Business

Guilford officials tell Greensboro Partnership not to rush in choosing new CEO

August 22, 2014

(News & Record, Greensboro)

Guilford County commissioners urged the Greensboro Partnership to take its time in hiring a new leader. The economic-development group plans to change its organizational structure following the retirement of former president and CEO Pat Danahy at the end of the year.

Lawmakers' vote may cost Wilmington area Continental Tire plant

August 21, 2014

(StarNews, Wilmington)

The incentives bill that was voted down by state legislators may have cost Brunswick County a Continental Tire plant and more than a thousand jobs. The German tire manufacturer is reported to be looking at a site near the Brunswick-Columbus county line.

BofA settlement announcement expected Thursday

August 21, 2014

(The Charlotte Observer)

The U.S. Justice Department is expected to announce a settlement with Bank of America over faulty mortgage bonds Thursday morning. The settlement is expected to be about $16.6 billion, the largest ever between the government and a company.

Cary-based Ply Gem to acquire Ohio window company for $130M

August 21, 2014

(The News & Observer, Raleigh)

Cary-based Ply Gem Holdings will pay $130 million for Simonton Windows, a Columbus, Ohio-based vinyl window and door manufacturer with annual revenues of more than $300 million. Ply Gem makes vinyl siding, doors and windows and employs more than 6,200 people in North America.

BB&T confirms unspecified number of job cuts

August 21, 2014

(Winston-Salem Journal)

Winston-Salem-based BB&T confirmed Wednesday that it is cutting a small percentage of its workforce, though the company declined to provide the number of affected employees or if any local or state jobs would be eliminated.

Private equity firms vying for Huntersville's ATD

August 21, 2014

(The Charlotte Observer)

American Tire Distributors is for sale, according to a Wall Street Journal report. The Huntersville company, which employs 3,800 and says it is the largest distributor of replacement tires in North America, was bought by private-equity firm TPG Capital for $1.3 billion in 2010. The report says several private equity firms are vying for the company in a deal that could fetch more than $3 billion.

Lawmakers restore funds for Evergreen Packaging

August 21, 2014

(Asheville Citizen-Times)

Hours before adjourning its legislative short session on Wednesday, state lawmakers restored a $12 million incentive for Evergreen Packaging's paper mill in Canton that will help pay for new natural-gas boilers to comply with EPA regulations.

North Carolina companies ranked on 2014 Inc.5000 list

August 21, 2014

(WRAL TechWire.com)

About 200 North Carolina companies made Inc. magazine's list of the 5,000 fastest growing private companies. Wilmington-based Go Energies, which provides software and hardware for the fuel industry,  ranked No. 10, while Raleigh-based food company Aseptia was No. 15. Charlotte-based Boxman Studios came in at No. 120 (Picture This, March 2012).

NC Supreme Court upholds rate hike for former Progress customers

August 21, 2014

(The Fayetteville Observer)

The state Supreme Court upheld Duke Energy's rate increase of 7.5% for residential customers of its Duke Energy Progress subsidiary. State Attorney General Roy Cooper had appealed the rate hike, which affects 1.3 million customers in Eastern N.C. and Asheville.

Smith Center renovation plans on hold

August 21, 2014

(The News & Observer, Raleigh)

Plans to renovate or replace the Smith Center at UNC Chapel Hill have been placed "on the back burner," according to Athletic Director Bubba Cunningham. Retrofitting the arena, which opened in 1986, with features including luxury boxes and premium seating could cost tens of millions of dollars.