Business

Sycamore Partners buys Belk for $3 billion

August 25, 2015

(The Charlotte Observer)

Charlotte-based Belk, the nation's largest family-owned department store chain, agreed to be bought by New York-based private equity firm Sycamore Partners for $3 billion, including the company’s debt. While the company told employees no major changes are planned, analysts say the new owners will probably close stores and cut jobs to improve profitability. Belk's headquarters will stay in Charlotte, and Tim Belk will remain chief executive officer. The deal is expected to close in the fourth quarter this year, pending regulatory approval.  


Read more here: http://www.charlotteobserver.com/news/business/article32006829.html#storylink=cpy

Building-products company adding 72 manufacturing jobs in Kinston

August 25, 2015

(WRAL.com)

Associated Materials, an Ohio-based company that makes vinyl windows, siding and fencing, will invest $4.5 million and add 72 jobs in a plant expansion in Kinston. The company's brands include Alpine Windows, Ultraguard and Revere.

Durham's Hatteras Venture Partners raises $90 million

August 25, 2015

(The News & Observer, Raleigh)

Hatteras Venture Partners has raised over $90 million of a $150 million goal for its fifth fund. The Durham-based venture capital firm invests in seed- and early-stage life-sciences companies. Hatteras, whose partners include former Glaxo CEO Robert Ingram and former UNC Chapel Hill chancellor Holden Thorp, has about $350 million under management.

Permitting issues lead to cancellation of Mountain Brew Fest

August 25, 2015

(Hendersonville Times-News)

The state's ABC commission appears to be overwhelmed by the amount of paperwork created by the growing craft brewing industry. Organizers of Hendersonville's Mountain Brew Fest canceled the event, a fundraiser for environmental advocacy group MountainTrue, with just four days notice after half the breweries scheduled to attend backed out over permitting issues.

Johnston County courts major economic-development project

August 25, 2015

(The News & Observer, Raleigh)

Johnston County commissioners are expected to announce Wednesday an economic-development project that will create several hundred jobs. The county's incentive package includes the purchase of 95 acres of land that would be leased back to the company, whose identity will be revealed Wednesday.

Report released on Durham-Orange light-rail project

August 25, 2015

(The News & Observer, Raleigh)

A new report details ridership projections and other specifics about the proposed 17-mile light-rail line in Durham and Orange counties. The light-rail line, which would run from UNC Hospitals to Duke Medical Center, is expected to cost as much as $1.6 billion.

Court approves rate increase for Aqua NC

August 25, 2015

(Winston-Salem Journal)

The North Carolina Supreme Court upheld a May 2014 ruling that allows Aqua North Carolina to raise its rates to pay for repairs and system upgrades without first holding public hearings. Aqua serves customers in 52 counties and is the state's largest private water utility.

NC's jobless rate rises to 5.9% in July

August 24, 2015

(The News & Observer, Raleigh)

Despite adding 20,600 jobs in July, North Carolina's unemployment rate rose to 5.9%, up from 5.8% the previous month. The U.S. rate held steady at 5.3%.

BB&T to slow rate of acquisitions

August 24, 2015

(Winston-Salem Journal)

BB&T says it plans to take a break from acquisitions after announcing plans to buy National Penn Bancshares for $1.8 billion.The deal will give the Winston-Salem-based bank nearly $220 billion in assets; banks with more than $250 billion face stricter regulatory requirements. CEO Kelly King says the bank has begun planning for the time when it reaches that threshold.

Apparel company adds 50 jobs in Fayetteville

August 24, 2015

(The Fayetteville Observer)

Delta Apparel has added about 50 jobs at its apparel plant in Fayetteville. The Greenville, S.C.-based company moved distribution operations of its Salt Life brand products from Phenix City, Ala. The company's Soffe sporting-goods division employs about 450 people in Fayetteville.