Business

Ellwood Group to sell Rural Hall plant

May 21, 2014

(Winston-Salem Journal)

Ellwood Advanced Components, which previously announced plans to close its Rural Hall plant and lay off 144 workers by 2016, is selling the factory to an unidentified buyer. A notice filed with the N.C. Commerce Department said its remaining 55 workers may keep their jobs when the new company assumes ownership. The Ellwood City, Pa.-based company makes components for gas and steam turbines.

CommunityOne Bank closer to exiting federal bailout program

May 21, 2014

(The Charlotte Observer)

The Treasury Department plans to sell about 1.1 million shares it owns in Charlotte-based CommunityOne Bancorp and it expects to receive about $10.1 million from the sale. CommunityOne is the last Charlotte-based bank that is still part of the Troubled Asset Relief Program. 

New 25-story office tower planned for downtown Charlotte

May 20, 2014

(The Charlotte Observer)

MassMutual Financial Group's Cornerstone Real Estate Advisers will build a 25-story office tower in downtown Charlotte. Construction will begin this fall on the 634,000-square-foot building and is expected to be completed by spring 2017. Babson Capital Management will be the anchor tenant; Spectrum Properties will develop and manage the property.

First HondaJet model revealed at airshow

May 20, 2014

(News & Record, Greensboro)

Honda Aircraft Co. introduced its new HondaJet aircraft at a Geneva airshow on Monday. The lightweight business jets are being manufactured at Piedmont International Airport. The company hopes to deliver the first jets in 2015, pending FAA certification. 

BofA, others save on taxes by holding profits offshore

May 20, 2014

(The Charlotte Observer)

Charlotte-based Bank of America and Duke Energy are among Fortune 500 companies that avoid big tax bills by keeping a portion of profits overseas. Nonprofit advocacy group Citizens for Tax Justice reported that 301 companies are saving nearly $550 billion by holding profits in offshore accounts. 

MGM Studios to film new movie in Asheville

May 20, 2014

(Asheville Citizen-Times)

MGM Studios will film "Max," a movie starring Lauren Graham and Thomas Hayden Church, in Asheville beginning in June. Boaz Yadkin, director of "Remember the Titans," co-wrote and will direct the movie about a dog who is traumatized after helping soldiers in Afghanistan.

Former NY Times editor gives upbeat speech to Wake Forest graduates

May 20, 2014

(Winston-Salem Journal)

In her first public appearance since she was fired last week, former New York Times Executive Editor Jill Abramson delivered the commencement address at Wake Forest University on Monday. A bevy of reporters from national media outlets were on hand to hear Abramson's speech, which focused on resilience.   

Merck passes on Chimerix HIV drug

May 20, 2014

(The News & Observer, Raleigh)

Merck has decided not to develop and commercialize an antiviral HIV drug it acquired from Durham-based Chimerix in 2012. Chimerix, which will lose out on $151 million in potential revenue from the deal, has focused on the development of brincidofovir, another antiviral drug that helps patients with compromised immune systems.

Charlotte Bobcats officially become Hornets

May 20, 2014

(The Charlotte Observer)

The Charlotte Bobcats officially change their name to the Charlotte Hornets on Tuesday, following what began as a grassroots effort by fans to bring back the brand that introduced Charlotte to NBA basketball in 1988. 

Firearms plant to close in Pineville

May 20, 2014

(The Charlotte Observer)

Madison-based Remington Arms Co. will close its Pineville firearms plant and will lay off 65 workers by Aug. 15. The company is consolidating production of eight factories in a Huntsville, Ala. plant that will employ up to 2,000 workers.