Business Briefs for April 9, 2007

by Arkansas Business Staff  on Monday, Apr. 9, 2007 12:00 am  

• Addison Shoe Co. at Wynne has shut down, putting more than a hundred workers out of work. The company, a division of Munro & Co. of Hot Springs, had been primarily a military contractor and maker of private label footwear. It had been in Wynne for more than 50 years and at one time employed 400 workers. Munro announced the closing back in January and has been phasing down the work.
• Deltic Timber Corp. and Central Arkansas Water settled pending condemnation litigation involving 680.06 acres of real property in the Lake Maumelle watershed. Approximately 640 acres were part of Deltic's The Ridges at Nowlin Creek, a planned real estate development. Deltic will continue to assess proceeding with the remaining part of its planned development. CAW has paid Deltic $8,175,000 (approximately $12,021 an acre) for the land, and granted Deltic a 90-year option to repurchase the land for the same amount should CAW decide the land isn't needed for watershed protection or if it ceases to use the land for such a purpose.
• Diamond Bank recently broke ground in Hot Springs on its 12th branch location in southwest Arkansas. The new branch, the bank's second in Hot Springs, will be built at Malvern Avenue and Carpenter Dam Road. The bank plans two more Hot Springs locations. The building will also house a coffee shop and small business convenience center on the ground floor. An upper story will be available for lease as office and community meeting space.
• The University of Arkansas at Little Rock' School of Business has hired Dr. Jane Wayland, chair of the Eastern Illinois University's School of Business, as associate dean of academic affairs. Wayland will assume her new assignment in August.
• Wal-Mart Stores Inc. has been named one of the "2007 Top 35 Companies for Executive Women" by the National Association for Female Executives. NAFE selected the company for its programs and initiatives designed to support female participation and leadership in the workplace. Sixty-one percent of Wal-Mart associates are women, and 40 percent of the company's management is female.
• David Steiner, CEO of Waste Management Inc., the nation's largest recycler, will speak on how a company can be successful financially while also being environmentally conscious at the bring-your-own lunch from 11:30 a.m. to 1 p.m. April 11 at the Clinton School of Public Service in Little Rock. Waste Management is a Fortune 500 company with revenue of approximately $10 billion. Reservations can be made online at, or by e-mailing Nikolai DiPippa at or by calling (501) 683-5239.
• Steven W. Trusty has been named CEO of Simmons First Bank of Hot Springs. He has been president of the bank since January 2006. He has also been elected as a director. Trusty has been with Simmons since 1998 and has more than 27 years of experience in banking.
• J.B. Hunt Transport Services Inc. has once again been named to the Fortune List of America's Most Admired Companies. The magazine selects the most admired companies from among the largest U.S. companies in 63 industry categories. This is the third consecutive year Hunt has made the list, described by the magazine as "the definitive report card on corporate reputations." It is the highest ranked provider of full-service intermodal, dedicated and truckload services and fourth overall among the 10 firms within its respective industry category. J.B. Hunt also ties for the highest-ranking company headquartered in Arkansas.
• Dr. Judy Harrison has been named dean of Teachers College at Henderson State University at Arkadelphia. She has served as interim dean since June 2006. She will be responsible for managing fiscal and personnel resources, academic programs, grant development and certification.
• Entergy Louisiana LLC, a subsidiary of Entergy Corp. said it intends to repower a 530-megawatt generating unit at its Little Gypsy site in Montz, La. The estimated $1.02 billion unit will use circulating fluidized bed technology developed under the Department of Energy's Clean Coal Technology program and use petroleum coke, a byproduct of the oil refining process, as its primary fuel. It's expected online sometime between 2011 and 2012.
• Clear Title of Arkansas said it plans to open new offices at Bentonville, Conway, Beebe and Maumelle this year. The company opened offices in Fayetteville, Johnson/Springdale, Hot Springs, Little Rock and Conway and bought Little Rock's Covenant Title Co. as well.



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