Business

Eaton settles 10-year legal case involving Clemmons aerospace company

June 20, 2014

(Winston-Salem Journal)

Cleveland-based Eaton Corp. will pay $135.5 million to Berwyn, Pa.-based Triumph Group, parent company of a Clemmons-based aerospace company, to settle a 10-year-old legal battle. Eaton also will pay $12.2 million to six employees of Frisby Aerospace Corp. who had previously worked for Eaton.

Southern Pines businesses succeed at attracting U.S. Open fans

June 20, 2014

(The Fayetteville Observer)

Southern Pines city officials and business leaders say events including concerts and movies were successful at attracting U.S. Open fans to downtown and commercial districts.

Advance Auto Parts adding 600 jobs in Raleigh

June 19, 2014

(The News & Observer, Raleigh)

Advance Auto Parts will create 600 jobs with an average annual salary of $110,770 by 2017 at a corporate support center it plans to open in Raleigh. The Roanoke, Va.-based retailer will receive up to $17.4 million in state incentives if it meets hiring and investment goals. Advance acquired Raleigh-based General Parts International for more than $2 billion in January.

Report: 80% of jobs created in NC low-wage work

June 19, 2014

(Winston-Salem Journal)

A report issued Wednesday by the N.C. Justice Center says that 80% of jobs created in North Carolina from June 2009 to September 2013 paid less than $33,709 a year and more than 75,000 jobs paid less than $24,000 annually. 

20-story hotel tower coming to Charlotte's EpiCentre

June 19, 2014

(The Charlotte Observer)

Developers expect to begin construction early next year on a 20-story, 302-room hotel tower at the EpiCentre entertainment complex in downtown Charlotte. The tower, which will house two Marriott hotels, will be developed by a partnership of Florida-based McKibbon Hotel Management and Charlotte-based Vision Ventures and Mount Vernon Asset Management.

Quarterly dividend still a penny for BofA shareholders

June 19, 2014

(The Charlotte Observer)

Bank of America announced Wednesday its shareholders will get a 1-cent per share dividend for the second quarter, the same as it has been since before the financial crisis. The bank had said it would increase the quarterly dividend to 5 cents a share, but later revised its plan after discovering it had miscalculated capital ratios.

Asheville energy company building 38 megawatts of solar farms across NC

June 19, 2014

(Asheville Citizen-Times)

After receiving a multi-million-dollar investment earlier this year, FLS Energy will begin construction on eight solar farms in North Carolina that will produce 56 million kilowatt hours of electricity per year. Duke Energy will purchase electricity generated from the solar systems.

Red Hat quarterly revenue up 17%, company raises forecast

June 19, 2014

(The News & Observer, Raleigh)

Red Hat increased its annual revenue forecast by $30 million after reporting a 17% increase in first-quarter revenue. Profits fell to $37.7 million from $40.4 million for the same period a year ago. The Raleigh-based software company also announced it will acquire French cloud-computing company eNovance for about $95 million by the end of the month. 

Growth expected in coastal Hampstead

June 19, 2014

(StarNews, Wilmington)

The small coastal community of Hampstead in Pender County is on the cusp of experiencing significant commercial and residential growth once sewer and water lines are installed. 

Charlotte's Northlake Mall to be sold

June 19, 2014

(The Charlotte Observer)

Northlake Mall will be sold to Starwood Property Group as part of a $1.4 billion transaction that includes seven malls in Florida, Michigan, Texas and Virginia. Northlake has nearly 1.1 million square feet and currently is owned by Bloomfield, Mich.-based Taubman Centers Inc.