Business

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.

Primo Water's Prim earned $821,000 in compensation last year

April 1, 2016

 (Winston-Salem Journal)

Primo Water Corp. CEO Billy Prim had total compensation of about $821,000 last year, according to the company proxy. The bottled-water company reported its first profit last year, about $1.9 million, on sales of $126.9 million.

 

 

Brunswick Realtor group's office face foreclosure

April 1, 2016

(Wilmington Business Journal)
The home of the Brunswick County Association of Realtors is facing foreclosure, prompting the association to leave the office in Supply and move to new space in Shallotte. It had bought the property 10 years ago and it includes a 5,600-square-foot ballroom. Bluefield, Va.-based First Community Bank is the lender on the property.

Ruling removes MetLife's 'too big to fail' tag

March 31, 2016

(The News & Observer, Raleigh)

A federal judge Wednesday rescinded a decision that would have put America’s largest life insurer under tougher government scrutiny. Following the win, a company spokeswoman said MetLife still plans to spin off much of its Charlotte-based U.S. retail business. MetLife has said the move will have no impact on its Global Technology and Operations campus in Cary, where it employs more than 1,200 people. Wednesday's ruling undercuts the Obama administration’s plan to more heavily regulate four non-bank businesses it determined had the potential to destabilize the American financial system. 

 

FBI's iPhone hack could spark longer legal battle

March 31, 2016

(WRAL)

Now that the FBI has found its own way to files on the San Bernardino iPhone, many in the tech industry worry that authorities will now try to crack phones in other cases and pursue smaller companies — ones without the financial and legal resources that Apple has. Apple is left guessing about a vulnerability that could compromise millions of devices.

 

Bank of America expands paid leave

March 31, 2016

(The Charlotte Observer)

New parents who have been with the bank at least a year may now take 16 weeks of paid leave after the birth or adoption of a child. Bank of America has steadily increased its paid maternity, paternity and adoption leave time since 2009. The move comes as some other large U.S. companies such as Facebook and Netflix are sweetening their policies. Netflix offers a full year of paid leave for new moms and dads. 

 

 

Two more in the grocery wars

March 31, 2016

(The Fayetteville Observer)

Publix Super Markets Inc. has announced it will open a store in Fayetteville, just one of the latest announcements in the grocery chain's continuing expansion in North Carolina. Greenville also recently announced that a Publix would be coming there. The grocery wars heated up earlier this year when Wegmans announced it would build its first North Carolina location, in Cary. The Fayetteville Publix is a win for the city's Tallywood Shopping Center which lost Belk, its anchor store.