Business

Cisco lays off 225 at RTP

October 16, 2014

(The News & Observer, Raleigh)

Cisco Systems confirmed it laid off 225 employees in Research Triangle Park as part of a corporate restructuring that will cut 6,000 jobs from its global workforce. The San Jose, Calif.-based networking equipment provider announced this summer it would create 550 new jobs at RTP by the end of 2017 – the company will have to fill vacancies created by the layoffs in order to receive state incentives of up to $12.9 million.

Legal fees bring BofA profits down

October 16, 2014

(The Charlotte Observer)

Bank of America's third quarter profits fell to $168 million, down from $2.5 billion a year ago, thanks to a $16 billion mortgage settlement with the U.S. Justice Department in August (Statewide, October). Executives said the Charlotte-based bank has reached its Project New BAC goal of reducing quarterly expenses by $2 billion nine months ahead of schedule.
Related: Analysts question Moynihan about combining chairman, CEO roles

Battery company plans up to 2,500 jobs in Concord

October 16, 2014

(Independent Tribune, Concord)

Alevo Battery Technology expects to bring up to 2,500 jobs to the former Philip Morris plant in Concord, company spokesman Julian Tanner told the Independent Tribune on Tuesday. Victory Industrial Park, Alevo's parent company, bought the 2,000-acre campus, which has been idle since 2007, in April. The company plans to make a jobs announcement and provide more details on Oct. 28.

Judge denies Phelps' request to halt liquidation of tobacco companies

October 16, 2014

(Winston-Salem Journal)

A U.S. Bankruptcy Court judge denied Calvin Phelps' request to stop the liquidation of three bankrupt tobacco companies he previously owned. Phelps was sentenced to 40 months in federal prison after pleading guilty to fraud charges earlier this year ("Rise and fall of Renegade," October).

GE Aviation opens Asheville manufacturing plant

October 16, 2014

(Asheville Citizen-Times)

Gov. Pat McCrory helped GE Aviation celebrate the grand opening of its Asheville plant, where the company will manufacture jet-engine components. The plant will employ 52 workers as part of a 2013 commitment the company made to create 242 new jobs in North Carolina by 2018.

Brazilian companies up Chiquita offer to $14 a share

October 16, 2014

(The Charlotte Observer)

In its latest effort to break up Chiquita Brands International's pending merger with Dublin-based Fyffes, Brazil-based Cutrale and Safra Group increased their takeover bid for the produce company to $658 million, or $14 per share. The Charlotte-based produce company plans to hold a shareholder vote on the Fyffes merger Oct. 24. 

Hilton to build hotel in Charlotte's First Ward

October 16, 2014

(The Charlotte Observer)

Hilton Hotels announced plans to build a hotel in uptown Charlotte's First Ward on land owned by Charlotte developer Levine Properties. Construction could begin in 2016 on a new lifestyle hotel brand called Canopy by Hilton.

Cannon sentenced to 44 months in prison

October 15, 2014

(The Charlotte Observer)

A federal judge sentenced former Charlotte Mayor Patrick Cannon to 44 months in prison on public corruption charges. Cannon pleaded guilty in June to accepting more than $50,000 in bribes from undercover FBI agents posing as developers and from a local businessman. 

Novant lays off 59 at Louisburg hospital

October 15, 2014

(The News & Observer, Raleigh)

Novant Health will lay off 59 employees and reduce the number of inpatient beds from 70 to 2 at its Franklin Medical Center in Louisburg. The Winston-Salem-based health system cited declining patient volumes and lower reimbursements from insurers as reasons for the cuts.

Siemens to acquire Charlotte software company

October 15, 2014

(The Charlotte Observer)

Munich-based engineering company Siemens AG will acquire Charlotte-based Camstar Systems, an industrial software provider with 250 global employees, including about 100 in Charlotte. Financial terms were not disclosed. The deal is expected to close in late November.