Business

Mount Airy's Insteel completes $36 million acquisition

August 18, 2014

(Winston-Salem Journal)

Insteel Wire Products, a subsidiary of Mount Airy-based Insteel Industries, acquired selected assets of Bedford Heights, Ohio-based American Spring Wire Corp., the largest North American maker of valve and commercial spring wire, for about $36 million.

Harris Teeter expanding Union County distribution center

August 18, 2014

(The Charlotte Observer)

Grocery-store chain Harris Teeter, a subsidiary of Cincinatti-based Kroger Corp., will invest $5.5 million in a 50,000-square-foot expansion of its Indian Trail distribution center and will add 41 jobs over three years. 

Countrywide deal has cost BofA more than $50 billion

August 18, 2014

(The Charlotte Observer)

Bank of America's $2.5 billion acquisition of Countrywide Financial in July 2008 has cost the bank $52.7 billion, including settlements and payments to investors over faulty loans. The Charlotte-based bank is reported to be close to finalizing another $16 billion to $17 billion mortgage settlement with the Justice Department.

Sound Bank expands in New Bern

August 18, 2014

(Sun Journal, New Bern)

Sound Bank, a Morehead City-based community bank with more than $135 million in assets, opened a branch in New Bern, where it already operates a loan-production office. The bank acquired the branch from Raleigh-based VantageSouth Bank, which merged with Yadkin Bank in July.

AC Controls to invest $4.3 million in Concord site

August 18, 2014

(Independent Tribune, Concord)

Mint Hill-based AC Controls will invest $4.3 million in a manufacturing and distribution center near Concord Regional Airport. The company, which makes valves and other components for customers including General Electric, Duke Energy and DuPont, will hire 15 workers and relocate 45 from its Mint Hill location.

Brazilian companies try to gain shareholder support for Chiquita bid

August 18, 2014

(The Charlotte Observer)

After Chiquita Brands International refused their unsolicited $611 million bid for the produce company, two Brazilian companies are urging shareholders to reject Chiquita's merger deal with Dublin-based Fyffes. The shareholder vote on the Fyffes acquisition is scheduled for Sept. 17.

Port of Wilmington reports increase in container traffic

August 18, 2014

(Greater Wilmington Business Journal)

Port of Wilmington reported a 26% increase in container volume in July compared with a year ago. The growth was led by expanded service in Asia and Latin America and increased tonnage in Europe, according to a press release.

Charlotte-based Chiquita rejects buyout offer from Brazilian companies

August 15, 2014

(The Charlotte Observer)

Chiquita Brands International called an unsolicited $610 million bid from Cutrale Group and Safra Group inadequate, and reaffirmed its commitment to the produce company's pending merger with Dublin-based Fyffes. In response, the Brazilian companies indicated they aren't ready to back down.

Ebola outbreak highlights drugs made from tobacco plants

August 15, 2014

(The News & Observer, Raleigh)

Some drug companies are using "pharming" − producing medicines using genetically modified plants − to develop treatments for diseases including HIV, cancer and viruses including Ebola. Canada-based Medicago, which has a production plant at Research Triangle Park, is testing flu vaccines made with tobacco plants, and Kentucky BioProcessing, a Reynolds American subsidiary, has an Ebola treatment in development.

Deal with GE would make Electrolux world's No. 1 appliance maker

August 15, 2014

(The Charlotte Observer)

Electrolux said it is in talks to buy General Electric's appliance division. The deal would allow Electrolux, which had $16.7 billion in sales last year, to surpass Whirlpool as the world's No. 1 appliance maker. Electrolux employs about 900 people at its North American headquarters in Charlotte, and plans to double its workforce there.