Economic Development

[dcluley98]

"Combined company to be named “L3 Harris Technologies” and headquartered in Melbourne, Florida"
"The combined company, L3 Harris Technologies, Inc., will be the 6th largest defense company in the U.S. and a top 10 defense company globally, with approximately 48,000 employees and customers in over 100 countries."

https://seekingalpha.com/pr/17299592-harris-corporation-l3-technologies-combine-merger-equals-create-global-defense-technology

[spenser1058]

We don't always lose out on these deals, thankfully. When book publisher HBJ bought Sea World, William Jovanovich moved the HQ to a new building across from Shamu. It was one of the odder mixes of corporate culture ever witnessed.

[HankStrong]

I have a friend that works for L3 in NY, wonder if she'll be moving back to Central Florida with this merger? 

Edited October 15, 2018 by HankStrong

[JFW657]

Just heard a report on the news that a major restaurant chain in NC, is moving their HQ to Orlando, possibly downtown.

Didn't catch all the details, but will look for them a update.

[spenser1058]

5 minutes ago, JFW657 said:

Just heard a report on the news that a major restaurant chain in NC, is moving their HQ to Orlando, possibly downtown.

Didn't catch all the details, but will look for them a update.

https://www.orlandosentinel.com/business/consumer/os-bz-foodfirst-brio-bravo-headquarters-orlando-20181107-story,amp.html

Downtown, no less. The CEO is an OG alum and has a house on Lake Virginia.

[spenser1058]

Sears is closing 40 more stores (including Kmarts.)

Interestingly, the Oviedo Mall store soldiers on and may well be the last Sears standing.

While I fully understand the Florida Mall store continuing on, I don't get Oviedo.

It has never been a great success as a mall (it battled in the beginning with Simon's Waterford Lakes project fighting for anchors - most believed only one of the two would ever open.)

Is that Sears really selling lots of stuff or does its continuation have more to do with the value (or lack of value) of the building it's in?

https://www.cnbc.com/amp/2018/11/08/this-map-shows-where-sears-is-closing-stores-next.html

From CNBC

Edited November 9, 2018 by spenser1058

[WAJAS]

16 hours ago, spenser1058 said:

Sears is closing 40 more stores (including Kmarts.)

Interestingly, the Oviedo Mall store soldiers on and may well be the last Sears standing.

While I fully understand the Florida Mall store continuing on, I don't get Oviedo.

It has never been a great success as a mall (it battled in the beginning with Simon's Waterford Lakes project fighting for anchors - most believed only one of the two would ever open.)

Is that Sears really selling lots of stuff or does it's continuation have more to do with the value (or lack of value) of the building it's in?

https://www.cnbc.com/amp/2018/11/08/this-map-shows-where-sears-is-closing-stores-next.html

From CNBC

It probably has to do with tiny rent payments.

[HankStrong]

On ‎11‎/‎8‎/‎2018 at 4:46 PM, JFW657 said:

Just heard a report on the news that a major restaurant chain in NC, is moving their HQ to Orlando, possibly downtown.

Didn't catch all the details, but will look for them a update.

So, you're saying that a company in the most amazing region of the entire US which encompasses the great states of North AND South Carolina, is moving to stupid Florida?

Unpossible!

 

Hehehehe.  End sarcasm.

[Jernigan]

Owner of Brio and Bravo moving to CNL2 but I don’t think that’s what you are referencing.  They are from Ohio 

[spenser1058]

12 minutes ago, Jernigan said:

Owner of Brio and Bravo moving to CNL2 but I don’t think that’s what you are referencing.  They are from Ohio 

Yep, from Columbus. The Buckeyes just weren't doing it for them anymore - they're ready to Charge On! with the Knights. *giggles*

[JFW657]

1 hour ago, Jernigan said:

Owner of Brio and Bravo moving to CNL2 but I don’t think that’s what you are referencing.  They are from Ohio 

Yes, that's right. I didn't read Spencer's linked article closely enough to pick up on that. The report I saw on the news was regarding a company currently HQ'd in NC, but knowing the quality of our local reporting, they probably got it wrong.

I don't think I heard it wrong, but that's possible too.

Either way, downtown is getting a new corporate HQ. 

 

.

Edited November 12, 2018 by JFW657

[orlandouprise]

On ‎11‎/‎12‎/‎2018 at 3:56 PM, JFW657 said:

Yes, that's right. I didn't read Spencer's linked article closely enough to pick up on that. The report I saw on the news was regarding a company currently HQ'd in NC, but knowing the quality of our local reporting, they probably got it wrong.

I don't think I heard it wrong, but that's possible too.

Either way, downtown is getting a new corporate HQ. 

 

.

awesome news along with the 750 jobs added at LM. Give credit where credit is due. Good job ORL and OC

[spenser1058]

Scott J gives us more details about the Brio HQ relocation to Downtown Orlando (in the same building as Red Lobster, natch.)

Scroll down to the last paragraph for a look at all the restaurant companies that call the Orlando area home. It reminds me a lot of Nashville's success on that front in the early '80's.

https://www.scottjosephorlando.com/news/4558-brio-bravo-parent-moves-headquarters-to-downtown-orlando

 

[spenser1058]

Raytheon and United Technologies aerospace are planning to merge. Both have Central Florida employees so some impact is likely. Of course, it’s way too early to know how things will shake out so stay tuned:

https://www.washingtonpost.com/news/business/wp/2019/06/09/defense-giant-raytheon-to-combine-with-united-technologies-aerospace-businesses-in-high-profile-merger/

From the Washington Post

 

[AmIReal]

The South's economy is falling apart... from WSJ. They exclude Florida, Texas, Maryland as part of the south. The major premise is that when the south was doing well it was due to cheap labor, but now the labor is not cheap enough and the labor force is too poorly educated for the new needs. A lot of other stuff about tax rates, education systems, globalization... WSJ is paywalled, but it can be read on MSN here- https://www.msn.com/en-us/money/markets/the-souths-economy-is-falling-behind-all-of-a-sudden-the-money-stops-flowing/ar-AACCJu6

 

[sethM]

On 6/9/2019 at 5:36 PM, spenser1058 said:

Raytheon and United Technologies aerospace are planning to merge. Both have Central Florida employees so some impact is likely. Of course, it’s way too early to know how things will shake out so stay tuned:

https://www.washingtonpost.com/news/business/wp/2019/06/09/defense-giant-raytheon-to-combine-with-united-technologies-aerospace-businesses-in-high-profile-merger/

From the Washington Post

 

This makes sense to me but at the same time is pretty wild. I thought United merging with Rockwell was big, but now this. 

Edited June 11, 2019 by sethM

[spenser1058]

1 minute ago, sethM said:

This makes sense to me but at the same time is pretty wild. I thought United merging with Rockwell was big, but now this. A friend who works at UTC, formerly Rockwell, said there were signs of this over the past few weeks with the unexplained shifting of resources between different area. 

I’m still getting used to Lockheed Martin - it’ll always just be “the Martin plant” to me.

With the way all the defense contractors keep merging, eventually there will be just one left...named TRUMP!?!

[sethM]

4 minutes ago, spenser1058 said:

I’m still getting used to Lockheed Martin - it’ll always just be “the Martin plant” to me.

With the way all the defense contractors keep merging, eventually there will be just one left...named TRUMP!?!

I doubt we will see any of the Big 5 merge with each other, but I could see more of the other upper mid-tier contractors get acquired/merge or someone like Honeywell spinning off their aerospace division. 

[dcluley98]

United technologies is spinning off 2 separate consumer business in Otis Elevator and Carrier HVAC business prior to the merger. The remaining United Technologies business including Aerospace/Defense will merge with Raytheon as a "merger of equals" but it is what is known as a "backflip" merger in an all-stock deal with the remaining structural company being previous UTX with a new name and new combined business and financials. Raytheon Technologies is supposed to be the new name, with current UTX shareholders getting about 57% of the company and current RTN shareholders getting about 43%.  Per a news release, the new company will have approximately $74 billion in pro forma 2019 sales, creating the second largest defense contractor after Lockheed Martin.  One of they keys to the merger is a lack of overlap between the two firms, with RTN focusing more on defense with missile systems, cyber-security and other services such as automation and communication, and UTX with a large commercial aerospace portfolio including Pratt & Whitney Jet Engines, as well as the assets from Collins. This is key to regulatory approval, as the DOJ and DOD would not want to limit competition between the major defense contractors for similar products and services. 

[HankStrong]

22 hours ago, spenser1058 said:

I’m still getting used to Lockheed Martin - it’ll always just be “the Martin plant” to me.

With the way all the defense contractors keep merging, eventually there will be just one left...named TRUMP!?!

My old landlord just called it Martin Marietta and I honestly had no idea what he was talking about for 3 years, the first 3 years I lived here.

[jgardnerucf]

It'll always be Martin Marietta for native orlandoans.

[dcluley98]

Boeing is moving its Space and Launch headquarters to Florida’s Space Coast
The aerospace company announced Wednesday that it will move its Space and Launch headquarters from Arlington, Virginia, to Titusville by the end of the year, bringing with it Jim Chilton, senior vice president of the division, and the members of his executive leadership team and support staff.

Gov. Ron DeSantis tweeted about the move Wednesday, saying the “announcement affirms our state’s position as a national leader in innovation and job growth and will bring increased investment to the Space Coast.”

Meanwhile, Boeing also is anticipating increased payload processing and launch activity from the Cape. With the move, it’s looking to strengthen its relationship with the Air Force at Cape Canaveral Air Force Station and the 45th Space Wing.

Boeing also is closely involved in NASA’s largest initiative: The Artemis program that plans to return astronauts to the lunar surface as soon as 2024. The company is the prime contractor on the massive Space Launch System rocket, which is being built for the lunar mission.

https://www.orlandosentinel.com/space/os-bz-boeing-space-headquarters-titusville-20190619-pt6abvinzbaw5hnov2oaefx7ge-story.html

[spenser1058]

Another warning sign on the economy - freight shipments are slowing down:

https://finance.yahoo.com/amphtml/news/truck-shippers-feel-chill-of-slowing-us-economy-merrill-lynch-144626940.html

From Yahoo! Finance

[spenser1058]

The latest on how Orlando will fare if a slowdown is coming:

https://www.orlandosentinel.com/business/os-cfb-2019-economy-forecast-20190117-story.html

From the Sentinel 

[spenser1058]

How Orlando’s high-tech quadrant began and then prospered over the next 50 years. This is the way to build a viable economic cluster:

https://www.orlandosentinel.com/opinion/guest-commentary/os-op-growing-talent-from-within-20200116-dm76vl7g3vagpdr6dq4w7itagy-story.html

From the Sentinel