Business

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.

Asheville breweries pay living wage to retain, attract employees

June 8, 2015

(Asheville Citizen-Times)

More than a dozen breweries in the Asheville area pay their employees a certified living wage, while others strive to pay workers fair wages in a competitive industry and an expensive housing market. The Asheville Brewers Alliance estimates local brewers employ more than 1,000 people.

CFCC picks Lee as president

June 8, 2015

(Greater Wilmington Business Journal)

Trustees have selected Amanda Lee as president of Cape Fear Community College, the school announced Friday. The board's decision is pending state approval. Lee has been interim president since former president Ted Spring resigned in January. Spring says he was forced to resign, and he has filed a lawsuit asking to be reinstated.

Vertex Rail steps up hiring, site renovations

June 8, 2015

(Greater Wilmington Business Journal)

A delay in the release of new federal railcar regulations slowed Vertex Rail's plans, but now the company is moving ahead with hiring and upfitting its manufacturing facility in Wilmington. The city is reviewing site plans, and Vertex CEO Don Croteau said the company has begun hiring workers who will travel to China for equipment training.

AdvantageWest to close by year-end

June 5, 2015

(Asheville Citizen-Times)

AdvantageWest will cease operations by year-end after 21 years. The regional economic-development group, which represents 23 counties in western N.C., is working to transfer its programs to other nonprofits in the region.

Duke Energy completes implosion of Cape Fear power plant

June 5, 2015

(News & Record, Greensboro)

Duke Energy imploded the remainder of its coal-fired power plant in Moncure on Thursday. The two demolished structures were the last of six that once operated at the Alamance County plant, which opened in 1923. The Charlotte-based utility must excavate the plant's five ash basins by 2029.

Charlotte area companies land on Fortune 500 list

June 5, 2015

(The Charlotte Observer)

Eight Charlotte-area companies appeared on the Fortune 500 list this year, up from seven in 2014. Sealed Air Corp., which is moving its headquarters from New Jersey to Charlotte, is the area's latest addition. Huntersville's American Tire Distributors Holdings jumped more than 100 spots but just missed the list at No. 514. Fourteen North Carolina-based companies made the list.