Charlotte

Clean-energy sector emerging in Cleveland County

May 21, 2014

(The Shelby Star)

The renewable-energy industry has added 150 jobs in Cleveland County since 2012, and $58.3 million has been invested in solar projects there since 2007. Shelby solar manufacturer Schletter plans to add 50 jobs to its existing 110 by year-end, and hopes to add more in the next four to five years.

CommunityOne Bank closer to exiting federal bailout program

May 21, 2014

(The Charlotte Observer)

The Treasury Department plans to sell about 1.1 million shares it owns in Charlotte-based CommunityOne Bancorp and it expects to receive about $10.1 million from the sale. CommunityOne is the last Charlotte-based bank that is still part of the Troubled Asset Relief Program. 

New 25-story office tower planned for downtown Charlotte

May 20, 2014

(The Charlotte Observer)

MassMutual Financial Group's Cornerstone Real Estate Advisers will build a 25-story office tower in downtown Charlotte. Construction will begin this fall on the 634,000-square-foot building and is expected to be completed by spring 2017. Babson Capital Management will be the anchor tenant; Spectrum Properties will develop and manage the property.

BofA, others save on taxes by holding profits offshore

May 20, 2014

(The Charlotte Observer)

Charlotte-based Bank of America and Duke Energy are among Fortune 500 companies that avoid big tax bills by keeping a portion of profits overseas. Nonprofit advocacy group Citizens for Tax Justice reported that 301 companies are saving nearly $550 billion by holding profits in offshore accounts. 

Charlotte Bobcats officially become Hornets

May 20, 2014

(The Charlotte Observer)

The Charlotte Bobcats officially change their name to the Charlotte Hornets on Tuesday, following what began as a grassroots effort by fans to bring back the brand that introduced Charlotte to NBA basketball in 1988. 

Firearms plant to close in Pineville

May 20, 2014

(The Charlotte Observer)

Madison-based Remington Arms Co. will close its Pineville firearms plant and will lay off 65 workers by Aug. 15. The company is consolidating production of eight factories in a Huntsville, Ala. plant that will employ up to 2,000 workers.

BofA leads all banks with most consumer deposits

May 19, 2014

(The Charlotte Observer)

Bank of America holds more personal deposits than any other bank in the nation, according to a federal filing that requires banks with more than $1 billion in assets to disclose what portion of their deposits are from individuals and families. The Charlotte-based bank reported $464 billion in consumer deposits. San Francisco-based Wells Fargo & Co. was second with $412 billion. 

Food Lion announces new logo, store renovations

May 15, 2014

(The Charlotte Observer)

Food Lion plans to renovate its 1,100 stores and train staff to be more customer-focused as part of a new operating strategy. The Salisbury-based grocery store chain opened a prototype of its new store in Concord last year, and next will introduce the concept to its 29 Wilmington-area stores. 

Charlotte misused federal grant money during DNC

May 15, 2014

(The Charlotte Observer)

A federal report shows that Charlotte misused more than $132,000 in grant money it received for security expenses during the 2012 Democratic National Convention. The city has agreed to pay back $79,000 to the federal government, admitting it used the money to offset personnel costs as the result of a clerical error.

 

Charlotte's EpiCentre sold to Calif.-based company for $130.5 million

May 14, 2014

(The Charlotte Observer)

Downtown Charlotte's EpiCentre entertainment complex has been sold to Los Angeles-based CIM Group for $130.5 million. The real-estate firm also owns downtown's BB&T Center office tower. Charlotte-based Vision Ventures and Mount Vernon Asset Management bought the EpiCentre in 2010 after its original owners lost ownership in 2012 during a foreclosure.

Duke Energy announces $1.5 billion Florida power plant

May 14, 2014

(The Charlotte Observer)

Duke Energy is buiding a $1.5 billion natural-gas-fueled power plant in Florida adjacent to the Crystal River nuclear plant it closed there last year. The plant will open in 2018. The Charlotte-based utility also announced plans for additions and upgrades at two other Florida plants. 

Charlotte's Babcock & Wilcox buys Wisconsin company for $155 million

May 14, 2014

(The Charlotte Observer)

A subsidiary of Charlotte-based Babcock & Wilcox will acquire Wisconsin-based MEGTEC for $155 million. MEGTEC makes industrial products for advanced manufacturing and environmental protection and employs 600. Babcock & Wilcox develops equipment and provides technical services for the energy sector.

Falfurrias buys Florida-based e-learning company

May 14, 2014

(The Charlotte Observer)

Private-equity firm Falfurrias Capital Partners bought a controlling stake in Orlando, Fla.-based American Safety Council, which provides online educational courses including continuing education programs for schools and private businesses and programs for transportation agencies. Charlotte-based Falfurrias was founded by former Bank of America executives Hugh McColl Jr. and Mark Oken.

Geithner defends bailouts, describes BofA as "financial bomb" in book

May 13, 2014

(The Charlotte Observer)

Former Treasury Secretary Timothy Geithner called Bank of America one of five "financial bombs" that needed to be defused when he assumed the post in 2009. In his new memoir, Geithner says his aides referred to Charlotte-based Bank of America and New York-based Citigroup as "Financial Death Stars," and he defends the bank bailouts that he says prevented a larger financial catastrophe.

Charlotte's Peak 10 to be sold to Calif.-based private-equity firm

May 13, 2014

(The Charlotte Observer)

Technology company Peak 10 will be acquired by a Menlo, Calif.-based private equity firm for an undisclosed amount. The Charlotte-based company operates 24 data centers across the nation. Its 2,500 customers include Chiquita, the PGA and Cedar Fair Entertainment, which operates Carowinds amusement park.

Charlotte airport doesn't want coal ash used as fill material

May 12, 2014

(The Charlotte Observer)

Interim Aviation Director Brent Cagle says Charlotte Douglas International Airport will not pursue a plan to use coal ash from Duke Energy's power plant at Mountain Island Lake as fill material under a new runway or other airfield infrastructure. 

Chiquita reports $25 million loss in first quarter

May 12, 2014

(The Charlotte Observer)

Charlotte-based Chiquita Brands International lost $25 million in the first quarter compared with a profit of $2 million for the same period a year ago. The produce company said the loss was due in part to drought in Central America which led to banana shortages. 

Charlotte's Chelsea Therapeutics to be sold for $658 million

May 9, 2014

(The Charlotte Observer)

Chelsea Therapeutics will be acquired by Lundbeck, a Danish pharmaceutical company, for up to $658 million. The Charlotte-based drug-development company recently gained FDA approval for Northera, which treats symptoms related to neurological disorders including Parkinson's disease.

Coca-Cola bottler expands in Tennessee

May 9, 2014

(The Charlotte Observer)

Coca-Cola Bottling Consolidated will expand into Morristown and Johnson City, Tenn., and is working toward growth in additional territories. The Charlotte-based company, which supplies bottlers with concentrate used to make the soda, is the nation's largest independent Coca-Cola bottler.

Charlotte was runner-up to Texas for Toyota headquarters

May 8, 2014

(The Charlotte Observer)

N.C. Commerce Secretary Sharon Decker said Charlotte was one of the final two cities Toyota considered for their new corporate headquarters. The auto manufacturer announced last week it was moving its U.S. headquarters and 4,000 jobs from Torrance, Calif., to Plano, Texas.