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Korean electrolyte maker plans plant in Tennessee
Enchem America Inc., a subsidiary of the Korean-based battery materials manufacturer, will build its second U.S. plant in Brownsville, Tennessee in the growing “battery belt” across the South.
Enchem said it will invest $152.5 million to establish electrolyte manufacturing operations in the new Brownsville plant, which will create 190 jobs producing electrolytes for electric vehicle (EV) batteries as well as other EV battery-related services. Enchem also operates a plant at its U.S. headquarters in Commerce, Georgia.
“The growth of the EV market in recent years has been truly remarkable, and all indications suggest that this trend will continue at an accelerated pace over the coming decade,” Jung Kang Oh, CEO and founder of Enchem Co. Ltd.. said in a statement announcing the new plant. “As we look to the future, I am confident that our company is well positioned to further capitalize on the growth of the EV market. We look forward to exploring new avenues of innovation and partnership opportunities with Haywood County and the city of Brownsville.” –
Stuart McWhorter, commissioner of economic and community development for the state of Tennessee, said South Korea is one of Tennessee’s top 10 foreign direct investment partners “and we are proud that another global brand like Enchem has chosen to place its trust in our state.”
UnitedHealth to buy Amedisys for $3.3 billion
UnitedHealth Group has struck a deal to acquire home health care provider Amedisys Inc. for $3.3 billion in an all-cash deal.
UnitedHealth’s Optum unit made the unsolicited bid earlier this month for Amedisys, which at the time had already agreed to a $2.8 billion merger with Illinois-based Option Care Health.
A UnitedHealth spokeswoman on Tuesday declined comment.
Optum’s June 5 offer was for $100 per share for the Baton Rouge-based provider. In the deal agreed to on Monday UnitedHealth will pay $101 per share for the company, according to Amedisys.
The deal needs to be approved by regulators and Amedisys shareholders. The proposed acquisition could also draw antitrust attention from the Federal Trade Commission.
The FTC unsuccessfully challenged Minnesota-based UnitedHealth’s $13 billion acquisition of Tennessee-based Change Healthcare which closed in October.
In its initial announcement of the offer for Amedisys, UnitedHealth stated, “In-home care is provided by thousands of organizations nationwide, with no single participant having more than a single-digit percentage share, a core reason Optum is confident it can secure approval for the combination.”
Amedisys reported revenue of $2.2 billion and net income of $117.7 million for 2022.
Walgreens expands cost cutting efforts
Walgreens Boots Alliance is raising its cost-savings goal by 17% to $4.1 billion after a disappointing quarter — a move that comes just weeks after it said it was eliminating 10% of its corporate workforce.
The announcement Tuesday follows a weaker-than-expected quarter marked by less demand for COVID-19 tests and vaccines, a slow respiratory illness season, and consumers facing inflation and an uncertain economy. The Deerfield, Illinois-based company slashed its full-year adjusted earnings per share guidance Tuesday to $4 to $4.05 from $4.45 to $4.65.
“Our performance in the third quarter did not meet our overall expectations and we are disappointed to have to change our fiscal 2023 guidance,” CEO Roz Brewer said during an earnings call. “Our customer is feeling the strain of higher inflation and interest rates, lower SNAP benefits and tax refunds and an uncertain economic outlook.”
Walgreens plans to close 150 stores in the U.S. and 300 in the United Kingdom, said James Kehoe, executive vice president and global chief financial officer for Walgreens Boots Alliance. The plan is to close those U.S. stores by fall 2024.
Chicago minimum wage rises to $15.80 an hour
Chicago’s minimum wage will increase July 1, hitting $15.80 per hour for many workers across the city.
The annual bump comes as Chicagoans experience a strong labor market despite layoffs in certain industries, such as Big Tech. Though inflation has cooled off historic highs, prices remain elevated. The minimum wage will increase 2.5% on the first of the month, a percentage that does not match inflation, which grew at a 4% annual rate in May.
“This is a minimum,” said Kenneth Meyer, commissioner for the city’s Department of Business Affairs and Consumer Protection.
“In this particular economy with low unemployment, a lot of the small businesses ownership that I talk to every day are still having a hard time hiring, and so frequently are actually now paying more than the minimum wage,” Meyer said.
As of May 2022, the average wage for retail salespeople in the Chicago area was $17.49 per hour, according to data from the Bureau of Labor Statistics.
— Compiled by Dave Flessner
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