Business

North State Communications to buy Charlotte IT firm

June 26, 2015

(High Point Enterprise)

High Point-based North State Communications will acquire Charlotte-based IT company Stalwart, the companies said Thursday. The deal is expected to close in the third quarter; financial terms were not disclosed.

Cree shares tumble

June 26, 2015

(The News & Observer, Raleigh)

Shares of Durham-based Cree hit a 52-week low Thursday after the company said it was restructuring its LED business and cut its revenue forecast. Cree's shares are down 16% this year.
Related: Hot and cold: Cree

BB&T board approves share buyback plan

June 26, 2015

(Winston-Salem Journal)

BB&T announced Thursday plans to repurchase up to 50 million shares of common stock. Based on the 52-week share price range of $34.50 to $41.70, the Winston-Salem-based bank could spend up to $2 billion on the buyback program.

Small businesses await change as AdvantageWest winds downs operations

June 26, 2015

(Asheville Citizen-Times)

AdvantageWest began the complicated task of finding homes for its many economic-development programs before the organization announced it would close by year-end. Nonprofit Mountain BizWorks will acquire the Advantage Opportunity Fund, which provides loans to startups, and the ScaleUp WNC small-business consulting program.

Seven Falls developer sentenced to federal prison

June 26, 2015

(Asheville Citizen-Times)

Keith Vinson, 56, was sentenced to 18 years in prison for his involvement in the Seven Falls development scheme in Henderson County, in which alleged conspirators had "straw borrowers" take out loans they did not intend to repay to buy lots in an upscale golf community.

Hatteras Financial to acquire two Denver companies

June 26, 2015

(Winston-Salem Journal)

Hatteras Financial, a Winston-Salem-based REIT, agreed to buy Pingora Asset Management and Pingora Loan Servicing, both based in Denver.

Food Lion parent to be acquired for $10.4B

June 25, 2015

(The Charlotte Observer)

Dutch grocery-retailer Royal Ahold will buy Delhaize, the Brussels-based parent of Food Lion, for about $10.4 billion. Potential impact on Food Lion's 2,300 employees at its Salisbury headquarters is unclear.

Duralee Fine Furniture adding 41 jobs in Morganton

June 25, 2015

(The News-Herald, Morganton)

Duralee Fine Furniture is expanding in Burke County and plans to add 41 new jobs at its 180,000-square-foot plant. A division of Bay Shore, N.Y.-based Duralee Fabrics, the company received a $410,000 grant from the N.C. Rural Infrastructure Authority for renovations to the building, which was built in 1963.

Sealed Air breaks ground on Charlotte HQ

June 25, 2015

(The Charlotte Observer)

Sealed Air will break ground on its new Charlotte headquarters on Thursday. The maker of Bubble Wrap is moving its headquarters from Elmwood Park, N.J., and plans to employ more than 1,200 people in Charlotte.

Durham-based Cree to restructure LED manufacturing

June 25, 2015

(The News & Observer, Raleigh)

LED bulb-maker Cree plans to consolidate two manufacturing facilities in Durham as part of an $85 million restructuring. Sales of its LED products fell 23% in the company's third quarter. Cree expects fourth quarter revenue will be about $375 million, lower than the $420 million to $440 million the company had previously predicted.