U.S. markets closed

Bay Economic Development Alliance: Suzuki Motor of America, Inc. Announces Plans for Suzuki Marine Technical Center USA in Panama City, Florida

Suzuki Developing 20-Acre Property in Panama City, Florida To Enhance Integration With U.S. Boat Builders & Dealers, Ensure The Best Outboard Technologies for an Evolving Market

PANAMA CITY, Fla., March 26, 2020 /PRNewswire/ -- Today Suzuki Motor of America, Inc. announced plans for its future Suzuki Marine Technical Center USA, scheduled to be built on a 20-acre waterfront property in Panama City, Florida.  While the official launch date for this project is still unknown, Suzuki is currently finishing renovations on existing building sites on the property.

"As a mobility company, Suzuki is about empowering people to enjoy the Great Outdoors and travel freely by land and sea," said Max Yamamoto, President Suzuki Motor of America, Inc.  "We are planning a state-of-the-art Suzuki Marine Technical Center that will help us to develop, test and refine the best possible Suzuki outboard products for today and tomorrow.  Our goal is to improve people's lives on the water, and ensure everyday mobility for as many people as possible," added Yamamoto.

Suzuki plans to work in collaboration with U.S.-based boat and accessory manufacturers to develop and improve its products (currently outboard motors from 2.5 to 350 horsepower) using the resources this unique location provides – a launch ramp, a large basin area for running and testing boats/motors, and a protected harbor.

The location was previously used for Marine Transportation's Logistical Headquarters (MT) and a Florida State University Research Facility. Suzuki was able to find and acquire this ideal location with the help of various state, county, and city officials who, like Suzuki, were able to see past damages left behind by Hurricane Michael in 2018 to envision what this unique property could someday become.

Suzuki will work with various city, state, and federal government agencies to restore, repair, and develop the site.  This will include improvements to the existing launch ramp, as well as the docks lost in the hurricane, repairing the seawall and repairing/improving the existing basin, refurbishing the existing MT building, and adding additional structures as needed and allowed by proper permitting.

As Suzuki moves forward with these projects and improvements, development will be guided by the company's commitment to the coastal environment and marine habitat.  Suzuki is concerned for the environment and intends to develop and use the property with sustainability and environmental friendliness in mind. Suzuki has several Green Initiatives here and around the world.  At the recent 2020 Miami International Boat Show, Suzuki kicked off a "kick plastic" movement and is promoting the use of other recyclable material where practical in place of plastic.  In addition, Suzuki is redesigning its parts and accessory packaging to use less plastic. Suzuki is committed to the marine environment and working with the city, county and state for a better Florida.

"We are proud to have Suzuki Motor of America developing this new facility in Panama City – and not only from a business perspective," said Ben Lee, Bay Economic Development Alliance (Bay EDA) Chairman. "We already knew Suzuki as a respected, worldwide brand, but as we worked with them in selecting a site, we learned that Suzuki is also a company with a deep respect for the marine and coastal environment.  This is precisely the type of business partners we want to bring to our region," said Lee.  

The City of Panama City has been intimately involved with the progression of this project. 

City of Panama City Mayor Greg Brudnicki stated, "Suzuki will be an excellent addition to the business community in Panama City. This project also brings new high skilled jobs to our area. This project is exciting as it will be utilizing the fantastic natural assets we have in our community and the project site will be an excellent location to see this project come to fruition. As our community recovers and improves after Hurricane Michael, we are delighted to welcome global companies like Suzuki into our community."

Bay County has also been very involved throughout this project.  

As stated by Bay County Commissioner, Tommy Hamm, "We are elated to welcome Suzuki Motor of America, Inc. to Bay County. Suzuki is a world-renowned leader in the marine industry and we are certainly proud that they have selected Bay County for their USA Marine Technical Center." Commissioner Hamm continues, "Suzuki will be a great addition to our community, and we are excited that this investment and new job creation is occurring right here in Bay County, Florida. Suzuki has a corporate commitment to our coastal environment and marine habitat, and we are proud to have companies like this select Bay County."

Suzuki expects that during the first year, three to five people will be employed at the facility and live in the area. At various times, additional part-time employees will be needed depending upon the workload.

Over the next three years, Suzuki expects to add additional employees every year as the scope of operation grows. In addition, Suzuki intends to use the facility for new product launches, testing, and training. Suzuki has more than 1,200 dealers and does business with more than 150 U.S.-based boat companies, who along with engineers from Japan, will be visiting the facility.  These activities will contribute to the local economy through increased air travel, hotel stays, restaurant visits, and other assorted expenses associated with business travel.

"This comes at a time when the boating industry is facing unparalleled challenges due to the coronavirus outbreak," said Yamamoto.  "We are confident that our world and our industry will get through this crisis, which is why we are moving forward with this plan for the future."

For more information about Suzuki's full range of premium quality outboard motors from 2.5 to 350 horsepower, visit www.suzukimarine.com.

MARINE Division
Bulletin No. 20-0326-US

Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/bay-economic-development-alliance-suzuki-motor-of-america-inc-announces-plans-for-suzuki-marine-technical-center-usa-in-panama-city-florida-301030609.html

SOURCE Bay Economic Development Alliance

  • Coronavirus stimulus-package tax relief: Withdraw $100K from your IRA — and repay in 3 years with zero tax liability
    Business
    MarketWatch

    Coronavirus stimulus-package tax relief: Withdraw $100K from your IRA — and repay in 3 years with zero tax liability

    The new law is a daunting 880 pages long, but it contains lots of good news for individuals and businesses, including meaningful tax relief. This column explains one tax-relief measure that can potentially benefit many IRA owners. IRA owners who are adversely affected by the coronavirus pandemic (and there will be plenty of them) will be eligible to take tax-favored coronavirus-related distributions from their IRAs.

  • You can be ‘practically stealing’ quality stocks now, according to Jefferies
    Business
    MarketWatch

    You can be ‘practically stealing’ quality stocks now, according to Jefferies

    Investors are trying to get ahead of an eventual turnaround for the stock market, even as the coronavirus spreads further across the U.S. Analysts at Jefferies have published a list of 47 stocks that they believe have “strong fundamentals” and attractive valuations, with opportunities created by “indiscriminate selling” over the past month. The largest of the recommended companies are listed below. Warnings Before getting to the list of “best stock ideas” from Jefferies, a number of warnings are in order: • It's too early to call a stock market bottom — it's a fool's errand.

  • These are the 20 stocks corporate insiders have been buying most amid the coronavirus-induced market selloff
    Business
    MarketWatch

    These are the 20 stocks corporate insiders have been buying most amid the coronavirus-induced market selloff

    Throughout these topsy-turvy times of scary health news, city lockdowns and daily market moves of 5% or more in both directions, there's been one comforting constant. Corporate insiders — executives and directors who buy shares in their own company — are loving this pullback. Since the S&P 500 index (SPX) Dow Jones Industrial Average (DJIA) and Nasdaq Composite Index (COMP) really began falling apart after March 5, insiders have been heavily buying all the areas that will supposedly get hit the hardest by this coronavirus and the COVID-19 illness it causes.

  • New York ER doctor fears worst case in virus fight
    U.S.
    Associated Press Videos

    New York ER doctor fears worst case in virus fight

    An emergency room doctor at NYU Langone Medical Center and Bellevue Hospital in New York says she fears the "worst case" scenario in the fight against coronavirus if shortages of ventilators and protective equipment persist. (March 26)

  • Is Abbott A Buy After Gaining FDA Blessing For Its Coronavirus Test?
    Business
    Investor's Business Daily

    Is Abbott A Buy After Gaining FDA Blessing For Its Coronavirus Test?

    So, while the medical company's sales and earnings have grown consistently for several years, Abbott isn't lining up with CAN SLIM rules for investing. Investors are advised to seek companies with recent quarterly earnings and sales growth of 20%-25%. The bigger, the better.

  • Business
    Barrons.com

    The Dow Ignored the Spread of Coronavirus Last Week. It Won’t Be Able to Anymore.

    As the disease has spread, fears about the possible death toll and the extent of the economic disaster roiled global financial markets. The Dow Jones Industrial Average rallied more than 20% off its low, putting it in a bull market, at least by some definitions, though it remains down 24.2% on the year. It is far from contained, and Covid-19, the respiratory disease caused by the virus, continues to spread.

  • He said it in 1987 and in 2008 — now he’s saying it again: You’ll never see better bargains in the stock market
    Business
    MarketWatch

    He said it in 1987 and in 2008 — now he’s saying it again: You’ll never see better bargains in the stock market

    That's John Rogers, chairman of Ariel Investments, urging investors in an interview Wednesday night on CNBC to take advantage of the stock market's recent plunge. Rogers cited Sir John Templeton's advice that the time to buy is “when there's maximum pessimism. And, with the coronavirus pandemic sparking wild swings, that time, he says, is now.

  • Bank of America’s Race to Avoid Public Shaming Underscores the Perils of the Crisis
    U.S.
    Bloomberg

    Bank of America’s Race to Avoid Public Shaming Underscores the Perils of the Crisis

    The drama began when California Governor Gavin Newsom called out the bank for not offering 90-day grace periods to mortgage borrowers affected by the coronavirus, despite such pledges by rivals including JPMorgan Chase & Co. and Wells Fargo & Co. A journalist tweeted the lashing, and then Corden reposted it to his 10.7 million followers. The bank raced to correct what it called the governor's mistake. Just over an hour later, the firm promised Corden it would defer payments on home loans for as long as the crisis requires.

  • These indicators suggest a stock-market bottom, but coronavirus fears could send the S&P 500 swooning again
    Business
    MarketWatch

    These indicators suggest a stock-market bottom, but coronavirus fears could send the S&P 500 swooning again

    U.S. stocks staged an impressive rebound in the past week as the Federal Reserve and Congress have delivered unprecedented fiscal and monetary stimulus aimed at dampening the blow the coronavirus epidemic has dealt to the U.S. economy. The question investors must now ask themselves is whether or not the equities market has already hit the bottom of this bear market or whether investors should prepare themselves for worse to come. During the week ended Friday, the Dow Jones Industrial Average (DJIA) rose 12.8%, the S&P 500 index (SPX) gained 10.3% and the Nasdaq Composite index (COMP) rose 9.1%, after each fell more than 30% from their mid-February record highs.

  • Getting crushed in this market? One look at Warren Buffett’s portfolio and you might feel a lot better about yours
    Business
    MarketWatch

    Getting crushed in this market? One look at Warren Buffett’s portfolio and you might feel a lot better about yours

    Warren Buffett said earlier this month that he hadn't seen anything like the coronavirus pandemic. A couple of weeks later, and it's only gotten more dire as infections mount around the world and the stock market continues to spin out of control in both directions. “While Buffett is well known for weathering the worst market downturns and coming out stronger, the last several weeks have been just as painful on his portfolio as it has on the broader market,” Bespoke explained in a post noting that the average stock in his top holdings is off 37%.

  • The Airlines Most in Danger of Going Under During the Crisis
    Business
    Bloomberg

    The Airlines Most in Danger of Going Under During the Crisis

    Airlines could lose a quarter of a trillion dollars in revenue this year, according to the International Air Transport Association, as travel comes to a standstill with countries locked down to fight the coronavirus. Most carriers will go bankrupt by the end of May if they can't find support, Sydney-based CAPA Centre for Aviation said last week. Using the Z-score method developed by Edward Altman in the 1960s to predict bankruptcies, Bloomberg News filtered out listed commercial airlines to identify the ones most at risk of going bust, based on available data.

  • Why this wild coronavirus rally has Wall Street experts fearing a bull-market trap
    Business
    MarketWatch

    Why this wild coronavirus rally has Wall Street experts fearing a bull-market trap

    Blink and you may have missed it — the Dow Jones Industrial Average (DJIA) is in a bull market, reached on a day when data showed a record number of people filing for unemployment benefits. The 21% gain in the last three days ends what was just an 11-day bear market for the blue chips. The broader S&P 500 (SPX) has advanced a mere 18% over three days (the best stretch since 1933), leaving it shy of the 20% advance from the low that marks the informal definition of a bull market.

  • Six High Dividend Stocks You Can Count On
    Business
    Investor's Business Daily

    Six High Dividend Stocks You Can Count On

    It's easy to chase high dividend stocks — and even easier to lose money on them if they fall. There's a better way to find high dividend yields you can count on to make you money — which includes stocks like REIT Coresite Realty, banks like N B T Bancorp and retailer Home Depot. What's an investor looking for high dividend stocks to do then?

  • If you’re depressed about all the money you’ve lost in the stock market, learn to profit from chaos
    Business
    MarketWatch

    If you’re depressed about all the money you’ve lost in the stock market, learn to profit from chaos

    In a plain-vanilla sense, you are probably wondering how to mitigate the volatility in your portfolio, which is freaking out. You could step into your time machine, go back a few months and buy some bonds. All kinds of wacky stuff is happening in the bond market, and bonds aren't really providing any diversification benefits anymore, as risk-parity strategies unwind.

  • Warren Buffett Is Only Making Money On Three Coronavirus Stocks
    Business
    Investor's Business Daily

    Warren Buffett Is Only Making Money On Three Coronavirus Stocks

    The coronavirus stock market crash is costing investors trillions. Buffett's Berkshire Hathaway is down nearly $60 billion on its U.S.-listed holdings this year. Online retailer Amazon.com, drugmaker Biogen and consumer staples retailer Kroger, are the only stocks in Berkshire Hathaway's lineup of 51 U.S.-listed stocks that are up this year.

  • Trump orders ventilators, demands appreciation
    Politics
    Associated Press Videos

    Trump orders ventilators, demands appreciation

    After days of pleading from the nation's governors, President Donald Trump took steps Friday to expand the federal government's role in helping produce critically needed supplies, including ventilators to fight the coronavirus pandemic. (March 27)

  • If you do this now, you might be able to double your retirement portfolio
    Business
    MarketWatch

    If you do this now, you might be able to double your retirement portfolio

    The coronavirus crisis has created an extraordinary buying opportunity in emerging market stocks for anyone hoping to save for their retirement, say two independent investment houses. Buy a broad portfolio of inexpensive “value” stocks in developing markets such as China, South Korea, Russia, Brazil, India and you've got a good chance of doubling your money or better over the next five to seven years, say number crunchers at investment advisory firm Research Affiliates in Newport Beach, Calif., and at the blue chip money managers GMO in Boston. “Value” stocks are those that are inexpensive in relation to business fundamentals such as company revenues, assets and earnings.

  • Here's What Analysts Are Forecasting For The Home Depot, Inc. (NYSE:HD) After Its Yearly Results
    Business
    Simply Wall St.

    Here's What Analysts Are Forecasting For The Home Depot, Inc. (NYSE:HD) After Its Yearly Results

    The investors in The Home Depot, Inc.'s (NYSE:HD) will be rubbing their hands together with glee today, after the share price leapt 25% to US$191 in the week following its yearly results. Results were roughly in line with estimates, with revenues of US$110b and statutory earnings per share of US$10.25. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual.

  • Will you get a ‘coronavirus check’? $2 trillion stimulus package explained
    Business
    Yahoo Finance

    Will you get a ‘coronavirus check’? $2 trillion stimulus package explained

    Congress has passed a $2.2 trillion coronavirus stimulus package to help Americans affected by the coronavirus pandemic. The bill includes direct cash assistance, additional unemployment funds, and tax credits to employers. The most well-known piece of the bill — stimulus checks — is available only to eligible Americans, based on tax returns.

  • Pipelines Ask U.S. Oil Drillers to Curb Output as Tanks Fill Up
    Business
    Bloomberg

    Pipelines Ask U.S. Oil Drillers to Curb Output as Tanks Fill Up

    Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter this week asking its suppliers to scale back production. A Texas oil regulator said Saturday that drillers were getting similar notices from pipeline operators. The messages signal the oil market is fast approaching the moment traders have been warning about -- when crude supplies overflow storage tanks and pipelines as the coronavirus pandemic drags down oil demand by the most in history.

  • Abbott Labs releases coronavirus test system that has results in 5 minutes
    Business
    American City Business Journals

    Abbott Labs releases coronavirus test system that has results in 5 minutes

    Abbott Laboratories said it has received emergency-use authorization from the U.S. Food and Drug Administration for its device that can render positive results for the coronavirus in five minutes. The Abbott Park, Illinois-based pharmaceutical company (NYSE: ABT) said its molecular point-of-care test for novel coronavirus is the fastest test available and can deliver negative results in 13 minutes. The test doesn't have to be administered in a hospital, Abbott said, but can be used in healthcare settings such as physicians' offices and urgent care clinics, as well as hospital emergency departments.

  • Why AMD, Nvidia These Chip Stocks Could Lead The Next Market Rally
    Business
    Investor's Business Daily

    Why AMD, Nvidia These Chip Stocks Could Lead The Next Market Rally

    Nvidia, Advanced Micro Devices, Taiwan Semiconductor, Inphi and ASML Holding are among chip stocks making strong moves as the coronavirus stock market crash wraps up another week. Nvidia stock, AMD stock, Taiwan Semiconductor stock, Inphi stock and ASML stock are all leaders, with relative strength lines at or near highs.

  • Business
    Financial Times

    Investors should brace for another market dive

    At the height of the market turmoil during the previous financial crisis, a Federal Reserve Bank of New York official confidently told me they would keep throwing stuff at the wall until something stuck. This week the US central bank ran some moves from its 2008 playbook — and then went far beyond it. Adding to the open-ended buying of US government bonds, the Fed will load up on investment-grade corporate debt for the first time.

  • These Are The 5 Best Stocks To Buy And Watch Now
    Business
    Investor's Business Daily

    These Are The 5 Best Stocks To Buy And Watch Now

    The most recent stock market uptrend has turned into a fierce bear market. The Dow Jones Industrial Average, S&P 500 index and Nasdaq composite have been slammed due to reverberations from the coronavirus becoming a global pandemic. The virus is already hitting economic growth and global supply chains.

  • Cramer Reveals Stock Favorites, Says Intuitive Surgical A 'Winner'
    Business
    Benzinga

    Cramer Reveals Stock Favorites, Says Intuitive Surgical A 'Winner'

    Answering questions from callers, former hedge fund manager and CNBC “Mad Money” host Jim Cramer revealed his favorite stock picks Thursday. Smartphone maker BlackBerry Ltd (NYSE: BB)  is clearly not Cramer's favorite. Describing it as “absolutely nothing,” he suggested a caller take their money if there's anything left and buy Marvell Technology Group Ltd (NASDAQ: MRVL) because “5G is king.”