• Biden Unveils Port Plans, General Electric To Spin Off Companies, Panera Going Public

    The Port of Savannah is getting help in relieving congestion under a new Biden administration plan. (Jeremy Polston/Georgia Ports Authority)
    The Port of Savannah is getting help in relieving congestion under a new Biden administration plan. (Jeremy Polston/Georgia Ports Authority)

    By Richard Lawson
    CoStar News
    Biden Unveils Port Plans

    President Biden rolled out a plan to begin as quickly as possible to alleviate problems with supply chains bogged down by congested ports.

    The biggest piece of the plan calls for $4 billion in funding to go out in the next 60 days for the Army Corps of Engineers to repair outdated systems at coastal ports and inland waterways and deepen ports to handle larger ships.

    Biden’s plan comes on the heels of the House passing an infrastructure bill that has $550 billion in new spending to improve the country’s infrastructure, which includes ports.

    Another $3.4 billion would cover upgrading obsolete inspection facilities and “allow more efficient international trade through the northern and southern borders,” according to the White House.

    The plan calls for $240 million in grants within the next 45 days for modernizing ports and marine highways. It also will allow port authorities across the country to shift project cost savings in grants that have already been issued to address supply chain problems.

    Georgia’s Port of Savannah was singled out for funding to build more pop-up container yards that will allow containers to be transferred by rail and truck farther inland to free up real estate closer to the port.

    General Electric To Spin Off Companies

    General Electric said it will spin off three publicly traded companies focused on aviation, healthcare and renewable power.

    Each of the companies will be independently operated and will be “better positioned to deliver long-term growth and create value for customers, investors …,” the company said in its announcement.

    Healthcare will spin off first in early 2023 with the renewable energy and power business following in early 2024, leaving only GE Aviation.

    Lawrence Culp, GE’s CEO, will continue in the role until the final spin off and then lead the aviation-focused company.

    GE has struggled for years to meet financial expectations since the late Jack Welch retired in 2001. The latest plan marks another shift in a company that has been paring down for years, including selling off its financial services operations that suffered during the Great Recession.

    Panera Going Public

    Panera Bread’s parent company plans to take the brand public along with Caribou Coffee and Einstein Bros., which together have more than 4,000 locations.

    German conglomerate JAB Holding Co. said on Tuesday that it plans to file a draft registration with the Securities and Exchange Commission. It didn’t give a timetable.
    Panera Bread, Caribou Coffee and Einstein Bros. were merged into Panera Brands in August.

    JAB paid $7.5 billion for Panera four years ago. It bought Caribou Coffee for $340 million in 2013. A year later, the company bought Einstein for $347 million.
    The company’s portfolio includes Krispy Kreme, Keurig Dr. Pepper and Peet’s.

    Source: CoStar Group, www.costar.com