Amazon shares close lower; tech giant unveils new investment plans in Ohio

Amazon shares closed lower Monday as the tech giant unveiled plans to build a sixth fulfilment center in Ohio, which will be open for business by the end of 2019.

Amazon shares close lower; tech giant unveils new investment plans in Ohio

Amazon shares closed in the red at the end of the US Monday session, amid news the tech giant is set to further expand its investment plans with a sixth fulfilment centre in West Jefferson, Ohio. This adds to the business’s previous $2 billion investment and 6,000 jobs it already supports in the state.

Amazon shares ended 0.085% lower at $1,601.54. The stock has held pretty steady with some minor upside during May to-date.

Amazon’s Ohio investment

Jeff Bezos’ firm announced late Monday it was planning a sixth Ohio-based fulfilment centre which will provide a further 1,500 full-time positions in the state.

Amazon currently operates two fulfilment centres in Etna and Obetz. Three additional fulfilment centres in North Randall, Monroe and Euclid will be fully operational by the end of 2018 and in 2019. The West Jefferson centre, meanwhile, will be open for business by the end of 2019, Amazon said.

“We are excited to open a new, state-of-the-art fulfilment center in West Jefferson, and to continue innovating in Ohio,” said Amazon’s VP of north America customer fulfilment, Mark Stewart.

“Amazon is committed to providing great opportunities for employment and creating a positive economic impact for the region. Our growth in Ohio is the result of an outstanding workforce and incredible customers and we are proud to be adding 1,500 new jobs,” Stewart added.

West Jefferson’s Mayor, Ray Martin was equally upbeat on the news.

“We’re excited that Amazon is building a new fulfilment center in West Jefferson, which will help us build a stronger community for all. We’re proud of the business climate we have in West Jefferson, which is very attractive to industry leaders like Amazon,” Martin said.

Amazon to go-ahead with Seattle building plans

Separately, Amazon is now expected to go-ahead with plans to build a new office in downtown Seattle after the city passed a new, lower tax for large corporations in the city, including Amazon.

Amazon had planned to build a major new office, but the tax implications were considered too high and the tech giant put those plans on hold. Now the tax impact will be lower, Amazon said it is once again working on the construction planning element of its potential project.

Top Equities Brokers

0 Brokers added for comparison:
Clear all