Charlotte

Wells Fargo economists predict strong growth in the year ahead

December 17, 2015

(The Charlotte Observer)

Nonfarm employment in North Carolina is expected to rise 2.6% in 2016, according to a report from Wells Fargo Securities. Economists predict the state's unemployment rate will drop but still remain higher than the national average.

Charlotte restaurant boycotts Anheuser-Busch products

December 16, 2015

(The Charlotte Observer)

Diners at Queen City Q, a Charlotte restaurant chain with three locations and another planned, will no longer be able to order a Budweiser or Corona to wash down their meals. The chain is boycotting products associated with AB InBev after a Wall Street Journal story suggested the company rewards distributors who focus on its beers while limiting beers from craft brewers

Mecklenburg GOP chairman resigns

December 16, 2015

(The Charlotte Observer)

Curtis Watkins abruptly resigned Tuesday, two days after N.C. Sen. Bob Rucho asked Republican Party officials to investigate him for allegedly trying to recruit someone to run against Rep. Mike Hager of Rutherford County. Hager is one of the largest opponents of the state's renewable-energy mandate. Watkins is the founder of SparkTank Advisors, an energy consulting company.

Corning to buy power from Duke Energy solar farm

December 14, 2015

(The Charlotte Observer)

Corning will purchase 62.5% of power generated at a solar farm Duke Energy is building in eastern North Carolina. The facility, announced in September, will be the largest solar farm east of the Mississippi River, according to Duke. Glass- and fiber-maker Corning employs about 3,000 people in North Carolina and recently said it is adding 150 new jobs in Charlotte.
More on solar: Rural NC town mocked on social media after passing solar moratorium

Google honors Charlotte as a top eCity

December 15, 2015

(The Charlotte Observer)

Charlotte is among 50 winners of Google's eCities awards, which honors cities with strong online business communities. Winning cities were selected based on small businesses' use the Web to attract new customers, connect with clients and grow local economies. Cary and Cornelius were previous winners of the annual award.

SPX sells business unit for $48M

December 15, 2015

(The Charlotte Observer)

SPX will sell its dry cooling business, which represents about 10% of its power segment, to an India-based company for about $48 million. The deal is expected to close in the first half of 2016. The manufacturer employs about 350 people at its Charlotte headquarters.

Condos, corporate HQ proposed for Kannapolis revitalization

December 15, 2015

(Independent Tribune, Concord)

The city of Kannapolis's downtown redevelopment plan could include mixed-use buildings with retail, condos, apartments and an educational institute. Kannapolis owns about 750,000 square feet of downtown space and is working with UNC School of Government's Development Finance Initiative to reinvigorate the former textile town.

Concord approves incentives for $66M FedEx distribution center

December 14, 2015

(The Charlotte Observer)

A new FedEx office and distribution center is expected to bring 55 full-time and 309 part-time workers to Concord's International Business Park over the next five years. Concord is becoming a hub for distribution facilities: FedEx already has a location in the office park, and Amazon.com employs about 360 at a sorting center near Concord Regional Airport.

Electrolux chairman stands behind CEO after failed merger

December 14, 2015

(The Charlotte Observer)

Electrolux CEO Keith McLoughlin's job appears to be safe despite the Swedish company's failed effort to buy General Electric's appliance division. McLoughlin is also serving as interim CEO of Electrolux's North American division, which is based in Charlotte.

Duke Energy combines chairman, CEO roles

December 11, 2015

(The Charlotte Observer)

Duke Energy CEO Lynn Good will become chairman Jan. 1, the company said Thursday. Current chairman Ann Maynard Gray will remain on the board. Piedmont Natural Gas CEO Tom Skains will become a director after Duke completes its $4.9 billion acquisition of the Charlotte-based energy company.

Sycamore Partners completes $3B buyout of Belk

December 11, 2015

(The Charlotte Observer)

Charlotte-based Belk is no longer the nation's largest family-owned department store chain. New York-based private equity firm Sycamore Partners said Thursday it has completed its purchase of the 300-store company. Belk's headquarters will remain in Charlotte, and Tim Belk will remain CEO.

Tyson Foods considers $5M Monroe expansion

December 11, 2015

(The Charlotte Observer)

Local governments approved $225,000 in incentives for Tyson Foods to expand in Union County. The chicken processor, which employs more than 1,500 people in Monroe, is considering a $5 million investment that would add 50 jobs.

Murdock taps new leader for NC operations

December 11, 2015

(Independent Tribune, Concord)

Mark Spitzer was promoted to vice president for North Carolina operations for Castle & Cooke, billionaire David Murdock's real-estate business that includes the N.C. Research Campus. Previously director of human resources, Spitzer will oversee the company's real estate, recreational and hospitality operations in the Kannapolis area.

Campus Crest closing Charlotte HQ

December 10, 2015

(The Charlotte Observer)

Campus Crest Communities, which is being sold to Harrison Street Real Estate Capital in a $1.9 billion deal, will close its Charlotte headquarters and lay off 70 people. Founded in 2004, the company develops off-campus student housing near large universities.

Electrolux plans job cuts, Charlotte office spared

December 10, 2015

(The Charlotte Observer)

Plans to lay off employees in its small appliances unit won't impact Electrolux's 900 workers at its North American headquarters in Charlotte. The layoffs are unrelated to the Swedish company's failed deal to acquire GE's appliance division, which required Electrolux to pay a $175 million termination fee.

Carolinas HealthCare to invest $3B in new buildings, programs

December 9, 2015

(The Charlotte Observer)

Carolinas HealthCare System plans to spend $3 billion on capital projects – including new buildings, technology and programs – over the next six years, with a goal of spending 10% of operating revenue on such projects annually by 2017. The Charlotte-based health care system says its search for a new CEO is on schedule – Michael Tarwater will retire in June after nearly 35 years with the company.

Corning sticks it to Hickory, not surprisingly

December 9, 2015

Corning's plan to move the headquarters of its optical communications division – and 500 jobs – from Hickory to Charlotte over the next two years should send a shiver through thoughtful state leaders, who want all parts of North Carolina to remain robust economically – and not just Charlotte, the Triad and the Triangle.

GE cancels Electrolux deal, seeks $175M breakup fee

December 8, 2015

(The Charlotte Observer)

Shares of Electrolux fell the most in more than four years after General Electric said Monday it is calling off plans to sell its appliance division to the Swedish company. The U.S. Justice Department had sued Electrolux, seeking to block the merger due to antitrust issues. Electrolux employs about 900 people at its North American headquarters in Charlotte.

Community bank consolidation part of nationwide trend

December 8, 2015

(The Charlotte Observer)

The pending sale of CommunityOne Bancorp to Florida-based Capital Bank will leave Charlotte with just three community bank headquarters, down from seven in 2007. The consolidation of community banks means more market share is being concentrated in the nation's biggest banks, according to a recent report.

Coughlin ousted as CEO of Cabarrus Chamber

December 8, 2015

(The Independent Tribune)

The executive committee of the Cabarrus Regional Chamber of Commerce voted unanimously to terminate CEO Patrick Coughlin's employment agreement after less than a year on the job. Board member and past chairman Terry Crawford was named interim CEO.