Silfab Solar Growing U.S. Presence by Establishing Flagship Operation in York County |
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Silfab Solar, a leading North American solar panel manufacturer, announced plans Sept. 19, 2023, to expand its U.S. footprint by establishing operations in York County.
The company’s $150 million investment will create 800 new jobs, according to Gov. Henry McMaster's office.
With more than 40 years of solar experience, Silfab Solar designs, engineers and manufactures its own premium brand of high-efficiency solar panels for both residential and commercial use.
The company operates two U.S. facilities in Bellingham and Burlington, Wash., and one in Toronto, Canada.
The new facility in York County will manufacture next-generation solar cell technology, boosting U.S solar cell production, according to McMaster's office. The company is leasing a 785,000-square-foot building at 7149 Logistics Lane in Fort Mill. Operations are expected to be online in the third quarter of 2024. Those interested in joining the Silfab Solar team should go to the company’s careers page. The state's Coordinating Council for Economic Development approved job development credits related to the project.
The council also awarded a $2 million Set-Aside grant to York County to assist with the costs of building improvements.
“Silfab Solar’s investment in South Carolina strengthens our North America manufacturing capabilities, creates good-paying jobs and provides the ideal East Coast location to serve our growing customers," said Silfab Solar CEO Paolo Maccario.
Maccario added, "The company specifically chose York County as the ideal location to expand because of the community’s commitment to innovation, its quality of life and the availability of a skilled workforce. Silfab Solar looks forward to hiring and to begin production of next-generation solar modules.” Said McMaster, “Silfab Solar selecting York County for a project that requires a highly skilled workforce shows that our workforce development investments are paying off in a big way."
He added, "Our people are South Carolina’s greatest resource, and we are confident they will help Silfab Solar thrive in its latest venture." |
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Join us on Monday, Oct 9, 2023, 10:30 AM Columbia Metropolitan Convention Center
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Greenville-Based Private Equity Firm Broadstreet, Inc. Expands Portfolio with Acquisition of Ownership in Broker-Dealer Enterprise |
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Broadstreet, Inc., a Greenville-based private equity firm, announced an agreement for the acquisition of a substantial interest in a broker-dealer related enterprise operating under the name of Phoenix Financial Services. Phoenix, with offices located in the heart of New York City's financial district as well as Ft. Lauderdale, Fla., and Long Island, N.Y., specializes in personalized investment services for both individuals and institutions, along with comprehensive wealth management and retirement planning solutions.
"We are enthusiastic about our new opportunity with Phoenix, as we believe our collaboration will propel its growth trajectory and enable us to continue our growth as a private equity and diversified business operations company,” said David Feingold, CEO of Broadstreet, Inc. The acquisition marks the latest addition to Broadstreet's list of businesses in which it participates.
Broadstreet has become one of the largest private equity operations in the Carolinas by focusing on businesses that will help its expansion into a broad range of real estate, finance, insurance and related industry products.
The company has achieved approximately $3 billion in transactions and more than 600 people associated in the businesses it controls.
Broadstreet is also one of the largest players in the land infrastructure industry in the Carolinas with more than 40 projects and it expects to eventually help develop approximately 30,000 home sites. |
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Sonoco Completes Acquisition of RTS Packaging |
Hartsville, S.C.-based Sonoco Products Company (NYSE: SON), a diversified global packaging leader, announced completion of its acquisition of the remaining equity interest in RTS Packaging, LLC from joint venture partner WestRock (NYSE:WRK) and one WestRock paper mill in Chattanooga, Tenn. Sonoco officials said the acquisition, originally announced Nov. 9, 2022, will further strengthen and expand Sonoco’s 100 percent recycled fiber-based packaging solutions to serve growing consumer wine, spirits, food, beauty and health care markets. Prior to closing the transaction, Sonoco was a 35 percent owner in the joint venture with WestRock.
With the acquisition, Sonoco adds a network of 15 operations and 1,100 employees in the U.S., Mexico, and South America. The purchase price for the acquisition was $330 million, subject to customary price adjustments. The company funded the acquisition with borrowings under its existing credit facilities and cash on hand.
After the transaction, the company’s net debt to adjusted EBITDA ratio is less than 2.9x. The acquisition is expected to be immediately accretive to earnings per share, excluding the impact of purchase accounting adjustments, Sonoco officials said. With net sales of approximately $7.3 billion in 2022, Sonoco has approximately 22,000 employees working in more than 310 operations around the world. The company was founded in 1899. |
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United Community Adds New Senior Vice President and President of Wealth Management |
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Greenville, S.C.-based United Community added Brendon Tripodo to its team, taking on the role of senior vice president and president of United Community Wealth.
He will be responsible for leading United Community Wealth’s team in delivering customized private banking, financial planning, trust, and investment advisory services.
“At United, we understand the importance of tailoring financial solutions to meet the unique objectives of our clients. Brendon's leadership will strengthen our ability to provide personalized financial planning and investment strategies that align with our client’s goals,” said Lynn Harton, chief executive officer at United Community. With more than 30 years of industry experience, Tripodo's career highlights include serving as the director of Investment and Planning Advisory for Huntington Private Bank and as head of Wealth Management at TCF Wealth, which was acquired by Huntington Private Bank in 2021. In that capacity, he led the successful integration of TCF Wealth into Huntington Private Bank.
Additionally, Tripodo has a proven background in sales management, organizational design, and merger integration, among other areas.
He received a bachelor’s degree in business administration from Ohio State University, followed by an MBA from John Carroll University.
United Community Banks, Inc. (NASDAQ: UCBI) is a top 100 U.S. financial institution with $26.1 billion in assets as of June 30, 2023, and through its subsidiaries, provides a full range of banking, wealth management and mortgage services. |
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