Don’t look now, but another “green energy” company
is having financial problems. Celgard
just announced that 40 workers will be laid off. I remember in 2010, Congressman Larry Kissell
mailed brochures bragging about how much pork he brought to his district. Celgard was one of the recipients of the Stimulus
program. Here is what he had to say:
"Celgard's expansion and this new green job training is the
type of help the RECOVERY ACT was meant to bring and why I'm proud I supported
it. Cooperation at levels of government, along with private enterprise, is what
will fuel our economic recovery." - Rep. Larry Kissell
The other piglet, Sen. Kay Hagan, also bragged about
Celgard on her website. Here is the end
result of wasted taxpayer monies:
Celgard is a subsidiary of
Charlotte-based high-tech manufacturer Polypore. In its most recent quarter,
Polypore reported that net sales slumped 6.5 percent, to $177.6 million, and
profits fell to $14.2 million. That’s down from $23.6 million in profits during
the same quarter last year.
Sales of the company’s electric
drive vehicle and electronics products fell to $43.5 million, down from $56
million in the same quarter last year. Operating income for the segment was
down by more than 50 percent, falling to $10.5 million from $26.5 million a
year ago. Lower production levels of electric drive vehicles were cited as the
main cause.
Politicians have touted Celgard as an example of a successful clean energy company. Celgard received a $49 million grant from President Obama’s stimulus program, and he made a speech at the company in 2010.
The company also received $18.6 million in state and local incentives to help expansion at its Concord plant. The company opened the 150,000-sqare-foot facility, which it said brought 250 new jobs, in July 2011.
That’s a lot of money this company
has sucked from the taxpayer teat. I
wonder how long they’d last without government assistance. I suspect not long.
Source: http://www.charlotteobserver.com/2012/11/30/3697792/celgard-cutting-jobs-as-battery.htmlhttp://insidestanly.com/?p=4742
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