Business

Volvo will invest $500M in US auto plant

March 31, 2015

(The News & Observer, Raleigh)

Volvo said Monday it will invest $500 million to build a new car-manufacturing plant in the United States, and reports have said North Carolina is one of several states in the running. The company said it has "drawn up a short list" of potential sites; The Wall Street Journal reported the location will be announced in about a month.

Bathtub manufacturer laying off 87 in Wilson

March 31, 2015

(The Wilson Times)

Bathcraft will close its Wilson manufacturing plant and lay off 87 workers. The Remerton, Ga.-based company, which makes showers and tubs for residential homes, said it is closing the plant due to continued uncertainty in the housing market.

Report: Tobacco companies face final FTC review

March 31, 2015

(Winston-Salem Journal)

Reynolds American and Lorillard this week could hold a final meeting with members of the Federal Trade Commission regarding the companies' proposed $27.4 million merger, according to a report in The Wall Street Journal. The tobacco companies said they expect the deal to close by June 30. Shareholders of both companies approved the merger in January.

Durham pharmaceutical raises $50M

March 31, 2015

(The News & Observer, Raleigh)

Novan Therapeutics completed a $39.7 million round of financing, bringing the total amount raised since August to $50 million. The Durham-based company, which is developing a treatment for acne, has raised $70 million since 2008.

Stephen Curry partners with Boston-based coaching startup

March 31, 2015

(The Charlotte Observer)

Former Charlotte resident Stephen Curry is now part-owner of a Boston-based startup that connects high-school and college athletes with private coaches. The NBA All-Star and former Davidson basketball player will help CoachUp, which says it works with more than 100,000 athletes and 13,000 coaches, expand its national brand.

Apartment developer says US short on affordable housing

March 31, 2015

(The Charlotte Observer)

J. Ron Terwilliger, chairman of Charlotte-based apartment company Terwilliger Pappas, said the United States is facing an affordable-housing crisis. Terwilliger urged politicians to increase federal subsidies for developers to build more affordable-housing units.

GE Hitachi opens training station

March 31, 2015

(Greater Wilmington Business Journal)

GE Hitachi held a ribbon-cutting Monday for a reactor-maintenance training facility at its plant in Castle Hayne. The full-size replica will be used to train hundreds of workers in refueling and maintenance work for the company's reactors worldwide.

Ted Spring sues CFCC trustees

March 30, 2015

(Greater Wilmington Business Journal)

Former Cape Fear Community College President Ted Spring has filed a lawsuit against the school's board of trustees, alleging the group forced him to resign in January. Spring is asking to be reinstated and to be paid damages of at least $25,000.

Belk reports strong 4th quarter earnings

March 30, 2015

(The Charlotte Observer)

Boosted by strong holiday sales, Belk reported fourth-quarter profits of $104.4 million, an 8.4% increase over the same period a year ago. Full-year profits fell by 7.8% to $146.1 million as the Charlotte-based department-store chain spent more than $79 million on store remodels and $33 million on an expansion of its e-commerce distribution center in Jonesville, S.C.

Asheville's Mission Hospital suffers losses from uninsured

March 30, 2015

(Asheville Citizen-Times)

Mission Hospital's 63-bed ER lost $4 million in 2013 after writing off $17.5 million in charity care. Like other providers, the Asheville-based health system relies on private insurance to make money. The system lost $35.4 million on Medicare patients in 2013, and that number is expected to increase as the number of retirees in the region grows.