Middle Tennessee attracted 12 of the 20 new investments or expansions funded by foreign companies in 2013, writes MTSU Professor Steven Livingston in his latest Global Commerce newsletter. Those investments, led by Hankook's commitment to bring 1,800 jobs to Clarksville, continued a solid trend of international job creation in the state, as seen in the graphs below. Here's Livingston's full report.
A trio of Acadia Healthcare insiders and one of Delek US Holdings' top executives last week joined other local insiders in booking some profits from their holdings.
Making the biggest move at Acadia Healthcare was director and Executive Vice Chairman Bruce Shear, who over the course of Wednesday, Thursday and Friday sold about 38,000 shares, grossing more than $1.7 million. COO Ron Fincher, meanwhile, unloaded almost 7,800 of his shares for more than $360,000. Fincher, who helped build Psychiatric Solutions before stepping into Acadia with CEO Joey Jacobs and a handful of other executives three years ago, still owns more than 123,000 Acadia shares. And finally, director William Grieco sold 5,000 shares over two days — he still owns more than 36,000 — and pocketed more than $230,000.
The Acadia insiders' sales come at the end of a month in which the shares (Ticker: ACHC) slid about 10 percent to about $46. But the 14 analysts following the Franklin-based company foresee them climbing back into the mid-$50s in the coming quarters.
Up Interstate 65 a few miles at Delek, CFO Assi Ginzburg trimmed his holdings in the oil refining and marketing company by almost a third on Friday. Ginzburg added $955,000 to his bank account balance after selling 31,000 shares of Delek, which has rebounded a bit of late (Ticker: DK) after sliding from $34 to below $27 in the first nine weeks of 2014.
The Securities and Exchange Commission on Tuesday said it had filed charges against four Chinese executives, a U.S. officer and the audit committee chair of AgFeed Industries, which had its headquarters in Hendersonville before quickly relocating to Colorado in late 2011. In a statement, SEC officials said the execs of the animal feed company inflated revenues and hid their correct set of financials from auditors. The director being charged is merchant banker Ivan Gothner, whom regulators say had a chance to fix things.
He sought advice from a former director and company advisor who responded in e-mail communications that there was “not just smoke but fire” and recommended that AgFeed hire professional investigators guided by outside legal counsel. However, Gothner ignored the recommendation and internalized the situation while false financial reporting continued.
Lydia DePillis at The Washington Post has taken a deep look at the "new manufacturing industry" in the United States through the lens of how Nissan is working with staffing company Yates Services. It's a good read that speaks to the effects of global competition, the continued struggles of organized labor in the South and the quandaries facing families with jobs that would have made them solidly middle-class not that long ago.
Tennessee went from having 51,867 temporary workers in 2009 to 80,990 in 2012, according to the Bureau of Labor Statistics -- while median wages have stayed flat. That accounts for nearly all of Tennessee's job growth since the recession, and makes up 3.61 percent of all jobs in the state, second only to South Carolina. In Tennessee's burgeoning manufacturing industry, it's even higher, going from 15 percent of all jobs in 2002 to 26 percent in 2012.