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News in brief

January 14, 2022 at 1:40 a.m.

LR plastics firm gets OK on reusable resin

Revolution Plastics of Little Rock announced Thursday that it has federal approval to offer its recyclable resin for consumer-packing applications that come in contact with food.

Company officials said the approval from the Food and Drug Administration will enhance manufacturing capabilities at Revolution's plants in Little Rock and Stuttgart by opening the potential to expand product offerings.

Revolution developed new proprietary processes, testing methods and quality-control measures to meet FDA requirements, the company said.

"This was a multi-year, targeted project to improve our process, and it has really paid off in showing what can be done with recycled content," said Scott Coleman, a senior vice president at the company.

Revolution has previously announced a $20 million investment to expand its manufacturing facility at the Little Rock Port. The company developed a full-circle recycling process that uses discarded plastic consumer items to produce sustainable products such as trash can liners, carryout bags and construction films.

-- Andrew Moreau

Rutledge sues man in shipment fraud

The office of Attorney General Leslie Rutledge has filed a lawsuit against a Florida man in a scheme involving shipping charges and a purchase of nails from a Prairie Grove business.

Corey Shane is accused of violating the Arkansas Deceptive Trade Practices Act.

The lawsuit alleges that Shane ordered nails from Specialty Nails, using several credit cards, and requested that arrangements be made with Hopsin Shipping to send the nails to an address in Mexico. According to a news release from Rutledge's office, Specialty Nails wired more than $9,000 to Hopsin Shipping for freight charges. Shane's credit card charges initially were approved but were rejected as fraudulent only after Hopsin Shipping, a fictional business, and Shane pocketed the money.

Restitution, penalties, an injunction and other costs and fees are sought. Each violation of the state's trade practices act is punishable by up to $10,000 in fines.

-- Stephen Steed

State index closes up 1.17, at 781.39

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 781.39, up 1.17.

"Growth stocks resumed their fall today with the Nasdaq Composite Index losing 2.51% as concerns of rising interest rates led to weakness in the information technology sector," said Leon Lants, managing director at Stephens Inc.

Shares of ArcBest Corp. fell 3.2% while P.A.M. Transport shares rose 2.9%. Shares of Tyson Foods rose 2.7%.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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