Charlotte

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.

Electrolux CEO says headquarters to remain in Charlotte

September 9, 2014

(The Charlotte Observer)

Electrolux CEO Keith McLoughlin says Electrolux will keep its North American headquarters in Charlotte after its planned $3.3 billion acquisition of General Electric's appliance business, though the mayor of Louisville, Ky. − where GE Appliances is based and employs 6,000 workers − says he will fight to keep jobs there.

Chiquita delays merger vote

September 9, 2014

(The Charlotte Observer)

Less than a week after two advisory groups recommended its shareholders vote against a pending merger with Dublin-based Fyffes, Chiquita Brands International postponed the merger vote originally scheduled for Sept. 17 to Oct. 3. Chiquita says it will enter discussions with Cutrale and Safra Group, two Brazilian companies that have offered to buy the Charlotte-based produce company for $611 million.

Charlotte City Council approves $33.5 million for arena upgrades

September 9, 2014

(The Charlotte Observer)

The Charlotte City Council approved spending $33.5 million over 10 years on enhancements to Time Warner Cable Arena, home of the Charlotte Hornets. The team will use the money to renovate restaurants and bathrooms, add seating and make other improvements at the nine-year-old arena. 

Speedway Motorsports case heads to NC Supreme Court

September 9, 2014

(Independent Tribune, Concord)

The state Supreme Court will hear arguments Tuesday by Speedway Motorsports, which wants to sue Cabarrus County over $80 million in tax breaks company president Bruton Smith says he needs to help build a drag strip and make additional upgrades to Charlotte Motor Speedway (cover story, August 2013).

Electrolux to acquire GE's appliance business for $3.3 billion

September 8, 2014

(WRAL.com)

Electrolux will pay $3.3 billion for General Electric's appliances division. Based in Louisville, Ky., GE's appliance business employs 12,000 people at nine factories. Stockholm, Sweden-based Electrolux, which has its North American headquarters in Charlotte, is the second largest appliance manufacturer in the world, behind Benton Harbor, Mich.-based Whirlpool.

Family Dollar rejects Dollar General's revised bid

September 8, 2014

(The Charlotte Observer)

Matthews-based Family Dollar rejected Dollar General's revised $9.1 billion buyout offer and accelerated the timeline of its pending deal with Chesapeake, Va.-based Dollar Tree. Dollar Tree is expected to complete its acquisition of Family Dollar by the end of November, rather than early next year as previously announced.

Wells Fargo could add more branches in Charlotte, Triangle

September 8, 2014

(The Charlotte Observer)

Wells Fargo may add bankers and branches in the Charlotte, Raleigh and Charleston, S.C. markets over the next three to five years. Rick Redden, regional president for the Carolinas, says those regions are adding new households at a faster rate than the U.S. average.

Electrolux said to be near $2.5 billion deal to buy GE's appliance business

September 5, 2014

(The Charlotte Observer)

Electrolux is close to a deal to buy General Electric's appliance business for $2.5 billion, Reuters reports. The Swedish appliance maker has its North American headquarters in Charlotte, where it is undergoing an expansion that will double the size of local operations.