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Fifth Third to expand into 20,000 square feet of space in Huntsville Alabama.

Fifth Third to expand into 20,000 square feet of space in Huntsville Alabama.

November 27, 2024 Craig Etkin

Huntsville, Alabama — According to state and local development sources, Fifth Third plans to build out 20,000 square feet of new space in Huntsville. The company plans to occupy the new space in Huntsville, on…

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Fifth Third Bank is planning to open five new financial center branches in Birmingham, and 10 in the Huntsville area between now and 2028. In a statement, Randy Koporc, regional president for Fifth Third Bank in Atlanta said, Across all 15 planned financial centers in Alabama, the bank will likely make 50 to 80 hires for in-branch roles, asset management roles, mortgage delivery roles and support roles. “To support the efforts, we’ll run our full play, which is branching, private banking, mortgage, commercial, large corporate.” The bank has already secured three locations and they will most likely open early in 2026.

Fifth Third Bank engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers. The Consumer and Small Banking segment provides a range of deposit and loan products to individuals and small businesses; home equity loans and lines of credit; credit cards; and cash management services. This segment also engages in the residential mortgage that include origination, retention and servicing of residential mortgage loans, sales and securitizations of loans. The Wealth & Asset Management segment provides various wealth management services for individuals, companies, and not-for-profit organizations. It offers retail brokerage services to individual clients; and broker dealer services to the institutional marketplace. This segment also provides wealth planning, investment management, banking, insurance, and trust and estate services; and advisory services for institutional clients comprising middle market businesses, non-profits, states, and municipalities. The company was founded in 1858 and is headquartered in Cincinnati, Ohio.

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Shiru, the pioneer in AI-powered ingredient discovery, has secured a $16 million investment round as it leads a revolution in how ingredients are discovered and developed across multiple industries. Shiru’s flagship platform, ProteinDiscovery.ai, hosts the world’s largest database of natural proteins from plants and microbes. The AI-driven platform enables corporate partners in food, personal care, agriculture and advanced materials to swiftly identify and test highly functional, natural ingredients. The results include dramatically reduced R&D and product development costs, accelerated time to market and high functional capabilities from nature-identical products.

In a statement Dr. Jasmin Hume, Founder and CEO of Shiru said, “AI-powered discovery isn’t only the future of ingredient innovation – it’s here today, and we’re eager to expand our capabilities across flavor, skincare and agriculture.” “Our technology dramatically reduces development timelines and costs, empowering R&D teams to revolutionize products, categories and industries through our platform, enabling valuable innovation and competitive advantage.” “While we’re starting with proteins, our vision extends far beyond,” Hume added. “ProteinDiscovery.ai is just the beginning. We’re building a comprehensive platform that will revolutionize ingredient discovery across multiple molecular classes, driving innovation that benefits both industry and consumers.”

The round, bringing Shiru’s total funding to $36 million, was led by longtime investor S2G Ventures, with participation from CPT Capital, Lux Capital, Nourish Ventures, and Meach Cove Capital. This investment will fuel Shiru’s ambitious growth plans, expanding its ingredient portfolio and enhancing ProteinDiscovery.ai through new commercial partnerships and expanded offerings.

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Sofidel will make a $200 million expansion in Duluth, supported by $5 million in business expansion funding from the State of Minnesota. The expansion will create at least 160 new jobs, tripling the company’s current workforce size. Funding comes from the Minnesota Department of Employment and Economic Development’s (DEED) Job Creation Fund (JCF) and Minnesota Investment Fund (MIF). The JCF provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. The MIF provides financing to help add new workers and retain high-quality jobs – with a focus on industrial, manufacturing, and technology-related industries – increasing the local and state tax base and improving Minnesota's economic vitality.

Sofidel will expand their existing facility into an integrated, state-of-the-art production plant where raw materials are processed, manufactured, and packaged into finished goods such as paper towels, bath tissues, and napkins. The company will construct an automated warehouse for product storage and distribution. Construction will take place in phases beginning in late 2024 and continuing through late 2026. The completed project size will be nearly 600,000 square feet.

In a statement Simone Giacomelli, Integration Manager at Sofidel said, This expansion is a testament to our long-term commitment to growth and innovation in the North American market. In Duluth, we found a favorable operating environment, with a skilled and dedicated workforce, and strong partnerships with local institutions and the community. These factors encouraged us to further invest in this facility,” “We are also grateful for the tremendous support from the State of Minnesota and the City of Duluth, which has been essential in bringing this project to life."

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Fifth Third to expand into 20,000 square feet of space in Huntsville Alabama. November 27, 2024

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