Business

Tobacco merger expected to close June 12

June 9, 2015

(Winston-Salem Journal)

Reynolds American is expected to complete its acquisition of Greensboro-based Lorillard on June 12. A federal judge gave final approval for the cigarette manufacturers to sell five brands to Imperial Tobacco Group. Its is unclear how many jobs, if any, will be impacted by the deal, which is currently valued at $29 billion (the final deal value will be set at the end of trading on Thursday).

Durham's Patheon plans to go public

June 9, 2015

(The News & Observer, Raleigh)

Durham-based Patheon, a contract pharmaceutical manufacturer, is looking to raise up to $100 million in a public offering. The company, which went private last year when it merged with Netherlands-based DSM Pharmaceutical Products, reported revenue of $1.7 billion in 2014 and employs 8,700 worldwide.

Wilmington's GNF gets $100M contract

June 9, 2015

(Greater Wilmington Business Journal)

Wilmington-based Global Nuclear Fuel, a General Electric-led venture with Hitachi and Toshiba, said one of its customers signed a contract extension valued at more than $100 million. The agreement will allow GNF to provide fuel reloads at four of New Orleans-based Entergy's power plants through 2021.

Raleigh apartment complex sells for $45.8 million

June 9, 2015

(The News & Observer, Raleigh)

Boston-based AEW acquired north Raleigh's Bainbridge Six Forks apartments for $45.8 million, or about $172,000 per unit. Florida-based The Bainbridge Companies was the seller of the 266-unit complex.

Enviva's storage domes near completion at Port of Wilmington

June 9, 2015

(Greater Wilmington Business Journal)

Enviva has almost finished construction on one of two wood-pellet storage domes at the Port of Wilmington. A second dome will be finished in about six weeks. The Bethesda, Md.-based company says each dome will be able to hold up to 45,000 metric tons of wood pellets, which are used as a cleaner alternative to coal.

Kroger promotes former Harris Teeter president

June 9, 2015

(The Charlotte Observer)

Kroger named Fred Morganthall senior vice president of retail divisions. Rod Antolock, currently executive vice president of Harris Teeter, will become the president of the Matthews-based subsidiary. Cincinnati-based Kroger acquired Harris Teeter in January 2014.

Electrolux cuts jobs, reconsiders expansion

June 8, 2015

(The Charlotte Observer)

Electrolux has cut less than 1% of its North American workforce, including an unspecified number of Charlotte employees. A company spokeswoman said the cuts are related to improving the appliance-maker's financial performance. Electrolux also is evaluating a planned $85 million Charlotte expansion as the company awaits regulatory approval for its $3.3 billion acquisition of General Electric's appliance business.

DENR issues permits for coal-ash storage in Chatham, Lee counties

June 8, 2015

(WRAL.com)

The N.C. Department of Environment and Natural Resources approved permits for Duke Energy to store coal ash in open-pit clay mines in Lee and Chatham counties.

BofA ruling could boost lending

June 8, 2015

(The Charlotte Observer)

A Supreme Court ruling that said Bank of America isn't required to void second mortgage liens for homeowners who owe more than their properties are worth could spur more home-equity lending among banks, a Bloomberg report says.

Durham startup signs $1.2B deal with Boston company

June 8, 2015

(The News & Observer, Raleigh)

Parion Sciences has signed a licensing agreement worth up to $1.17 billion with Boston-based Vertex Pharmaceuticals. The two companies will develop an inhaler designed to slow the advance of cystic fibrosis. The Durham-based startup has no products on the market.