Business

Medical products company laying off 250 in Greensboro

January 14, 2016

(News & Record, Greensboro)

ConvaTec, a global medical products company, said it will close its Greensboro manufacturing plant and about 250 people will lose their jobs. The company, whose products include wound dressings and insulin pumps, employs more than 9,000 in 8 countries, according to its website, and is owned by Nordic Capital and Avista Capital Partners.

Morrisville's Overture Networks acquired for $35M

January 14, 2016

(WRAL TechWire)

Munich-based ADVA Optical Networking said it will buy Morrisville-based Overture Networks for $35 million. Founded in 2000, Overture provides Ethernet networking technology and also has offices in Massachusetts and India.

Reynolds sells international rights to premium brand

January 14, 2016

(Winston-Salem Journal)

Reynolds American completed the $5 billion sale of international rights to Natural American Spirit, its additive-free cigarette, to Japan Tobacco Group. International rights to nearly all the company's cigarette brands are now owned by international tobacco companies, allowing Reynolds and its subsidiaries to focus on growing their brands in the U.S. The deal also provides some debt relief after last year's $29 billion acquisition of Lorillard.
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Chapel Hill's TrueBridge exceeds goal, raises $400M

January 14, 2016

(PEHub.com)

TrueBridge Capital Partners closed its fourth venture fund, raising $400 million – exceeding its target of $325 million. The Chapel Hill-based firm now has more than $1.6 billion in assets under management. TrueBridge invests primarily in funds focused on early-stage IT companies in northern California, according to the release.

LendingTree topples 29% after raising growth estimates

January 14, 2016

Shares of Charlotte online lender LendingTree tumbled 29% Wednesday on another bad day for stocks. The decline came despite comments from the company that it expects to report annual revenue growth of 51% and operating gains of about 80% when it releases earnings later this month.

Parker Poe law firm opens Atlanta office

January 14, 2016

(The Charlotte Observer)

Charlotte-based Parker Poe Adams & Bernstein has opened an Atlanta office, its sixth location and the first outside of the Carolinas. Several attorneys previously with McGuireWoods LLP have joined the firm, including Robert Florence, whose background is in the pharmaceutical industry.

Red Ventures invests in NY education site

January 14, 2016

(The Charlotte Observer)

Red Ventures invested $4 million in New York-based CourseHourse, a site that helps adults enroll in educational programs from informal cooking classes to university courses. The Indian Land, S.C.-based marketing firm, which announced in December plans to add 500 jobs in Charlotte, has made several investments in educational providers over the last year.

MetLife plans to spin off life insurance business

January 13, 2016

(The Charlotte Observer)

Insurer MetLife says it is considering a spinoff, sale or initial public offering of its life insurance business and the new company would be based in Charlotte, where the New York-based company employs more than 1,500. A company spokesman said the changes would have no impact on its Cary Global Technology Campus, which employs more than 1,000 people.

Panthers playoff game could have $5M impact on Queen City

January 13, 2016

(The Charlotte Observer)

If you're planning to attend this weekend's divisional playoff game between the Carolina Panthers and the Seattle Seahawks, it won't be cheap. The average ticket price was $465.65 on Tuesday. Fans traveling from Seattle weren't able to book hotels and flights in advance, which is typically less expensive, since the matchup wasn't set until Sunday when the Seahawks beat Minnesota 10-9.

Lenovo gains market share amid shrinking PC sales

January 13, 2016

(WRAL TechWire)

While global sales of PCs continue to decline, there was one bright spot for Lenovo, which has its North American headquarters in Morrisville. In the fourth quarter, the company slightly increased its global market share, and its PC sales in the U.S. were up 21%.