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In February 2022 Cedar missed interest payments of 20 billion yuan (US$3.15 billion) owed to clients, casting doubt on the soundness of the business; [10] [11] The Nikkei described it as being built on a "shell game," reporting that "Most of the goods traded by Cedar did not belong to Cedar, a person with knowledge of the matter said.
[13] the U.S. Gulf Coast Petrochemicals Project is expected to create approximately 400 long-term direct jobs and 10,000 engineering and construction jobs, and increase ethylene production at the Cedar Bayou plant by 3.3 billion pounds per year. On April 2, 2014 the Cedar Bayou plant held a groundbreaking ceremony for the construction project. [14]
Gannett purchased a one-third interest in the company for $98.3 million in 2002, adding the CareerBuilder brand to its 90 newspapers nationwide. [25] The company suffered major difficulty because of the dot com crash and nearly went bankrupt. The McClatchy Company purchased Knight Ridder for $4.5 billion in stock and cash in March 2006. [26]
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The company currently operates multiple factories in multiple states. Tuff Shed carries dry ice to provide to The Frozen Dead Guy, as well as a variety of products, ranging from small storage sheds to garages to large custom buildings, sold direct through factory outlets and through The Home Depot stores. [2]
In 2007, the company's former gasoline engine and power train product lines, which is what the company had been most known for, were sold to Platinum Equity LLC, which does business as Tecumseh Power. Tecumseh engine products at one time were sold in over 120 countries. In December 2008, the company closed its engine manufacturing division. [12]