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MEMC gets $250 million credit line

Staff Report//January 3, 2010

MEMC gets $250 million credit line

Staff Report//January 3, 2010

MEMC Electronic Materials Inc. has entered into a $250 million revolving credit facility with Bank of America, PNC Bank National Association and US Bank National Association.

The company said the $250 agreement, which runs for three years, replaces the $200 million agreement that was due to expire next June. The agreement also allows the company to request of the banks an expansion in the credit facility of up to $400 million.

The new credit agreement “provides us with the added flexibility toward enabling our strategic growth initiatives,” said Senior Vice President and CFO Tim Oliver in a written statement.

Boone Center approved for tax credits

The Missouri Department of Economic Development has approved Boone Center Inc. for $157,500 in Neighborhood Assistance Program tax credits. The DED said the St. Peters not-for-profit will use the tax credits to fund its Community Employment Opportunity and Career Planning Center programs for adults with disabilities. These programs help Boone clients get job training and help them improve their communication skills.

The NAP tax credits help not-for-profits raise private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects.

LMI’s McQueeney resigns

LMI Aerospace Inc. President and COO James McQueeney has resigned to pursue other opportunities, the St. Charles manufacturer announced recently in a news release. The company said it would not fill the vacancy at this time.

LMI also said that Ryan Bogan, currently president and CEO of the company’s Engineering Services segment, would be responsible on a company-side basis for the development of the design-build infrastructure, execution of design-build programs and expansion of the company’s project and program management functions. Robert Grah, vice president of sheet metal operations for the Aerostructures segment, will temporarily assume the duties of COO of that segment while other internal candidates for the position are evaluated.

Stimulus funds to help create 46 jobs

The state has approved Warren County for $686,000 in additional Community Development Block Grant funding under the American Recovery and Reinvestment Act passed by Congress in early 2009. The money will be used for a water system improvement project to facilitate a planned expansion by DACA Machine & Tool Inc., according to the Missouri Department of Economic Development. The expansion is expected to create 46 jobs.

DACA Machine & Tool is a Boeing Co. supplier located in Dutzow.

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