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SBE Inc to hold ceremonial groundbreaking in Barre Town

first_imgSBE Inc. (dba SB Electronics), will officially break ground on its new high-volume manufacturing facility on Saturday, April 17.  The groundbreaking ceremony is slated to begin at 10 am in the Wilson Industrial Park in Barre, Vermont.  Event speakers include Governor Jim Douglas, Lt Governor Brian Dubie, Representative Peter Welch, the US Assistant Secretary of Energy Efficiency and Renewable Energy Cathy Zoi and Sam Matthews, Executive Vice President of the Central Vermont Economic Development Corporation. Earlier in the year, SBE Inc. won a matching grant of $9.1 million as the major piece of funding for an $18 million project under the U.S. Department of Energy’s Electrical Drive Vehicle Battery and Component Manufacturing Initiative, part of President Obama’s American Recovery and Reinvestment Act, to expand its electric car technology manufacturing.  SBE’s new manufacturing plant facility will be dedicated to the transportation market and will have capacity to produce Power Ring capacitors for over 100,000 plug-in hybrid and electric drive vehicles within 3 years.The 52,800ft2 building will be a modern, controlled environment, state of the art manufacturing facility.  By strategically planning the production floor layout to mirror the production process, SBE can reduce both wasted time and materials, and maximize efficiency.  Integrating private offices, work stations, conference rooms and a large lunch /training room, the 13,000 ft2 office space has been designed with one core value in mind: “creating an enjoyable workspace for employees”.   SBE expects to begin moving into the new facility in December 2010. SBE Inc. is a leading developer and manufacturer of film capacitor solutions that provide a much higher degree of reliability, higher power density, and simpler cooling infrastructure, in demanding applications, particularly for automotive/transportation, alternative energy, utilities, power supplies/laser and military/aerospace.  Originally a Sprague Electric Plant, SBE has been manufacturing capacitors for over 50 years producing over a billion capacitors, including the renowned Orange Drop®. The Company’s headquarters, engineering and product development center, and manufacturing operation are located in Barre, Vermont.  For more information on the company’s products, technologies and markets, visit its website at: www.sbelectronics.com(link is external).  Inquires and requests for further information, should be directed to Stephani Cook, marketing assistant, SBE Inc. at stephanic@sbelectronics.com(link sends e-mail) or 8024764146.Source: SBE. 4.16.2010last_img read more

Stimulus may not be enough to prevent economic meltdown: Fiscal agency

first_imgThe government’s baseline scenario is for economic growth to reach 2.3 percent this year with 2.9 million people losing their jobs. Under a worst-case scenario, however, the government believes the economy could contract by 0.4 percent while 5 million people lose their jobs.“With this kind of crisis, the government must share the burden,” said Febrio, who was previously macroeconomy and trade research head at the University of Indonesia’s Institute for Economic and Social Research (LPEM-UI) before his BKF appointment early this month.He called on banks and businesses to take aggressive action by rolling out funds to combat the meltdown.The government expects the pandemic to peak in the second quarter of this year, with economic growth contracting. Meanwhile, first quarter gross domestic product (GDP) growth is projected at 1.1 percent, he added. “This projection may be wrong if the pandemic lasts longer,” Febrio said. “We will try to contain the virus and lessen the impact but the burden must be shared because the government will not be able to do this alone.”The government has set aside Rp 436.1 trillion for the stimulus, equivalent to 2.5 percent of the country’s GDP, for healthcare spending, social safety nets and business recovery programs so far focusing on manufacturing and tourism.The government will set aside Rp 150 trillion from the stimulus package to support small and medium firms affected by the COVID-19. Febrio did not provide further details as the government was currently formulating the stimulus.The government will also grant larger tax breaks to cover 11 business sectors similar to the incentives designed to allow manufacturing companies to weather the economic impact of the COVID-19 pandemic, including individual income tax exemptions, import tax deferrals and 30 percent corporate tax discounts.The 11 sectors are food, trade, electricity, oil and gas, mining and coal, forestry, tourism and the creative economy, telecommunications, logistics, transportation and construction, Finance Minister Sri Mulyani Indrawati said on Friday.“From an economic standpoint, the COVID-19 shock could damage businesses and cause widespread bankruptcies,” Sri Mulyani said. “We are trying to focus our stimulus to lessen the COVID-19 economic shock on citizens.”Meanwhile, chief economist at private lender Bank Central Asia (BCA) David Sumual said the government’s stimulus package was relatively small compared with other countries including neighboring Singapore and Malaysia, with stimulus packages reaching 12 percent and 17 percent of GDP, respectively.“We are hoping that the government can provide greater stimulus packages for small businesses and low-income households,” David told reporters during the same press briefing. “However, the government’s stimulus needs to be welcomed despite limited fiscal power.”Topics : The Finance Ministry’s fiscal policy agency (BKF) has voiced concerns that the government’s Rp 436.1 trillion (US$28.14 billion) stimulus may be insufficient to prevent economic meltdown caused by the COVID-19 pandemic.BKF head Febrio Nathan Kacaribu said on Monday that the government was considering whether to boost its stimulus spending as the existing stimulus packages may not be enough to counter the severe economic impacts of the pandemic.“We have doubts that the stimulus packages will be enough,” Febrio told reporters during a teleconferenced press briefing. “The government will anticipate this because there are some discouraging signs.”last_img read more