Charlotte

Record auto sales boost Sonic's Q4 earnings

February 24, 2016

(The Charlotte Observer)

Charlotte-based Sonic Automotive reported fourth-quarter earnings of $31.1 million, or 62 cents per share, up from $26.1 million a year ago and beating analysts' expectations of 59 cents a share. Sales of new and used cars reached record levels in the fourth quarter.

Duke Energy sued over nuclear charges in Florida

February 24, 2016

(The Charlotte Observer)

A class-action lawsuit accuses Duke Energy and Florida Power & Light of charging customers $2 billion to increase capacity at a nuclear plant it retired in 2013 and to build another nuclear power plant. Plans for the second plant were canceled.

Spec buildings show developers' confidence in Charlotte office market

February 23, 2016

(The Charlotte Observer)

As Bissell tops out its 10-story Brigham building in Charlotte's Ballantyne Corporate Park this week, at least three other large office buildings also are under construction without a signed anchor tenant. Developers are confident the space will be filled, as vacancy rates fall and rents increase.

Cleveland County industrial site earns CSX designation

February 23, 2016

(The Shelby Star)

The Washburn Switch Business Park in Cleveland County was named a CSX Select Site, which means the 400-acre park has been vetted and is ready for development. Local officials hope the designation will make the site more visible to prospective businesses. North Carolina has three CSX Select Sites; others are in Brunswick and Edgecombe counties.

Financial-services company rebrands as TIAA

February 23, 2016

(The Charlotte Observer)

TIAA has dropped the "CREF" from its name and will launch a national advertising campaign to get the word out. The New York-based company began as a provider of pensions for teachers but is looking to broaden its appeal to other groups, CMO Connie Weaver said. TIAA employs more than 3,000 people in Charlotte.

$50M expansion planned for Charlotte's Northlake Mall

February 22, 2016

(The Charlotte Observer)

Starwood Retail Partners will spend $50 million on a 200,000-square-foot addition at Northlake Mall, off Interstate 77 in north Charlotte. Starwood bought mall in 2014 for $248 million and last year paid $6 million for an adjacent 11-acre parcel. At 1.1 million square feet, Northlake is the fourth-largest mall in the Charlotte region.

Slow start for Concord battery-maker

February 22, 2016

(The Charlotte Observer)

Alevo has hired about 140 people, fewer than the 500 the energy-storage company had projected within its first year in Concord. The Switzerland-based company moved into a former Philip Morris cigarette factory last year with lofty ambitions, saying its workforce eventually could reach 6,000 people. "We're a little behind where we expected to be," said Scott Schotter, chief marketing officer. Alevo expects to begin producing its GridBanks battery-storage modules this spring.

Sealed Air names new chief information officer

February 22, 2016

(The Charlotte Observer)

Edwina Payne will be based at Sealed Air's Charlotte headquarters, reporting to Chief Financial Officer Carol Lowe. Payne previously was chief information officer at Warsaw, Ind.-based Zimmer Biomet, a medical-device manufacturer. Sealed Air, a Fortune 500 company, employs about 500 people in Charlotte.

Duke Energy to sell international business

February 19, 2016

(The Charlotte Observer)

After reporting year-end results that were up from the previous year but fell short of analysts' expectations, Duke Energy said it will sell its international business, which is estimated to be valued at $2.3 billion. Drought and weak currency exchange rates have made the business more volatile. "Our investors are looking for stability," CEO Lynn Good said.

Carolina Panthers raising ticket prices

February 19, 2016

(The Charlotte Observer)

The team says about two-thirds of seats in Bank of America stadium will increase by $5-$12 from last year. A third phase of stadium renovations is on track, including an improved WiFi system and upgrades to the upper level that should reduce concession wait times.

Williams Electric lays off 168 workers in Shelby

February 19, 2016

(The Charlotte Observer)

Williams Electric in Shelby will lay off 168 people as its contract with Duke Energy expires, but affected workers have been offered jobs with two other utility companies.

Salisbury manufacturer files for bankruptcy protection

February 18, 2016

(The Salisbury Post)

The parent company of Norandal USA has filed for Chapter 11 bankruptcy protection. The company said demand is still high for its flat-rolled products division that produces aluminum foil and sheeting, including at its Salisbury plant. Norandal employs 150 to 200 workers in Salisbury.

Crescent Communities adds homebuilding arm

February 17, 2016

(The Charlotte Observer)

Charlotte developer Crescent Communities is launching Fielding Homes, a new division that will build single-family homes. The company will build 64 homes in a Fort Mill, S.C., subdivision.

Mooresville's Blueharbor Bank expands to Charlotte

February 17, 2016

(The Charlotte Observer)

Blueharbor Bank, an 8-year-old community bank based in Mooresville, has opened a loan-production office in Charlotte's SouthPark neighborhood. CEO Jim Marshall said the bank could open a full-service branch there in a year or two.

Mecklenburg OKs incentives for Red Ventures expansion

February 17, 2016

(The Charlotte Observer)

Local governments will give Red Ventures $270,000 to expand in Charlotte, adding 500 jobs. That's in addition to $2.65 million the Indian Land, S.C.-based sales and marketing firm could receive from the state. The new jobs will pay an average of $48,000 a year.

Daimler to lay off 1,250 workers in Gaston, Rowan counties

February 16, 2016

(The Charlotte Observer)

The truck manufacturer said the cuts, expected to be temporary, are the result of a reduction in orders. Daimler will lay off about 700 employees at its Mount Holly plant in Gaston County and about 550 at its Cleveland plant in Rowan County, where the company already slashed 900 jobs earlier this year.

Top BofA execs get bigger stock awards

February 16, 2016

(The Charlotte Observer)

The Charlotte-based bank awarded more shares to its top executives compared with the previous year, according to regulatory filings. BofA's stock price is down about 29%, as investors are worried about declining oil prices and global economic conditions.

Opposition grows over proposed Asheville power plant

February 16, 2016

(The Charlotte Observer)

Opponents of Duke Energy's plans to build two natural-gas power plants in the Asheville region will have to submit written critiques; a quick 45-day approval process requested by legislators leaves no time for customary hearings.

BofA's Moynihan earned $16M in 2015

February 15, 2016

(The Charlotte Observer)

Bank of America CEO Brian Moynihan's total compensation last year included a base salary of $1.5 million — unchanged from 2014 —  and $14.5 million in stock. Moynihan's total pay is higher than the $13 million he earned the year before and is the most he's been paid since becoming CEO in 2010.

Utah furniture company to open distribution center in Spencer

February 15, 2016

(The Salisbury Post)

Intercon Furniture plans to open a 100,000-square-foot warehouse and distribution center in Rowan County. The Utah-based, family-owned company plans to initially hire 15 people.