Published: Sunday, November 1, 2009
Biz week
S.C. gets 2nd 787 line
The Boeing Co. chose North Charleston, S.C. for the second production line for the 787 jet, saying it offered lower costs and more labor stability than Everett. The state of South Carolina added some tax breaks for aerospace companies and the work force at Boeing’s new plant there had earlier dumped its union. Workers in South Carolina are paid an average of $14 an hour, about half the amount paid members of the Machinists union in Everett. Northwest Machinists had offered the company a no-strike agreement, but it wasn’t long enough and didn’t come soon enough, Boeing officials said.
Tanker concerns: Northrop Grumman officials say the latest description of what the Air Force is looking for in a new refueling tanker appears to favor its bidding rival, the Boeing Co. Northrop, which is pairing with Boeing rival EADS, suggested that the Air Force is placing cost over capabilities. It said it might not bid for the $35 billion contract if things aren’t changed. Earlier last week, Rep. Norm Dicks, D-Wash., suggested the draft request for bids favored Northrop.
Frontier posts loss: Frontier Financial Corp., the parent company of Frontier Bank based in Everett, recorded a $141 million loss in the third quarter. Bank officials continue to search for a merger bank with deep cash pockets to help it ride out losses that stem from a series of bad loans in construction and real estate. Bank officials said the number of such loans is decreasing.
Contractor pleads guity: Mark Standley of Marysville, owner of Master’s Touch Drywall, pleaded guilty to felony theft of sales taxes and worker’s compensation fraud in Snohomish County Superior Court. He promised to pay more than $2.1 million in restitution.
Mike Benbow, Herald Writer
The Boeing Co. chose North Charleston, S.C. for the second production line for the 787 jet, saying it offered lower costs and more labor stability than Everett. The state of South Carolina added some tax breaks for aerospace companies and the work force at Boeing’s new plant there had earlier dumped its union. Workers in South Carolina are paid an average of $14 an hour, about half the amount paid members of the Machinists union in Everett. Northwest Machinists had offered the company a no-strike agreement, but it wasn’t long enough and didn’t come soon enough, Boeing officials said.
Tanker concerns: Northrop Grumman officials say the latest description of what the Air Force is looking for in a new refueling tanker appears to favor its bidding rival, the Boeing Co. Northrop, which is pairing with Boeing rival EADS, suggested that the Air Force is placing cost over capabilities. It said it might not bid for the $35 billion contract if things aren’t changed. Earlier last week, Rep. Norm Dicks, D-Wash., suggested the draft request for bids favored Northrop.
Frontier posts loss: Frontier Financial Corp., the parent company of Frontier Bank based in Everett, recorded a $141 million loss in the third quarter. Bank officials continue to search for a merger bank with deep cash pockets to help it ride out losses that stem from a series of bad loans in construction and real estate. Bank officials said the number of such loans is decreasing.
Contractor pleads guity: Mark Standley of Marysville, owner of Master’s Touch Drywall, pleaded guilty to felony theft of sales taxes and worker’s compensation fraud in Snohomish County Superior Court. He promised to pay more than $2.1 million in restitution.
Mike Benbow, Herald Writer
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• Marysville • Financial & Business Services • Locally Based Company • 787 • Machinists • TaxesComments
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