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March 19 – Savannah Area Business Buzzzzzzzz

March 19 – Savannah Area Business Buzzzzzzzz

Georgia economic development leaders had two good announcements last week: Denmark-based Dinex Group plans to open a manufacturing plant in Dublin-Laurens County. The automotive emissions control and exhaust manufacturer will create 250 jobs and invest $15 million in this operation.  “Automotive suppliers are leading the way for the manufacturing rebound in Georgia and we have companies such as Dinex to credit for that,” said Governor Deal. “Our state is uniquely equipped to help manufacturers compete globally, so I am especially glad to welcome this company to Georgia. The company specialized in products for the heavy-duty diesel engine and vehicle industry. The company’s Dublin facility will be its first in the United States and will produce exhaust and emission systems for the off- and on-road markets for diesel engines in North America. Dinex’s customers include Caterpillar, Carrier, John Deere, Case New Holland and Volvo.

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And, CHEP USA, the industry leader in pallet and container pooling solutions and a part of Brambles Limited, will relocate its headquarters to Dunwoody. The company plans to bring 173 jobs to the new facility over the next five years. CHEP manages pallet and container supply chain logistics for its customers in the consumer goods, produce, meat, home improvement, beverage, raw materials, petro-chemical and automotive industries, partnering with a myriad of companies to develop pallet and container management solutions that ensure reduced product damage, offer enhanced delivery efficiencies, eliminate waste and reduce supply chain costs. CHEP expects the facility to be operational by the fall of 2012 and is actively recruiting for open positions in the Atlanta area.

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A recent Golf World survey of TOUR players named Harbour Town as No. 2 in their “Top 10 PGA TOUR Courses,” placing the Pete Dye masterpiece just behind Augusta National. This marks the debut of Heron Point by Pete Dye on the coveted list – giving the Lowcountry destination two of the top 10 layouts in the golf-rich Palmetto State. The 7,103-yard combination of short and long holes lie between newly-created lagoons and centuries-old live oaks. All the Dye signature elements are present – sprawling waste bunkers, railroad ties, fairway mounding and risk / reward greens – creating a classic 18, according to Cary Corbitt, Director of Sports Division of Sea Pines Resort. The Sea Pines Resort also recently received a “Gold Medal” in GOLF Magazine’s 2012-13 edition of “Premier Resorts.”

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Big brother – the FDIC – definitely has its eye on banks, large and small. The FDIC sent a memo to all banks today reminding them about the guidelines regarding the copying and removal of confidential financial institution information. “The FDIC has observed a limited number of instances in which directors and officers of troubled or failing institutions have made copies of financial institution and supervisory records, and removed those copies from the institution in anticipation of litigation or enforcement activity against them personally. This is a reminder to directors and officers that this activity is a breach of their fiduciary duty to the institution and an unsafe and unsound banking practice, which may also violate applicable laws and regulations and contravene the financial institution's information security program. Attorneys who represent an insured depository institution are also reminded that their fiduciary duty, both legally and ethically, obligates them to act in the best interests of the institution. The FDIC will investigate any matter that appears to violate confidentiality and pursue enforcement actions, as appropriate,” it said. And, it added that this applies to community banks, as well.

There are years of litigation ahead where the FDIC is suing bank officers and board members of failed institutions, trying to recover the taxpayers’ money.

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