an estimated $10 million.
The company will be seeking federal health-care tax credits and other state and local revenue incentives over the next three years to help fund its operations as well as new initiatives.
The plan also notes the startup is expecting some new employees to enter the workforce by the end of the year.
“We are thrilled to announce the successful closure of our manufacturing site in Portland, Oregon, and the move of our company’s products to our state-of-the-art facility located in the heart of Southern California,” CEO Jeff Dahn said in a prepared statement. “We have worked hard to achieve this remarkable milestone and look forward to a successful future together.”
In Oregon as well as Michigan, it’s unclear from the filing how long the company expected to stay and whether it would seek state incentive programs to help it continue to operate the facility.
In a news release this week, the company said it expects to add at least 500 new jobs in California by the end of 2015.
“The expansion will drive long-term positive revenue and cash flow for our existing business and give us even more flexibility that allows us to accelerate product development and product production as demand increases,” Dahn said in another company news release.
“In addition, we will be hiring even more people to meet future demand. We will create at least 50 new full-time jobs at the new production footprint,” he told The Oregonian/OregonLive.
As for what may happen to the current locations in Oregon and Michigan, the company said they will be vacated by the end of March.
In August, Wal-Mart Stores Inc. announced plans to close 50 U.S. stores and cut more than 1,000 jobs, part of a major reorganization effort aimed at improving its performance and business.
The company said the store closures come as it makes a full-year investment to improve its inventory management and supply chain.
— Mike Rogoway
@rogowayLiam Fox has urged the Government to back David Cameron’s call for “fast and decisive” action to protect the EU’s passport-free travel regime after it emerged there has been “nothing whatsoever” done to support the British travel agent industry.
The International Trade Secretary also warned that the EU was “very capable” of blocking a British access deal after it leaves.
Mr Fox’s intervention follows fresh warnings from the Treasury that the UK should be willing to quit the single market if it cannot secure access to it.
Labour has said the EU needs to be ready to go it alone, and is promising to hold a vote of confidence in the Prime Minister in the spring.It took me a while, but I got around to putting up my review of the XS Maxx (full disclosure, it’s an OLD review, dated January 2016), because it’s a gorgeous lens that would look good on a variety of cameras, and for some use cases it would be awesome. I had a chance to test it on an older Samsung smartphone I have, which has an odd shape and has to be held at an odd angle: it’s almost as though they made it to accommodate this lens. The XS Maxx has an F2.4 maximum aperture which results in an F-Stop of f/
an estimated $10 million.