A North Carolina maker of steel wire products is closing one of its factories and dispersing its manufacturing to three of its other locations, one of them being Gallatin. InSteel Industries is displacing 20 positions with the closure of its facility in Newnan, Georgia, which is expected to close by the end of March. The company says it will let workers relocate but it’s not clear how many of those jobs might move to Gallatin. InSteel also has locations in Houston and Sanderson, Florida. Read more here.
The Nashville office of CBRE has announced the $6.26 million sale of Gallatin-based The Shops of Village Green.
Jim Morris (pictured), senior vice president with CBRE’s investment properties retail group, arranged the sale on behalf of The Capital Corp., a Nashville-based investment and development company, according to a release.
The buyer was an unidentified New York-based investment group. Bill McKnight and K.O. Kennedy of CBRE’s debt and structured finance group handled financing for the new owners.
The 40,000-square-foot shopping center is located at 114 Belvedere Drive next to a Wal-Mart Supercenter.
“This transaction is yet another example of national investors pursuing opportunities in middle Tennessee due to the healthy market and future growth projections,” Morris said in the release. “The greater Nashville area’s strong fundamentals and growth prospects make it appealing to investors across all property types, including retail.”
American Colors Inc. will will invest $3.7 million to build a 30,000-square-foot manufacturing and research facility in the Gallatin Industrial Center to support growth at the company’s existing Lebanon location, the Tennessee Department of Economic and Community Development announced today.
In the process, American Colors will create 31 jobs in Sumner County. The company expects the new facility to be fully operational by the first quarter of 2015. The Gallatin facility will produce products for the composites, coatings, plastics and agricultural industries and will include a research lab housing chemists and technicians. American Colors is a manufacturer of liquid pigment systems and intermediates.
“Incumbent industry expansions are an essential element to help spur job creation in our state, and with nearly 45,000 Tennesseans employed within the chemicals and plastics sector, I am pleased to see American Colors add to that number,” ECD Commissioner Bill Hagerty said in a release. “I appreciate the company’s continued confidence in our state’s qualified workforce and for choosing to further invest in Tennessee.”
James Oram Wible, American Colors president and CEO, said the company's increased business and additional opportunities have required an increased production capacity in Tennessee.
“We look forward to creating a state-of-the-art facility in order to continue to provide superior colorants and dispersions to the composites and coatings industries,” Wible said.
In addition to its Tennessee facilities, American Colors has manufacturing locations in Sandusky, Ohio, and Shanghai, China.
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