Aerospace employment in Los Angeles County dropped by 3,000 jobs, or about 6 percent, to 51,000 between 2014 and 2016, according to a report released Monday from the Los Angeles County Economic Development Corp.
Most of the job losses were in aircraft manufacturing, which fell by 2,200, due in part to the closing of Boeing Co.’s Long Beach plant which built the C-17 Globemaster III cargo plane. That resulted in about 400 layoffs at the end of 2015, according to news stories.
The aerospace job losses were partially offset by a gain of 500 jobs in aircraft parts, engines and guided missiles, as well as space vehicles, due to the expansion of Space Exploration Technologies Corp. in Hawthorne.
“The storage battery is, in my opinion, a catchpenny, a sensation, a mechanism for swindling the public by stock companies,” wrote Thomas Edison in 1883.
Today, the battery industry is mustering for exponential growth as car makers electrify their fleets, most visibly at Tesla ’s $5 billion factory in Nevada. For investors looking to gain from the battery’s rise, though, the doubts of the 19th-century entrepreneur linger. The path to profitability is far from clear.
Canadian behemoth franchisor MTY Food Group Inc. agreed to acquire the franchisors of the Counter and Built upscale burger chain brands for an undisclosed amount, MTY announced today. The company expects the deal to close next month. . . The offices of the two limited liability corporations running the franchises will move to Scottsdale, Ariz., MTY said. MTY’s Kahala Group subsidiary, acquired last year, is also based in Scottsdale. Kahala’s holdings include Pinkberry, Cold Stone Creamery and Baja Fresh, among others.
Luxury electric carmaker Tesla this week acquired a small, Minnesota-based factory automation company, in hopes of fixing unexpected bottlenecks on its Model 3 production line. Perbix launched in 1976 and employs 150 people in a suburb north of Minneapolis. Tesla said it’s worked with the engineering firm for nearly three years, on a number of projects on the production line at its Fremont car factory and its Gigafactory in Reno. Terms of the deal were not immediately released.
Virtual Guard Inc. will receive about $251,505 in tax abatements and is estimated to generate about $17.1 million in new tax revenue over 10 years. Virtual Guard is a video monitoring company, which plans to relocate its headquarters from Los Angeles, California to a location in Clark County as early as later this year, citing an “unfriendly economic environment” in California in its tax abatement application. The company plans to hire 80 new employees within its first two years of operations, making an average hourly wage of $22.31. The company plans to rent or buy an existing facility, ranging from 5,000 to 10,000 square feet depending on whether the space is leased or bought. Virtual Guard is slated to make a capital investment of just under $356,000, according to its tax abatement application. . . . ERG Aerospace Corp. will receive about $330,288 in tax abatements and is estimated to generate about $3.2 million in new tax revenue over 10 years. The company, researches, designs, develops and manufactures materials and components for the aerospace, national defense, semiconductor manufacturing, biotech, and other high technology industries. ERG currently has facilities in Oakland, California, and Sparks. The company plans to relocate its current operations in Oakland, California, to Nevada and subsequently make Nevada its headquarters. The company plans to invest over $2.1 million in capital equipment for their new facility, and plans to hire 13 employees during their first year of operations at an average wage of $30.92 per hour.