Charlotte

ATI to invest $70M in Union County expansion

June 17, 2015

(The Charlotte Observer)

Allegheny Technologies announced a $70 million expansion of its Monroe facility that could add 70 jobs. The Pittsburgh-based company, Union County's largest private employer, makes specialty materials and components for aerospace, defense and other industries. The city will give the company 57 acres to construct a new building, with room for possible future expansion.

Analysts expect Family Dollar to drop prices after acquisition

June 17, 2015

(The Charlotte Observer)

Analysts with Sterne Agee said prices could drop at Family Dollar's retail stores following the $8.5 billion acquisition by Dollar Tree, which is expected to close in early July.

Chicago developer bids on coveted downtown Charlotte site

June 16, 2015

(The Charlotte Observer)

A Chicago-based company has put in a third upset bid for an uptown Charlotte property at Stonewall and South Caldwell streets. Morgan Bond Charlotte, which is affiliated with Bond Companies, offered $15.1 million for the 3.8-acre parcel. The initial bid on the property was$12.2 million; Charlotte-based Northwood Ravin recently offered $14.15 million.

Charlotte's Curtiss-Wright awarded $480M in contracts

June 16, 2015

(The Charlotte Observer)

Curtiss-Wright was awarded contracts valued at $480 million to supply submarine components for the U.S. Navy. The Charlotte-based manufacturer moved its headquarters from New Jersey in early 2014.

AT&T rolls out ultra-fast Internet in Charlotte

June 16, 2015

(The Charlotte Observer)

AT&T launched its GigaPower Internet service in parts of Charlotte on Monday, offering speeds up to 100 times faster than most services.

Analysts: Sale to private equity most likely for Belk

June 15, 2015

(The Charlotte Observer)

Analysts say it's most likely that Belk will be sold to a private-equity firm, though it's possible another department-store chain, such as Cincinnati-based Macy's, could buy the Charlotte-based retailer. A third, less likely option, is that the Belk family would maintain ownership. Belk said in April it had hired Goldman Sachs to evaluate options, which could include a potential sale of the company.

McCrory says its too late to cancel I-77 tolls

June 15, 2015

(The Charlotte Observer)

Gov. Pat McCrory said the contract is signed, and it's too late to change the state's plans to hire a private developer to build and manage toll lanes on Interstate 77 north of Charlotte. Speaking in Mooresville on Friday, McCrory said some local officials who now oppose the $655 million project supported it two or three years ago.
Related: Forget a delay, some in Mecklenburg want I-77 toll road canceled

NC Attorney General plans to sue Ritz Carlton

June 12, 2015

(The Charlotte Observer)

The N.C. Attorney General's office plans to file a legal complaint against the Ritz-Carlton in downtown Charlotte. The hotel is accused of adding a 15% service charge to bar patrons' bills during the CIAA basketball tournament in February without first notifying the customers.

Bojangles' 1Q results beat expectations

June 12, 2015

(The Charlotte Observer)

Charlotte-based Bojangles' reported first-quarter adjusted net income of $6.2 million, compared with $5 million a year ago. Revenue increased 19.2% to $114.6 million. The restaurant chain famous for its fried chicken and biscuits raised more than $169 million in its initial public offering in May.

Carolinas HeathCare CEO to retire next year

June 10, 2015

(The Charlotte Observer)

Carolinas HealthCare System CEO Michael Tarwater will retire in June 2016, when his current contract expires. Tarwater, 61, has been an employee of CHS since 1981 and chief executive since 2002. During his career, the Charlotte-based health system has grown from 5,700 employees to 60,000 while annual revenue has increased from $94 million to $8.7 billion.

Charlotte Republican launches nonprofit focused on solutions to climate change

June 10, 2015

(The Charlotte Observer)

Jay Faison used $165 million from the sale of his audio-visual company SnapAV to start ClearPath, a nonprofit foundation with a mission of educating his fellow Republicans about the impact of climate change. Faison, 47, is the son of late Charlotte developer Henry Faison.

Kroger promotes former Harris Teeter president

June 9, 2015

(The Charlotte Observer)

Kroger named Fred Morganthall senior vice president of retail divisions. Rod Antolock, currently executive vice president of Harris Teeter, will become the president of the Matthews-based subsidiary. Cincinnati-based Kroger acquired Harris Teeter in January 2014.

Electrolux cuts jobs, reconsiders expansion

June 8, 2015

(The Charlotte Observer)

Electrolux has cut less than 1% of its North American workforce, including an unspecified number of Charlotte employees. A company spokeswoman said the cuts are related to improving the appliance-maker's financial performance. Electrolux also is evaluating a planned $85 million Charlotte expansion as the company awaits regulatory approval for its $3.3 billion acquisition of General Electric's appliance business.

BofA ruling could boost lending

June 8, 2015

(The Charlotte Observer)

A Supreme Court ruling that said Bank of America isn't required to void second mortgage liens for homeowners who owe more than their properties are worth could spur more home-equity lending among banks, a Bloomberg report says.

Charlotte area companies land on Fortune 500 list

June 5, 2015

(The Charlotte Observer)

Eight Charlotte-area companies appeared on the Fortune 500 list this year, up from seven in 2014. Sealed Air Corp., which is moving its headquarters from New Jersey to Charlotte, is the area's latest addition. Huntersville's American Tire Distributors Holdings jumped more than 100 spots but just missed the list at No. 514. Fourteen North Carolina-based companies made the list.

I-485 could be last 'free' highway in Charlotte

June 5, 2015

(The Charlotte Observer)

Interstate 485 is likely to be the last major highway project in the Charlotte region that does not involve toll lanes. The last segment of Charlotte's outer loop opens today.

Uber expands in Charlotte region

June 5, 2015

(The Charlotte Observer)

Ride-booking service Uber is expanding in the Charlotte region and will offer its service in Concord, Cornelius, Davidson and Huntersville beginning Friday.

Charlotte's Capital Advisors sold to Cleveland firm

June 4, 2015

(The Charlotte Observer)

Capital Advisors will be acquired by Bellwether Enterprise, a Cleveland-based mortgage subsidiary of Enterprise Community Investment. Charlotte-based Capital, which has offices in Greensboro, Raleigh and across the southeast, will change its name but retain all its employees. The deal is expected to close by June 30.

BofA analyst predicts falling home prices

June 3, 2015

(The Charlotte Observer)

Bank of America analyst Chris Flanagan predicts the U.S. housing market will experience a three-year slump beginning in 2017, according to a Bloomberg report.
Related: Supreme Court sides with BofA over second mortgages

Analysts cautious over Bojangles' stock

June 3, 2015

(The Charlotte Observer)

Almost a month after Bojangles' initial public offering, analysts were guarded when issuing ratings for the Charlotte-based company's stock. Seven Wall Street firms gave the stock a neutral rating. The average price target is $28.63, according to a Bloomberg report.