Michaels completes deal for Joann’s

Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels.

The Michaels Companies announced on Thursday that it had completed its purchase of Joann’s intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings.

“We’re honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,” Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better “respond to rising demand” among both new and existing customers.

Financial terms of the acquisition were not disclosed.

BMW battery plant construction paused

A Japanese company has halted construction on a $1.6 billion factory in South Carolina to help make batteries for electric BMWs, citing “policy and market uncertainty.”

While Automotive Energy Supply Corp. didn’t specify what those problems are, South Carolina’s Republican governor said the company is dealing with the potential loss of federal tax breaks for electric vehicle buyers and incentives for EV businesses as well as tariff uncertainties from President Donald Trump’s administration.

“What we’re doing is urging caution — let things play out because all of the these changes are taking place,” Gov. Henry McMaster said.

AESC announced the suspension in construction of its plant in Florence on Thursday,

“Due to policy and market uncertainty, we are pausing construction at our South Carolina facility at this time,” the company’s statement said.

Midea recalling 1.7M air conditioners

Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth.

The U.S. Consumer Product Safety Commission said that the recall also includes approximately 45,900 units sold in Canada.

There’s been at least 152 reports of mold in the air conditioners. This includes 17 reports of consumers experiencing symptoms such as respiratory infections, allergic reactions, coughing, sneezing and sore throats from mold exposure.

The white air conditioners have brand names including Midea, Comfort Aire, Danby, Frigidaire, Insignia, Keystone, LBG Products, Mr. Cool, Perfect Aire and Sea Breeze. They were sold in three sizes of cooling power: 8,000, 10,000 and 12,000 BTU.

The air conditioners were sold from March 2020 through May for between $280 and $500 at Costco, Menards, Home Depot, Best Buy and other stores across the country. They were also sold online through various websites including those of Midea, Amazon, Costco and Home Depot. Individuals can go to www.midea.com/us and click on “Recall Information” for more information or call 888-345-0256.

Compiled from Associated Press reports.