Nordex to give back $2.5 million in grants
Nordex USA Inc. will return more than $2.5 million to the state and to Jonesboro for grants it received to build its wind-turbine manufacturing facility, the Arkansas Economic Development Commission said Friday.
Nordex announced in June that it would stop production at its facility in Jonesboro and lay off 40 employees because of continued uncertainty in the U.S. market about the status of the federal production tax credit.
The company is moving its production operations to Germany to give it more flexibility in responding to the market, Nordex officials said.
Nordex started production in Jonesboro in 2010 with plans to create at least 700 jobs, but at its peak, the company employed about 100.
Nordex was offered several incentives when it moved into Arkansas, including a sales-tax refund on construction materials. The company spent $3.9 million of the $8 million it was offered from the Governor’s Quick Action Fund and took a cash rebate of $263,275, which has already been returned to the state.
The company also received about $1.4 million from Jonesboro for rail and road work.
The state will recoup about $2.3 million and Jonesboro $204,814.
- Jessica Seaman
Murphy Oil finishes retail-unit separation
Murphy Oil Corp. on Friday completed the spinoff of its retail marketing business from its exploration and production operations.
Shares of the new company, Murphy USA Inc., started trading Friday and gained 35 cents to close at $36.95 on the New York Stock Exchange. The new stock trades under the symbol MUSA.
Murphy Oil shareholders received one share in the new company for every four shares they owned as of Aug. 21.
Murphy Oil shares rose 2.4 percent to close Friday at $67.39.
The El Dorado-based company said earlier this month that the separation of the businesses would be completed by Friday. The spinoff was approved by Murphy Oil’s board of directors Aug. 7.
- Jessica Seaman
Arkansas index falls 2.25 points to 279.64
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 2.25 to close Friday at 279.64.
Acxiom Corp. shares fell 1.9 percent to close at $24.88.
Arkansas Best Corp. shares dropped 6.4 percent to end at $24.88.
P.A.M. Transportation Services Inc. shares gained 4.4 percent to finish at $13.69.
USA Truck Inc. shares fell 3 percent to close at 5.44.
Volume for the index was 18.2 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 29 on 08/31/2013