Business Digest: Firm plans $12M regional office in Round Rock


ECONOMIC DEVELOPMENT

Firm plans $12M regional office in Round Rock

An Indianapolis-based company plans to open a $12 million regional headquarters office in Round Rock.

Performance Services, an engineering firm that specializes in building and renovating municipal, health care and education facilities, has purchased 16 acres for a 60,000-square-foot Texas corporate office. Performance Services has operations throughout the Midwest and Texas.

The firm expects to break ground in April 2017 and complete the project in the first quarter of 2018.

Tim Thoman, Performance Services president and founder, said the office will enable the company “to more easily add staff rapidly as we grow.”

The company expects to add five jobs in 2017 and ramp up to as many as 70 jobs within five years.

John Scoblick and Alecia Burdick with Savills Studley and Indianapolis consultant Ron Foster of Reliant Partners represented Performance Services in the land transaction.

ECONOMY

ECB aims to keep current level of stimulus

FRANKFURT, Germany — European Central Bank head Mario Draghi has indicated that the bank will look for ways to maintain the current supply of monetary stimulus at its next meeting, on Dec. 8.

Draghi said Monday in the European Parliament that the bank’s leadership “will assess the various options that would allow the governing council to preserve the very substantial degree of monetary accommodation necessary” to raise inflation toward the bank’s goal of just under 2 percent.

The central bank is to discuss whether to extend its 1.77 trillion euros ($1.87 trillion) in bond purchases, a stimulus program that pumps 80 billion euros per month into the economy of the 19 countries that use the euro as their shared currency.

The earliest end date for the program is March, 2017. The ECB may face difficulties in finding enough bonds that meet its purchasing requirements; Draghi has said bank committees are working on ways to continue the smooth implementation of the program.

AIRLINES INDUSTRY

Trade body: Boeing offered illegal tax breaks in U.S.

GENEVA — U.S. plane maker Boeing received major illegal tax breaks from Washington state, a world trade body ruled Monday, adding that the federal government should take action to end that support within months.

The Chicago-based company and the European Union, which backs Boeing’s key European rival Airbus, both claimed the ruling by the World Trade Organization as a victory in a longstanding battle for contracts between the two aerospace giants.

The WTO found that the support Washington state promised to give Boeing from 2024 to 2040 amounted to “prohibited” subsidies. The support offered by Washington came on condition that Boeing keeps the production of the wings for the wide-bodied 777X plane in the state, effectively excluding foreign competition. Boeing has extensive plants around Seattle.

The 28-member bloc said the WTO had ruled that $5.7 billion in subsidies were illegal, out of a total $8.7 billion in measures that it reviewed. But Boeing called that figure excessive and said only “future incentives” of $50 million a year were found impermissible in the WTO decision.

CLOTHING INDUSTRY

Fruit of the Loom CEO dies at age 68

BOWLING GREEN, Ky. — Fruit of the Loom Inc. says Rick Medlin, its president and CEO for the past six years, has died. He was 68.

The company announced in a statement that Medlin died Sunday of natural causes at his home in South Carolina. He had led the Bowling Green, Kentucky-based Fruit of the Loom since August 2010. The company has locations in 17 countries around the world and employs nearly 30,000 workers.

The statement called Medlin a “sincere and principled leader” who was proud of the company’s progress over the last six years.

Fruit of the Loom Inc. is a Berkshire Hathaway company that designs and manufactures family apparel, underwear, and athletic apparel and equipment.

The company says it will name an interim CEO soon.


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