Business

Chinqua Penn sold for $1.35M

February 24, 2015

(News & Record, Greensboro)

Chinqua Penn Plantation has a new owner. Legends International Inc. paid $1.35 million for the Reidsville property on Monday. Built in the 1920s, the 27-room estate was last owned by SunTrust Bank, which bought it at auction after previous owner Calvin Phelps filed for bankruptcy in 2012 ("Rise and Fall of Renegade," October).

Brevard College sheds investments in fossil fuels

February 24, 2015

(The Transylvania Times)

The Board of Trustees of Brevard College voted Friday to divest all of the school's endowments in fossil fuels and will reinvest the money into more environmentally friendly funds. The move was mostly symbolic, as only about $600,000 of the school's $25 million endowment is tied up in fossil fuels.

Allegiant Air begins service from RDU to Florida

February 24, 2015

(The News & Observer, Raleigh)

Low-cost carrier Allegiant Air will begin twice-weekly service from Raleigh-Durham International Airport to three Florida airports. The Las Vegas-based airline will begin flights to St. Pete-Clearwater on May 6 and to Orlando-Sanford and Punta Gorda on May 7. Introductory fares ranging from $44 to $54 are being offered to passengers who book trips by Wednesday. 

Valeant to acquire Raleigh's Salix for $10 billion

February 23, 2015

(WRAL.com, Raleigh)

Valeant Pharmaceuticals will acquire Raleigh-based Salix Pharmaceuticals for approximately $10 billion, or $158 per share. Including debt, the all-cash deal is valued at about $14.5 billion. Laval, Quebec-based Valeant makes prescription and over-the-counter eye- and skincare products. Salix develops drugs to treat gastrointestinal illnesses. The deal is expected to close in the second quarter.

Nine federal charges filed against Duke Energy

February 23, 2015

(The Charlotte Observer)

Federal prosecutors on Friday filed nine misdemeanor charges against Duke Energy for coal-ash pollution at the utility's power plants in Asheville, Charlotte, Eden, Goldsboro and Moncure. In an earnings report released earlier in the week, Charlotte-based Duke said it had agreed to pay $102 million to settle the cases.
Related: Federal probe appears to blame Duke Energy, not NC DENR

Opinion: JDIG program 'make or break' for Asheville-Hendersonville area

February 23, 2015

(Asheville Citizen-Times)

The state's Job Development Investment Grant program, recently criticized in a report issued by the NC Justice Center, is an essential tool for both urban and rural areas to be able to compete with other states for jobs, according to Ben Teague and Andrew Tate, economic-development leaders in Buncombe and Henderson counties.

Shalag expanding, creating 40 jobs in Granville County

February 23, 2015

(The News & Observer, Raleigh)

Shalag Industries will invest $16 million in an expansion of its Oxford manufacturing plant and plans to add 40 jobs to its existing 74 over three years. The Israel-based company makes non-woven materials for baby diapers and medical and industrial wipes.

DOT's draft Rail Plan includes improvements in southeastern NC

February 23, 2015

(Greater Wilmington Business Journal)

Released Friday, the N.C. Department of Transportation's draft State Rail Plan includes improvements to passenger and freight rail service in southeastern North Carolina. The plan mentions a potential passenger rail line between Wilmington and Raleigh, and proposes a study of a passenger rail corridor linking Wilmington and Charlotte.

Reynolds' organic-cigarette brand gaining market share

February 23, 2015

(Winston-Salem Journal)

Natural American Spirit, an additive-free cigarette popular in some countries in Asia and Europe, has been steadily gaining market share in the United States. Winston-Salem-based Reynolds American acquired the brand with its $340 million purchase of Santa Fe Tobacco in January 2012. 
Related:
New partnership may give Reynolds more credibility on smoking alternatives
Tobacco companies fighting over claims on smoking's effects

ScaleUp WNC selects first 15 companies

February 23, 2015

(Asheville Citizen-Times)

An organic-food distributor, a brewery and electric-bike manufacturer are among the first class of companies chosen by ScaleUp WNC, an initiative of the AdvantageWest economic-development partnership that will provide education and support to high-growth small businesses in western North Carolina.