LITTLE ROCK, Ark. (KTHV) -- Stocks ended higher on Wall Street as investors counted on continued support from the Federal Reserve.
Remington plans $32 million expansion in Lonoke
Here in Arkansas, Remington Arms Co. announcing a $32 million expansion to its ammunition plant at Lonoke.
The Madison, N.C.-based company said the expansion will include a new building.
Construction is expected to begin by the end of June and be complete in the second quarter of 2014.
All this, according to a news release dated May 9, which was posted on Remington's corporate website.
A spokesman for the Arkansas Economic Development Commission said the agency hadn't known for several days that Remington had made the low-key announcement.
Nevertheless, AEDC has committed several incentives, an income tax credit for new jobs, a sales and use tax credit on the cost of the project, and more than $460,000 in cash from the Governor's Quick Action Closing Fund.
A spokesman for Remington did not return a call for more information.
Arkansas Best agreement with Teamsters
And finally, Arkansas Best Corp. of Fort Smith says it's seen a 68 percent increase in its stock price since reaching a tentative contract agreement with the Teamsters.
President and CEO Judy R. McReynolds told shareholders at Tuesday's annual meeting that finalizing the five-year contract between subsidiary Arkansas Best Freight and the union will be a key step in restoring the company to profitability.
Approval of the deal is now in the hands of ABF's 7,500 union employees. Ballots will be mailed to them on June 3 and results are expected June 28.
The company's share price was at $9.83 on May 2. It closed at $18.67 on Tuesday.