A New York corporation, whose principal place of business is Newnan, Ga., was sentenced to pay a $3.3 million criminal fine for conspiring to allocate customers in the food service equipment hardware market, including walk-in refrigeration equipment, the Department of Justice announced August 17.
Kason Industries Inc., a food service equipment manufacturer, pleaded guilty on May 19, 2010, in U.S. District Court in Atlanta. Kason Industries and its former president, Peter A. Katz, were charged on May 6, 2010, with one count of participating in a conspiracy from December 2004 until at least December 2008, to allocate customers for food service equipment hardware sold in the United States and elsewhere. The department said that the purpose of the conspiracy was to reduce and eliminate competition in the sale of the food service equipment hardware manufactured or sold by Kason Industries, Katz and their co-conspirators. Katz, who also pleaded guilty, is scheduled to be sentenced on Jan. 5, 2011.
Food service equipment hardware includes fabricated parts, such as cafeteria hardware, equipment legs and casters, and fabrication supplies, and walk-in refrigeration components, such as metal racks, door hinges, handles, latches, closers and panel fasteners.
According to court documents, Katz and co-conspirators agreed during meetings and telephone and e-mail discussions to allocate customers of food service equipment hardware; not to compete for one another’s protected customers or to submit intentionally high prices or bids to certain customers; to exchange prices to customers so as not to undercut one another’s prices; and to sell food service equipment hardware at collusive and noncompetitive prices.
Yesterday’s sentencing is the result of an ongoing federal antitrust investigation of customer allocation in the food service equipment hardware industry. The investigation is being conducted by the Antitrust Division’s Atlanta Field Office and the FBI’s Atlanta Office.
Anyone with information concerning customer allocation or other anticompetitive conduct in the food service equipment hardware industry should contact the Antitrust Division’s Atlanta Field Office at 404-331-7100 or visit www.justice.gov/atr/contact/newcase.htm.
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Wednesday, August 18, 2010
Georgia Manufacturer of Food Service Equipment Hardware Pays $3.3 Million Fine for Role in Customer Allocation Conspiracy
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Tuesday, October 27, 2009
BWAY Holding Company Announces the Completion of Plastic Packaging Acquisition, Plant Rationalizations, and Provides Fiscal 2010 Guidance
/PRNewswire/ -- BWAY Corporation, the principal operating subsidiary of BWAY Holding Company (NYSE:BWY) , a leading North American supplier of general line rigid containers, today reported that it has completed the previously announced acquisition of the assets, and certain liabilities, of Ball Corporation's (NYSE:BLL) plastic packaging plant and business located outside of Atlanta in Newnan, GA. The facility (BWAY's "Atlanta plant") produces injection molded plastic pails and certain other products. The Company paid approximately $32.0 million for the acquisition, and funded the transaction using cash on hand.
Ken Roessler, BWAY's President and Chief Executive Office stated that, "This business is an excellent fit with the Company's core market add-on acquisition strategy. In addition to sales and market share growth, this acquisition provides further product portfolio expansion through the addition of well established screw top pail designs which supports the Company's goal of positioning BWAY as the premier supplier for rigid general line packaging. We expect to realize significant synergies, including potential future plant rationalizations."
The Company announced that it has completed its evaluation of plant rationalizations associated with the August 2009 acquisition of Central Can Company located in Chicago, IL. The Company will close two metal packaging plants located in Chicago, IL and Brampton, ON and move business and certain equipment into the recently acquired Central Can Company facility (BWAY's "Chicago plant"). The Chicago plant consolidation, which will create the second largest plant in the Company's manufacturing network, is expected to be completed during the Company's second fiscal quarter (ending March 31, 2010). Annual synergies from the rationalization, estimated at $6.0 million, are expected to be phased-in during fiscal 2010 beginning in the second fiscal quarter. The Company expects to record restructuring charges associated with this initiative of approximately $3.1 million and accelerated depreciation of $0.8 million during fiscal 2010, and make capital expenditures of approximately $2.5 million to facilitate the consolidation and make productivity improvements.
Commenting on the plant closures, Mr. Roessler stated that, "An important element of our add-on acquisition strategy is the opportunity for significant synergies. The Central Can acquisition clearly met this criterion with expected savings in the areas of purchasing, freight, SG&A, and manufacturing overhead. These plant rationalizations support our ongoing effort to increase the scale of our manufacturing facilities and reduce our fixed cost base."
Also, the Company provided first quarter and full year fiscal 2010 earnings and free cash flow guidance, which includes expectations for the recent acquisitions of Ball Corporation's plastic packaging plant and Central Can Company with announced rationalizations. Specifically, the Company stated the following expectations:
-- The Company's financial expectations assume that end market demand for
fiscal 2010 will have minimal recovery or growth from fiscal 2009. In
addition to sales gains attributable to the recent acquisitions for
fiscal 2010, the Company expects increased sales from share gains
attributable to recently developed plastic products, and continued
cross-selling initiatives between its metal and plastic packaging
segments.
-- First quarter fiscal 2010 (ending December 31, 2009) adjusted net
income of $0.05 - $0.13 per diluted shared. Expected adjustments to
GAAP net income/(loss) per diluted share are restructuring charges and
accelerated depreciation associated with plant rationalizations, and
transaction costs associated with the plastic packaging acquisition
from Ball Corporation totaling $0.11 per diluted share. This compares
to an adjusted net loss per diluted share of $(0.11) for the first
quarter of fiscal 2009, including a $0.02 adjustment to GAAP net loss
per diluted share for restructuring charges. The Company expects
adjusted EBITDA of $22.0 - $25.0 million, excluding $3.6 of
restructuring charges and transaction costs, compared to $15.6 million
for the first quarter last year which excluded $0.7 million of
restructuring charges. The Company's first fiscal quarter has
historically experienced the slowest seasonal demand.
-- Full year fiscal 2010 adjusted net income per diluted share of $1.42 -
$1.60. Expected adjustments to GAAP net income per diluted share are
restructuring charges and accelerated depreciation associated with
plant rationalizations, and transaction costs associated with the
plastic packaging acquisition from Ball Corporation totaling $0.13 per
diluted share. Adjusted EBITDA is expected to be in the range of
$138.0 - $142.0 million, excluding $4.3 of restructuring charges and
transaction costs. The Company stated in a press release on October
12, 2009 that it expects fiscal 2009 adjusted net income per diluted
share to be at the high end of the previously released guidance range
of $1.20 - $1.26, and adjusted EBITDA also at the high end of the
previously announced $122.0 - $124.0 million range.
-- Full year fiscal 2010 free cash flow (net cash provided by operating
activities less capital expenditures) is expected to be in the range
of $55.0 - $60.0 million. On October 12, 2009 the Company disclosed
that it expects fiscal 2009 free cash flow to exceed $50.0 million.
Full year fiscal 2010 capital expenditures, including estimated
expenditures associated with the Chicago plant consolidation discussed
above, are expected to be $23.0 - $25.0 million.
About BWAY Holding Company
BWAY Holding Company is a leading North American supplier of general line rigid containers. The Company operates 20 plants (excluding announced plant closures) throughout the United States and Canada serving industry leading customers on a national basis.
Cautionary Note Regarding Forward-Looking Statements
This document contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place reliance on these statements. Forward-looking statements include information concerning the Company's liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. These statements are based on certain assumptions that management has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors management believes are appropriate in these circumstances. As you read and consider this document, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions. Many factors could affect the Company's actual financial results and could cause actual results to differ materially from those expressed in the forward-looking statements. Some important factors include competitive risk from other container manufacturers or self-manufacture by customers, termination of customer contracts, loss or reduction of business from key customers, dependence on key personnel, changes in steel, resin, other raw material and energy costs or availability, product liability or product recall costs, lead pigment and lead paint litigation, increased consolidation in end markets, consolidation of key suppliers, contractions in end markets, increased use of alternative packaging, labor unrest, environmental, health and safety costs, management's inability to evaluate and selectively pursue acquisitions, fluctuation of quarterly operating results, an increase in interest rates, restrictions in debt agreements, fluctuations of the Canadian dollar, and the other factors discussed in the Company's filings with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking statements contained in this document might not prove to be accurate and you should not place undue reliance upon them. All forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
The Company provides financial measures and terms not calculated in accordance with accounting principles generally accepted in the United States (GAAP). Presentation of non-GAAP financial measures such as, but not limited to "EBITDA," "adjusted EBITDA," "EBIT," "adjusted EBIT," "adjusted net income (loss)," "adjusted net income (loss) per diluted share", and "gross margin (excluding depreciation and amortization)" provide investors with an alternative method for assessing the Company's operating results in a manner that enables them to more thoroughly evaluate the Company's performance. These non-GAAP financial measures provide a baseline for assessing the Company's future earnings expectations. BWAY's management uses these non-GAAP financial measures for the same purpose. The non-GAAP financial measures included in this news release are provided to give investors access to the types of measures that the Company uses in analyzing its results.
BWAY's calculation of non-GAAP financial measures is not necessarily comparable to similarly titled measures reported by other companies, or to financial measures as defined in the Company's debt agreements. These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Schedules that reconcile these non-GAAP financial measures to GAAP financial measures are included with this news release.
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Tuesday, August 5, 2008
Award-Winning JVC Disc America Co. Changes Name to JVC America Inc., Announces 540,000-Square-Foot Expansion
BUSINESS WIRE --JVC Disc America Co., long known as a worldwide leader in optical media replication, has changed its name to JVC America Inc. to reflect its expansion into comprehensive services that include supply chain management; contract packaging; fulfillment; and reverse logistics. The company also is expanding its warehouse capacity by more than 540,000 square feet. JVC America Inc. is a privately held, wholly owned subsidiary of JVC Americas Corp.
“The name change to JVC America Inc. is symbolic of Victor Company's commitment to the business and recognition that it has expanded well beyond optical media replication, which is an important piece of our business that continues to operate and consistently exceed customer expectations,” says JVC America Inc. Chief Operations Officer Ron Vangrov. “But our capabilities have evolved dramatically since we first started doing business in America 21 years ago. This name change reflects a turning point in our company’s history as we deliver broader, more customizable services to a growing variety of customers.”
Further diversifying its capabilities, JVC America Inc. recently acquired additional DVD molding lines, an offset printing system and new automated packaging lines for PlayStation® 3.
EXPANDING CAPACITY
JVC America Inc. will occupy the entire space at New Manchester Distribution Center, located two miles south of Interstate 20 on Camp Creek Parkway in Atlanta, for the creation and distribution of media products for a leading international publisher of interactive entertainment software products and creator of best-selling gaming products.
“As a company, we are extremely committed to quality for our customers, and this is an example of our dedication to filling a customer’s specific need,” Vangrov says. “The name change and capacity expansion both mark a pivotal point for JVC America Inc. to continue building its legacy of expectation-exceeding customer service.”
New Manchester Distribution Center is a freestanding distribution facility with easy access to both Interstate 20 and Interstate 285. Building features include an energy-efficient, T-8 lighting system, which helps to greatly reduce operating costs and energy expenditure. The lease agreement was made through ProLogis, the world’s largest owner, manager and developer of distribution facilities, with operations in 121 markets across North America, Europe and Asia.
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Monday, August 4, 2008
Verizon Wireless Continues to Expand and Enhance Georgia Voice and Data Network
PRNewswire/ -- Verizon Wireless, the company with the nation's most reliable wireless voice and data network, has completed a very aggressive quarter of network expansion and enhancement across Georgia. Year to date, Verizon Wireless added a total of 14 new cell towers, invested more than $105 million and executed the company's largest expansion in the companies history in Georgia with the launch of service in the Valdosta and Waycross areas.
The company continued to expand its Evolution-Data Optimized (EV-DO) third generation (3G) wide-area network Revision A (Rev. A). With the enhanced network, Georgians have even more ubiquitous access to Verizon Wireless' two prime services: BroadbandAccess and V CAST. With BroadbandAccess, customers can download a one Megabyte e-mail attachment -- the equivalent of a small PowerPoint(R) presentation or a large PDF file -- in about eight seconds and upload the same-sized file in less than 13 seconds. The company's V CAST multimedia services offer customers the ability to download full song tracks, play cutting-edge 3D games and stream video clips straight to their phones.
In the second quarter of 2008, coverage was enhanced and expanded in the following Georgia cities:
Americus, GA Two new cell sites enhance calling capacity and
in building service for the city center of
Americus including the residential and
commercial areas along US 280, US 19 and the
Sumter County Hospital.
Atlanta Upgrades to the high speed wireless broadband
(EVDO Rev A) service increased network capacity
in East Atlanta, East Cobb, top end of I-285,
Marietta, Alpharetta, Buckhead, Roswell,
Chamblee and Toco Hills areas.
Brooks, GA High speed wireless broadband service (EV-DO Rev
A) is now available for the town of Brookes,
southern Fayette County and in the residential
and commercial areas along Hwy 16 between
Sharpsburg and Griffin.
Carrollton, GA Network capacity was enhanced for downtown
Carrollton.
Conyers, GA Data capacity was enhanced along I-20 from
Lithonia to Conyers, specifically the Turner
Hill Road exit in Lithonia (Stone Crest Mall) to
the Salem Road exit east of Conyers. In
addition, a new cell site enhanced calling
capacity and in-building service south of
Downtown Conyers along Highway 138.
Forsyth, GA Network enhancements provide greater calling
capacity for the residential and commercial
areas of the city of Forsyth and I-75.
Griffin, GA New cell site enhances calling capacity and in
building service-level in the city of Griffin
including the residential and commercial areas
along US 441, Griffin-Spaulding County airport
and the Spaulding Regional Hospital.
Macon, GA Network enhancements provide greater calling
capacity in the residential and commercial areas
of the city of Macon, the Macon Mall area, I-475
and I-75.
McDonough, GA New cell site provides high-speed wireless
broadband (EVDO Rev A) coverage on Hwy 23 and I
75 southwest of the city, as well as enhanced
coverage and capacity along I-75 between Locus
Grove and McDonough.
Metter, GA Network enhancements provide greater capacity in
the residential and commercial areas of the city
of Metter and I-16.
Milledgeville, GA New cell site enhances calling capacity and in
building service-level in the city of
Milledgeville including the residential and
commercial areas along US 19, Georgia College
and State University and the Baldwin County
Hospital as well as the North Milledgeville
area.
Newnan, GA New cell site and network enhancements provide
greater calling capacity east of Newnan in the
area of the Summer Grove subdivision near Hwy 34
and in the area of Frontage Road along I-85 and
Lower Fayetteville Road and I-85. In addition,
high-speed wireless broadband service (EVDO Rev
A) expansion was completed along Hwy 34 between
I-85 and Thomas Crossroads.
Norcross, GA New cell site provides enhanced coverage an in
building high-speed wireless broadband service
(EVDO Rev A) along Jimmy Carter Blvd and
Rockbridge Road area. An additional new cell
site provides coverage enhancements along the
Chattahoochee Recreational Area at Jones Bridge.
Northeast Georgia Expansion of high-speed wireless broadband
service (EVDO Rev A) now extends from Helen to
the west, Rabun Gap to the north, down through
Clayton, Tallulah Falls and Clarksville to the
south.
Sandersville, GA New cell site enhances calling capacity and in
building service-level in the eastern portions
of Sandersville and Tennile including the
residential and commercial areas along GA 15, 24
and 242.
Savannah, GA Two new cell sites enhance calling capacity and
in-building service-level in the city center of
Savannah and Pooler including the residential
and commercial areas along I-95, Pooler Parkway,
Godley Station, Daffin Park and the Savannah
International Airport.
Senoia, GA Network enhancements provide greater capacity
and in-building coverage of high-speed wireless
broadband service (EVDO Rev A) in the town of
Senoia, southeast Coweta County and in the
residential and commercial areas along Hwy 16
between Sharpsburg and Griffin.
Suwanee, GA Two new cell sites enhance coverage between I-85
and 316, along Hwy 317 (Lawrenceville Suwanee
Road), and at the intersection of McGinnis Ferry
and Old Atlanta Roads.
Wrightsville, GA New cell site enhances calling capacity and in
building service-level in the city of East
Dublin including the residential and commercial
areas along US 319, US 80, GA 29 and 86.
In addition, now residents, businesses and travelers along I-16 -- from Macon to Savannah, Savannah to Augusta, and Augusta to Macon, have seamless high speed Broadband Access data coverage all along their routes. In south Georgia, the company completed its largest single launch of the Verizon Wireless voice, National Access data, and Broadband Access data network in this state, from the eastern edge of Thomas County, northeast through Bacon County, southeast through Charlton and Camden Counties and everywhere in between.
"Wireless customers throughout Georgia continue to demand the best -- and Verizon Wireless is committed to continue doing everything we can to deliver it. We'll continue to focus on meeting our customers' growing wireless needs by delivering on our brand promise -- the best, most reliable wireless network," said Jeff Mango, President Verizon Wireless Georgia/Alabama Region. "The developments and investments we undertook in the second quarter of 2008 are in direct response to the remarkable growth in the demand for our wireless service."
The company's continued investment in Georgia is part of Verizon Wireless' ongoing effort to expand coverage, improve capacity and enhance the quality of its wireless voice and data network throughout the country. Verizon Wireless has invested more than $40 billion -- $5 billion on average every year -- since the company was formed to increase the coverage and capacity of its national network and to add new services. Other examples of company leadership include being first to offer nationwide plans with unlimited calling and the only provider to offer a 30-day network Test Drive pledge that pays for calls if a customer isn't satisfied and switches to another carrier.
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Monday, July 14, 2008
Scott Tigchelaar, President, Riverwood Studios Featured Speaker at Chamber's Early Bird Forum
The Newnan-Coweta Chamber of Commerce will feature Scott Tigchelaar, President of Riverwood Studios, at its upcoming Prosperity Happens Here Series Early Bird Forum on Tuesday, July 22 at 7:45 a.m. at the Central Educational Center. This month’s emcee is Rod Griffith with Griffith Financial Group. Admittance to the Forum is $15 for Chamber members and $20 for nonmembers and includes breakfast. There is a networking time from 7 – 7:30am.
Scott Tigchelaar and Riverwood Studios have played two lead roles for Coweta County. For starters, Riverwood offers state-of-the-art production facilities in Senoia to attract Georgia’s growing film industry. But an added attraction is Riverwood’s involvement in their role of Historic Development Ventures (affiliated with Riverwood Studios) in preserving and revitalizing downtown Senoia as both a vibrant 21st Century town center and an authentic early 20th century movie set. Riverwood offers a great example of how modern technology and historic preservation add up to economic prosperity, which earned them a 2008 Prosperity Award from the Chamber.
The Early Bird Forum is a monthly Chamber event that provides networking opportunities and eye-opening information from business leaders throughout Coweta County. To RSVP, contact the Chamber at 770-253-2270 or info@newnancowetachamber.org. The deadline to make a reservation is Friday, July 18th by 5pm.
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Tuesday, June 10, 2008
Reactor Watch Teams With Dillard's And Country Stars Montgomery Gentry For National Promotion Kicking Off June 10th
Southern California-based REACTOR, maker of the world's most durable and progressive sport watches, today announced a new partnership with retail giant Dillard's and country music superstar duo Montgomery Gentry. The partnership will feature a joint radio and in-store promotion, which kicks off today at a joint press conference in Nashville, coinciding with Columbia Nashville's release of Montgomery Gentry's seventh album, Back When I Knew It All.
"When Dillard's learned that Troy Gentry was a watch collector, we arranged to get him a Reactor, which he loved and started wearing regularly," said Reactor Founder and President, Jimmy Olmes. "We later supplied watches to the band for a video shoot, and when we heard that they had a new album coming out in June, we formulated the idea to do this ambitious promotion."
The promotion will include life-size standees of Montgomery Gentry in all Dillard's that sell Reactor, door decals, aisle posters and signage in the watch department. Dillard's will also be selling Back When I Knew It All at all Reactor Watch counters and offer watches for sale at select Montgomery Gentry concerts. In the 24 regions where Montgomery Gentry has tour stops, Dillard's will also host lotteries at the Reactor Watch counters for tickets to the duo's concerts. Entries will also enter customers in a drawing for a Grand Prize to include a $500 Dillard's Gift Card, a pair of Reactor diamond Fusion watches valued at over $5,000 and a special prize provided by Montgomery Gentry.
"We are extremely proud to offer this new release from a leading artist in our stores this summer," said Dillard's Vice President Kay White. "And, we're thrilled that Montgomery Gentry will make personal appearances at three Dillard's locations to do autograph signings and meet with our customers."
The promotion will be backed by a multimedia advertising campaign to include print, online and, in conjunction with Sony BMG and Columbia Records, a massive radio promotion to support the release of the CD, the concert tour, and additional Grand Prize drawings. For the radio promotion, Reactor will supply 200 watches, along with concert tickets, to listeners in select markets across the country. Reactor and Dillard's will supply 200 $25 gift cards and four additional Grand Prizes to be given away by the radio networks and as part of an online promotion which will send traffic to a joint Dillard's-Reactor-Montgomery Gentry website to register to win.
"This is definitely a 'win-win-win' proposition for us and our esteemed partners, and should bring a great deal of new attention to the Reactor brand and Montgomery Gentry's exciting new studio album release," added Olmes. "We're also pleased that both Eddie and Troy selected Reactor product, and that the watches were worn during Montgomery Gentry's most recent television performance at the Academy of Country Music Awards show broadcast from Las Vegas."
For more information on Reactor's current line, or to find a dealer, visit www.reactorwatch.com or call 800-291-6600.
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Friday, June 6, 2008
Chamber “Networking at Noon” This Wednesday
The Newnan-Coweta Chamber of Commerce’s monthly “Networking at Noon” event will be held this Wednesday, June 11 at the Chamber. Networking at Noon features a series of “speed networking” sessions that give Chamber members and others the opportunity to quickly make connections with other businesspeople throughout Coweta County, share information about their businesses, and learn about other resources in our area.
Networking at Noon registration begins at 11:45am and includes lunch. “Speed networking” begins promptly at 12 Noon. The cost is $15.00 for Chamber members and $20.00 for non-members. To RSVP, contact the Chamber at 770-253-2270 or info@newnancowetachamber.org.
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Wednesday, May 28, 2008
Hampton Inn - Newnan to Host Chamber’s “Business-After-Hours”
Hampton Inn - Newnan will host the Newnan-Coweta Chamber of Commerce’s monthly “Business-After-Hours” event from 5:00 to 7:00 p.m. on Thursday, June 5.
Business-After-Hours is an event, which gives Chamber members an informal opportunity to meet and learn about one another and the businesses that serve Coweta County. Hampton Inn – Newnan is located at 50 Hampton Way and this month’s theme is “Summertime Barbeque.”
Attendance at Business-After-Hours is free of charge. To RSVP, contact the Chamber at 770-253-2270 or info@newnancowetachamber.org.
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Thursday, May 8, 2008
CEO of Dow Corning Corporation Will Address Local Businesswomen
Dr. Stephanie Burns, Chairman, President and CEO of Dow Corning Corporation will be in Newnan on Monday May 12, 2008 to address the inaugural meeting of the Executive Women’s Forum, a new program of the Newnan-Coweta Chamber of Commerce.
Dr. Burns will speak at 12:00 noon at the Newnan Country Club, and will share her unique perspective, honed from her years of experience as a female executive rising through the corporate ranks to become the leader of a global enterprise with more than 25,000 customers and 7,000 products and services worldwide. After beginning as a laboratory researcher with Dow Corning in 1983, Dr. Burns moved to leadership positions in the company both in the United States and abroad before returning to the U.S. to become executive vice president in 2000. She was elected president and chief operating officer in 2003, CEO in 2004, and chairman in 2006.
The Executive Women’s Forum is designed to provide leadership and networking opportunities for Coweta County’s female business leaders, and to enhance and increase the professional, political and economic power of executive and professional women.
Attendance at Dr. Burns’ presentation is by invitation only.
To learn more about the Executive Women’s Forum, contact the Chamber at 770-253-2270 or info@newnancowetachamber.org.
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