CropScience, a division of Bayer AG, in West Sacramento, California. The new facility will serve as the U.S.-based R&D operations for the vegetable seed and crop protection products. The approximately 164,000-square-foot facility on ten acres will employ 300 at full capacity. The company will also acquire an additional non-contiguous site on which to construct a greenhouse and test plot facility. The project will have an economic impact of more than $127 million in output (the value of goods and services in the Sacramento Region economy on an annual basis generated through direct, indirect, and induced activities of the company.)
Wells Fargo is cutting staff as higher rates cool residential mortgage lending, which has been on a tear in recent years.
. . . list of major employers was extracted from the America’s Labor Market Information System (ALMIS) Employer Database
Tesla’s biggest windfall has been the cash payments it extracts from rival car makers (and their customers), via its sale of zero-emission credits. A number of states including California require that traditional car makers reach certain production quotas of zero-emission vehicles—or to purchase credits if they cannot. Tesla is a main supplier. Take away the credits and Tesla lost $53 million in the first quarter, or $10,000 per car sold. California’s zero-emission credits provided $67.9 million to the company in the first quarter, and the combination of that state’s credits and federal and local incentives can add up to $45,000 per Tesla sold, according to an analysis by the Los Angeles Times. A Morgan Stanley MS +1.40% report in April said Tesla made $40.5 million on credits in 2012, and that it could collect $250 million in 2013. Tesla acknowledged in a recent SEC filing that emissions credit sales hit $85 million in 2013’s first quarter alone—15% of its revenue, and the only reason it made a profit.