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VOL. 129 | NO. 162 | Wednesday, August 20, 2014

Daily Digest

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Medline Industries Files Permit for Improvements

Medline Industries Inc. has filed a $1.2 million permit application with the city-county Office of Construction Code Enforcement for improvements to its 4500 S. Mendenhall Road facility.

The permit, which doesn’t list a contractor or architect, calls for improvements to the 358,000-square-foot building’s offices and warehouse.

Mundelein, Ill.-based Medline Industries is “the largest privately held manufacturer and distributor of healthcare supplies in the United States, providing more than 350,000 products that serve the entire continuum of care,” according to its website.

Built in 1997, the Class A warehouse sits on 16.9 acres along the east side of South Mendenhall Road between East Raines Road and East Shelby Drive, not too far from BNSF Railway Co.’s Memphis Intermodal Facility.

The Shelby County Assessor of Property’s 2014 appraisal is $9.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Medtronic Spine Sees Quarterly Revenue Drop

Medtronic Inc. reported Tuesday, Aug. 19, that revenue in its Memphis-based Spine division totaled $743 million in the first quarter of fiscal year 2015, a 3 percent decline from the same period in fiscal year 2014.

Overall, Minneapolis-based Medtronic reported net income declined by nearly 9 percent to $871 million, or 87 cents per share, in the fiscal first quarter, from $953 million, or 93 cents per share, in the same period a year ago.

Core Spine revenue of $552 million declined 2 percent year over year. Interventional Spine revenue of $81 million grew 4 percent during the same period. BMP revenue of $110 million declined 11 percent.

“Medtronic Spine had solid growth in our Interventional Spine business and developed international markets, but softness in Core Spine offset those gains,” said Doug King, senior vice president and president, Medtronic Spine. “We believe the softness in Core Spine was driven primarily by a number of one-time events and that Spine remains on track to return to growth in FY15.”

The Medtronic Spine division is the second-largest division at Medtronic, employing 5,600 people worldwide, with approximately 1,300 employees in Memphis, and annual revenue of $3 billion in fiscal year 2014.

– Don Wade

Roxul’s Mississippi Plant Opening in September

Roxul Inc. will open its Marshall County, Miss., manufacturing plant in September.

In May, Roxul, a Danish maker of stone or rock wool insulation, broke ground on the $160 million, 600,000-square-foot production facility.

The Ontario, Canada-based company will open the facility inside the Chickasaw Trail Industrial Park area on Sept. 24. The facility is expected to employ 150 people.

Other companies locating inside Marshall County include Asics, Volvo and Exel. Just across the state line in Fayette County, Tenn., MCR Safety has opened a $19 million, 500,000-square-foot distribution facility.

– Amos Maki

Grizzlies Sign Stokes to Multi-Year Deal

The Memphis Grizzlies signed 2014 second-round draft pick Jarnell Stokes to a multiyear contract, the team has announced. Per club policy, terms of the deal were not disclosed.

Stokes (6-foot-9, 263 pounds) was selected by the Utah Jazz in the second round (35th overall) of the 2014 NBA draft and traded to Memphis on draft night for a 2016 second-round draft pick.

Before entering the NBA draft, Stokes played three years at the University of Tennessee (2011-14), averaging 13.0 points, 9.6 rebounds and 1.08 blocks on .530 shooting in 29.7 minutes in 87 games.

Stokes, 20, left the Volunteers ranked fourth in school history in double-doubles (40), eighth in total rebounds (836) and 14th in blocks (94). He led the Southeastern Conference in offensive rebounding in each of his final two years in Knoxville.

– Don Wade

Pickler Cos. Sponsoring Diabetes Research Fundraiser

On Friday, Aug. 22, the Pickler Cos. will sponsor a fundraiser for the Juvenile Diabetes Research Foundation.

The “One Day” event will benefit research into finding a cure for Type 1 diabetes and will include refreshments, event T-shirts for sale, music and a dunk tank. It will run from noon to 6 p.m. in the parking lot of Pickler Wealth Advisors, 1135 Halle Park Circle in Collierville, and the event is open to everyone.

The goal is to raise $4,500 using the dunk tank, sales and donations.

– Andy Meek

Redbirds’ Scruggs Named PCL Player of the Week

Memphis Redbirds first baseman Xavier Scruggs has been named the Pacific Coast League’s Player of the Week for the Aug. 11-17 period, marking the third consecutive week a Redbirds player has won the award.

Scruggs batted .458 (11-for-24) with three home runs and a league-leading 11 runs RBIs in six games during the week. The first baseman also scored nine runs while posting a 1.000 slugging percentage and 1.519 OPS in Memphis’ six wins. He collected a hit in every contest and went into the Monday, Aug. 18, game on a season-best 12 game hitting streak (.458, 22-for-54).

Overall during his first season at the Triple-A level, the 26-year-old Scruggs is batting .283 (118-for-417) with 18 home runs, 26 doubles, and 81 RBIs in 120 games. He is tied for second in the PCL in RBIs and tied for sixth in runs scored (73).

Scruggs is the fourth Redbirds player to win a weekly award this season, joining pitchers Tim Cooney (May 26-June 1) and Tyler Lyons (July 28-Aug. 3), and outfielder Tommy Pham (Aug. 4-10).

– Don Wade

Commission OKs Sewer Conversion in Cotton Creek

Shelby County Commissioners approved Monday, Aug. 18, up to $3 million in county funding to convert a group of 100 homes in the Cotton Creek, Kirkland Estates and Fox Hollow Farms area near Collierville from individual pump sewer systems to a gravity-based sewer system, reversing a 2009 decision by a previous commission.

Commissioner Mike Ritz offered the item, saying it was time for the county to fix the problem it created by switching the area from septic tanks to a system that residents say is breaking down, was never inspected by county officials, and effectively bars them from reselling their homes because it doesn’t meet building codes.

Commissioners met last week privately with county attorneys about the possibility of litigation over the problems from homeowners.

County chief administrative officer Harvey Kennedy said the administration preferred more review before acting but would abide by the commission’s decision.

In other action, the commission approved a $2.2 million state grant for a new pedestrian Benjestown Road Bridge over the Loosahatchie River as well as a $15.7 million grant contract with the state to fund and manage the widening of Macon Road from Berryhill Road to Houston Levee Road.

– Bill Dries

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 296 16,341
MORTGAGES 89 356 21,366
FORECLOSURE NOTICES 6 61 4,251
BUILDING PERMITS 199 701 39,202
BANKRUPTCIES 50 234 15,482
BUSINESS LICENSES 21 78 5,471
UTILITY CONNECTIONS 54 354 23,505
MARRIAGE LICENSES 8 78 5,018

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