Business

Innovation district unveiled in downtown Durham

October 2, 2014

(The News & Observer, Raleigh)

Developers revealed the first phase of the 1.7 million-square-foot Durham Innovation District on Wednesday. Duke University has already leased the Carmichael Building, part of a former tobacco warehouse that has been renovated into office and laboratory space. The project is being developed by Boston-based Longfellow Real Estate Partners and Durham-based Measurement Inc.

Moynihan elected chairman of Bank of America

October 2, 2014

(The Charlotte Observer)

CEO Brian Moynihan was named chairman of Bank of America's board, effective immediately. The Charlotte-based bank split the two roles in 2009 when CEO Ken Lewis was removed as chairman amid pressure from shareholders following the federal government's $45 billion bailout. Moynihan replaces Charles Holliday Jr.

Medical products manufacturer to lay off 200 in Burke County

October 2, 2014

(The News Herald, Morganton)

BSN medical will cut 200 jobs at its Rutherford College production plant beginning at the conclusion of the first quarter of 2015. The Hamburg, Germany-based company, which makes medical bandaging and compression stockings, plans to move the jobs to an existing plant in Mexico.  

Lawyers' bills in Charlotte airport fight total more than $1 million

October 2, 2014

(The Charlotte Observer)

Charlotte has amassed $552,600 in legal fees in its fight to maintain control of Charlotte Douglas International Airport, while the legal tab for the 13-member commission created by the state General Assembly to run the airport is believed to be about $500,000.

Red Hat plans to sell $700 million in convertible notes

October 2, 2014

(The News & Observer, Raleigh)

Raleigh-based Red Hat plans a $700 million offering of convertible notes that will be sold to institutional investors. The software company plans to use up to $400 million of the proceeds to repurchase shares of its common stock, while the rest of the proceeds could be used for general corporate purposes and potential acquisitions. The company has announced three acquisitions this year.

Movie studio project once proposed for Charlotte may be built in SC

October 2, 2014

(The Charlotte Observer)

Studio South, the company that proposed building movie studios at the former Eastland Mall site in Charlotte, is exploring building a similar project on 70 acres in or near Rock Hill, S.C. Charlotte City Council ended talks with Studio South CEO Bert Hesse six months ago, claiming Hesse didn't provide enough detailed information on project costs and financing.

CFO of Greensboro's VF Corp. to retire in 2015

October 2, 2014

(Winston-Salem Journal)

Robert Shearer will retire as senior vice president and chief financial officer of VF Corp. after 28 years with the Greensboro-based apparel manufacturer. Scott Roe, vice president and chief accounting officer, will succeed him.

Babcock and Wilcox may split into two companies

October 2, 2014

(The Charlotte Observer)

Babcock & Wilcox said it is considering a split into two publicly traded companies that would separate its power-generation business from its government and nuclear businesses. The energy company has been based in Charlotte since it was spun off from Houston-based McDermott International in 2010.

Wilmington software company uses "old school principles and new technology" to fuel growth

October 2, 2014

(Greater Wilmington Business Journal)

Wilmington-based Go Energies has grown 16,000% over the past three years, making it the fastest growing company in North Carolina according to the annual Inc. 5000 list of fastest growing private companies in the U.S. The company provides software and data to enable fleet drivers to manage their fuel purchases.

Murdock to give $15M a year to research institute

October 1, 2014

(The Charlotte Observer)

David Murdock, 91, will donate $15 million a year to his namesake research institute at the North Carolina Research Campus in Kannapolis. The chairman of Dole Food said he plans to recruit a world-class scientist to lead the David H. Murdock Research Institute to continue the study of health benefits of diets rich in fruits and vegetables.