 PM:
I wonder how much of the $45 million dollar expansion was provided by Missouri taxpayers? In 2010, taxpayers provided more than $10,000 per employee to Noranda-- corporate welfare at its finest.
And there is more to the Noranda saga, two days ago two news events released: a second quarter $12 million dollar loss and Noranda fired Mahoney, their CFO.
"The state is providing economic development incentives that require the company to meet job creation and investment criteria."
"NEW MADRID, MO (KFVS) - New Madrid's Noranda facility is expanding and company officials say the expansion will pave the way for about 29 new jobs in the near future.
The facility expansion includes a $45 million capital investment. According to a news release, the expansion includes an 80,000 square foot addition to Noranda's current location, and the purchase of state-of-the art equipment."
-- Posted by survivalist on Fri, Jul 26, 2013, at 12:49 PM
Should federal, state and local government give welfare to for profit companies?
If government gives money and incentives to for profit companies shouldn't the company be showing financial stable? A company that posted a $12 million dollar quarterly loss, firing their CFO and selling their product (aluminum) at near production cost... doesn't seem financially stable to me.
-- Posted by survivalist on Fri, Jul 26, 2013, at 12:56 PM
29 jobs? That's almost $1.7 million/per job. Sounds like some of the stimulus "investments".
-- Posted by bothedog on Fri, Jul 26, 2013, at 6:06 PM
Is aluminum still a big part of aircraft manufacture? Aircraft as in military?
-- Posted by Old John on Fri, Jul 26, 2013, at 11:03 PM
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I wonder how much of the $45 million dollar expansion was provided by Missouri taxpayers? In 2010, taxpayers provided more than $10,000 per employee to Noranda-- corporate welfare at its finest.
And there is more to the Noranda saga, two days ago two news events released: a second quarter $12 million dollar loss and Noranda fired Mahoney, their CFO.
"The state is providing economic development incentives that require the company to meet job creation and investment criteria."
http://investor.norandaaluminum.com/phoenix.zhtml?c=220051&p=irol-newsArticle&ID...
"NEW MADRID, MO (KFVS) - New Madrid's Noranda facility is expanding and company officials say the expansion will pave the way for about 29 new jobs in the near future.
The facility expansion includes a $45 million capital investment. According to a news release, the expansion includes an 80,000 square foot addition to Noranda's current location, and the purchase of state-of-the art equipment."
http://www.kfvs12.com/story/22940966/new-madrids-noranda-to-expand-adding-jobs
http://www.bizjournals.com/nashville/blog/2013/07/noranda-posts-12m-loss-says-go...
2010 incentives.
http://governor.mo.gov/newsroom/2010/Expansion_at_Noranda_Aluminum
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