Business

Number of Steelcase workers to be laid off grows to 268

May 14, 2014

(The Winston-Salem Journal)

Grand Rapids, Mich.-based Steelcase has increased the number of employees that will be affected by its furniture plant closing in High Point from 230 to 268. Jobs will be eliminated in stages by the end of 2016; the first round of cuts will begin within 120 days.

Kentucky-based pyramid scheme operators banned in NC

May 14, 2014

(The News & Observer, Raleigh)

A Kentucky-based marketing company that operated a pyramid scheme has been banned from operating in North Carolina and must repay $7.75 million to consumers. Fortune High-Tech Marketing recruited about 20,000 participants in the state between 2009 and 2012 with a promise of earning tens of thousands of dollars by selling satellite TV and security services and consumer products.

Charlotte's Babcock & Wilcox buys Wisconsin company for $155 million

May 14, 2014

(The Charlotte Observer)

A subsidiary of Charlotte-based Babcock & Wilcox will acquire Wisconsin-based MEGTEC for $155 million. MEGTEC makes industrial products for advanced manufacturing and environmental protection and employs 600. Babcock & Wilcox develops equipment and provides technical services for the energy sector.

Falfurrias buys Florida-based e-learning company

May 14, 2014

(The Charlotte Observer)

Private-equity firm Falfurrias Capital Partners bought a controlling stake in Orlando, Fla.-based American Safety Council, which provides online educational courses including continuing education programs for schools and private businesses and programs for transportation agencies. Charlotte-based Falfurrias was founded by former Bank of America executives Hugh McColl Jr. and Mark Oken.

Rural counties in Western NC face doctor shortage

May 13, 2014

(Asheville Citizen-Times)

Around 45% of North Carolina residents live in rural areas but only 18% of doctors practice in those communities, according to a report in the N.C. Medical Journal. The need for more health-care providers in rural counties is expected to grow as the population ages.

Geithner defends bailouts, describes BofA as "financial bomb" in book

May 13, 2014

(The Charlotte Observer)

Former Treasury Secretary Timothy Geithner called Bank of America one of five "financial bombs" that needed to be defused when he assumed the post in 2009. In his new memoir, Geithner says his aides referred to Charlotte-based Bank of America and New York-based Citigroup as "Financial Death Stars," and he defends the bank bailouts that he says prevented a larger financial catastrophe.

Duke Energy begins dredging coal ash from Dan River

May 13, 2014

(The Charlotte Observer)

Duke Energy will begin dredging coal ash from the Dan River near Danville, Va., 25 miles from its Rockingham County power plant. The city is hoping for compensation to improve the recreational industry along the river and has hired an attorney to negotiate with the Charlotte-based utility.

Charlotte's Peak 10 to be sold to Calif.-based private-equity firm

May 13, 2014

(The Charlotte Observer)

Technology company Peak 10 will be acquired by a Menlo, Calif.-based private equity firm for an undisclosed amount. The Charlotte-based company operates 24 data centers across the nation. Its 2,500 customers include Chiquita, the PGA and Cedar Fair Entertainment, which operates Carowinds amusement park.

Laurinburg sees increase in video-gambling businesses

May 13, 2014

(The Fayetteville Observer)

At least 20 businesses that offer video gambling have opened in Scotland County since December, when a District Court judge dismissed a charge against the owner of an electronics sweepstakes business.  

Quintiles buys Texas-based healthcare consulting company

May 13, 2014

(The News & Observer, Raleigh)

Quintiles will acquire Houston-based Encore Health Resources, a healthcare IT consulting business, for an undisclosed sum. The deal, which is expected to close by the end of June, will give the Durham-based pharmaceutical-services company 300 additional employees.