Frederic J. Brown /AFP/Getty Images
Bottles of Sriracha chili sauce on the shelves of a supermarket in Rosemead.
With all the trouble in the air in Irwindale, the company that makes Sriracha hot sauce now says it’s considering a move somewhere else. Huy Fong Foods is being peppered with offers of new homes close by and far away, but moving to any of them would be costly.
"Denton loves Sriracha. We’ll never shut them down," says city councilman Kevin Roden of Denton, Texas, expressing his city's hots for the hot sauce.
The Huy Fong Foods factory in Irwindale is 650,000 square feet and makes at least 200,000 bottles of hot sauce a day. The facility currently employs 200 people. Moving out of it is a little different from vacating a college dormitory.
"Unlike moving furniture or relocating an office, this is a little bit more complex," said Nick Vyas, who directs the Center for Global Supply Chain Management at USC's Marshall School of Business.
Port of Los Angeles.
The earlier timing of Chinese New Year in 2014 helped usher in more cargo at the Port of Los Angeles in March, port officials said.
Container imports and exports at the Port of Los Angeles increased 34 percent to a total of 515,323 20-foot equivalent units in March, compared to a year ago, the port said. It's part of a trend that happens every year.
"We expect next year to be no different," said Gary Moore, interim executive director at the Port of Los Angeles. "When [Lunar New Year] happens, we'll expect to see a slow down in cargo and the next month, it will pick up again."
Chinese factories close during New Year
Lunar New Year is considered a national holiday in China, where workers are given about two weeks of time off, said Baizhu Chen, professor of clinical finance and business economics at USC Marshall School of Business. It's sort of like Thanksgiving and Christmas combined into one, he said.
Huy Fong Foods founder and president David Tran with mixing machines at Irwindale Sriracha chili sauce plant.
Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, our staff compiles a list of interesting stories in the region.
- The maker of popular hot sauce Sriracha considers moving its Irwindale factory to Texas (Press-Telegram). Irwindale's City Council had deemed Sriracha a "public nuisance," giving the company 90 days to address complaints about factory fumes (Associated Press).
- Irvine-based Opus Bank launched an IPO at $30 a share on Wednesday (Orange County Register).
- Gas prices have risen above $4 in L.A. County (Los Angeles Daily News). Bob van der Valk from the Bakken Oil Business Journal tells the Daily News that he believes prices won't fall below the $4 a gallon threshold until September.
- Boeing C-17 employees will vote on a contract that would give 300 workers "a chance to retire with their full medical benefits and pension," while potentially cutting the pensions of 80 other workers (Press-Telegram). Boeing plans to close the C-17 plant in Long Beach by mid-2015 (KPCC).
- Mattel posts an $11.2 million net loss in the first quarter, with Barbie sales down 14 percent (Wall Street Journal).
- L.A. film czar Ken Ziffren says he plans to get a bill to expand the state's film and TV tax credit program on the governor's desk by August (Variety). From the story: Ziffren has "also talked to Gov. Jerry Brown, a friend, and while Brown hasn’t thrown his support behind the legislation, Ziffren indicates he is further along than he was last fall, when Garcetti said the governor still needed to be convinced."
- Many Southern Californians pay more than 30 percent of their salary on rent (KPCC).
- Who knew that the letters "F" and "U" could be so controversial? The Motion Picture Association of America deemed the artwork for the film "Fed Up" as having offensive language, but later reversed its decision (Deadline). The artwork featured the letters "F" and "U" together.
The new Los Angeles Register newspaper debuted Wednesday, and I wanted to check out the first edition. Publisher Aaron Kushner has relentlessly focused on print over digital, so I thought it best to experience the paper by holding it in my hands, which is easier said than done.
Home delivery isn't coming until next month, but the Register says 5,500 retail and newsrack locations across Los Angeles carry the paper, including "major grocery and convenience stores such as 7-Eleven and AM/PM."
So this morning I drove to my local 7-Eleven. They carried copies of the L.A. Times, USA Today and lots of tabloids. But no L.A. Register.
Then I went to a Chevron station. They only had the Times.
Next stop: Whole Foods. A clerk told me they only carry magazines, not newspapers.
Finally, I knew where I had to go: a good old-fashioned newsstand. So I drove to the venerable Westwood Village News Stand. They had stacks of the New York Post, and the Financial Times, but no Register.
Charles Sykes/Charles Sykes/Invision/AP
Solange performs on day 2 of the 2013 Budweiser Made in America festival on Sunday, Sept. 1, 2013 in Philadelphia.
Good afternoon. Welcome to KPCC's business blog, The Breakdown. Every weekday, our staff compiles a list of interesting business stories in the region.
- "Midnight Rider," the film that shut down in Georgia after a crew member was killed, could resume production in L.A. In February, camera assistant Sarah Jones died when a train barreled through the production of the Gregg Allman biopic, sparking investigations. Now, a vice president of the union IATSE says the film's producers plan to resume production in Los Angeles in June, according to The Hollywood Reporter.
- Made in America fest is coming to Los Angeles. Rapper/businessman Jay-Z joined Mayor Eric Garcetti and other city officials to announce that the festival will happen Aug. 30 and 31 in downtown's Grand Park, potentially drawing 50,000 people a day. (KPCC)
- The two sides of the of the Southern California housing market. Sales of high-dollar homes are on the rise, but the same can't be said for low to medium-priced homes. Leslie Appleton-Young, chief economist for the California Assn. of Realtors, tells the L.A. Times: "Housing affordability is really taking a bite out of the market."
- The Los Angeles Register debuts Wednesday...but apparently not on the newsstands where KPCC reporter Ben Bergman went looking. Have you seen it?
- Plans to re-open the Paramount Drive-In movie theater. It opened in 1947. Eight years later, it became the site of a popular swap-meet by day. In 1992, the movies stopped, but the swap meet continued. Now, the son of the original Drive-In's founder wants to bring the movies back ... on two giant screens with digital projectors and a new sound system. (Long Beach Press-Telegram)
- USC and USA Today team up. The USC Marshall School of Business’ Sports Business Institute and the USA Today Sports Media Group are partnering to create Fields of Green, a website devoted to covering the business of sports. (Ben Bergman/KPCC). One of the site's lead articles today is about the evolution of the billion-dollar ticketing industry, written by Tony Knopp, the founder and CEO of Calabasas-based Spotlight TMS, profiled on KPCC's Take Two.