Triad

Greensboro's Jim Melvin creates foundation to manage megasite

March 11, 2015

(The News & Record, Greensboro)

A foundation has been established to coordinate land purchases for a proposed 1,800-acre Randolph County megasite, which Triad leaders hope will attract an auto manufacturer. Jim Melvin, former Greensboro mayor and president of the Joseph M. Bryan Foundation, incorporated the Greensboro-Randolph Megasite Foundation on Feb. 11.

Forsyth considers $200K for Whitaker Park improvements

March 11, 2015

(Winston-Salem Journal)

Forsyth County commissioners will consider giving $200,000 to Whitaker Park Development Authority for upgrades at a building that would be used as a wet laboratory space for biotech companies. Winston-Salem has already approved $200,000 for the project. A cosmetics-sciences company that would create 56 jobs is considering moving into the space, a county official said.

Triad leaders assemble land for megasite

March 9, 2015

(Winston-Salem Journal)

Mike Solomon, economic development director for the Timmons Group, helped Triad leaders identify an 1,800-acre site in Randolph County that could attract an auto manufacturer. County commissioners spent $4.7 million last month to purchase the first 255 acres. 
Related: NC shifts into overdrive in effort to land auto plant

Targacept to be acquired by California drug company

March 6, 2015

(Winston-Salem Journal)

San Francisco-based Catalyst Biosciences will acquire Winston-Salem biotech company Targacept. Spun out of R.J. Reynolds Tobacco in 2000, Targacept's core research focuses on neuronal nicotinic receptors, which are found on cells throughout the body's nervous system. The company has reduced its workforce from 114 to about 30 employees since 2011. 

Guilford College faces $2M deficit

March 5, 2015

(News & Record, Greensboro)

Guilford College has a budget deficit of about $2 million, and President Jane Fernandes says she expects that will remain unchanged in 2015-16. The private college in Greensboro laid off 16 employees in 2012 to close a $1 million budget deficit. Fernandes says there are no plans to lay off workers this year, though most vacant positions have been left unfilled.

Stephen Colbert to speak at Wake Forest commencement

March 4, 2015

(Winston-Salem Journal)

Wake Forest University announced that comedian Stephen Colbert will speak at its commencement program in May. Colbert was host and executive producer of Comedy Central's "The Colbert Report" for nine years and soon will take David Letterman's place as host of CBS's  "Late Show." 

Greensboro-High Point MSA earns national ranking

March 3, 2015

(High Point Enterprise)

The Greensboro-High Point Metropolitan Statistical Area ranked No. 1 in the nation for new and expanded corporate facilities. The listing in Site Selection magazine includes metro areas with populations of 200,000 to 1,000,000. The area had 41 qualifying projects in 2014, including expansions by APAC Customer Service and Thomas Built Buses. 

NewBridge completes purchase of Greensboro-based Premier Commercial

March 3, 2015

(Winston-Salem Journal)

NewBridge Bancorp completed its $19.8 million acquisition of Premier Commercial Bank. The Greensboro-based bank now has $2.7 million in assets and 41 branches.

Investigations costly for Herbalife

March 2, 2015

(Winston-Salem Journal)

Nutritional-products manufacturer Herbalife spent $9.4 million in fiscal 2014 to comply with an FTC investigation and $16.6 million "responding to attacks on the company's business model" by hedge-fund manager Bill Ackman, who has accused the company of operating a pyramid scheme. Herbalife opened a $130 million plant in Winston-Salem in late 2014, where it expects to employ 500 by year-end. 

Lowes Foods to roll out store upgrades

March 2, 2015

(News & Record, Greensboro)

Winston-Salem-baesd Lowes Foods is accelerating plans to remodel all of its stores over the next four years. New elements include the Beer Den, which features a selection of craft beers, and Pick & Prep stations, where employees cut shoppers' fruits and vegetables for them while they shop.

BB&T receives subpoenas over FHA-backed loans

February 27, 2015

(The Charlotte Observer)

BB&T received subpoenas from the Department of Justice regarding an audit of government-backed mortgage loans. The Winston-Salem-based bank said it was notified of the audit last June and has set aside $85 million to comply with the issue.

Ruger reports 65% drop in net income

February 27, 2015

(Winston-Salem Journal)

Gun-maker Sturm, Ruger & Co. reported a 65.2% drop in net income in 2014 due to weak sales, higher operating costs and an expense related to its pension plan. The Southport, Conn.-based company opened a Mayodan plant in 2013 and plans to create 473 jobs by 2017.

Tobacco companies settle federal Engle cases

February 26, 2015

(Winston-Salem Journal)

R.J. Reynolds Tobacco Co. and Philip Morris USA will each pay $42.5 million while Lorillard will pay $15 million to settle Engle progeny lawsuits that are either pending or that haven't yet gone to trial in Florida federal courts. The settlement affects more than 400 pending cases, but doesn't affect state cases, which represent most of the lawsuits against the tobacco companies.

VF announces location of jeanswear innovation center

February 26, 2015

(Winston-Salem Journal)

VF Corp. said it will open its previously announced jeanswear innovation center at Greensboro's Gateway University Research Park. The Greensboro-based apparel company plans to hire 30 scientists, technical designers and other employees at the center by the end of 2016. N.C. A&T State University and UNC Greensboro are partners in the project.

$1.2 billion spent on revitalization of downtown Winston-Salem

February 25, 2015

(Winston-Salem Journal)

Since 2000, a total of 88 projects with a combined investment value of $1.2 billion have been completed or are underway in downtown Winston-Salem. Health and technology projects, including the $106 million Wake Forest BioTech Place at Innovation Quarter, represent $445.4 million of the total.

Hanesbrands to acquire SC collegiate-apparel company

February 25, 2015

(Winston-Salem Journal)

Hanesbrands plans to buy Spartanburg, S.C.-based Knights Apparel for $200 million. The company sells T-shirts and other apparel with college sports logos. Its clients include about 400 U.S. colleges and universities, and fiscal 2015 sales are projected to be about $180 million. The deal is expected to close in the second quarter.

Mast General Store coming to downtown Winston-Salem

February 25, 2015

(Winston-Salem Journal)

Mast General Store will open its ninth store – its sixth in North Carolina – in downtown Winston-Salem in May. The company's first store was founded in 1883 in Valle Crucis. The 15,000-square-foot Winston-Salem store will be located in the 87-year-old building that originally housed the Brown-Rogers-Dixson Co. hardware store. The store will employ about 35 people.

Chinqua Penn sold for $1.35M

February 24, 2015

(News & Record, Greensboro)

Chinqua Penn Plantation has a new owner. Legends International Inc. paid $1.35 million for the Reidsville property on Monday. Built in the 1920s, the 27-room estate was last owned by SunTrust Bank, which bought it at auction after previous owner Calvin Phelps filed for bankruptcy in 2012 ("Rise and Fall of Renegade," October).

Reynolds' organic-cigarette brand gaining market share

February 23, 2015

(Winston-Salem Journal)

Natural American Spirit, an additive-free cigarette popular in some countries in Asia and Europe, has been steadily gaining market share in the United States. Winston-Salem-based Reynolds American acquired the brand with its $340 million purchase of Santa Fe Tobacco in January 2012. 
Related:
New partnership may give Reynolds more credibility on smoking alternatives
Tobacco companies fighting over claims on smoking's effects

Matheny wants to lead Downtown Greensboro Inc.

February 20, 2015

(News & Record, Greensboro)

Greensboro City Councilman Zack Matheny said he will apply to be president and CEO of Downtown Greensboro Inc. Jason Cannon resigned earlier this month from the top post of the downtown-advocacy group.