Mannington Mills to create 200 jobs in Morgan County
Mannington Mills, a manufacturer of luxury vinyl tile, will invest $50 million to expand its operation in Morgan County and create an additional 200 jobs over the next four years, Gov. Nathan Deal announced Thursday.
Mannington Mills will build a 550,000-square-foot facility in Madison to house additional manufacturing and distribution operations. This is the second expansion in the course of a year in Morgan County.
“It’s very exciting to be announcing this next expansion project, which will be the largest in Mannington’s history,” said Mannington Mills President and CEO Russell Grizzle.
Mannington Mills, Inc., based in Salem, N.J., employs approximately 2,200 people around the globe.
Atlantic Coast Financial reports quarterly profit
JACKSONVILLE — Atlantic Coast Financial Corp. (NASDAQ: ACFC), the holding company for Atlantic Coast Bank, has reported earnings per share of $0.03 for the third quarter ended Sept. 30, maintaining a profitable trend that started in the first quarter.
“We are pleased to report continued momentum in our business, as reflected by our third consecutive quarterly increase in earnings per share, as well as sequential growth in quarterly net income over the past nine months,” said John K. Stephens, Jr., president and CEO.
Net income improved to $0.5 million or $0.03 per diluted share during the quarter ended Sept. from a net loss of $0.9 million or $0.38 per diluted share for the year-earlier quarter.
Net income improved to $0.9 million or $0.06 per diluted share for the nine months ended Sept. 30 versus a net loss of $4.5 million or $1.81 per diluted share for the same period in 2013.
Tampa firm buys Savannah outlet center
A Tampa-based investment firm, Validus Group, has closed on a 133,000 square-foot shopping center in Savannah, located just off Interstate 95 at the exit for Highway 204.
The property, The Shoppes of Savannah, formerly known as Savannah Festival Outlet Center, was acquired from South Florida lender LNR Partners LLC for $4.65 million.
The Shoppes of Savannah is anchored by tenants Bealls Outlet, Rack Room Shoes, Carter’s and Dress Barn. Validus said it plans to invest the necessary capital and resources to revitalize the shopping center.
“As our first acquisition outside of Florida, we see this center as being critical to our expanding presence throughout the Southeast,” said Validus spokesman Steve Montalvo.
With its latest acquisition, Validus Group has added more than 300,000 square-feet of retail space to its portfolio in the last two weeks.