Business

Novant to anchor mixed-use project in Brunswick County

March 18, 2016

(Greater Wilmington Business Journal)

Novant Health is the first tenant lined up for Pine Forest Plantation, a mixed-use development in Brunswick County. The Winston-Salem-based health care provider plans to open a 30,000-square-foot medical office building at the 2,114-acre site.

Raleigh's Medical Mutual partners with Sentinel Risk Advisors

March 18, 2016

(The News & Observer, Raleigh)

Raleigh's Medical Mutual Insurance Co. acquired a minority stake in Sentinel Risk Advisors, also based in Raleigh. Sentinel will take over the company's commercial insurance business, which generates about $5 million in annual premiums. Medical Mutual is the state's largest medical malpractice insurer.

BofA director Gifford to retire

March 18, 2016

(The Charlotte Observer)

In a proxy filing Thursday, Bank of America said that Chad Gifford, a director at the Charlotte-based bank since 2004, will retire. The bank has nominated Thomas Woods to replace Gifford. Woods is a former executive at Toronto-based Canadian Imperial Bank of Commerce.
Related: Moynihan defends Bank of America size

Concord energy-storage company lands first big order

March 18, 2016

(The Charlotte Observer)

Alevo said Thursday it has received an order for an 8-megawatt energy-storage system from a Delaware utility. Alevo's production plant is located at the site of the former Philip Morris USA cigarette factory in Concord.

State approves Center Point-Cardinal merger

March 18, 2016

(Winston-Salem Journal)

N.C. Health Secretary Rick Brajer said Thursday the merger is part of a strategy to reduce the number of behavioral-health managed care organizations to four from eight. Kannapolis-based Cardinal Innovations Healthcare Services is the state's largest behavioral-health MCO, providing care for 2.4 million N.C. residents. Some administrative positions at Winston-Salem-based CenterPoint could be eliminated after the merger.

New Jersey drugmaker creating 52 jobs in Durham

March 17, 2016

(The News & Observer, Raleigh)

Braeburn Pharmaceuticals will invest $19.9 million in a manufacturing and development facility in Durham, creating 52 jobs with an average annual salary of more than $75,000. The New Jersey-based company will lease 35,000 square feet at Keystone Technology Park. Braeburn makes implants and injectable treatments for neurological and psychological disorders such as addiction.

Developer scraps plans for downtown Charlotte condo tower

March 17, 2016

(The Charlotte Observer)

A planned condo tower in downtown Charlotte was canceled and the developer will consider other uses for the property. Boston-based RTG Holdings and Gunn Financial said not enough units pre-sold to get the project off the ground.

Hornets line up sponsors for next year's NBA All-Star game

March 17, 2016

(The Charlotte Observer)

The Charlotte Hornets have signed 15 sponsors for next year's NBA All-Star weekend. Most are local companies, including Bank of America, CPI Security, Lowe's and Babson Capital Management. The event will be held the weekend of Feb. 17 and is expected to generate about $100 million.

Meanwhile, Raleigh expects $5 million in visitor spending this week as it hosts opening rounds of the NCAA Basketball Tournament.

Wilson nutrition lab gets 2-year Gates Foundation grant

March 17, 2016

(WRAL TechWire)

Craft Technologies received $844,395 from the Bill & Melinda Gates Foundation to fund research for blood-sample tests. Founded in 1994, the Wilson-based company provides nutritional analysis of foods, supplements and animal feeds.

NewBridge to pay $10 million in ZeekRewards settlement

March 17, 2016

(Winston-Salem Journal)

A day before its acquisition by Raleigh's Yadkin Financial, NewBridge Bancorp reached a settlement agreement with the receiver in the ZeekRewards.com case related to the funds the Greensboro-based bank handled for Rex Venture Group, the entity behind the the Lexington-based pyramid scheme (cover story, June).