Chinese carmaker to revive MG brand at plant in Okla.
Oklahoma City – The MG, which gained a reputation in the 1960s as a good-handling, affordable English sports car, will take on a new life under a Chinese company that wants to resurrect the automotive brand in hopes of appealing to a new generation of car buyers.
Nanjing Automobile Corp., China’s oldest carmaker, announced Wednesday plans to locate a manufacturing facility and parts-distribution center for the car at the Ardmore Airpark in south-central Oklahoma. It would be the first Chinese automotive plant in the United States.
In formalizing an announcement the company made earlier Wednesday, Duke Hale, chairman and chief executive of Nanjing’s MG Motors North America/Europe Corp., said the strength of the MG brand name will help sell the sporty vehicle.
“Owners clubs and enthusiasts are all about the brand,” he said. “They are all about driving an MG.”
A version of the MG was produced in England until 2005, when MG Rover collapsed. There has not been a new version of the MG sold in North America in 26 years.
MG Motors plans to offer a full range of sports cars and sedans.
The Oklahoma plant will produce a newly designed TF Coupe. The rear-wheel-drive two-seater was designed by MG’s former owners but never built.
DENVER
Janus Capital plans to merge two funds
Janus Capital Group plans to merge its Olympus Fund into its Orion Fund effective Oct. 20, according to a filing this week with the U.S. Securities and Exchange Commission.
The move, which must be approved by shareholders, is being made in an effort to reduce fees for investors and because the funds share the “same investment objective and share similar strategies,” the filing stated.
Both the $2.2 billion Olympus and the $1.01 billion Orion are run by Ron Sachs, a Janus employee since 1996.
ASPEN
Busy prince offers digs at record price
The 95-acre Aspen getaway of Saudi Prince Bandar is up for sale for $135 million, which could set a U.S. record, according to published reports.
Real estate agent Joshua Saslove said in a statement to The Aspen Times and the Aspen Daily News that Bandar’s 15-bedroom, 16-bathroom, 56,000- square-foot mansion – complete with a racquetball court, indoor pool and outdoor water features – is up for sale because the prince is too busy to enjoy his mountain palace.
GRAND JUNCTION
BLM tries to catch up on drill-rig checks
Beset with unfilled positions for much of the past year, the Bureau of Land Management is working to catch up on drill-rig inspections across Colorado.
Environmental organizations, however, say they fear the agency can’t keep pace with the fast-growing ranks of drill rigs in the region, even though it is now nearly at full staff.
The pressure on the agency would increase even more if Congress requires the BLM to process drill-permit applications within 10 days, industry critics said.
IGNACIO
Southern Ute tribe to open hotel-casino
The Southern Ute Indian tribe is proceeding with plans to develop a 45,000-square-foot casino north of Ignacio.
The casino will feature a 150-room hotel, 700 slot machines, 20 table games and a 24-lane bowling center. The casino is expected to open in the spring of 2008.
GREENWOOD VILLAGE
First Data will buy Peace Software
Greenwood Village-based First Data Corp. announced Wednesday it has agreed to acquire Peace Software for an undisclosed price.
Peace, based in Miami, Fla., develops software used by utility companies to manage billing and customer care. First Data said the deal is expected to close later this quarter.
LA JUNTA
Chairman of Oliver picks up pickle plant
Geoff Burney, chairman and majority owner of Oliver Manufacturing Co. in Rocky Ford, has purchased the former Bay Valley Foods pickle plant in La Junta for $2.1 million.
Burney will lease the facility to Oliver, which manufactures agricultural equipment, said Brian Burney, Oliver’s president. Oliver will move 35 employees from four different facilities to the Bay Valley plant.
TreeHouse Foods of Dallas closed the pickle plant and distribution center as part of a company-wide reorganization in March.
LITTLETON
IPO of Ascent Solar raises $16.5 million
Ascent Solar Technologies, a Littleton-based company developing technology that uses space satellites to convert sunlight into electricity, raised $16.5 million through an initial public offering Wednesday.
The company priced 3 million shares at $5.50 apiece, a figure in the middle of the expected range. Shares, which trade on the Nasdaq Capital Market under the ticker ASTIU, closed at $5.26.
NEW YORK
Publisher Gannett reports earnings drop
Gannett Co., the largest newspaper publisher in the country, reported an 8.3 percent decline in second-quarter earnings Wednesday.
Gannett, which publishes 90 daily newspapers in the United States including USA Today, the largest-selling daily, earned $310.5 million, or $1.31 per share, in the 13 weeks ending June 25, down from $338.6 million, or $1.37, in the comparable period a year ago.
WASHINGTON
Fed official concerned about retailer banks
A Federal Reserve official raised concerns Wednesday about nonfinancial companies such as Wal-Mart and Home Depot establishing banks.
Legislation to block such arrangements has been moving forward in the House. The two retailers are among 14 companies awaiting approval from the Federal Deposit Insurance Corp. to establish what is called an industrial loan corporation, or ILC.
SEATTLE
Boeing predicts fleets will double by 2025
Boeing Co. is projecting that airlines will need $2.6 trillion worth of new commercial jets over the next 20 years, enough to double the worldwide fleet of passenger and cargo planes to nearly 36,000 by 2025.
