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News in brief

December 29, 2020 at 2:08 a.m.

135-acre port site

in LR has new owner

A 135-acre site in the Port of Little Rock that until earlier this year housed a windmill-blade manufacturing facility has a new owner with plans to lease the existing buildings and develop the remaining property.

The buyer, 8000 Frazier Pike LLC, is represented by Clinton Bennett, broker and owner of Bennett Commercial Real Estate of Rogers, who said he has ownership in the Arkansas-based group behind the limited liability company.

The property is being marketed as Port 440 Industrial Park. Bennett said he pursued the opportunity because of " a sense of how limited a supply of industrial space there was in Little Rock. The group of investors I like to work with is very bullish on manufacturing and distribution and e-commerce."

William Callahan, a principal broker with CBRE's Little Rock office, is marketing the property.

LM Wind Power announced in April it was closing and leaving 470 people out of work after demand fell for the 144.6-foot and 204-foot blades it produced. Industrial wind farms now prefer larger blades.

-- Noel Oman

Tyson files report

on cattle with SEC

An internal investigation by Tyson Foods found that one of its suppliers "made misrepresentations" about the number of cattle recently purchased on behalf of the company, according to a filing with the U.S. Securities and Exchange Commission.

This caused Tyson to overstate the amount of cattle it had on hand for the fiscal year that ended Oct. 3, 2020, and misappropriate company funds for the cattle.

The nation's largest meat company notified investors that the $285 million loss would affect its first quarter earnings report and that it was working to get the money back. Through the investigation, it was able to identify how misrepresentations were made and does not expect the error to affect future operations.

Based on preliminary findings from the internal review, Tyson "believes" the $285 million loss would only affect its beef segment and is linked to "this one cattle supplier."

The supplier, representing 2% of the cattle bought for Tyson's beef division from fiscal 2017 through 2020, was not named in the filing.

-- Nathan Owens

State index closes

at 482.78, up 3.47

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 482.78, up 3.47.

"U.S. stocks rallied on Monday, as each of Wall Street's main indexes closed at record levels after the signing of the long-awaited $2.3 trillion pandemic aid bill boosted investors optimism for an economic recovery," said Chris Harkins, managing director at Raymond James & Associates.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.


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