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Hollywog Expands, Adds 22 Jobs
Tennessee Economic and Community Development Commissioner Bill Hagerty along with Hollywog, LLC officials announced Friday the company will expand its Chattanooga operations. They say the $400,000 investment by the medical device company will create 22 new manufacturing and administrative positions over the next 36 months.
“Helping existing Tennessee businesses expand is a foundation of our economic development strategy, and I congratulate Hollywog on this announcement,” Hagerty said. “When companies like Hollywog continue to grow right here in Tennessee, it is a testament to our state’s business-friendly environment under Gov. Bill Haslam. We are proud to help them along on their path to success.”
Headquartered in Chattanooga, Hollywog is a medical device company that designs, develops and manufactures medical devices for pain management and physical rehabilitation. The company recently released the world’s first wireless remote controlled pain relief device, the WiTouch. The unit uses transcutaneous electrical nerve stimulation (TENS) technology to specifically target lower back pain.
"Our growth comes from years of investment, innovative product design, and an incredible global distribution network, and we will continue this path as new products drive our growth projections, Chuck Thomas, CEO, Hollywog, said. “We are honored to partner with the state of Tennessee and are grateful for their support of our employee education programs."
The expansion will include new tooling and restructuring of its facilities on Amnicola Highway to accommodate the demands of new product releases and support continued product development.
Hollywog participated in ECD’s medical trade mission to China and South Korea in April 2012. The trade mission, part of the department’s TNTrade initiative, gave 11 medical device manufacturers and other health care companies the opportunity to attend meetings arranged, by the U.S. Commercial Service and to participate in the China International Medical Equipment Fair, the largest exhibition of medical equipment and related products and services in the Asia-Pacific region, in Shenzhen, China.
Persons interested in applying for positions with Hollywog should contact Chris Lawyer at 423-305-7778.Wednesday, February 6 2013, 11:58 AM EST
More Business News
Last Update on October 31, 2014 07:28 GMT
SEOUL, South Korea (AP) -- Japan's Nikkei 225 stock average surged 5 percent and the yen slid against the dollar after the Bank of Japan unexpectedly announced new stimulus to boost a flagging economic recovery.
Other Asian stock markets were also higher after the Japanese central bank's announcement Friday. The dollar rose 1.2 percent to 110.64 yen.
The bank said it would increase its asset purchases by between 10 trillion yen and 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually.
The Nikkei was up 4.6 percent at 16,380.11 after shedding some of its initial gains. Hong Kong's Hang Seng rose 1.2 percent and Seoul's Kospi was up 0.1 percent.
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Today. the Commerce Department will release its September report on consumer spending, which accounts for 70 percent of economic activity in the U.S.
Also, the University of Michigan will issue its monthly index of consumer sentiment for October. In September, the index reached its highest level since July 2013, led by greater optimism that the economy will grow and incomes will rise.
The Labor Department will also release the third-quarter employment cost index.
Before the market opens, Exxon Mobil will report its quarterly financial results.
NEW YORK (AP) -- Citigroup is slashing its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.
The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.
The bank's operating expenses rose from $12.36 billion to about $13 billion.
The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates.
Like other major banks, Citigroup has been the target of lawsuits and government investigations for its role in the mortgage meltdown that helped spur the financial crisis of 2008.
SURGICAL GOWNS LAWSUIT
LOS ANGELES (AP) -- A lawsuit says Kimberly-Clark Corp. falsely claimed its surgical gowns met the highest standards for protecting against Ebola and other infectious diseases.
Lead attorney Michael Avenatti says the Texas hospital where two nurses contracted Ebola used to stock the gowns but it's not clear if the nurses had used them.
The $500 million fraud suit was filed Wednesday in federal court in Los Angeles on behalf of a surgeon who wore the gowns.
The lawsuit says Kimberly-Clark knew for a year that the gowns failed industry tests and allowed the transfer of bodily fluids, bacteria and viruses, but the company still promoted them as having the highest level of impermeability.
The maker of Kleenex and other consumer products says it doesn't comment on lawsuits but stands behind its products' safety.
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