Business

NC State alters controversial Hofmann Forest sale

September 10, 2014

(The News & Observer, Raleigh)

N.C. State University will now sell 56,000 acres of its research forest near Jacksonville to an Alabama-based investment company that specializes in sustainable timber management. The original buyer, Hofmann Forest LLC, will buy the remaining 23,000 acres.

Boeing order brings more work to GE Aviation plant

September 10, 2014

(StarNews, Wilmington)

Production will increase at GE Aviation's Castle Hayne plant due to an Irish airline's $22 billion order for Boeing planes. Engine parts for the aircraft will be made at the New Hanover County plant. 

Carolinas HealthCare eliminates more than 100 positions

September 10, 2014

(The Charlotte Observer)

Charlotte-based Carolinas HealthCare System has eliminated more than 100 management jobs, all in the Charlotte area. The cuts are part of a plan to reduce expenses by $110 million in 2015. Most of the positions were vacant. CEO Michael Tarwater said federal and state cutbacks in Medicare and Medicaid reimbursements made the cuts necessary.

Asheville gets $14.6 million federal redevelopment grant

September 10, 2014

(Asheville Citizen-Times)

The City of Asheville will receive $14.6 million in federal grant money to help redevelop the River Arts District and other communities.

Floyd promoted to president of Vidant Medical Center

September 10, 2014

(The Daily Reflector, Greenville)

Brian Floyd was named president of Vidant Medical Center effective Oct. 1. Floyd is currently executive vice-president of the Greenville medical center. He will replace Steve Lawler, who will become president emeritus and market leader for Vidant Health before retiring in 2016.

Krispy Kreme reports lower 2Q earnings

September 10, 2014

(Winston-Salem Journal)

Krispy Kreme Doughnuts fells short of analysts' earnings projections in the second quarter, despite a 7% increase in sales to $120.5 million.

BB&T buying The Bank of Kentucky for $363 million

September 9, 2014

(Winston-Salem Journal)

BB&T Corp. will acquire The Bank of Kentucky for $363 million in a cash and stock transaction. Crestview Hills-based Bank of Kentucky has $1.9 billion in assets and 32 branches in northern Kentucky and Cincinnati. Winston-Salem-based BB&T, which operates 82 branches in Kentucky, will move from fourth to second place in market share in the state.

Electrolux CEO says headquarters to remain in Charlotte

September 9, 2014

(The Charlotte Observer)

Electrolux CEO Keith McLoughlin says Electrolux will keep its North American headquarters in Charlotte after its planned $3.3 billion acquisition of General Electric's appliance business, though the mayor of Louisville, Ky. − where GE Appliances is based and employs 6,000 workers − says he will fight to keep jobs there.

Operator of Pisgah Inn gets 10-year contract extension

September 9, 2014

(Asheville Citizen-Times)

Bruce O'Connell has won a contract to operate the Pisgah Inn on the Blue Ridge Parkway until 2025. O'Connell made national headlines when he defiantly kept the 51-room inn open during the federal government shutdown last October. He plans upgrades to the inn's restaurant and gift shops.

Highwoods acquires Raleigh office building for $92.3 million

September 9, 2014

(The News & Observer, Raleigh)

Highwoods Properties acquired the 374,000-square-foot One Bank of America Plaza in downtown Raleigh for $92.3 million. Raleigh-based Highwoods also sold 14 office and industrial buildings in Greensboro to Virginia-based Lingerfelt CommonWealth Partners for $28.2 million. The REIT has sold $158.8 million in assets so far this year.