Source: Governor’s office, April 22, 2009 Governor Jim Douglas has welcomed a Quebec-based transformer manufacturer opening a factory in Vermont. The firm estimates it will create 16 jobs this year and up to 43 workers by the end of 2011. In a ceremony at the company s new facility in the St Albans Industrial Park, the governor introduced BEMAG Transformers, Inc and celebrated the company s selection of Vermont for their expansion project. The state used $267,569 in incentives to lure the Canadian firm to Vermont, as well as $106,000 for training, and VEDA financing of $718,000. It is gratifying to see a world-class manufacturer appreciate the value of locating in Vermont, particularly one from our largest trading partner, Douglas said. This is another example of our state competing successfully for the jobs of the 21st century, and we look forward to helping Vermont Transformers grow and prosper here.BEMAG Transformers manufactures dry-type electrical transformers at a facility in Farnham, Quebec, but was nearing production capacity at that plant as it moved forward with plans to expand its share of the North American transformer market. As part of our due diligence, we explored potential expansion in Farnham; investigated locations in western Canada; and spoke with officials in New York, said Christian Roberge, Vice President and CFO of BEMAG Transformers. But the job creation and workforce training incentives Vermont offered helped seal the deal, Roberge said. Our new company, Vermont Transformers, Inc. will allow us to significantly expand our Canadian market share and to bring our quality products into the billion-dollar U.S. market.Vermont economic development officials began working with BEMAG in the fall of 2008. After several meetings in Vermont and Quebec, an incentive package including Green VEGI incentives totaling $267,569 and $106,000 in employee and manufacturing efficiency training from the Vermont Training Program were approved. The Vermont Economic Development Authority (VEDA) also approved $718,000 in financing assistance.BEMAG has established a U.S. entity called Vermont Transformers, Inc. which will lease the 23,000 square-foot former Vestshell building with the option to purchase in the near future.The new facility will employ innovative manufacturing practices and equipment developed and built in-house by BEMAG engineers, enabling greater efficiency and reliability. Several million dollars will be invested in facility fit-up and machinery and equipment, and operations will begin with a single shift and the possibility of expanding to multiple shifts once production ramps up.Under reforms proposed by Governor Douglas in 2006 and passed by the General Assembly, the VEGI economic incentives are authorized based on job creation and capital investments that must occur before the company earns the incentives and then the company receives incentive installments over a period of years.Vermont Transformers is eligible to earn a maximum of $267,569 in job creation incentives over three years only if they meet and maintain payroll, employment and capital investment targets each year. The incentives would then be paid out over a total of seven years, if the jobs are maintained.The Vermont Economic Progress Council approved the application late last month after reviewing nine program guidelines and applying a rigorous cost-benefit analysis which showed that because of the economic activity that will be generated by this project, even after payment of the incentives the State will realize a positive net increase in tax revenues over five years.The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the Governor that considers applications to the state s economic incentive programs.The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.For more information, visit:www.thinkvermont.com/vepc(link is external)Or:www.vermonttransformer.com(link is external) ###
8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Millennials are the largest generation in world history, numbering 80 million and commanding $1.3 trillion in direct annual spending in the U.S. alone. These consumers (where many define the oldest as 35 years old) represent a surprisingly diverse financial services segment, with varied needs and behaviors. This segment is more digitally focused than any previous generation, with connections to financial organizations reflecting their comfort with the App economy.To connect with this segment that has increasing financial clout, it is important for both traditional banking organizations and fintech start-ups to build digital experiences that are seamless, well-designed and integrated with this segment’s lifestyle. For a deeper look into how financial organizations can better serve the Millennial segment, Oracle surveyed more than 4,500 consumers across 9 markets – Brazil, Canada, China, France, Germany, India, Japan, UK and the U.S. in their report, “The Millennial Migration: How Banks Can Remain Relevant In Their Decision-Making Eco-System.”Millennial Segment DiversityOracle divided Millennials into four sub-segments: Young Millennials (aged 18-21), Middle Millennials (aged 22-25), Mature Millennials (aged 26-30), and Grey Millennials (aged 31-45 years old). These age-based segments provided better insights into the differences in use of and reliance on different financial services providers. continue reading »
BASSETERRE, St Kitts, (CMC) – Barbados Pride pushed for an improbable win but came up short as all-rounder Rahkeem Cornwall once against proved the difference, ensuring Leeward Islands Hurricanes got the better of the exchanges in their drawn opening round Regional Four-Day contest here yesterday.Set 305 for victory off a minimum of 76 overs, Pride tested the Hurricanes’ mettle through half-centuries from Anthony Alleyne who made 84, Shamarh Brooks who stroked 59 and Test batsman Roston Chase, who was unbeaten on 51, before ending the final day at Warner Park on 235 for five.Cornwall captured four for 101 to follow up his first innings five-wicket haul, as he finished with match figures of nine for 218.The 23-year-old West Indies A player had earlier lashed his second half-century of the game with a top score of 60, allowing Hurricanes to declare their second innings on 164 for six just inside the first hour.Montcin Hodge made 53 while Test left-arm spinner Jomel Warrican picked up three for 31.Hurricanes walked away with 8.8 points for their efforts while Pride picked up six.Starting the day on 89 for five, Hurricanes flourished through an 82-run sixth wicket stand between Cornwall and Hodge.The hard-hitting Cornwall, who made 84 in the first innings, smashed three fours and four sixes off a mere 51 balls while Hodge opted for the anchor role, facing 184 deliveries and counted two fours.Faced with a difficult hour before lunch, Pride lost Omar Phillips lbw to Cornwall off just the fourth ball of the innings as they reached the interval on 39 for one.Afterwards, Alleyne spearheaded two partnerships which put Hurricanes under pressure, and gave Pride an outside chance of overhauling their target.The 23-year-old left-hander, who faced 199 deliveries in 3-¾ hours at the crease and struck 14 fours, put on 110 for the second wicket with Brooks before adding a further 61 for the third wicket with Chase.Cornwall broke the stand when he had Brooks caught at short-leg, after the right-hander faced 126 balls and counted five fours, but Alleyne found an ally in Chase to keep Pride’s bid alive.With triple figures beckoning, Alleyne was lbw to one from Cornwall which kept low, and his dismissal triggered a slide which saw three wickets tumble for 24 runs as captain Kevin Stoute (6) and Kenroy Williams (4) both fell cheaply.With Pride’s challenge having fizzled, Chase took the time to notch his 13th first class half-century in a 34-run sixth wicket stand with Justin Greaves who made 21 not out, before both teams shook hands.HURRICANES 1st Innings 377Pride 1st Innings 237Hurricanes 2nd Innings(overnight 89 for five)*K Powell run out 2K Carty lbw b Roach 1M Hodge not out 53C Hughes c Stoute b Charles 28N Bonner st Rampersaud b Warrican 11+J Hamilton b Warrican 0R Cornwall st Rampersad b Warrican 60Extras (b8, lb1) 9TOTAL (6 wkts decl., 56 overs) 164Fall of wickets: 1-11, 2-13, 3-65, 4-82, 5-82, 6-164.Bowling: Roach 7-0-27-1, Chase 4-0-15-0, Williams 7-1-19-0, Charles 12-4-25-1, Warrican 17-8-31-3, Stoute 9-2-38-0.PRIDE 2nd Innings (target: 305 runs)O Phillips lbw b Cornwall 6A Alleyne lbw b Cornwall 84S Brooks c Hodge b Cornwall 59R Chase not out 51*K Stoute c Carty b Bonner 6K Williams lbw b Cornwall 4J Greaves not out 21Extras (lb4) 4TOTAL (5 wkts, 80 overs) 235Fall of wickets: 1-6, 2-116, 3-177, 4-192, 5-201.Bowling: Cornwall 35-3-101-4, Tonge 5-4-4-0, Bonner 15-1-46-1, Boatswain 8-2-40-0, Walsh 6-0-13-0, Powell 5-4-2-0, Hughes 1-0-7-0, Taylor 5-1-18-0.Points: Hurricanes 8.8, Pride 6.Man-of-the-Match: Rahkeem Cornwall.