TECT Aerospace will consolidate its Woodinville and existing Everett operations at a new site in Everett, the company said Wednesday. “This is a great opportunity for TECT Aerospace to consolidate operations in the Seattle area into a single, lean manufacturing facility that can support the future growth needs of our customers,” said Pete Knapper, president of TECT Aerospace, in a statement. “It also reaffirms our long-term commitment to manufacturing in the Seattle area.” TECT, an aerospace component manufacturer, said it has entered into a lease, with an option to buy, of a new manufacturing building in Everett. The new facility, which is about 157,000 square feet, is located at 1515 75th St. SW. The company said the move won’t add jobs.
Postal Service drops retirement payments
The financially troubled Postal Service is suspending its employer contribution to the Federal Employee Retirement System. The agency said Wednesday it is acting to conserve cash as it continues to lose money. It was $8 billion in the red last year because of the combined effects of the recession and the switch of much mail business to the Internet. It faces the possibility of running short of money by the end of this fiscal year in September. “This move underscores the need for Congress to make bold, quick and substantive reforms to the Postal Service,” said Art Sackler of a group representing private sector mailing.
FedEx predicts growth this year
FedEx Corp. expects the global economy to hit a higher gear later this year as fuel prices retreat from three-year highs and the Japanese economy recovers. The Memphis, Tenn., company is considered a bellwether of global economic health among analysts and economists because it ships a wide variety of goods. Its financial performance reflects the ups and downs of business and consumer spending. In the company’s fiscal fourth quarter, FedEx said it overcame lofty diesel and jet fuel bills to post a 33 percent increase in profits.
Hedge funds to get closer scrutiny
Hedge funds will face closer scrutiny under rules being approved Wednesday that seek to protect investors from risky trades and prevent another financial crisis. The rules were mandated under the financial overhaul law passed last year. They require hedge funds and private equity funds to open their books to periodic inspections by the Securities & Exchange Commission. They also force the funds to disclose information about their operations, finances and investors. Hedge funds are lightly regulated investment pools that collect money from pension funds, endowments and wealthy individuals. They use complex trades to seek big returns. Private equity funds focus on buying and reselling companies. The SEC is expected to adopt the rules at today’s meeting.
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