Charlotte

200 layoffs expected as Cornelius racing company closes

September 4, 2015

(The Charlotte Observer)

Michael Waltrip Racing will cease operations by April 15 and 217 workers will lose their jobs, according to a notice filed with the N.C. Commerce Department. The company, owned by Charlotte businessman Rob Kauffman, hasn't won a race in more than two years.

Salisbury launches 10-gigabit Internet service

September 4, 2015

(The Charlotte Observer)

Salisbury unveiled a 10-gigabit, municipal Internet service that will be available citywide, beginning with Catawba College. The college plans to enhance computer labs and add high-speed video conferencing throughout the campus.

Crescent withdraws plans for major NoDa development

September 4, 2015

(The Charlotte Observer)

Charlotte real-estate developer Crescent Communities has withdrawn plans for a mixed-use development that would have included up to 450 residential units in NoDa. The 25-acre site is near a planned light-rail station northeast of downtown Charlotte.

Jeld-Wen acquires Australian company ahead of IPO

September 3, 2015

(The Charlotte Observer)

Jeld-Wen will acquire Aneeta Window Systems, an Australian company, for an undisclosed amount. The door- and window-maker, which recently moved its headquarters from Oregon to Charlotte, said last month it was buying a Norwegian wooden-door manufacturer. The Wall Street Journal reported in August that Jeld-Wen is preparing for an initial public offering that could value the company at $4 billion.

Big pension funds plan to vote against BofA bylaw change

September 2, 2015

(The Charlotte Observer)

Two California pension funds say they will vote against Bank of America's bylaw change that allowed CEO Brian Moynihan to become chairman. The two funds own a combined 63.6 million BofA shares worth about $1 billion. Analysts said Tuesday the funds could have a limited influence over other shareholders. A vote is scheduled for Sept. 22.

Pest control pay day: $425 million for Charlotte company

September 2, 2015

Rentokil Initial, a British business-services company, agreed to by the Steritech Group, based in Charlotte, for $425 million.

Cabarrus economic developers court varied projects

September 2, 2015

(The Independent Tribune, Concord)

Economic developers in Cabarrus County have fielded inquiries from numerous companies that are considering locating in the region. An unnamed manufacturer could add 120 jobs, while a printing company is looking at creating 200 jobs. Energy and construction-materials companies are also looking at Cabarrus.

Charlotte's AT&T Plaza sells for $45.5M

September 1, 2015

(The Charlotte Observer)

Stream Realty Partners paid $45.5 million for the 360,000-square-foot AT&T building in downtown Charlotte and is planning extensive renovations, including a new facade, new lobbies and new retail space. AT&T is relocating employees to offices off West Tyvola Road.
Related: Charlotte's office vacancy rate down to 13.5%

CLT still seventh-busiest airport in the world

September 1, 2015

(The Charlotte Observer)

Charlotte Douglas International Airport had 545,178 takeoffs and landings in 2014, a 2% decrease from the year before but enough to maintain its position as the seventh busiest airport in the world; Chicago was the busiest. Based on passenger traffic, Charlotte doesn't rank in the top 10 internationally.

Group says BofA shareholders should split CEO, chairman roles

August 31, 2015

(The Charlotte Observer)

CtW Investment Group said Friday that Bank of America shareholders should vote against bylaw changes that allowed CEO Brian Moynihan to become chairman. CtW is an advocate for union-affiliated pension funds. The Charlotte-based bank is holding a special meeting Sept. 22 for shareholders to vote on the issue.

Bissell plans 10-story spec building in Charlotte's Ballantyne

August 28, 2015

(The Charlotte Observer)

The Bissell Corporation plans to build a 10-story, 287,500-square-foot office building in Charlotte's Ballantyne area, which is almost 95% occupied. Construction could start as early as next week and should be complete by November 2016. A 150-room hotel is also planned.

Belk would pay $80 million fee if it backs out of Sycamore deal

August 28, 2015

(The Charlotte Observer)

Belk, which agreed to be bought by New York's Sycamore Partners for $3 billion, would have to pay $80 million if the Charlotte-based department store chain backs out of the deal. Sycamore would owe Belk $165 million if it terminates the contract, securities filings show.

Vacuum manufacturer adding 200 jobs in Charlotte

August 26, 2015

(The Charlotte Observer)

TTI Floor Care North America, the maker of Hoover, Dirt Devil and Oreck vacuum cleaners, will invest $5 million in a marketing and technology center in Charlotte, creating 200 jobs over the next two years. Average annual salary will be more than $103,000. The Cleveland, Ohio-based company is a subsidiary of Hong Kong-based Techtronic Industries, whose products include power tools, hedge trimmers and pressure washers.

Charlotte snags corporate HQ from Louisiana

August 26, 2015

Albemarle Corporation, a Louisiana-based chemical manufacturer with a market value of $4.9 billion, is moving its headquarters to Charlotte from Baton Rouge, La. The deal will add 120 new jobs by 2016 for Charlotte, which is becoming a magnet for corporate headquarters. Pay will average more than $160,000 annually.

Charlotte to spend $48M for new airport access road

August 26, 2015

(The Charlotte Observer)

Charlotte City Council approved a plan that will expand the access road in front of Charlotte Douglas International Airport to eight lanes for arrivals and eight for departures. The $48 million project also includes pedestrian tunnels connecting the terminal to parking decks.

Sycamore Partners buys Belk for $3 billion

August 25, 2015

(The Charlotte Observer)

Charlotte-based Belk, the nation's largest family-owned department store chain, agreed to be bought by New York-based private equity firm Sycamore Partners for $3 billion, including the company’s debt. While the company told employees no major changes are planned, analysts say the new owners will probably close stores and cut jobs to improve profitability. Belk's headquarters will stay in Charlotte, and Tim Belk will remain chief executive officer. The deal is expected to close in the fourth quarter this year, pending regulatory approval.  


Read more here: http://www.charlotteobserver.com/news/business/article32006829.html#storylink=cpy

Investors in Pittenger's land company question tactics

August 24, 2015

(The Charlotte Observer)

Some investors in U.S. Rep. Robert Pittenger's real-estate company, which has been run by his wife Suzanne since he was elected to Congress in 2012, expressed concern over the slow pace of land sales and lack of transparency with the company's financial dealings. Pittenger said earlier this month the FBI is investigating the Charlotte company.

BofA directors get raises

August 21, 2015

(The Charlotte Observer)

Eleven out of 13 members of Bank of America's board of directors gave themselves raises of about $36,000, according to a June securities filing. The board's lowest-paid member now earns almost $280,000 a year. A bank spokesman said most board members had not received raises since 2006. CEO and chairman Brian Moynihan does not receive any compensation for sitting on the board.

Toll lane opponents not ready to give up the fight

August 21, 2015

(The Charlotte Observer)

Opponents of toll lanes on Interstate 77 from Charlotte to Mooresville say legislative battles will continue into 2016. A Charlotte transportation-planning group voted Wednesday to endorse the project, but Mecklenburg County Commissioner Jim Puckett says he will continue efforts to convince lawmakers to scrap plans for the express lanes.

Wells Fargo cuts investment-banking jobs

August 21, 2015

(The Charlotte Observer)

Fewer than 10 investment bankers at Wells Fargo Securities were laid off Thursday. It was unclear how many of the affected workers were in New York and how many were in Charlotte, where the unit employed about 2,000 people as recently as 2013. The San Francisco-based bank did not give a specific reason for the layoffs.