Triad

HondaJet gets long-awaited FAA approval

December 10, 2015

(News & Record, Greensboro)

Honda Aircraft can finally begin delivering its $4.5 million light jets, produced in Greensboro. CEO Michimasa Fujino said Wednesday that the Federal Aviation Administration has completed all testing of the aircraft; more than 100 orders have already been placed, the company says.

Greensboro City Council OKs new funding for performing arts center

December 9, 2015

(News & Record, Greensboro)

Greensboro City Council approved a controversial plan requiring the city to take on an additional $9.6 million in bond debt to cover a budget shortfall for a planned performing arts center. The council also approved business incentives totaling more than $1.6 million for local expansions, including Ecolab and Natty Greene's Brewing Company.

NC lawmakers seek probe of MillerCoors' plant closure

December 8, 2015

(News & Record, Greensboro)

Senate President Pro Tem Phil Berger and Rep. Bert Jones sent a letter signed by 112 North Carolina lawmakers to a U.S. Senate subcommittee seeking an investigation of MillerCoors' decision to close its Eden brewery, idling 520 workers. The announcement was made three days before the MillerCoors' parent company began public merger talks with AB InBev.

Report: HPU's Qubein among best-paid presidents

December 7, 2015

(The News & Observer, Raleigh)

High Point University President Nido Qubein was the third highest-paid among private college presidents in 2013, according to a report by the Chronicle of Higher Education. Qubein, who has raised $1.2 billion at the school since 2005, earned $2.9 million and trailed only Columbia's Lee Bollinger and the University of Pennsylvania's Amy Gutmann.

Qorvo adding 100 jobs in Greensboro expansion

December 7, 2015

(Winston-Salem Journal)

Qorvo plans to invest $25 million and add 100 jobs with an average annual salary of $80,000 at a new facility in Guilford County. The semiconductor company could receive more than $1.3 million in state and local incentives if it meets hiring and investment goals.

Randolph County seeks to rezone megasite land for industrial use

December 7, 2015

(News & Record, Greensboro)

Randolph County and the Greensboro-Randolph Megasite Foundation this week will apply to rezone 1,400 acres for heavy industrial use. The county owns 425 acres of the land, located in northeastern Randolph County, while the foundation owns or controls the right to buy the remainder of it. Local economic developers hope the megasite will attract an automaker.

Former Piedmont Triad Partnership CEO still under investigation

December 3, 2015

(News & Record, Greensboro)

The Guilford County District Attorney's office says the investigation involving David Powell, former CEO of the Piedmont Triad Partnership, will continue into next year. Powell resigned in January from the Greensboro-based economic-development group. The partnership in April reported "financial irregularites," and police said in June that Powell could face possible fraud charges.

Greensboro performing arts center $10M over budget

December 2, 2015

(News & Record, Greensboro)

Greensboro City Council members are divided over a plan to issue another $9.6 million in bond debt for the 3,000-seat Steven Tanger Center for the Performing Arts. The original price tag for the center was $65 million, but the project – still in the design phase – is now more than $10 million over budget. The city previously agreed to contribute $30 million to the project through bond financing.

ITG Brands could be takeover target

December 1, 2015

(Winston-Salem Journal)

British American Tobacco could be looking at buying Greensboro-based ITG Brands in a deal worth $67 billion, according to a top analyst. Imperial Tobacco Group in June acquired four traditional cigarette brands and blu eCigs from Reynolds American and Lorillard. The company employs about 1,700 former Lorillard employees in Greensboro.

Federal judge again dismisses Herbalife lawsuit

November 30, 2015

(Winston-Salem Journal)

A U.S. District judge in Los Angeles has thrown out an investor complaint against Herbalife for the third time. The lawsuit said the nutritional-products company lied about the legitimacy of its business operations and claims investors lost money after hedge-fund manager Bill Ackman accused the company of being a pyramid scheme. Herbalife plans to double its Winston-Salem workforce to 800 by the end of 2018.

Westbend Vineyards sells for $1.6 million

November 25, 2015

(News & Record, Greensboro)

Westbend Vineyards, home to one of the state's first wineries, has been sold to a couple from Houston, Texas who hope to re-open it in the spring. The Lewisville winery closed to the public in March 2014. Former winemaker Mark Terry will work for the new owners as a consultant.

Wake Forest Baptist gets credit upgrade

November 23, 2015

(Winston-Salem Journal)

Standard & Poor's Rating Services changed its outlook for Wake Forest Baptist Medical Center from stable to positive based on an unexpected boost of reserves and "faster-than-expected rebound in operating performance."

Honda Aircraft says FAA testing almost complete

November 19, 2015

(News & Record, Greensboro)

Honda Aircraft said it expects FAA certification for its HondaJet light aircraft "very soon." The company employs 1,500 people at Piedmont Triad International Airport, where it is building the planes. Honda has said it has received more than 100 orders for the planes.

Greensboro's NewBridge had multiple suitors

November 18, 2015

(Winston-Salem Journal)

NewBridge Bancorp was approached early this year by an unidentified bank interested in a merger, according to a regulatory filing. That prompted other banks to approach NewBridge CEO Pressley Ridgill, who stands to receive $6.25 million when the bank completes its $456 million sale to Raleigh-based Yadkin Financial.

Wake Forest Baptist revenue increases 10.4% in first quarter

November 18, 2015

(Winston-Salem Journal)

The Winston-Salem-based medical center reported revenue of $567.2 million in the first quarter, compared with $513.5 million for the same period in the previous year.

BNC Bancorp buying High Point Bank

November 17, 2015

(News & Record, Greensboro)

BNC Bancorp, parent of Bank of North Carolina, is buying the holding company for High Point Bank for about $141.3 million. High Point bank has 12 branches. High Point-based BNC, which now has 64 offices in the Carolinas and Virginia, will have about $6.8 billion in assets when the deal closes, expected to be in the second quarter of 2016.

Piedmont Triad Partnership names new board members

November 17, 2015

(News & Record, Greensboro)

Joining the board of directors of the Piedmont Triad Partnership in 2016 are Cantey Alexander, Triad regional president of BB&T, Graham Bennett, president of Quality Oil, and Joe Budd, CEO of The Budd Group. Other new members include Kathleen Evans, David Neill and Robin Team.

Old Dominion CEO lands on Fortune top 50 list

November 16, 2015

(Winston-Salem Journal)

David Congdon, who took over as CEO of Old Dominion Freight Line in 2008, ranked 23rd on Fortune magazine's list of the world's top 50 business people for 2015. During Congdon's tenure at the Thomasville-based trucking company, revenue has more than doubled and profits have increased fivefold, according to Fortune.

Greensboro's Qorvo plans to raise $1 billion

November 16, 2015

(News & Record, Greensboro)

The Greensboro semiconductor company plans to raise $1 billion by 2025 through a senior notes offering. The company will use the proceeds to buy back shares and pay off debt.

Novant Health to pay $32M to settle class-action suit

November 12, 2015

(Winston-Salem Journal)

Winston-Salem-based Novant Health reached a preliminary settlement Monday in a lawsuit filed by six current and former employees. The complaint alleges employees of the Winston-Salem-based health system were required to pay excessive fees under its retirement and savings plans.