Business

Lincoln Harris completes purchase of Charlotte Observer site

May 4, 2016

(The Charlotte Observer)

Charlotte developer Lincoln Harris paid $23.1 million for the second half of the former Charlotte Observer site, according to someone with knowledge of the deal. The company closed on the first portion of the downtown site last month for $11 million. Records show the developer is planning a mixed-use development, though the company declined to comment on plans for the site.

Quintiles merging with IMS Health to form $17.6B company

May 3, 2016

(WRAL TechWire)

Durham-based contract-research organization Quintiles is merging with Danbury, Conn.-based IMS Health Holdings in a deal valued at $9 billion. The combined company will have a market value of nearly $18 billion. The new company will be called Quintiles IMS Holdings and will maintain dual headquarters. Quintiles CEO Tom Pike will become vice chairman of the new company.

Investments in renewables grew slower in 2015

May 3, 2016

(The News & Observer, Raleigh)

Utilities and other companies claimed $136.3 million in renewable-energy tax credits in 2015, slightly higher than the $126.7 million claimed in 2014, according to a report by the N.C. Department of Revenue. The amount had been doubling annually in recent years due to the state's mandate requiring utilities to purchase increasing amounts of renewable energy.
Related: Duke Energy subsidiary buys 6 NC solar farms

Raleigh drug developer files for Chapter 11 bankruptcy

May 3, 2016

(The News & Observer, Raleigh)

NephroGenex said Monday it has hired an investment banker to help sell its assets. The drug developer completed its initial public offering in February 2014 at $12 a share; its stock was trading at 18 cents a share on Monday afternoon. The company was in the midst of a restructuring and had been attempting to complete a reverse merger.

Economist: Port of Wilmington will benefit from Panama Canal widening

May 3, 2016

(Greater Wilmington Business Journal)

The Port of Wilmington needs to stay focused on accommodating growing demand for imports and exports within the state, PNC economist Mekael Teshome said in a report, rather than competing with larger ports. A widened Panama Canal is expected to open June 27. The N.C. State Ports Authority is investing $100 million at the port to accommodate more than one post-Panamax ship at a time.

Jim Blaine handing off top job at SECU

May 3, 2016

Jim Blaine, one of the most important financial executives in North Carolina over the last 40 years, is retiring as CEO of State Employees' Credit Union. The group grew by more than 100-fold during his tenure.

Sales surge boosts first-quarter results for gun-maker Ruger

May 3, 2016

(Winston-Salem Journal)

Firearms manufacturer Sturm, Ruger & Co. reported a 50% increase in first-quarter profit to $23.3 million and a 26.3% increase in sales. CEO Michael Fifer said sales of new products — those introduced in the last two years — accounted for 29% of total sales in the quarter. Ruger employs more than 200 people at a 220,000-square-foot plant in Mayodan.

Topgolf to open Charlotte entertainment complex in 2017

May 3, 2016

(The Charlotte Observer)

Topgolf paid $4.4 million for a 14-acre site in southwest Mecklenburg County, where it plans to open a three-level entertainment complex in early 2017. The company expects about 450,000 annual guests in its first year and plans to hire 450 full- and part-time workers. About half of Topgolf patrons are nongolfers, the company says.

INC Research reports 17.7% growth in service revenue

May 3, 2016

(The News & Observer, Raleigh)

Raleigh-based INC Research posted service revenue of $249 million in the first quarter, up from $211.5 million a year ago. Despite the strong results, the company laid off 3% of its workforce, or about 175 people worldwide, due to a realignment of its therapeutic business units. About 30 workers in Raleigh lost their jobs. CFO Greg Rush says the company is still growing, adding about 800 workers last year, including 100 in the Triangle.

Pair of buildings in southwest Charlotte sold for $21.5M

May 3, 2016

(The Charlotte Observer)

A call center and light industrial building in Charlotte's Steele Creek area have sold for $21.5 million. The buyer of the buildings, which total 204,800 square feet and are fully leased, was a joint venture between CIP Real Estate and CrossHarbor Capital Partners. Brokerage firm HFF represented the seller, Fort Properties.