Business

Nucor reports higher second quarter profits

July 25, 2014

(The Charlotte Observer)

Nucor reported net income of $147 million in the second quarter, up from $85.1 million for the same period a year ago. Increased construction spending and higher steel prices boosted the Charlotte-based company's earnings. 

American Underground to double space in downtown Durham

July 25, 2014

(WRAL TechWire)

American Underground, which operates three business incubators in the Triangle area, will double the size of its downtown Durham location, creating space for 50 additional startups. 

Eshelman resigns from UNC Board of Governors

July 25, 2014

(StarNews, Wilmington)

Fred Eshelman resigned from the UNC Board of Governors a year before his term was set to expire. Eshelman founded Wilmington-based PPD and Morrisville-based Furiex Pharmaceuticals, which was acquired by Dublin-based Actavis on July 2 for $1.1 billion.

Sealed Air brings 1,300 jobs to Charlotte

July 24, 2014

(The Charlotte Observer)

Sealed Air Corp. − the maker of Bubble Wrap − will move its headquarters from Elmwood Park, N.J. to Charlotte, bringing 1,262 jobs. The company will invest $58 million in its new campus, and it will receive up to $36 million in state incentives.  

Moogfest to become a biennial event

July 24, 2014

(Asheville Citizen-Times)

Asheville's Moogfest music and technology festival will take a year off and return in 2016. Moog Music invested $3 million in the revamped music festival, which expanded from three to five days and added technology and innovation programs. The 2014 festival lost $1.5 million. 

PowerSecure gains new contracts totaling $140 million

July 24, 2014

(The News & Observer, Raleigh)

PowerSecure International announced contracts totaling $140 million, including $120 million of utility-scale solar projects. The Wake Forest-based company provides technology products and services to electric utilities. Its stock rose 12% on Wednesday.

Profits up at Winston-Salem-based Hanesbrands

July 24, 2014

(Winston-Salem Journal)

Hanesbrands reported a $154.6 million profit for the second quarter, driven by increased sales in apparel. That compares with $121.6 million a year ago. The company raised its 2014 earnings guidance by 40 cents.

Raleigh earns top spot on Forbes' list of best places for business

July 24, 2014

(The News & Observer, Raleigh)

Raleigh is No. 1 on Forbes magazine's list of best places for business and careers, up from the third spot last year. The city's high number of college-educated residents, proximity to Research Triangle Park and fewer regulations for small businesses were listed as reasons for earning the top spot.

RoundPoint Mortgage to lay off 166 in Charlotte

July 24, 2014

(The Charlotte Observer)

RoundPoint Mortgage Co. will lay off 166 workers in Charlotte, according to a notice filed with the N.C. Department of Commerce. The company, a subsidiary of RoundPoint Financial Group, did not give a reason for the layoffs but said most will happen around Sept. 19.

VantageSouth, Yadkin post strong second quarter results

July 24, 2014

(The News & Observer, Raleigh)

Statesville-based Yadkin Bank and Raleigh-based VantageSouth Bank both posted gains in net income for the second quarter, with VantageSouth reporting a 67% increase from a year ago. The banks have a combined 74 branches after completing a merger on July 4. Combined, the two banks would have generated operating income of $15.5 million, excluding taxes and merger costs.