Charlotte

Former Philip Morris plant will house electric battery maker

September 18, 2014

(The Charlotte Observer)

The company that bought the former Philip Morris cigarette plant in Concord will make batteries for electric vehicles and other commercial uses, according to online job advertisements. Victory Industrial Park paid $68.5 million for the 2,100-acre Cabarrus County site in April. A company spokesman said the business is not ready to make a formal announcement regarding its plans.

Family Dollar rejects Dollar General deal again

September 18, 2014

(The Charlotte Observer) 

Family Dollar rejected Dollar General's third offer within a month, asking shareholders not to sell stock to the Goodlettsville, Tenn.-based retailer. The companies' CEOs first met in October to discuss a potential merger. Matthews-based Family Dollar said Wednesday that CEO Howard Levine agreed at that time that if a deal was made, the combined company's headquarters would be in Tennessee.

Bank of America, BB&T pass midyear stress tests

September 17, 2014

(The Charlotte Observer)

Charlotte-based Bank of America, San Francisco-based Wells Fargo & Co. and Winston-Salem-based BB&T all reported they have passed midyear stress tests, which show they would be able to maintain minimum capital ratios in the event of an economic downturn.

Greenville, SC-based CertusBank to sell mortgage, wealth divisions

September 17, 2014

(The Charlotte Observer)

Greenville, S.C.-based CertusBank plans to sell its mortgage and securities divisions. The bank, started in Charlotte in 2010, is shedding those lines of business as part of a restructuring led by new CEO John Poelker. The bank's three founders and top executives were fired earlier this year after shareholders expressed concerns over mismanagement.

Duke Energy to invest $500 million in solar projects

September 15, 2014

(The Charlotte Observer)

Duke Energy will invest $500 million in North Carolina solar projects. About half the money will be used to acquire and build solar farms in Bladen, Duplin and Wilson counties. The Charlotte-based utility also plans to purchase power from five additional solar projects across the state.

AvidXchange adding 600 workers in Charlotte

September 16, 2014

(The Charlotte Observer)

A software company will add 603 workers in a headquarters expansion in Charlotte. AvidXchange will invest more than $20 million in a four-story,115,000-square-foot space at the N.C. Music Factory. The company, which provides automated payment and invoicing services for businesses, employs about 300 in three states.

Nucor to acquire Kentucky steel mill for $770 million

September 16, 2014

(The Charlotte Observer)

Nucor will buy Kentucky-based Gallatin Steel Co. for $770 million. It's the biggest acquisition for the Charlotte-based steelmaker since March 2008, when it bought SHV North America Corp. for $1.44 billion. The deal is expected to close by year-end.

Charlotte airport seeks to borrow $100 million for next phase of expansion

September 15, 2014

(The Charlotte Observer)

Charlotte Douglas International Airport plans to borrow $100 million from PNC Bank for terminal renovations and additional parking. The projects are part of a $1 billion planned expansion. The airport's new $120 million hourly parking deck is scheduled to open in November.

XPO Logistics to grow in Charlotte

September 15, 2014

(The Charlotte Observer)

The CEO of XPO Logisitics says the shipping company plans to keep growing through acquisitions, and its Charlotte office, where it employs more than 360 workers, will grow as well. The Greenwich, Conn.-based shipping company completed a $615 million acquisition of High Point-based New Breed Logistics earlier this month.

CommunityOne CEO stepping down

September 15, 2014

(The Charlotte Observer)

Brian Simpson will step down as CEO of Charlotte-based CommunityOne Bancorp effective Sept. 30 after three years in the position. President Bob Reid is expected to succeed him. Previously called FNB United Corp., the bank changed its name and moved its headquarters from Asheboro to Charlotte after the 2013 merger between subsidiary CommunityOne Bank and Granite Falls-based Bank of Granite.

Monroe paving company pleads guilty in fraud case

September 15, 2014

(The Charlotte Observer)

Monroe-based Boggs Paving pleaded guilty to conspiracy to defraud the federal government. CEO Drew Boggs and four company executives have already pleaded guilty in the scheme, in which they exaggerated the role of a minority subcontractor to bilk the government out of $87 million in contracts.

Developer proposes $60 million project in midtown Charlotte

September 12, 2014

(The Charlotte Observer)

A local developer wants a 1.7-acre parcel in midtown Charlotte rezoned for a $60 million mixed-use project. Baxter Place, across the street from Charlotte's Metropolitan development, would include an eight-story building with a hotel, offices and retail space. Goode Properties' project plan is 40 feet higher than the location's current height restrictions.

GKN Driveline breaks ground on $100 million plant expansion

September 12, 2014

(The Charlotte Observer)

GKN Driveline broke ground on a previously announced expansion at its Catawba County plant. The company, which makes automotive components including all-wheel-drive systems and transmissions, plans to hire 228 workers by 2018. 

Paulson could determine fate of Family Dollar

September 12, 2014

(The Charlotte Observer)

Paulson & Co., Family Dollar's third-largest shareholder, also holds about 4 million shares of Dollar General. The hedge fund was founded by billionaire John Paulson, who has yet to take a stance in the bidding war over Matthews-based Family Dollar Stores.

Chiquita sitting down to talk with Brazil-based companies

September 11, 2014

(The Charlotte Observer)

Chiquita Brands International has begun talks with Cutrale and Safra, which have offered to pay $13 a share, or $611 million, for the Charlotte-based produce company. Chiquita postponed a shareholder vote on its proposed merger with Dublin-based Fyffes until Oct. 3 after the Brazilian companies urged shareholders to reject that deal.

Mixed-use project announced for Gleneagles site in south Charlotte

September 11, 2014

(The Charlotte Observer)

Harris Land Co. filed a rezoning petition for a long-vacant site near Quail Hollow Club in South Charlotte. If the application is approved, the 19-acre site will be developed into offices, retail, condos and a hotel. Owner Dee-Dee Harris announced plans for a similar project more than a decade ago, but it was never completed.

NewDominion Bank CEO Hipp to retire

September 11, 2014

(The Charlotte Observer)

John Hipp will retire as chief executive officer of Charlotte-based NewDominion Bank at year-end. Hipp joined the community bank in 2010. Current CFO Blain Jackson will succeed him as CEO.

Dollar General plans hostile bid for Family Dollar

September 10, 2014

(The Charlotte Observer)

Dollar General will attempt a hostile takeover of Family Dollar Stores by taking its $9.1 billion offer directly to the Matthews-based company's shareholders, The Wall Street Journal reports. The company will offer to pay $80 a share in cash. The tender offer will allow the Goodlettsville, Tenn.-based retailer to begin antitrust discussions with the Federal Trade Commission.

Amazon to open distribution center in Concord

September 10, 2014

(The Charlotte Observer)

Online retailer Amazon plans to open its first distribution center in North Carolina near Concord Regional Airport in Cabarrus County. It is unknown how many jobs will be created or how much space Seattle-based Amazon will occupy, though the company has posted job openings online for the new location.

Carolinas HealthCare eliminates more than 100 positions

September 10, 2014

(The Charlotte Observer)

Charlotte-based Carolinas HealthCare System has eliminated more than 100 management jobs, all in the Charlotte area. The cuts are part of a plan to reduce expenses by $110 million in 2015. Most of the positions were vacant. CEO Michael Tarwater said federal and state cutbacks in Medicare and Medicaid reimbursements made the cuts necessary.