Business

Private equity firms vying for Huntersville's ATD

August 21, 2014

(The Charlotte Observer)

American Tire Distributors is for sale, according to a Wall Street Journal report. The Huntersville company, which employs 3,800 and says it is the largest distributor of replacement tires in North America, was bought by private-equity firm TPG Capital for $1.3 billion in 2010. The report says several private equity firms are vying for the company in a deal that could fetch more than $3 billion.

Lawmakers restore funds for Evergreen Packaging

August 21, 2014

(Asheville Citizen-Times)

Hours before adjourning its legislative short session on Wednesday, state lawmakers restored a $12 million incentive for Evergreen Packaging's paper mill in Canton that will help pay for new natural-gas boilers to comply with EPA regulations.

North Carolina companies ranked on 2014 Inc.5000 list

August 21, 2014

(WRAL TechWire.com)

About 200 North Carolina companies made Inc. magazine's list of the 5,000 fastest growing private companies. Wilmington-based Go Energies, which provides software and hardware for the fuel industry,  ranked No. 10, while Raleigh-based food company Aseptia was No. 15. Charlotte-based Boxman Studios came in at No. 120 (Picture This, March 2012).

NC Supreme Court upholds rate hike for former Progress customers

August 21, 2014

(The Fayetteville Observer)

The state Supreme Court upheld Duke Energy's rate increase of 7.5% for residential customers of its Duke Energy Progress subsidiary. State Attorney General Roy Cooper had appealed the rate hike, which affects 1.3 million customers in Eastern N.C. and Asheville.

Smith Center renovation plans on hold

August 21, 2014

(The News & Observer, Raleigh)

Plans to renovate or replace the Smith Center at UNC Chapel Hill have been placed "on the back burner," according to Athletic Director Bubba Cunningham. Retrofitting the arena, which opened in 1986, with features including luxury boxes and premium seating could cost tens of millions of dollars. 

Yarn maker expanding in Burlington

August 21, 2014

(Winston-Salem Journal)

CS Carolina will invest $7.3 million and create 22 jobs at a yarn-manufacturing plant in Burlington. The company also plans to move 27 workers from Swepsonville to the Burlington plant.

SunTrust expands size of Charlotte office

August 20, 2014

(The Charlotte Observer)

SunTrust Bank will increase the size of its planned regional headquarters in Charlotte by 19,000 square feet. The Atlanta-based bank will occupy space on four of five floors of a new 105,300-square-foot SouthPark building scheduled to open this fall.

Four Oaks Bank raises $24 million through stock offering

August 20, 2014

(The News & Observer, Raleigh)

Four Oaks Bank raised $24 million in a common stock offering priced at $1 per share. The Johnston County bank says the new capital will help it comply with a 2011 agreement with state and federal regulators and will allow it to expand its loan portfolio.

Icahn continues attack on Family Dollar

August 20, 2014

(The Charlotte Observer)

Investor Carl Icahn criticized Matthews-based Family Dollar Stores for not being more aggressive in pursuing a deal with Dollar General, and said the board has been too concerned with protecting CEO Howard Levine, son of the retail company's founder Leon Levine (NCTrend, July).

Moore County delays agreement on 3,000-acre megapark

August 20, 2014

(The Fayetteville Observer)

Moore County commissioners decided to delay an agreement with Montgomery County on a 3,000-acre industrial park. County leaders say they support the project but want to simplify the terms of the agreement. Two-thirds of the proposed site is in Moore County.