Charlotte

Electrolux CEO says company remains committed to Charlotte

October 21, 2014

(The Charlotte Observer)

Jack Truong, CEO of Electrolux's North American operations, reaffirmed the company's commitment to keeping the its headquarters in Charlotte following a planned $3.3 billion acquisition of General Electric's appliance business. Electrolux reported a 42% increase in third-quarter earnings on Monday.

Charlotte Goodyear shop closing to make way for 27-story tower

October 21, 2014

(The Charlotte Observer)

A longstanding Goodyear auto-repair shop in downtown Charlotte is closing to make way for a 27-story mixed-use tower that will include hotel, retail and office space. Charlotte-based Crescent Communities plans to build the tower on the 3-acre site, but won't announce a construction start date until it secures an anchor tenant.

Advisor changes recommendation, supports Chiquita-Fyffes merger

October 21, 2014

(The Charlotte Observer)

Institutional Shareholder Services said Monday it now endorses a revised merger agreement between Charlotte-based Chiquita Brands International and Dublin-based produce company Fyffes. The advisory group last month recommended that shareholders reject the Fyffes proposal and instead endorsed an offer from Brazil-based Cutrale and Safra Group.

Activist shareholder wants to oust Family Dollar board members

October 20, 2014

(The Charlotte Observer)

Elliott Advisors said Friday it was nominating seven directors to replace current Family Dollar board members. The hedge fund says the current board members lack expertise to negotiate a deal with Chesapeake, Va.-based Dollar Tree or Goodlettsville, Tenn.-based Dollar General. 

Piedmont Natural Gas asks for 7% rate cut

October 20, 2014

(The News & Observer, Raleigh)

Piedmont Natural Gas is seeking a 7% rate cut that would save each of its residential customers about $6.70 a month. The Charlotte-based gas company requested the rate cut after revenue last winter exceeded its allowed profit margin set by the N.C. Utilities Commission. Piedmont has 750,000 customers in North Carolina.

Chiquita board rejects Brazilian offer

October 17, 2014

(The Charlotte Observer)

The board of directors of Chiquita Brands International unanimously rejected the latest buyout offer by Brazil-based Cutrale and Safra Group and reaffirmed its recommendation for shareholders to vote in favor of a proposed merger with Irish produce company Fyffes.

Laura Schulte to retire from Wells Fargo

October 17, 2014

(The Charlotte Observer)

Laura Schulte, president of community banking for Wells Fargo's Eastern region, will retire by year-end. Schulte moved to Charlotte five years ago following the San Francisco-based bank's merger with Wachovia and his been with the company for more than 30 years. Michelle Lee, president of community banking operations for the Northeast, will succeed her.

Kannapolis officials consider purchasing Murdock properties

October 17, 2014

(The Independent Tribune, Concord)

Kannapolis City Council will review several downtown properties the city may offer to buy from billionaire David Murdock. Murdock's Castle & Cook company has owned much of downtown Kannapolis since he bought the former Cannon Mills in 1982. 

Legal fees bring BofA profits down

October 16, 2014

(The Charlotte Observer)

Bank of America's third quarter profits fell to $168 million, down from $2.5 billion a year ago, thanks to a $16 billion mortgage settlement with the U.S. Justice Department in August (Statewide, October). Executives said the Charlotte-based bank has reached its Project New BAC goal of reducing quarterly expenses by $2 billion nine months ahead of schedule.
Related: Analysts question Moynihan about combining chairman, CEO roles

Battery company plans up to 2,500 jobs in Concord

October 16, 2014

(Independent Tribune, Concord)

Alevo Battery Technology expects to bring up to 2,500 jobs to the former Philip Morris plant in Concord, company spokesman Julian Tanner told the Independent Tribune on Tuesday. Victory Industrial Park, Alevo's parent company, bought the 2,000-acre campus, which has been idle since 2007, in April. The company plans to make a jobs announcement and provide more details on Oct. 28.

Brazilian companies up Chiquita offer to $14 a share

October 16, 2014

(The Charlotte Observer)

In its latest effort to break up Chiquita Brands International's pending merger with Dublin-based Fyffes, Brazil-based Cutrale and Safra Group increased their takeover bid for the produce company to $658 million, or $14 per share. The Charlotte-based produce company plans to hold a shareholder vote on the Fyffes merger Oct. 24. 

Hilton to build hotel in Charlotte's First Ward

October 16, 2014

(The Charlotte Observer)

Hilton Hotels announced plans to build a hotel in uptown Charlotte's First Ward on land owned by Charlotte developer Levine Properties. Construction could begin in 2016 on a new lifestyle hotel brand called Canopy by Hilton.

Cannon sentenced to 44 months in prison

October 15, 2014

(The Charlotte Observer)

A federal judge sentenced former Charlotte Mayor Patrick Cannon to 44 months in prison on public corruption charges. Cannon pleaded guilty in June to accepting more than $50,000 in bribes from undercover FBI agents posing as developers and from a local businessman. 

Siemens to acquire Charlotte software company

October 15, 2014

(The Charlotte Observer)

Munich-based engineering company Siemens AG will acquire Charlotte-based Camstar Systems, an industrial software provider with 250 global employees, including about 100 in Charlotte. Financial terms were not disclosed. The deal is expected to close in late November.

Ruling blocks commission from running Charlotte airport

October 14, 2014

(The Charlotte Observer)

A Superior Court judge issued a permanent injunction that blocks a 13-member state-appointed commission from running Charlotte Douglas International Airport. Judge Robert Ervin's ruling leaves the door open for the FAA to rule in favor of the commission, though the agency said last month it wouldn't consider an application to transfer control of the airport because the city hasn't requested it.

More details on new business at Philip Morris plant coming Oct. 28

October 14, 2014

(The Charlotte Observer)

The new owner of the former Philip Morris plant in Concord will make a jobs announcement on Oct. 28, a company spokesman said Monday. Victory Industrial Park paid $68.5 million for the 2,100-acre campus in April. The company's ads on Careerbuilder.com indicate the company makes batteries for commercial applications and electric cars.

Concord Regional to expand airport ramp

October 14, 2014

(The Independent Tribune, Concord)

Concord Regional Airport will use $4.37 million in federal grant money to expand a ramp, which will relieve congestion and allow more planes to park at the airport. 

Carolina Panthers could fetch up to $1.7 billion

October 13, 2014

(The Charlotte Observer)

Though the Carolina Panthers aren't believed to be for sale, sports business experts say the NFL team could bring in between $1.1 billion and $1.7 billion. NFL owners recently approved the sale of the Buffalo Bills for $1.4 billion, and experts say Charlotte is a more attractive market for an NFL team.

NC Research Campus ready for growth

October 13, 2014

(The Charlotte Observer)

While the recession stalled growth at North Carolina Research Campus in Kannapolis, the campus will soon begin more independent research and plans to make a major corporate announcement within a month or so. David Murdock, who opened the campus in 2008, announced earlier this month he will give $15 million a year to the center's research lab that bears his name.

33-story Charlotte office tower sold

October 13, 2014

(The Charlotte Observer)

Trinity Capital Advisors and New York-based DRA Advisors have bought the 584,000-square-foot 400 South Tryon office tower in uptown Charlotte. The 33-story building is 92% occupied, mostly by Charlotte-based Duke Energy. Charlotte-based Trinity Capital recently announced it will build a 14-story office tower at Morehead and Tryon streets near uptown.