pwshub.com

Chinese glass maker says it wasn't target of raid at US plant featured in Oscar-winning film

MORAINE, Ohio (AP) — A Chinese automotive glass maker says it was not the target of a federal investigation that temporarily shut down production last week at its Ohio plant, the subject of the Oscar-winning Netflix film “American Factory”.

The investigation was focused on money laundering, potential human smuggling, labor exploitation and financial crimes, Homeland Security agent Jared Murphey said Friday.

Fuyao Glass America said it was told by authorities that a third-party employment company was at the center of the criminal investigation, according to a filing with the Shanghai Stock Exchange.

Agents with the Department of Homeland Security, FBI and Internal Revenue Service, along with local authorities, carried out federal search warrants Friday at the Fuyao plant in Moraine and nearly 30 other locations in the Dayton area.

“The company intends to cooperate fully with the investigation,” Lei Shi, Fuyao Glass America community relations manager, said in a statement to the Dayton Daily News. Messages seeking comment were left with the company on Monday.

Production was stopped temporarily Friday, but operations resumed near the end of the day, the statement said.

Fuyao took over a shuttered General Motors factory a decade ago and eventually hired more than 2,000 workers to make glass for the automotive industry. The company, which received millions in tax breaks and incentives from the state and local governments, has said the Ohio plant was the world’s largest auto glass production facility.

In 2019, a production company backed by Barack and Michelle Obama released “American Factory.” The film, which won a 2020 Oscar for best feature-length documentary, looked at issues including the rights of workers, globalization and automation.

Workers voted overwhelmingly against unionizing in 2017 after some employees complained about unsafe workplace conditions, arbitrary policies and unfair treatment on the job. Earlier that year, Fuyao agreed to pay a $100,000 penalty after the Occupational Safety and Health Administration cited the company for alleged violations involving machine safety, electrical hazards and a lack of personal protective gear.

Source: finance.yahoo.com

Related stories
1 day ago - If there's still a "Magnificent Seven" in five years, these stocks might not be among them.
1 month ago - Chinese automotive glass maker Fuyao Glass Industry Group said the United States government agencies searched its subsidiary on July 26 in Ohio as part of an ongoing investigation into a third-party labour services company. Fuyao Glass...
1 month ago - (Bloomberg) -- European stocks were set for a breather as sentiment cools ahead of key events from the Federal Reserve and the Bank of Japan. Most Read from BloombergThe Serious Work That Free Play Can DoEuro Stoxx 50 futures were little...
3 weeks ago - Li Auto Inc (NASDAQ:LI) reported fiscal second-quarter 2024 revenue growth of 10.6% year-on-year to $4.36 billion, marinally missing the analyst consensus of $4.45 billion. It clocked an adjusted net earnings per ADS of $0.20, which beat...
1 week ago - (Bloomberg) -- Chinese stocks are on the brink of falling to a five-year low seen in February as bearish sentiment grips the market amid a lack of earnings and economic recovery.Most Read from BloombergHow Americans Voted Their Way Into a...
Other stories
46 seconds ago - The S&P 500 notched its eighth session of gains out of nine on Thursday and closed at an all-time high, which breached the milestone it logged in mid-July. The blue-chip Dow settled above the psychological level of 42,000 points and...
52 seconds ago - Back in the dot-com boom era, stock splits became commonplace in response to soaring share prices. Amid the current artificial intelligence (AI)...
58 seconds ago - (Reuters) -Investment advisers are urging clients to dump hefty cash allocations now that the Federal Reserve has begun its much-anticipated interest-rate easing, a process they expect to limit the appeal of money-market funds in the...
1 minute ago - After years of subpar performance, there's now a light at the end of the tunnel for all three companies ... and their stocks.
1 minute ago - While investors flocked to the most-anticipated stock split of 2024, billionaires took the opportunity to buy shares of two other top-notch stock-split stocks.