Latest / Kentucky Business News / 8.5.26

Transcript

8.5.26 · Kentucky Business News

• 0:00
  Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
• 0:04
  Speaker 1: and Louisville, including The Lane Report and others from around
• 0:07
  Speaker 1: the Commonwealth. Your reader today is Julia Shane. As a reminder,
• 0:11
  Speaker 1: RADIOI is a reading service intended for people who are
• 0:14
  Speaker 1: blind or who have other disabilities that make it difficult
• 0:18
  Speaker 1: to read printed material. Our first article comes from the
• 0:21
  Speaker 1: August fourth to twenty twenty sixth edition of The Lane
• 0:24
  Speaker 1: Report and is titled A and W Restaurants celebrates National
• 0:29
  Speaker 1: root Beer Float Day by supporting Dave, the Disabled American Veterans.
• 0:34
  Speaker 1: A and W Restaurants, America's oldest franchised restaurant chain, known
• 0:39
  Speaker 1: for its signature root beer and All American menu, is
• 0:42
  Speaker 1: proud to continue its long standing tradition of celebrating National
• 0:46
  Speaker 1: root Beer Float Day, a holiday the brand has made
• 0:49
  Speaker 1: synonymous with its name, while supporting Dav, Disabled American Veterans,
• 0:54
  Speaker 1: a nonprofit that empowers veterans and their families by providing
• 0:58
  Speaker 1: critical resources and serve. On National root Beer Float Day
• 1:03
  Speaker 1: on Thursday, August sixth, A and W Restaurants is once
• 1:06
  Speaker 1: again bringing sweet smiles and heartfelt gratitude to guests from
• 1:11
  Speaker 1: two pm to eight pm local time, guests can visit
• 1:14
  Speaker 1: participating A and W locations to enjoy a free small
• 1:18
  Speaker 1: root beer float made fresh with A and w's signature
• 1:21
  Speaker 1: root beer and rich creamy vanilla soft serve. No purchase
• 1:25
  Speaker 1: is necessary, and guests of all ages are welcome to
• 1:27
  Speaker 1: join in on the fun. While the floats are on
• 1:30
  Speaker 1: the house, Customers are encouraged to make voluntary donations to
• 1:34
  Speaker 1: A and w's partner DAV or purchase a commemorative limited
• 1:38
  Speaker 1: edition collector's mug. One hundred percent of mug proceeds will
• 1:43
  Speaker 1: benefit DAV, a nonprofit that assists more than one million
• 1:46
  Speaker 1: veterans and their families each year through a range of
• 1:50
  Speaker 1: no cost services. National root Beer Float Day is one
• 1:54
  Speaker 1: of our favorite days of the year because it brings
• 1:57
  Speaker 1: people together over a free treat while supporting those those
• 2:00
  Speaker 1: who have served our country, said Betsy Schmat, CEO and
• 2:04
  Speaker 1: president of A and W Restaurants. For more than a decade,
• 2:08
  Speaker 1: our guests and franchise partners have helped A and W
• 2:11
  Speaker 1: raise more than one million dollars in support of American
• 2:14
  Speaker 1: veterans and their families, and this year we're aiming to
• 2:18
  Speaker 1: make an even greater impact from June twenty ninth through
• 2:22
  Speaker 1: August sixth A and W fans can support DAF with
• 2:25
  Speaker 1: voluntary donations or by purchasing a limited edition twenty twenty
• 2:30
  Speaker 1: six A and W Collector's root Beer Mug for ten
• 2:33
  Speaker 1: dollars at participating locations while supplies last. This year's mug
• 2:38
  Speaker 1: offers ANW fans another meaningful way to celebrate National root
• 2:42
  Speaker 1: Beer Float Day, raise a mug and support those who
• 2:46
  Speaker 1: have served. Since launching its annual National Rootbeer Float Day
• 2:50
  Speaker 1: celebrations in twenty thirteen, A and W Restaurants and its
• 2:54
  Speaker 1: guests have proudly raised more than one million dollars to
• 2:57
  Speaker 1: support American veterans and their families. In twenty twenty five,
• 3:01
  Speaker 1: ANW guests raised a record one hundred seventy five thousand
• 3:05
  Speaker 1: dollars for DAV, exceeding the brand's one hundred fifty thousand
• 3:09
  Speaker 1: dollars goal and marking its largest donation to DAVE to date.
• 3:14
  Speaker 1: This annual tradition reflects anw's enduring belief in honoring those
• 3:18
  Speaker 1: who have served, a commitment that dates back more than
• 3:21
  Speaker 1: a century. To find a participating ANW location near you
• 3:26
  Speaker 1: and learn more about National Root Beer Float Day and
• 3:29
  Speaker 1: how you can support America's veterans. Visit www dot rootbeerfloat
• 3:34
  Speaker 1: day dot Com or follow ANW on social media. About
• 3:38
  Speaker 1: ANW Restaurants. Founded in nineteen nineteen, ANW is America's oldest
• 3:44
  Speaker 1: franchise restaurant chain and one of the world's most beloved
• 3:47
  Speaker 1: quick service brands. ANW is known for its high quality,
• 3:51
  Speaker 1: all American food favorites and signature root beer, which is
• 3:55
  Speaker 1: made fresh in each restaurant with real cane sugar, water
• 4:00
  Speaker 1: and a proprietary blend of herbs, bark, spices, and berries,
• 4:05
  Speaker 1: and then served in a frosty glass mug. The brand
• 4:08
  Speaker 1: has more than nine hundred locations across thirty five states
• 4:11
  Speaker 1: and Asia, including more than six hundred single brand restaurants
• 4:16
  Speaker 1: and two hundred thirty locations co branded with KFC or
• 4:20
  Speaker 1: Long John Silvers. About dav DAV is dedicated to ensuring
• 4:25
  Speaker 1: our promises kept to America's veterans. DAV does this by
• 4:29
  Speaker 1: helping veterans and their families access the full range of
• 4:32
  Speaker 1: benefits available to them, fighting for the interests of America's
• 4:36
  Speaker 1: injured heroes on Capitol Hill, providing employment resources to veterans
• 4:41
  Speaker 1: and their families, offering programs and services to empower them
• 4:46
  Speaker 1: and educating the public about the great sacrifices and needs
• 4:49
  Speaker 1: of veterans transitioning back to civilian life. A nonprofit organization
• 4:55
  Speaker 1: with nearly one million members, DAV was founded in nineteen
• 4:59
  Speaker 1: twenty and chartered by the US Congress in nineteen thirty two.
• 5:03
  Speaker 1: The next article from the Lane Report is titled Chevalier
• 5:07
  Speaker 1: Casks launch online exchange for whiskey barrels and bulk spirits.
• 5:12
  Speaker 1: Chevalier Casks announced today the launch of Chevalier Casks Exchange,
• 5:18
  Speaker 1: an expansion of its established brokerage business that gives distilleries,
• 5:23
  Speaker 1: brand owners, bottlers and other spirit industry partners more ways
• 5:27
  Speaker 1: to source and sell whiskey barrels, bulk spirits and cooperage.
• 5:32
  Speaker 1: The hybrid model brings direct brokerage experience into a broker
• 5:37
  Speaker 1: managed online marketplace. Buyers can explore current opportunities and pursue
• 5:42
  Speaker 1: transactions through by now listings, direct offers, negotiated transactions, or
• 5:49
  Speaker 1: timed sales. Sellers work directly with Chevalier team to determine
• 5:54
  Speaker 1: how an opportunity should be presented and which transaction approach
• 5:58
  Speaker 1: best fits the inventory and their commercial objectives. The launch
• 6:03
  Speaker 1: comes as distilleries, brand owners and other industry partners navigate
• 6:07
  Speaker 1: complex decisions involving inventory, capital, and production. Transactions involving whiskey,
• 6:14
  Speaker 1: barrels and bulk spirits can extend well beyond price to
• 6:18
  Speaker 1: include ownership records, bonded storage, financing, documentation, transfer requirements, and timing.
• 6:26
  Speaker 1: The exchange gives customers greater visibility into available opportunities, more
• 6:31
  Speaker 1: flexibility and how they transact and experience support throughout the process.
• 6:38
  Speaker 1: Access to inventory is only valuable if customers can move
• 6:41
  Speaker 1: the opportunity forward, said Kobe Atkins, co founder of Chevalier Casks.
• 6:47
  Speaker 1: The exchange gives buyers and sellers more ways to see
• 6:50
  Speaker 1: and pursue opportunities while keeping our team involved when the
• 6:54
  Speaker 1: details become complex. It expands how customers can work with
• 6:59
  Speaker 1: Chevalier without changing the direct relationships and hands on support
• 7:04
  Speaker 1: at the center of our business. Chevalier's involvement can begin
• 7:08
  Speaker 1: before an opportunity is listed. The company works with sellers
• 7:12
  Speaker 1: to review the inventory and transaction structure, and, where applicable,
• 7:17
  Speaker 1: confirm documented ownership and storage details with the federally bonded warehouse.
• 7:23
  Speaker 1: Once terms are accepted, Chevalier coordinates the applicable agreements, documentation, payment,
• 7:29
  Speaker 1: transfer requirements, and settlement. As part of the blind brokerage closing,
• 7:35
  Speaker 1: Chevalier takes title to the inventory to preserve the confidentiality
• 7:40
  Speaker 1: of the buyer and seller. A listing is only the beginning,
• 7:43
  Speaker 1: said Ben Fanzini, co founder of Chevalier. Casks ownership records,
• 7:49
  Speaker 1: warehouse location, lot size, financing, documentation, transfer requirements, and timing
• 7:56
  Speaker 1: still have to align. We built the exchange around the
• 7:59
  Speaker 1: entire transaction, with broker involvement from initial review through closing.
• 8:05
  Speaker 1: Completing a purchase or sale is often only one stage
• 8:08
  Speaker 1: in a customer's larger commercial plan. Through its established industry relationships,
• 8:15
  Speaker 1: Chevalier can make financing introductions and help customers coordinate bonded warehousing, bodeling,
• 8:22
  Speaker 1: packaging and logistics support. These capabilities give customers one point
• 8:27
  Speaker 1: of connection for identifying and sourcing an opportunity, completing the
• 8:32
  Speaker 1: transaction and preparing the inventory for its next commercial stage.
• 8:37
  Speaker 1: The exchange adds new transaction options to Chevalier's existing services,
• 8:43
  Speaker 1: direct brokerage and confidential Off market sourcing remains central to
• 8:48
  Speaker 1: the business, including privately held opportunities that do not appear
• 8:52
  Speaker 1: on the exchange. The exchange was shaped by the co
• 8:56
  Speaker 1: founder's experience across distilled spirits, finance, law, law, distilling operations,
• 9:02
  Speaker 1: barrel sourcing, inventory planning, and systems development. Kobe Atkins brings
• 9:08
  Speaker 1: experience in banking, lending, risk and barrel backed financing. Ben
• 9:14
  Speaker 1: Franzini brings systems engineering, barrel sourcing, and long term inventory
• 9:19
  Speaker 1: planning experience, and Sam Rock brings legal and distilling experience
• 9:24
  Speaker 1: from his work as an attorney and as co founder
• 9:28
  Speaker 1: and first distiller at Bluegress. Distillers buyers can browse current
• 9:32
  Speaker 1: listings and time sales, sellers can submit inventory for consideration,
• 9:37
  Speaker 1: and industry partners can discuss direct or confidential sourcing needs
• 9:42
  Speaker 1: at their website about Chevalier Casks. Chevalier Casks is a
• 9:47
  Speaker 1: trusted brokerage and commercial sourcing partner serving the distilled spirits industry.
• 9:53
  Speaker 1: Based in Midway, Kentucky, the company helps distilleries, brand owners, oddlers,
• 9:59
  Speaker 1: and other industry partners source and sell whiskey, barrels, folk
• 10:03
  Speaker 1: spirits and cooperation. Through direct brokerage, confidential sourcing and the
• 10:08
  Speaker 1: Chevalier Tasks Exchange, Chevalier brings together established industry relationships, experience leadership,
• 10:16
  Speaker 1: and direct broker involvement throughout opportunity review, verification, documentation, and closing.
• 10:24
  Speaker 1: Through its industry relationships, the company can also make financing
• 10:28
  Speaker 1: introductions and help coordinate bonding, warehouse bodeling, packaging and logistics
• 10:34
  Speaker 1: support where needed. The next article from the Lane Report
• 10:37
  Speaker 1: is titled Cincinnati Airport announces new Transatlantic partnership for Airport Innovation.
• 10:45
  Speaker 1: A leading association of airport technology companies and an international
• 10:49
  Speaker 1: airport in the American Midwest are creating a new Transatlantic
• 10:53
  Speaker 1: pathway for testing emerging technologies and expanding into new markets.
• 10:59
  Speaker 1: At the rejacent Fanborough International air Show in the United Kingdom,
• 11:04
  Speaker 1: Cincinnati Northern Kentucky International Airport CVG and Germany's Gate Alliance
• 11:10
  Speaker 1: signed a memorandum of Understanding formalizing a partnership focused on
• 11:15
  Speaker 1: airport supplier innovation, technology testing, and international business collaboration. The
• 11:22
  Speaker 1: agreement builds on a relationship that began in twenty twenty
• 11:25
  Speaker 1: three and establishes a framework to help GATE members connect
• 11:30
  Speaker 1: with new markets, validate emerging technologies, and identify opportunities for collaboration.
• 11:37
  Speaker 1: Through the partnership, the companies will gain access to CVG's
• 11:41
  Speaker 1: aviation ecosystem and innovation resources in the United States, while
• 11:46
  Speaker 1: CVG partners will have opportunities to connect with Gate Alliances
• 11:50
  Speaker 1: network of airport technology companies in Germany. CVG believes innovation
• 11:55
  Speaker 1: happens when organizations are willing to test ideas in real
• 11:59
  Speaker 1: world environments and learn from one another, said Larry Crowder,
• 12:04
  Speaker 1: chief executive Officer of CVG Airport. This partnership creates a
• 12:09
  Speaker 1: new Transatlantic pathway for collaboration and strengthens connections between our
• 12:14
  Speaker 1: region and one of the world's leading aviation markets. CVG
• 12:19
  Speaker 1: has been a valued partner to our members for several years,
• 12:22
  Speaker 1: said Jens Reinhardt, Managing Director, Gate Alliance. This agreement creates
• 12:28
  Speaker 1: greater opportunities for innovation, knowledge sharing, and market access on
• 12:32
  Speaker 1: both sides of the Atlantic. The organizations will establish a
• 12:36
  Speaker 1: joint working group to coordinate introductions, technology demonstrations, pilot projects,
• 12:43
  Speaker 1: and potential investment opportunities. Priority areas of collaboration include aerospace
• 12:49
  Speaker 1: and aviation, automated and electric mobility, advance manufacturing, low emission
• 12:56
  Speaker 1: fuels and energy infrastructure, egg, bioscience and life sciences. CVG
• 13:02
  Speaker 1: has developed a reputation as a testing ground for new
• 13:05
  Speaker 1: aviation technologies and innovative operating concepts. The agreement is expected
• 13:11
  Speaker 1: to support future opportunities for companies seeking to validate technologies,
• 13:16
  Speaker 1: gather operational feedback, and explore expansion into new markets. Highlights
• 13:22
  Speaker 1: of the agreement One creates a formal innovation partnership linking
• 13:27
  Speaker 1: CVG Airport and Germany's Gate Alliance. Two establishes pathways for
• 13:33
  Speaker 1: GATE members to test technologies and enter new markets in
• 13:37
  Speaker 1: both the United States and Germany. Three supports pilot programs, demonstrations,
• 13:43
  Speaker 1: and business introductions across two major aviation markets. Four forms
• 13:48
  Speaker 1: a joint working group responsible for identifying opportunities and coordinating
• 13:53
  Speaker 1: future collaboration. And five encourages investment, innovation and industry growth
• 13:59
  Speaker 1: in sectors including aviation, advanced mobility, advanced manufacturing, and energy technologies.
• 14:07
  Speaker 1: CVG and GATE will continue the conversation at Gate Future
• 14:11
  Speaker 1: twenty twenty six in Hamburg on October twenty first and
• 14:15
  Speaker 1: twenty second, where CVG Chief Innovation Officer Brian Cobb will
• 14:20
  Speaker 1: join the speaker program. The tenth edition of Gates International
• 14:24
  Speaker 1: Airport Innovation Conference is expected to draw two hundred and
• 14:28
  Speaker 1: fifty participants from the global airport technology sector. The next
• 14:33
  Speaker 1: article comes from the July thirtieth, twenty twenty sixth edition
• 14:37
  Speaker 1: of The Courier Journal and is titled Taco Bell Sales
• 14:40
  Speaker 1: recovering amid Cyclespora outbreak. YOUM Brand CEO says Louisville based
• 14:47
  Speaker 1: yum Brands reported sales at its Taco Bell restaurants have
• 14:50
  Speaker 1: taken a hit but are seeing recovery amid the ongoing
• 14:54
  Speaker 1: Cyclespora outbreak linked to contaminated lettuce Us. Store sales are
• 15:00
  Speaker 1: down two percent so far this quarter. Company leadership announced
• 15:03
  Speaker 1: during a second quarter earnings call on July thirtieth, elevated
• 15:08
  Speaker 1: uncertainty initially weighed on consumer demand, and since then consumers
• 15:12
  Speaker 1: have become increasingly aware that this is an industry wide issue,
• 15:17
  Speaker 1: not an issue specific to Taco Bell, said Young Brand
• 15:20
  Speaker 1: CEO Chris Turner, adding that customer safety and well being
• 15:25
  Speaker 1: remains top priority. The team's swift and transparent action reinforced
• 15:30
  Speaker 1: trust in the brand. Taco Bell has been in the
• 15:33
  Speaker 1: headlines in July for its link to the Cyclespora outbreak
• 15:37
  Speaker 1: that has sickened nearly two thousand and hospitalized almost one
• 15:41
  Speaker 1: hundred people across nine states since June. According to the
• 15:45
  Speaker 1: Centers for Disease Control and Prevention. The brand represents forty
• 15:49
  Speaker 1: three percent of the company's divisional operating profit. Taco Bell
• 15:54
  Speaker 1: announced July sixteenth that it was voluntarily removing potentially contaminated
• 15:59
  Speaker 1: lettuce from its menu. A day later, the CDC identified
• 16:03
  Speaker 1: shredded iceberg lettuce from Taylor Farms originating in Central Mexico
• 16:09
  Speaker 1: as a source of the outbreak. That lettuce had been
• 16:12
  Speaker 1: served at Taco Bell locations, though not all locations sourced
• 16:17
  Speaker 1: their shredded lettuce from the same supplier. The company saw
• 16:20
  Speaker 1: maximum impact to its sales over the weekend of July eighteenth,
• 16:25
  Speaker 1: and sales declines have moderated materially since then, said Ranneth
• 16:30
  Speaker 1: Joy Young, branch chief financial officer. We take some comfort
• 16:34
  Speaker 1: in the early momentum Roy said. During the July thirtieth
• 16:38
  Speaker 1: earnings calls, Turner also highlighted five percent worldwide system sales growth,
• 16:44
  Speaker 1: the inking of agreements to sell its Pizza Hut business,
• 16:48
  Speaker 1: and four percent same store sales growth excluding Pizza Hut.
• 16:52
  Speaker 1: In the second quarter. Yum's Taco Bell division saw seven
• 16:56
  Speaker 1: percent growth in same store sales, and KFC recorded a
• 17:00
  Speaker 1: two percent increase during the quarter. These results reflect April
• 17:04
  Speaker 1: to June twenty twenty six, before the cyclospora outbreak. In
• 17:09
  Speaker 1: mid June, the fast food conglomerate announced it would sell
• 17:13
  Speaker 1: Pizza Hut for two point seven billion dollars through two
• 17:16
  Speaker 1: separate agreements, a move Turner has said will allow Yum
• 17:20
  Speaker 1: to be a more focused company. Pizza Hut excluding Mainland
• 17:25
  Speaker 1: China is being sold to private equity firm Long Range
• 17:29
  Speaker 1: Capital for one point five billion dollars. Pizza Hut in
• 17:33
  Speaker 1: Mainland China is being acquired by Yum China Holdings for
• 17:37
  Speaker 1: one point two billion dollars. Those deals are expected to
• 17:41
  Speaker 1: close in August. During the July thirtieth earnings call, Turner
• 17:45
  Speaker 1: said those deals were on track. That will position Pizza
• 17:49
  Speaker 1: Hut for even greater success in the future, and it
• 17:52
  Speaker 1: will position Yum for greater success in the future because
• 17:56
  Speaker 1: of the focus we'll be able to put on our
• 17:58
  Speaker 1: three remaining brand, he said. Young Brands, which owns Kentucky
• 18:03
  Speaker 1: Fried Chicken, Taco Bell, and Habit Burger and Grill, is
• 18:07
  Speaker 1: also in the process of moving its Louisville corporate headquarters
• 18:11
  Speaker 1: from Gardiner Lane to the downtown P and C Tower
• 18:15
  Speaker 1: at one zero one South Fifth Street, relocating more than
• 18:19
  Speaker 1: five hundred Louisville workers. The move is expected to take
• 18:22
  Speaker 1: place later this year. A Young spokesperson told the Courier
• 18:26
  Speaker 1: Journal in June that the Pizzahod divestment would have no
• 18:30
  Speaker 1: implications to Louisville or our planned move to the P
• 18:34
  Speaker 1: and C Tower at this time. The company previously announced
• 18:38
  Speaker 1: in early twenty twenty five it would relocate its KFC
• 18:41
  Speaker 1: division from Louisville to Plano, Texas, shifting one hundred jobs
• 18:45
  Speaker 1: from the metro area at a multimillion dollar cost for
• 18:49
  Speaker 1: the corporation. The next article from the Courier Journal is
• 18:53
  Speaker 1: titled Farley doubles down on Ford's pursuit of profits beyond
• 18:57
  Speaker 1: core business. Is seeking more projects related to the US military,
• 19:03
  Speaker 1: as well as considering creating other adjacent businesses outside of
• 19:07
  Speaker 1: its core business vehicle production and car sales, to add
• 19:11
  Speaker 1: to its future revenues. CEO Jim Farley said. Farley made
• 19:16
  Speaker 1: the comments on July twenty eighth during a second quarter
• 19:19
  Speaker 1: earnings call with Wall Street analysts, just hours after Ford
• 19:23
  Speaker 1: confirmed it won a prototype contract to compete to build
• 19:27
  Speaker 1: the US Army's next tactical vehicle. Known as an infantry
• 19:31
  Speaker 1: squad vehicle ISV based on its F series super duty pickup.
• 19:37
  Speaker 1: Beyond making vehicles for the US military, Ford has started
• 19:42
  Speaker 1: a new venture building battery energy storage systems at its
• 19:46
  Speaker 1: plants that make electric vehicle batteries in Kentucky and Marshall, Michigan.
• 19:51
  Speaker 1: On May eighteenth, Ford Energy, which is a wholly owned
• 19:55
  Speaker 1: subsidiary of Ford, said it signed a five year framework
• 19:59
  Speaker 1: agreement with EDF Power Solutions North America to make battery
• 20:04
  Speaker 1: energy storage systems for EDF. When analysts ask Farley to
• 20:09
  Speaker 1: outline Ford's vision as to where it can go in
• 20:13
  Speaker 1: doing work for the Defense Department or by creating other
• 20:16
  Speaker 1: side businesses, Farley said the automaker is considering expansions in
• 20:21
  Speaker 1: both areas. He said Ford continues to discuss additional defense
• 20:25
  Speaker 1: related projects with the US government. We do believe we
• 20:29
  Speaker 1: have a lot to offer. We'll think through this as
• 20:32
  Speaker 1: an adjacency, Farley said. It has to be a strong
• 20:36
  Speaker 1: business with really good returns. When you look at the
• 20:39
  Speaker 1: scale of the opportunity here and all the opportunities versus
• 20:43
  Speaker 1: something like battery energy storage systems which has a very
• 20:48
  Speaker 1: short payback, they're pretty different opportunities. They're very asymmetric. US
• 20:53
  Speaker 1: Army outlines Ford's competition. The competition is fierce in both
• 20:58
  Speaker 1: defence and battery energy storage system businesses. In battery storage systems,
• 21:03
  Speaker 1: competitors such as Tesla have a big head start on Ford,
• 21:08
  Speaker 1: though experts argue Ford has the right technology and a
• 21:11
  Speaker 1: competitive edge with its partner, Chinese battery maker CATL. In
• 21:17
  Speaker 1: the case of the US military contract, it's potentially a
• 21:20
  Speaker 1: lucrative opportunity for Ford if the company wins the production
• 21:25
  Speaker 1: contract to build the vehicle. US Army spokesperson David Patterson
• 21:30
  Speaker 1: told the Detroit Free Press on July twenty ninth in
• 21:33
  Speaker 1: an email that the US Army awarded the Other Transaction
• 21:37
  Speaker 1: Authority OTA prototype contract to two other companies in addition
• 21:42
  Speaker 1: to Ford, GM Defense and BC Customs, an off road
• 21:46
  Speaker 1: vehicle manufacturer and defense contractor that specializes in custom tactical vehicles,
• 21:53
  Speaker 1: chassis fabrication, and specialized trailers. Each of these three vendors
• 21:59
  Speaker 1: is contracted to build and deliver three prototypes of the
• 22:03
  Speaker 1: ISVH Infantry squad Vehicle Heavy, Patterson said in an email.
• 22:09
  Speaker 1: These prototypes will go head to head in physical and
• 22:12
  Speaker 1: operational testing. Before a production contract award. Patterson said, GM, Ford,
• 22:18
  Speaker 1: and BC Customs were each awarded three point three three
• 22:22
  Speaker 1: million dollars to deliver the three prototype ISVH vehicles and
• 22:28
  Speaker 1: their respective logistics package. He said that each carmaker must
• 22:32
  Speaker 1: deliver their three ISVH systems to the Army in March
• 22:37
  Speaker 1: of twenty twenty seven, and the Army will conduct comprehensive
• 22:41
  Speaker 1: testing on all nine prototypes to evaluate their capabilities, reliability,
• 22:46
  Speaker 1: and performance. By late fall of twenty twenty seven, the
• 22:50
  Speaker 1: Army will make a decision on which company wins the business.
• 22:54
  Speaker 1: Farley said Ford stands a good shot because it has
• 22:57
  Speaker 1: vehicle platforms, technologies and KP abilities already established to provide
• 23:02
  Speaker 1: the military with global service and parts support. We already
• 23:07
  Speaker 1: dominate in that market in the commercial world, Farley said.
• 23:11
  Speaker 1: We want to offer the US government the same advantages
• 23:14
  Speaker 1: that our commercial customers get. That includes great parts availability
• 23:19
  Speaker 1: and everything else that comes along with being the leader.
• 23:22
  Speaker 1: GM Defenses hope to win more, but GM also has
• 23:27
  Speaker 1: a lot of off road vehicle experience in recent years.
• 23:31
  Speaker 1: In twenty seventeen, GM formed the subsidiary GM Defense to
• 23:35
  Speaker 1: apply its vehicle technology to military equipment. In hopes of
• 23:39
  Speaker 1: winning lucrative government contracts with US and foreign governments. GM
• 23:45
  Speaker 1: Defense won its first contract, worth two hundred and fourteen
• 23:48
  Speaker 1: point three million dollars in twenty twenty to build the
• 23:52
  Speaker 1: ISVs for the US Army. It has won other contracts
• 23:56
  Speaker 1: since then. In twenty twenty one, GM Defense won a
• 23:59
  Speaker 1: thirty sive six point four million dollar contract from the
• 24:02
  Speaker 1: US State Department to develop large support utility commercial vehicles
• 24:07
  Speaker 1: for the Department's Diplomatic Security Service, which is the federal
• 24:11
  Speaker 1: law enforcement and security arm of the department. On July
• 24:15
  Speaker 1: twenty first, GM CEO Mary Barra told Wall Street analysts
• 24:20
  Speaker 1: that if Congress appropriates the funds, the company stands to
• 24:23
  Speaker 1: win a one billion dollar contract to build military vehicles
• 24:27
  Speaker 1: off the Chevrolet Colorado frame. She also said that GM
• 24:31
  Speaker 1: defense revenue will grow to nearly seven hundred million dollars
• 24:35
  Speaker 1: this year and it is on target to achieve positive
• 24:38
  Speaker 1: earnings before interest and taxes in the next several years.
• 24:43
  Speaker 1: Barra said GM Defense will produce double digit profit margins.
• 24:47
  Speaker 1: Patterson said the contract Ford is competing for is different
• 24:52
  Speaker 1: from the one billion dollar contract. Barro referenced. The one
• 24:56
  Speaker 1: billion dollar figure represents the potential cumulative value of the
• 25:00
  Speaker 1: US Army's long term procurement objectives for the baseline Infantry
• 25:04
  Speaker 1: squad vehicle program, should all future options in annual appropriations
• 25:10
  Speaker 1: be fully funded. Peterson said the current ISV Heavy prototype
• 25:14
  Speaker 1: contract is separate from the baseline ISV production contract. Still,
• 25:19
  Speaker 1: Dan Ives, partner and senior managing director at Yorkville Ives,
• 25:24
  Speaker 1: said Ford wants a piece of the pie that GM
• 25:27
  Speaker 1: Defence has been eating for nine years. Ford is going
• 25:30
  Speaker 1: after this golden goose opportunity and following GM's path. I'ves
• 25:35
  Speaker 1: told Detroit Free Press this is a smart move and
• 25:39
  Speaker 1: there are many adjacent monetization opportunities on the defense front
• 25:43
  Speaker 1: for Ford. Ford's other opportunities. Farley told Wall Street on
• 25:49
  Speaker 1: July twenty eighth that Ford also is focused on pursuing
• 25:52
  Speaker 1: adjacent businesses that are very close to our core business
• 25:56
  Speaker 1: like battery, energy storage systems, and defense. There's a few
• 26:00
  Speaker 1: others that we haven't talked about yet. Farley said. They're
• 26:03
  Speaker 1: not all the same and they don't all have the
• 26:06
  Speaker 1: same opportunity. When asked what to make of Farley's elusive marks,
• 26:11
  Speaker 1: Wall Street Auto's analyst David Winston said Ford has sid's
• 26:15
  Speaker 1: business opportunities available now like never before, such as software
• 26:20
  Speaker 1: service subscriptions or subscriptions to its hands free Blue Cruise
• 26:25
  Speaker 1: driving system. It is good option value in investing parlance,
• 26:29
  Speaker 1: and batteries for energy storage makes a lot of sense
• 26:33
  Speaker 1: if Ford can't use that capacity for evs, Winston said.
• 26:37
  Speaker 1: The next article comes from the August third, twenty twenty
• 26:40
  Speaker 1: sixth edition of Louisville Business First and is titled Highland's
• 26:44
  Speaker 1: Restaurant to Close, written by shave Anne Hoy. A Highlands
• 26:48
  Speaker 1: restaurant that evolved from a food truck announced it will
• 26:52
  Speaker 1: soon close Good Belly. At twenty two sixteen, Dundee Road
• 26:56
  Speaker 1: announced it was opening at the location in early twenty three.
• 27:01
  Speaker 1: The owners announced the pending closure on an Instagram post
• 27:04
  Speaker 1: on Monday. It reads, there is no easy way to
• 27:08
  Speaker 1: say this. After much consideration, Jeff and I have decided
• 27:11
  Speaker 1: to close Good Belly at the end of the month.
• 27:13
  Speaker 1: This decision did not come easy and many may wonder
• 27:17
  Speaker 1: why we are saying goodbye to a successful restaurant. Our
• 27:21
  Speaker 1: growth over the last two years has been staggering. With
• 27:24
  Speaker 1: that fast growth comes lots of sacrifice that we can
• 27:27
  Speaker 1: no longer ask of ourselves. We've given everything we have
• 27:31
  Speaker 1: to make this a great restaurant, and we believe leaving
• 27:34
  Speaker 1: on this high note will leave us without regret. We
• 27:37
  Speaker 1: are overwhelmed by the love and support of our team
• 27:39
  Speaker 1: and our customers. We've loved getting to know all of
• 27:42
  Speaker 1: you over the years and will miss you. We look
• 27:45
  Speaker 1: forward to seeing and feeling you for the next few weeks.
• 27:48
  Speaker 1: Much love. The restaurant, which featured New York Jewish deli
• 27:52
  Speaker 1: style food, comprised about twenty three hundred square feet. The
• 27:56
  Speaker 1: Good Belly Food truck was established in twenty twenty one.
• 28:00
  Speaker 1: This concludes the reading of the most recent business news
• 28:03
  Speaker 1: in Lexington, Louisville, and around the state. Your reader to
• 28:07
  Speaker 1: day has been Julia Shane. If you have any questions
• 28:10
  Speaker 1: or comments about this program, please give our Lexington Studios
• 28:13
  Speaker 1: a call at eight five nine four two two six
• 28:17
  Speaker 1: three nine zero. Thanks for listening, and now please stay
• 28:20
  Speaker 1: tuned for readings from the Kentucky series here on Radio
• 28:23
  Speaker 1: I