Charlotte

Google honors Charlotte as a top eCity

December 15, 2015

(The Charlotte Observer)

Charlotte is among 50 winners of Google's eCities awards, which honors cities with strong online business communities. Winning cities were selected based on small businesses' use the Web to attract new customers, connect with clients and grow local economies. Cary and Cornelius were previous winners of the annual award.

SPX sells business unit for $48M

December 15, 2015

(The Charlotte Observer)

SPX will sell its dry cooling business, which represents about 10% of its power segment, to an India-based company for about $48 million. The deal is expected to close in the first half of 2016. The manufacturer employs about 350 people at its Charlotte headquarters.

Condos, corporate HQ proposed for Kannapolis revitalization

December 15, 2015

(Independent Tribune, Concord)

The city of Kannapolis's downtown redevelopment plan could include mixed-use buildings with retail, condos, apartments and an educational institute. Kannapolis owns about 750,000 square feet of downtown space and is working with UNC School of Government's Development Finance Initiative to reinvigorate the former textile town.

Concord approves incentives for $66M FedEx distribution center

December 14, 2015

(The Charlotte Observer)

A new FedEx office and distribution center is expected to bring 55 full-time and 309 part-time workers to Concord's International Business Park over the next five years. Concord is becoming a hub for distribution facilities: FedEx already has a location in the office park, and Amazon.com employs about 360 at a sorting center near Concord Regional Airport.

Electrolux chairman stands behind CEO after failed merger

December 14, 2015

(The Charlotte Observer)

Electrolux CEO Keith McLoughlin's job appears to be safe despite the Swedish company's failed effort to buy General Electric's appliance division. McLoughlin is also serving as interim CEO of Electrolux's North American division, which is based in Charlotte.

Duke Energy combines chairman, CEO roles

December 11, 2015

(The Charlotte Observer)

Duke Energy CEO Lynn Good will become chairman Jan. 1, the company said Thursday. Current chairman Ann Maynard Gray will remain on the board. Piedmont Natural Gas CEO Tom Skains will become a director after Duke completes its $4.9 billion acquisition of the Charlotte-based energy company.

Sycamore Partners completes $3B buyout of Belk

December 11, 2015

(The Charlotte Observer)

Charlotte-based Belk is no longer the nation's largest family-owned department store chain. New York-based private equity firm Sycamore Partners said Thursday it has completed its purchase of the 300-store company. Belk's headquarters will remain in Charlotte, and Tim Belk will remain CEO.

Tyson Foods considers $5M Monroe expansion

December 11, 2015

(The Charlotte Observer)

Local governments approved $225,000 in incentives for Tyson Foods to expand in Union County. The chicken processor, which employs more than 1,500 people in Monroe, is considering a $5 million investment that would add 50 jobs.

Murdock taps new leader for NC operations

December 11, 2015

(Independent Tribune, Concord)

Mark Spitzer was promoted to vice president for North Carolina operations for Castle & Cooke, billionaire David Murdock's real-estate business that includes the N.C. Research Campus. Previously director of human resources, Spitzer will oversee the company's real estate, recreational and hospitality operations in the Kannapolis area.

Campus Crest closing Charlotte HQ

December 10, 2015

(The Charlotte Observer)

Campus Crest Communities, which is being sold to Harrison Street Real Estate Capital in a $1.9 billion deal, will close its Charlotte headquarters and lay off 70 people. Founded in 2004, the company develops off-campus student housing near large universities.

Electrolux plans job cuts, Charlotte office spared

December 10, 2015

(The Charlotte Observer)

Plans to lay off employees in its small appliances unit won't impact Electrolux's 900 workers at its North American headquarters in Charlotte. The layoffs are unrelated to the Swedish company's failed deal to acquire GE's appliance division, which required Electrolux to pay a $175 million termination fee.

Carolinas HealthCare to invest $3B in new buildings, programs

December 9, 2015

(The Charlotte Observer)

Carolinas HealthCare System plans to spend $3 billion on capital projects – including new buildings, technology and programs – over the next six years, with a goal of spending 10% of operating revenue on such projects annually by 2017. The Charlotte-based health care system says its search for a new CEO is on schedule – Michael Tarwater will retire in June after nearly 35 years with the company.

Corning sticks it to Hickory, not surprisingly

December 9, 2015

Corning's plan to move the headquarters of its optical communications division – and 500 jobs – from Hickory to Charlotte over the next two years should send a shiver through thoughtful state leaders, who want all parts of North Carolina to remain robust economically – and not just Charlotte, the Triad and the Triangle.

GE cancels Electrolux deal, seeks $175M breakup fee

December 8, 2015

(The Charlotte Observer)

Shares of Electrolux fell the most in more than four years after General Electric said Monday it is calling off plans to sell its appliance division to the Swedish company. The U.S. Justice Department had sued Electrolux, seeking to block the merger due to antitrust issues. Electrolux employs about 900 people at its North American headquarters in Charlotte.

Community bank consolidation part of nationwide trend

December 8, 2015

(The Charlotte Observer)

The pending sale of CommunityOne Bancorp to Florida-based Capital Bank will leave Charlotte with just three community bank headquarters, down from seven in 2007. The consolidation of community banks means more market share is being concentrated in the nation's biggest banks, according to a recent report.

Coughlin ousted as CEO of Cabarrus Chamber

December 8, 2015

(The Independent Tribune)

The executive committee of the Cabarrus Regional Chamber of Commerce voted unanimously to terminate CEO Patrick Coughlin's employment agreement after less than a year on the job. Board member and past chairman Terry Crawford was named interim CEO.

Food Lion's remodeling paying off, president says

December 7, 2015

(The Charlotte Observer)

President Meg Ham is overseeing a change in merchandising and pricing at the 1,100-store Food Lion supermarket chain. The company, which employs 1,900 in Salisbury, is part of Delhaize, the target of a $10.4 billion acquisition by Dutch retailer Ahold.


Read more here: http://www.charlotteobserver.com/news/business/article47981215.html#storylink=cpy

Duke Energy to seek 50-year license for Catawba

December 7, 2015

(The Charlotte Observer)

Duke Energy will ask the federal government to extend its hydroelectric license for the Catawba River from 40 to 50 years. Duke would agree to conserve an additional 274 acres along the 225-mile river if the longer term is granted.

Charlotte office park sells for $114M

December 7, 2015

(The Charlotte Observer)

Toringdon Office Park near Ballantyne in south Charlotte was sold to an undisclosed buyer for $114 million. The park is 87% leased and consists of six buildings totaling 520,000 square feet. The seller was a joint venture of Stockbridge Capital Group and Trinity Capital Advisors.

Amid branch cuts, BofA investing more in mobile technology, cybersecurity

December 4, 2015

(The Charlotte Observer)

The volume of customer deposits being made on mobile phones is equivalent to what would be handled by about 700 branches, Bank of America CEO Brian Moynihan told Charlie Rose in an interview that aired Wednesday on Bloomberg TV. The nation's second largest bank has trimmed about 1,200 branches since Moynihan became CEO in 2010.