Charlotte

Dollar General not giving up after Family Dollar rejects buyout offer

August 22, 2014

(The Charlotte Observer)

Family Dollar Stores rejected Dollar General's $9.7 billion bid on Thursday, citing concern that antitrust regulators would block a merger between the two discount retailers. Dollar General CEO Rick Dreiling said his company is still committed to acquiring Matthews-based Family Dollar.

BofA settlement announcement expected Thursday

August 21, 2014

(The Charlotte Observer)

The U.S. Justice Department is expected to announce a settlement with Bank of America over faulty mortgage bonds Thursday morning. The settlement is expected to be about $16.6 billion, the largest ever between the government and a company.

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.

Legislators compromise on coal-ash bill

August 20, 2014

(The Charlotte Observer)

State legislators could vote as early as Wednesday on a bill that would require Duke Energy to remove coal ash from four power plants. Storage ponds at other coal-fired power plants could be capped without removing ash, provided the state Department of Environment and Natural Resources finds that the ash will not contaminate groundwater (cover story, April).

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.

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).

Eaton closing Charlotte plant

August 20, 2014

(The Charlotte Observer)

Eaton will close its Charlotte clutch-manufacturing plant, laying off 84 workers by the end of 2015. The Dublin-based company will move Charlotte operations to plants in Indiana and Mexico. Eaton employs more than 4,000 in North Carolina, including 79 at a distribution center in Charlotte.

Dollar General deal could lead to job cuts at Family Dollar

August 19, 2014

(The Charlotte Observer)

At least one analyst says a potential Dollar General acquisition of Family Dollar Stores could lead to heavy job losses at the discount retailer's Matthews headquarters. Goodlettsville, Tenn.-based Dollar General's business model is more similar to Family Dollar's than Chesapeake, Va.-based Dollar Tree's, meaning there could be many jobs with duplicate functions.

Charlotte's Sonic Automotive to launch used-car dealerships

August 19, 2014

(The Charlotte Observer)

Sonic Automotive, the Fortune 500 company founded by Bruton Smith, plans to open a chain of stand-alone used-car dealerships. The first three EchoPark stores will open in Denver, Colo. by November.

Merger activity among Charlotte area companies part of larger US trend

August 19, 2014

(The Charlotte Observer)

Stock market gains and low interest rates for borrowers are leading to a flurry of mergers and acquisitions nationwide. Charlotte-based Chiquita Brands International and Matthews-based Family Dollar Stores both face competing bids from outside companies.

BofA veteran Darnell to become vice chairman

August 19, 2014

(The Charlotte Observer)

David Darnell will become vice chairman of Bank of America and will relocate from Charlotte to Tampa, Fla. Darnell, 61, first joined the bank in 1979. He has served as co-chief operating officer since 2011.

Dollar General submits bid for Family Dollar

August 18, 2014

(Winston-Salem Journal)

Dollar General Corp. entered a counteroffer of about $9.7 billion − $78.50 a share in cash − for Matthews-based Family Dollar Stores. Chesapeake, Va.-based Dollar Tree made an $8.5 million bid for the discount retailer in July. Goodlettsville, Tenn.-based Dollar General said its offer would create a company with sales of more than $28 billion.

Harris Teeter expanding Union County distribution center

August 18, 2014

(The Charlotte Observer)

Grocery-store chain Harris Teeter, a subsidiary of Cincinatti-based Kroger Corp., will invest $5.5 million in a 50,000-square-foot expansion of its Indian Trail distribution center and will add 41 jobs over three years. 

Countrywide deal has cost BofA more than $50 billion

August 18, 2014

(The Charlotte Observer)

Bank of America's $2.5 billion acquisition of Countrywide Financial in July 2008 has cost the bank $52.7 billion, including settlements and payments to investors over faulty loans. The Charlotte-based bank is reported to be close to finalizing another $16 billion to $17 billion mortgage settlement with the Justice Department.

AC Controls to invest $4.3 million in Concord site

August 18, 2014

(Independent Tribune, Concord)

Mint Hill-based AC Controls will invest $4.3 million in a manufacturing and distribution center near Concord Regional Airport. The company, which makes valves and other components for customers including General Electric, Duke Energy and DuPont, will hire 15 workers and relocate 45 from its Mint Hill location.

Brazilian companies try to gain shareholder support for Chiquita bid

August 18, 2014

(The Charlotte Observer)

After Chiquita Brands International refused their unsolicited $611 million bid for the produce company, two Brazilian companies are urging shareholders to reject Chiquita's merger deal with Dublin-based Fyffes. The shareholder vote on the Fyffes acquisition is scheduled for Sept. 17.

Charlotte-based Chiquita rejects buyout offer from Brazilian companies

August 15, 2014

(The Charlotte Observer)

Chiquita Brands International called an unsolicited $610 million bid from Cutrale Group and Safra Group inadequate, and reaffirmed its commitment to the produce company's pending merger with Dublin-based Fyffes. In response, the Brazilian companies indicated they aren't ready to back down.

Deal with GE would make Electrolux world's No. 1 appliance maker

August 15, 2014

(The Charlotte Observer)

Electrolux said it is in talks to buy General Electric's appliance division. The deal would allow Electrolux, which had $16.7 billion in sales last year, to surpass Whirlpool as the world's No. 1 appliance maker. Electrolux employs about 900 people at its North American headquarters in Charlotte, and plans to double its workforce there.

BofA could write off portion of DOJ settlement

August 15, 2014

(The Charlotte Observer)

Billions of dollars of Bank of America's expected $16 billion settlement with the Department of Justice over faulty mortgage bonds could be tax-deductible.

Charlotte proposes land-swap with Duke Energy for coal-ash storage

August 14, 2014

(The Charlotte Observer)

Duke Energy is considering a plan proposed by Charlotte city staffers that would give the utility 128 acres of vacant land to bury 4.7 million tons of coal ash. In exchange, Duke would give the city a 42-acre site on which it currently employs about 250 workers at an operations center.