Business

Cable manufacturer to close Wilson County plant

April 4, 2016

(The Wilson Times)

After 60 years in Wilson County, Nexans will close its Elm City plant on June 30 and 113 workers will lose their jobs. The French company makes wire and cable for the aerospace and defense markets. Decreased sales and declining market prices contributed to the decision to close the facility.

Wilkes Regional picks Wake Forest Baptist to take over management

April 4, 2016

(Winston-Salem Journal)

The board of directors of Wilkes Regional Medical Center voted 13-0 to pursue a long-term lease agreement with Wake Forest Baptist. Charlotte-based Carolinas HealthCare System has managed the 130-bed hospital since 2006, while Wake Forest Baptist Medical Center has supplied doctors for the ER. Wake has agreed to invest $238 million in the 63-year-old hospital and possibly purchase it from the town of North Wilkesboro. Novant and Duke LifePoint also submitted proposals.

Greenville airport seeks new use for 90 acres

April 4, 2016

(The Daily Reflector, Greenville)

Officials at Pitt-Greenville Airport want to develop an industrial park on 90 acres it purchased in 2011. The airport authority paid $1.8 million for the land, intended to serve as a buffer to prevent development such as housing that would interfere with flight patterns. With fewer commercial flights, the airport is seeking new revenue streams and says a commercial/industrial development could provide jobs for people in northern Pitt County.

New Hanover apartments sold for $22M

April 4, 2016

(Greater Wilmington Business Journal)

New York-based Gamma Real Estate paid more than $22 million for the first and second phases of The Park at Three Oaks, an apartment community with about 200 units in Ogden, located in northern New Hanover County.

Condo plan near Country Club of Asheville draws criticism

April 4, 2016

(Asheville Citizen-Times)

Developers are proposing a 184-unit condo project in Woodfin, adjacent to the Country Club of Asheville. Nearby residents are raising objections to the plan, which also calls for a dozen single-family homes on the 114-acre site. The property now pays taxes on about $47,000 of assessed value, while taxes are deferred on more than $1 million of value because of a forestry-related program, according to Buncombe County tax records.

BNC Bancorp-Southcoast Financial deal delayed

April 4, 2016

(American Banker)

BNC Bancorp, the High Point-based parent of Bank of North Carolina, has delayed its acquisition of Mount Pleasant, S.C.-based Southcoast Financial because the Federal Reserve hasn't completed its review of the deal.

Small biz finalist acquires Michigan contractor

April 4, 2016

Raleigh-based Color Masters Painting is buying National Coatings, a Michigan-based commercial painting contractor, for an undisclosed amount. Color Masters expects revenue to jump from $8 million in 2015 to more than $26 million over the next year as a result of the acquisition. Color Masters was a runner-up last year in Business North Carolina's Small Business of the Year program.

ZeekRewards chief receives continuance in federal fraud case

April 1, 2016

(Greensboro News and Record)

Paul Burks, the founder of now defunct Lexington-based ZeekRewards, was granted a continuance for his trial on fraud charges, extending it from May to July 5. The receiver for ZeekRewards.com has distributed about $263 million to victims of the $850 million Ponzi scheme that involved more than 1 million investors. (See "Bounty Hunter" in the June 2015 Business North Carolina.) The Securities and Exchange Commission closed the company in 2012.

Drug maker mulling new Durham plant in light of LGBT controversy

April 1, 2016

(Raleigh News and Observer)

New Jersey-based Braeburn Pharmaceuticals said it is "reevaluating our options based on the recent, unjust legislation" involving rights for people based on gender identity. The company two weeks ago said it planned a $20 million manufacturing and research plant in Durham with about 50 jobs paying an average of about $76,000 a year. The move came as Gov. McCrory met with gay-rights advocates to discuss their complaints.

 

Five groups looking at reopening Yadkinville hospital

April 1, 2016

(Winston-Salem Journal)

Yadkin County is negotiating with five health-care groups to reopen Yadkin Valley Community Hospital by fall 2017. The county is also negotiating settlement of a lawsuit involving the hospital's former operator, CAH Acquisition 10 LLC, which closed the Yadkinville hospital May 22, 2015. A Wake County Superior Court judge had ordered the hospital to stay open through July 31, 2015.