Charlotte

Charlotte's Sonic Automotive to launch used-car dealerships

August 19, 2014

(The Charlotte Observer)

Sonic Automotive, the Fortune 500 company founded by Bruton Smith, plans to open a chain of stand-alone used-car dealerships. The first three EchoPark stores will open in Denver, Colo. by November.

Merger activity among Charlotte area companies part of larger US trend

August 19, 2014

(The Charlotte Observer)

Stock market gains and low interest rates for borrowers are leading to a flurry of mergers and acquisitions nationwide. Charlotte-based Chiquita Brands International and Matthews-based Family Dollar Stores both face competing bids from outside companies.

BofA veteran Darnell to become vice chairman

August 19, 2014

(The Charlotte Observer)

David Darnell will become vice chairman of Bank of America and will relocate from Charlotte to Tampa, Fla. Darnell, 61, first joined the bank in 1979. He has served as co-chief operating officer since 2011.

Dollar General submits bid for Family Dollar

August 18, 2014

(Winston-Salem Journal)

Dollar General Corp. entered a counteroffer of about $9.7 billion − $78.50 a share in cash − for Matthews-based Family Dollar Stores. Chesapeake, Va.-based Dollar Tree made an $8.5 million bid for the discount retailer in July. Goodlettsville, Tenn.-based Dollar General said its offer would create a company with sales of more than $28 billion.

Harris Teeter expanding Union County distribution center

August 18, 2014

(The Charlotte Observer)

Grocery-store chain Harris Teeter, a subsidiary of Cincinatti-based Kroger Corp., will invest $5.5 million in a 50,000-square-foot expansion of its Indian Trail distribution center and will add 41 jobs over three years. 

Countrywide deal has cost BofA more than $50 billion

August 18, 2014

(The Charlotte Observer)

Bank of America's $2.5 billion acquisition of Countrywide Financial in July 2008 has cost the bank $52.7 billion, including settlements and payments to investors over faulty loans. The Charlotte-based bank is reported to be close to finalizing another $16 billion to $17 billion mortgage settlement with the Justice Department.

AC Controls to invest $4.3 million in Concord site

August 18, 2014

(Independent Tribune, Concord)

Mint Hill-based AC Controls will invest $4.3 million in a manufacturing and distribution center near Concord Regional Airport. The company, which makes valves and other components for customers including General Electric, Duke Energy and DuPont, will hire 15 workers and relocate 45 from its Mint Hill location.

Brazilian companies try to gain shareholder support for Chiquita bid

August 18, 2014

(The Charlotte Observer)

After Chiquita Brands International refused their unsolicited $611 million bid for the produce company, two Brazilian companies are urging shareholders to reject Chiquita's merger deal with Dublin-based Fyffes. The shareholder vote on the Fyffes acquisition is scheduled for Sept. 17.

Charlotte-based Chiquita rejects buyout offer from Brazilian companies

August 15, 2014

(The Charlotte Observer)

Chiquita Brands International called an unsolicited $610 million bid from Cutrale Group and Safra Group inadequate, and reaffirmed its commitment to the produce company's pending merger with Dublin-based Fyffes. In response, the Brazilian companies indicated they aren't ready to back down.

Deal with GE would make Electrolux world's No. 1 appliance maker

August 15, 2014

(The Charlotte Observer)

Electrolux said it is in talks to buy General Electric's appliance division. The deal would allow Electrolux, which had $16.7 billion in sales last year, to surpass Whirlpool as the world's No. 1 appliance maker. Electrolux employs about 900 people at its North American headquarters in Charlotte, and plans to double its workforce there.

BofA could write off portion of DOJ settlement

August 15, 2014

(The Charlotte Observer)

Billions of dollars of Bank of America's expected $16 billion settlement with the Department of Justice over faulty mortgage bonds could be tax-deductible.

Charlotte proposes land-swap with Duke Energy for coal-ash storage

August 14, 2014

(The Charlotte Observer)

Duke Energy is considering a plan proposed by Charlotte city staffers that would give the utility 128 acres of vacant land to bury 4.7 million tons of coal ash. In exchange, Duke would give the city a 42-acre site on which it currently employs about 250 workers at an operations center. 

Duke ordered to submit coal-ash cleanup plan

August 14, 2014

(The News & Observer, Raleigh)

Duke Energy must submit plans by Nov. 15 for removing coal ash from its Asheville, Dan River, Riverbend and Sutton power plants. Those plants were flagged as high priority following the Charlotte-based utility's Feb. 2 ash spill at the Dan River plant.

American Airlines wants lawmakers to extend fuel cap

August 13, 2014

(The Charlotte Observer)

American Airlines is urging state legislators to extend a cap on fuel sales taxes or exempt airlines from paying the taxes altogether. The fuel cap, set to expire Jan. 1, 2016, provides refunds to airlines for fuel taxes paid over $250 million. 

Harris Teeter denies PETA allegations

August 13, 2014

(The Charlotte Observer)

Harris Teeter denied accusations that it sells milk produced at a small Haywood County farm that People for the Ethical Treatment of Animals has accused of animal cruelty. Matthews-based Harris Teeter, which was acquired by Cincinnati-based Kroger Co. in January, says it has verified with its supplier that it doesn't receive milk from the farm.

Brazilian companies make $610M bid for Chiquita

August 12, 2014

(The Charlotte Observer)

Two Brazilian companies announced a counteroffer to buy Charlotte-based Chiquita Brands International for $610.6 million in cash. The produce company previously announced plans to merge with Dublin-based Fyffes by year-end, a deal that would require moving its headquarters to Ireland.

Charlotte Hornets expected to submit bid for NBA All-Star Weekend

August 12, 2014

(The Charlotte Observer)

The Charlotte Hornets will hold a press conference this morning where the team is expected to announce plans to bid on hosting either the 2017 or 2018 NBA All-Star Weekend. League Commissioner Adam Silver said in March an All-Star bid would be contingent on the city agreeing to make upgrades to the nine-year-old arena.

Filing reveals details of Dollar Tree-Family Dollar deal

August 12, 2014

(The Charlotte Observer)

A securities filing Monday shows that Chesapeake, Va.-based Dollar Tree Inc. began pursuing a possible acquisition of Matthews-based Family Dollar Stores Inc. in late February.

Concord airport mulls expansion for additional airlines

August 11, 2014

(The Independent Tribune, Concord)

Concord Regional Airport looks to expand as commercial airlines have expressed interest in adding flights there. More than 20,000 passengers have passed through the airport since Las Vegas-based Allegiant Airlines began passenger service in December.

Eco-industrial park gaining momentum in Mecklenburg

August 11, 2014

(Gaston Gazette)

A 667-acre former manufacturing site near Mount Holly has become an incubator for a green-energy businesses. ReVenture Park, located at the site of a former textile-dye manufacturing plant, is now home to 10 companies.