Charlotte

Charlotte's SPX prepares to split into two companies

July 23, 2015

(The Charlotte Observer)

Charlotte-based manufacturer SPX will join a growing trend among corporations when it spins off its flow products division into a separate company, expected to be in the third quarter. SPX's stock hit a 52-week low Wednesday.

Wells Fargo is world's most valuable bank

July 23, 2015

(The Charlotte Observer)

With a market cap of $298.4 billion, Wells Fargo has overtaken Industrial & Commercial Bank of China to become the world's most valuable bank. The fourth-largest U.S. bank by assets, Wells Fargo has its largest employee base in Charlotte.
Related: Wells Fargo laying off 91 in Fort Mill mortgage unit

Extended Stay names new CEO

July 22, 2015

(The Charlotte Observer)

Extended Stay America named Gerry Lopez, chief executive of movie-theater chain AMC Entertainment, as its new CEO. Lopez will replace Jim Donald, the former Starbucks CEO who has led the Charlotte-based hotel chain since 2012 ("The suitcase CEO," August 2014).

Catawbas consider $350 million movie-studio project in SC

July 22, 2015

(The Charlotte Observer)

The Catawba Indians are considering spending $350 million on a development in York County, S.C., that would include movie studios, a cultural center, hotel and more. Tribal leaders are working with Studio South's Bert Hesse, who in 2013 proposed a $125 million film studio project at the site of the former Eastland Mall in Charlotte.

Synchrony Financial moving to bigger office in Charlotte

July 21, 2015

(The Charlotte Observer)

Synchrony Financial is moving to a larger office to accommodate future growth in Charlotte. The Stamford, Conn.-based credit card company employs about 400 in the Queen City and plans to add another 200 jobs by year-end.

Sonic Automotive reports Q2 results

July 21, 2015

(The Charlotte Observer)

Sonic Automotive reported revenue of $2.4 billion in the second quarter, a 3% increase over the same period a year ago. Net income fell 45% as expenses grew. The Charlotte-based auto dealer said it plans to expand its One Sonic One Experience sales model, which aims to streamline the car-buying experience, and add more EchoPark used-car dealerships over the next year.

With light rail on the way, Charlotte's NoDa attracts developers

July 20, 2015

(The Charlotte Observer)

Charlotte's NoDa neighborhood could see the biggest transformation when the 9.3-mile light-rail extension connecting downtown and UNC Charlotte is completed in 2017. Crescent Communities already plans to build 800 residential units at a proposed light-rail stop in NoDa.

Chiquita moving up to 200 jobs to Florida

July 17, 2015

(The Charlotte Observer)

Chiquita Brands International plans to move between 150 and 200 jobs from Charlotte to central Florida. The company, which was acquired by two Brazilian companies in January, said earlier this year it would relocate or eliminate 320 jobs by year-end.

Coke Consolidated refreshes investors

July 17, 2015

Charlotte-based Coca-Cola Bottling Co. Consolidated, though publicly held and the nation's largest independent Coke bottler, has long operated under the radar. Now its growth prospects are raising attention among investors, and its stock has soared over the last year after years of flat performance.

Charlotte economic-development groups to work together

July 17, 2015

(The Charlotte Observer)

The Charlotte Chamber and the Charlotte Regional Partnership said they will collaborate more on business-recruiting projects. The two groups will develop a new strategic plan that could include a join fundraising effort.

BofA beats expectations in second quarter

July 16, 2015

(The Charlotte Observer)

Bank of America reported profit of $5.3 billion in the second quarter, compared with $2.3 billion for the same period a year ago. The Charlotte-based bank has cut more than 16,000 employees and closed 234 branches over the last 12 months in an effort to cut costs.

Alevo to begin shipping batteries this fall

July 16, 2015

(The News & Observer, Raleigh)

Alevo Energy will begin shipping its battery modules to China this fall, according to Jeffrey Gates, vice president of global sales for the Swiss energy-storage company, which makes its products at the former Philip Morris cigarette plant in Concord.
Related: Battery maker appears at legislature to boost case for renewable energy legislation

Crane going up for Charlotte office tower

July 16, 2015

(The Charlotte Observer)

Excavation is nearing completion and construction is about to begin on 300 South Tryon, downtown Charlotte's newest office tower. The 25-story building is expected to open in 2017; Babson Capital Management will be the anchor tenant.

Foxx, Charlotte officials hope streetcar will spark development

July 15, 2015

(The Charlotte Observer)

Charlotte's new streetcar line opened Tuesday, with U.S. Secretary of Transportation Anthony Foxx and local leaders touting its potential to spur new development along its 1.5-mile corridor.
Also: Charlotte's Gold Line streetcar shimmers on first run

Novant Health to lay off 400

July 14, 2015

(The Charlotte Observer)

Winston-Salem-based Novant Health said it expects to lay off up to 400 workers - about 2% of its workforce – as part of a system-wide reorganization. Novant did not break down the cuts by region or location.

Dollar Tree adding distribution center, 400 jobs in SC

July 14, 2015

(The Charlotte Observer)

Dollar Tree, which completed its purchase of Matthews-based Family Dollar Stores earlier this month, is building a new distribution center in upstate South Carolina. The discount retailer plans to invest $104 million and create 400 jobs over five years.

American adding flights from CLT to Caribbean

July 14, 2015

(The Charlotte Observer)

American Airlines plans to add weekly nonstop flights from Charlotte Douglas International Airport to Curacao and the Dominican Republic. Flights are scheduled to begin Dec. 19; booking starts July 20.

Belk deal would be Sycamore Partners' largest

July 13, 2015

(The Charlotte Observer)

Sycamore Partners is expected to make a $3.5 billion bid for Charlotte-based retailer Belk, which had revenue of more than $4 billion in 2014. It would be the first department-store acquisition for the New York-based private-equity firm, which typically invests in specialty apparel companies. Sycamore in May acquired 330 Family Dollar stores prior to Dollar Tree's acquisition of the Matthews-based retailer.

Red Ventures hiring 500 in Charlotte area

July 13, 2015

(The Charlotte Observer)

Red Ventures plans to hire 500 salespeople over the next two months. The Indian Land, S.C.-based marketing company says about 40% of the new jobs will be at its Charlotte office in the university area. Founded 15 years ago in Charlotte, Red Ventures now employs 2,500 people.
Also: Red Ventures CEO: We're going to keep growing

Insulation company creating 61 jobs in Huntersville

July 10, 2015

(The Charlotte Observer)

Nutec Group, a Mexico-based insulation company, will invest $19.2 million in a manufacturing facility in Huntersville and plans to hire 61 workers. It will be the company's first U.S. plant.