Briefcase
Semiconductor demand spurs Honeywell upgrade
Honeywell Inc. will double its production capacity in Spokane for high-purity copper and tin, two products used in manufacturing semiconductors.
The 300-person Honeywell plant on Sullivan Road and Euclid Avenue, in Spokane Valley, is being upgraded with new equipment and will use enhanced lean manufacturing processes, said company spokesman Peter Dalpe.
The Spokane Valley site already operates around the clock and will not add more workers, said Dalpe.
The cost of the upgrade was not divulged.
The additional copper and tin production results from increased worldwide demand for semiconductors, according to a news release said. Some of that comes as chip makers switch from using aluminum to high-purity copper.
The first phase of the expansion should be finished by spring, while the second phase should be completed by mid-2012.
Staff report
Economic group gets manufacturing grant
LEWISTON – The Clearwater Economic Development Association has landed a federal grant, potentially worth $2.5 million, to funnel hundreds of thousands of dollars in military contracts to Idaho and Eastern Washington manufacturers.
The money would employ four individuals who will be tasked with meeting a requirement to land three bids in the first year of the grant that will provide half a million annually for as many as five years, said Christine Frei, executive director of CEDA in Lewiston.
The requirement climbs to 22 successful bids for manufacturers by the fifth year, Frei said. One job is anticipated to be created for every $100,000 of government work that comes to the region, she said.
The Small Business Development Association gave the money so technical assistance can be available to manufacturers, Frei said.
Lewiston Tribune
Fisher says actions by Fed may backfire on job creation
WASHINGTON – Richard Fisher, president of the Federal Reserve Bank of Dallas, said he opposed the Fed’s latest attempt to boost economic growth because he fears it won’t work – and it could scare consumers and squeeze bank earnings.
In a speech in Dallas Tuesday, Fisher said the action taken last week and other recent Fed moves “are likely to prove ineffective and might well be working against job creation.”
At its Sept. 20-21 meeting, the Fed’s policymaking committee voted 7-3 to lower mortgage and other long-term interest rates by reshuffling its $2.9 trillion investment portfolio. The Fed will shift $400 billion from short-term to longer-term Treasurys through next June.
Fisher was one of the three voting members to oppose the decision. So far, he’s the only one to publicly explain his vote.
Associated Press
Apple invites the media to ‘talk iPhone’ next week
NEW YORK – Apple invited journalists to its Cupertino, Calif. headquarters for an iPhone-related event next week.
The invitation Apple Inc. sent on Tuesday does not go into details. It said “let’s talk iPhone,” suggesting that next Tuesday the usually secretive company is likely to unveil the next iteration of its popular smartphones.
Former Vice President Al Gore, who sits on Apple’s board, said recently that he believes Apple’s new iPhones will be here in October.
The event will be the first product unveiling for Apple since Steve Jobs resigned as CEO in August. The company’s shares have since hit their highest level ever.
Associated Press