Business

Pactiv adding 59 jobs in Kinston

March 6, 2015

(The News & Observer, Raleigh)

An Illinois-based packaging company will invest $24 million in its Kinston plant and will add 59 jobs. Pactiv makes cartons and other packaging products for companies including McDonald's, Wal-Mart and Kroger. The company employs more than 1,000 at six locations in North Carolina.

Judge denies Widen I77's injunction to stop toll lanes

March 6, 2015

(The Charlotte Observer)

A judge denied a citizens group's motion for a preliminary injunction that would have stopped a toll-lane project on Interstate 77 from Charlotte to Mooresville. Widen I77 said they are still seeking a permanent injunction against the project, which will add two toll lanes in each direction from the Brookshire Freeway in Charlotte to Exit 28 in Cornelius and one toll lane in each direction from Cornelius to Mooresville.

Targacept to be acquired by California drug company

March 6, 2015

(Winston-Salem Journal)

San Francisco-based Catalyst Biosciences will acquire Winston-Salem biotech company Targacept. Spun out of R.J. Reynolds Tobacco in 2000, Targacept's core research focuses on neuronal nicotinic receptors, which are found on cells throughout the body's nervous system. The company has reduced its workforce from 114 to about 30 employees since 2011. 

Southeastern lawmakers propose $66M for film grants

March 6, 2015

(StarNews, Wilmington)

Legislators from Brunswick and New Hanover counties introduced bills in the state House and Senate Thursday that would designate $66 for the state's film-incentive grant program. Gov. Pat McCrory's proposed budget only allocates $10 million for the grants. Wilmington Mayor Bill Saffo said last month the program would need $60 million per year to keep the level of business the industry had in 2014.

NY appeals court approves Bank of America's $8.5B mortgage settlement

March 6, 2015

(The Charlotte Observer)

A New York appeals court upheld Bank of America's $8.5 billion settlement with institutional investors over faulty mortgages. The mortgage securities were issued between 2004 and 2008 by Countrywide Financial, which BofA acquired in 2008.

Kroger execs say Harris Teeter helped boost results

March 6, 2015

(The Charlotte Observer)

Cincinnati-based Kroger said its acquisition of Harris Teeter Supermarkets helped the grocery-store chain reduce debt and boost earnings. Kroger reported earnings of $518 million in its fourth quarter that ended Jan. 31, a 23% increase from the same period a year ago.

Incentives bill gets House approval

March 5, 2015

(Winston-Salem Journal)

The full N.C. House passed a bill that would double the amount of funds in the state's Job Development Investment Grant program and would provide $20 million for a new infrastructure grant program that would help companies build industrial sites. The House will hold a final vote today; if passed, the bill will move on to the state Senate next week.

Funding for NC startups increased 35% in 2014

March 5, 2015

(WRAL TechWire)

Tech funding in North Carolina increased from $116.9 million in 2013 to $278 million in 2014, according to the Council for Entrepreneurial Development's Innovators Report. Total funding for startups jumped 35%, from $461 million to $622 million. 

Spring asks to be reinstated as CFCC president

March 5, 2015

(StarNews, Wilmington)

Former Cape Fear Community College President Ted Spring rescinded his resignation on Wednesday, demanding to be reinstated. In a letter addressed to the school's board of trustees, Spring's attorney says the board did not follow proper procedure when it told Spring in January that if he did not resign, it would return to open session and fire him.

Tesla to open second NC dealership in Matthews

March 5, 2015

(The Charlotte Observer)

Palo Alto, Calif.-based Tesla Motors plans to open its second North Carolina dealership. The electric-car manufacturer will open a dealership and service center in Matthews later this month. Tesla already has a location in Raleigh.